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Theta Gold Mines Ltd (TGM)

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Company Deep Dive

Theta Gold Mines Limited (TGM, formerly Stonewall Resources Limited) is a gold mining company that holds a range of prospective gold assets in South Africa. This includes the Eastern Transvaal Gold Fields, where South Africa’s gold mining industry began almost 130 years ago.

Theta is currently in development of the first phase of its organic growth strategy. This stage includes bringing three gold mines, Frankfort, CDM and Beta, into production. Further expansion will see a further six mines brought on stream over five years, targeting 160,000 oz Au per year.

Theta’s assets include over 6.1 Moz Au JORC Resources, 62,000 hectares of tenement and a CIL Plant and Tailings-Storage-Facility - to be re-commissioned and expanded.

 

 

Key Details
Estimated Reserves
6.1Moz Au
AISC Gold Cost
US$905/oz
Est. Production
160,000 oz p.a
Tenements
62,000 ha
Projects
3
Updated: 01 Jan 2022

Reasons to Invest in Theta Gold Mines

A Multi-Million Ounce Goldfield

Production costs (AISC) half current gold price

Discovery cost less than 0.7% (US$12/oz) of current gold price

Transitioning to“Producer Status” in 2022

People

Board Of Directors

Bill Guy

Non-Executive Chairman
Feb 2021 - Present

Bill Guy was appointed to the board since March 2018.

Bill has over 28 years’ experience in exploration and resource development in Asia, Australia and Europe.

Profile

Bill Guy

Non-Executive Chairman

Feb 2021 - Present

Bill Guy was appointed to the board since March 2018.

Bill has over 28 years’ experience in exploration and resource development in Asia, Australia and Europe. Bill had numerous Managing Director and CEO roles include Longford Resources Limited and Bligh Resources Limited. He previously served as Exploration Manager for Jupiter Mines Limited (ASX: JMS) which is controlled by London-based Pallinghurst Group led by Chairman Brian Gilbertson who was the first BHP Billiton Group CEO.

Bill Richie Yang

Non-Executive Director
May 2015 - Present

Richie Yang is an experienced corporate financier, working primarily in the mining resources sector. He has more than 16 years of corporate finance experience working with public and private companies, assisting them with business development and project financing.

Profile

Bill Richie Yang

Non-Executive Director

May 2015 - Present

Richie Yang is an experienced corporate financier, working primarily in the mining resources sector. He has more than 16 years of corporate finance experience working with public and private companies, assisting them with business development and project financing.

Richie held CEO and Executive Director roles with numerous ASX listed resource companies, including Bligh Resources Ltd, been taken over by ASX’s top 3 Australia gold producer Saracens Limited.

Richie holds a Bachelor degree from the University of New South Wales majoring in Business Economics and Finance. He is Managing Director of Sydney/Hong Kong based Vs Capital Group, a corporate finance advisory firm.

Finn Behnken

Non-Executive Director
Dec 2018 - Present

Finn Behnken was appointed a director of the company in December 2018.

Finn is a mining engineer and has South African mining operational experience as the CEO of Tshipi é Ntle Manganese Mining (Pty) Limited (during the construction and initial production phase of the major Tshipi Borwa Manganese Mine).

Profile

Finn Behnken

Non-Executive Director

Dec 2018 - Present

Finn Behnken was appointed a director of the company in December 2018.

Finn is a mining engineer and has South African mining operational experience as the CEO of Tshipi é Ntle Manganese Mining (Pty) Limited (during the construction and initial production phase of the major Tshipi Borwa Manganese Mine).

Tshipi is currently 49% owned by ASX listed Jupiter Mines Ltd, a AUD240m IPO on the ASX in 2018. Prior to this Finn was an investment banker with South African based Nedbank and has served as non-executive director of various mining companies including, most recently, as a director of the then AIM listed Gemfields plc. Currently Finn is the South African representative of Auramet International, a US based precious metals merchant and mine financier. Finn is a resident of South Africa.

Simon Liu

Non-Executive Director

Simon Liu is a founding partner and president of Hanhong Private Equity Investment Company based out of Beijing. The managed funds invest in gold and oil & gas in the US, Africa and across Central Asia.

Profile

Simon Liu

Non-Executive Director

Simon Liu is a founding partner and president of Hanhong Private Equity Investment Company based out of Beijing. The managed funds invest in gold and oil & gas in the US, Africa and across Central Asia.

Simon graduated from the School of Journalism and Communication at Renmin University in China. He has more than 20 years of experience in the media and business consulting and more than 10 years in finance.

Brett Tang

Non-Executive Director

Brett holds a Bachelor of Law degree from the University of Soochow, China and an Executive MBA from the University of Nanjing. He is a qualified lawyer in China and is also registered as a Fund Manager with the Asset Management Association of China (AMAC).

Profile

Brett Tang

Non-Executive Director

Brett holds a Bachelor of Law degree from the University of Soochow, China and an Executive MBA from the University of Nanjing. He is a qualified lawyer in China and is also registered as a Fund Manager with the Asset Management Association of China (AMAC).

Brett is a professional investor and fund manager, experienced in and been successful in mining and mining investments. From 2007-2013, he was Executive Director at Yunnan Gold Mountain Ltd, a joint venture company with a Chinese mining state-owned enterprise.

Between 2013 and 2015 he was a Director of Ao-zhong Mining Pty Ltd, an investment arm of East China Non-Ferrous Exploration Corporation with numerous investments in ASX listed junior mining companies. Brett is a principal at Tasman Funds Management, one of Theta’s early investors, and he is a founding partner of Nanjing Venture Capital Ltd, a China-based VC Fund.

Byron Dumpleton

Non-executive Director

Mr Dumpleton has corporate experience with the due diligence process with multiple lending institutions for funding for several projects with Straits Resources and Red 5 Limited; with the most recent being for Red 5 for securing the A$175 million debt facility with banking syndicates comprising BNP Paribas (Australia), The Hong Kong and Shanghai Banking Corporation Limited (“HSBC”) (Australia) and Macquarie Bank Limited.

Profile

Byron Dumpleton

Non-executive Director

Byron is based in Perth, Australia who has a very strong background in geology, mining operations, ore resources, and corporate funding process.

Mr Dumpleton has corporate experience with the due diligence process with multiple lending institutions for funding for several projects with Straits Resources and Red 5 Limited; with the most recent being for Red 5 for securing the A$175 million debt facility with banking syndicates comprising BNP Paribas (Australia), The Hong Kong and Shanghai Banking Corporation Limited (“HSBC”) (Australia) and Macquarie Bank Limited.

Mr Dumpleton worked at all levels in the mining industry at some of Australia’s most high-profile mines including Niffy Copper Mine, St Ives Gold Mine, Telfer Gold Mine, Kalgoorlie Super Pit, and across Asia-Pacific regions

Senior Management

Mitford Mundell

Chief Executive Officer
Sep 2020 - Present

Mr Mundell has extensive experience in the mining sector and specialises in asset optimisation, strategic planning, stakeholder management, project building, and management in open pit and underground mining contexts.

Profile

Mitford Mundell

Chief Executive Officer

Sep 2020 - Present

Mr Mundell has extensive experience in the mining sector and specialises in asset optimisation, strategic planning, stakeholder management, project building, and management in open pit and underground mining contexts.

He has worked for some of Africa’s largest mining companies including Harmony, De Beers Mining Corporation, Namakwa Diamonds and Anglo American. At Harmony, Africa’s largest gold miner, Mr Mundell gained extensive hands-on experience beginning as a miner and rising through to Shift Boss, Mine Captain, Mine Manager, General Manager and Business Coach.

Amongst others, Mr Mundell was Mine Manager at the Kalgold Project, Harmony’s open-pit gold operation in South Africa. He was responsible for commissioning multiple mines and establishing one of Harmony’s mines as the lowest cost producer in the group.

Prior to joining Theta Gold, Mitford was CEO of Namakwa Diamonds, Mr Mundell led the commissioning and expansion of its Kao Diamond Mine. His team delivered a new plant and turned Namakwa from losses to profitability, increased plant throughput and extended the initial 3-year mine life to +20 years, boosted the company’s valuation.

Jacques Du Triou

Chief Operating Officer
Sep 2020 - Present

Mr Du Triou has over 28 years experience in the South African mining industry across all stages of a mine’s lifecycle. He specialises in project and financial evaluations, construction, mine expansion, risk assessments, due diligence, execution and commissioning to full nameplate capacity.

Profile

Jacques Du Triou

Chief Operating Officer

Sep 2020 - Present

Mr Du Triou has over 28 years experience in the South African mining industry across all stages of a mine’s lifecycle. He specialises in project and financial evaluations, construction, mine expansion, risk assessments, due diligence, execution and commissioning to full nameplate capacity.

Jacques began his career with Harmony and progressed to General Manager (2009-2015). During this time, he led the Doornkop South Reed deepening project which had an estimated capital cost of ZAR1.2 billion (~US$700 million) from feasibility to peak production. He also worked extensively on Harmony’s Kalgold open-pit project.

Prior to joining Theta Gold, Jacques founded and led Qmotion Mining, where he developed and implemented business strategies that established the company as a successful contracting services provider. Qmotion has successfully delivered contracts for the Evander Gold Mine, Sibanye Stillwater, Anglo Platinum, Royal Bafokeng Platinum and Murray & Roberts Holdings. ’s valuation.

Terrence Mokale

RSA Director – Social Corporate Services

Terrence is an admitted Attorney of the High Court of South Africa. He holds B Juris and LLB degrees and specialises in Socio-Economic development and Municipal governance.

Profile

Terrence Mokale

RSA Director – Social Corporate Services

Terrence is an admitted Attorney of the High Court of South Africa. He holds B Juris and LLB degrees and specialises in Socio-Economic development and Municipal governance.

Terrence has been working in the mining environment as a Social Facilitation Consultant and has to date assisted numerous mining companies to develop solid community relationships and to secure support and licenses for their mining operations.

Recently Terrence’s clients include Glencor and Gold One, in both cases he successfully engaged community stakeholders and representatives to work constructively with the mining operators, creating a win-win platform for all parties involved.

In his government career, he spent time in Local Governments including as Administrator of Thaba Chweu Local Municipality

Natasha Thomas-Kasangana

RSA Director – Legal / Commercial

Natasha Thomas-Kasangana was appointed as Executive Director: Corporate Services and Company Secretary of TGME in August 2019.

Natasha is an admitted attorney and notary public with nine years’ experience in the mining industry, particularly corporate and commercial drafting and advisory, regulatory compliance, governance, transformation and key stakeholder relations.

Profile

Natasha Thomas-Kasangana

RSA Director – Legal / Commercial

Natasha Thomas-Kasangana was appointed as Executive Director: Corporate Services and Company Secretary of TGME in August 2019.

Natasha is an admitted attorney and notary public with nine years’ experience in the mining industry, particularly corporate and commercial drafting and advisory, regulatory compliance, governance, transformation and key stakeholder relations.

Natasha has significant start up experience, having served as the Tshipi Borwa Manganese Mine’s legal counsel and company secretary and later corporate services executive from 2012 to 2018. She was also part of the team that delivered the relisting of Jupiter Mines Limited. Natasha holds a bachelor of laws degree from the University of KwaZulu-Natal and certificates in both Mining and Prospecting Law from Wits University and Human Resources Management from the University of Cape Town. She is a South African resident.

Brent Hofman

Financial Controller/Company Secretary

Brent has 19 years' experience in senior finance management positions in hands on roles (CFO/CFC) working in sectors that include; listed investment fund, industrial manufacturing, natural resources, oil and gas, construction /development and technology.

Profile

Brent Hofman

Financial Controller/Company Secretary

Brent has 19 years' experience in senior finance management positions in hands on roles (CFO/CFC) working in sectors that include; listed investment fund, industrial manufacturing, natural resources, oil and gas, construction /development and technology.

He offers a diverse skill set combining statutory reporting (IFRS/USGAAP or international equivalents) and compliance.

Brent also has strong taxation (domestic and international) and planning background and able to interpret and navigate multi- jurisdictional compliance/reporting needs for foreign countries.

Leshoto (Freddy) Moketla

Mine Manager (TGME)

Freddy was previously underground Production Manager at Harmony Gold leading teams of production crews in the pursuit of sustainable and environmentally safe profitable gold production.

He holds Honors Degree in Mining and Environmental Geology at University of Venda for Science and Technology.

Puselatso Matete

Environmental Director (TGME)

Mrs Matete brings with her 25 years’ extensive experience in corporate governance and management having served and continues to serve on various boards and board committees in senior management positions since 2014 as well as a member of various trade associations, both locally and internationally.

Profile

Puselatso Matete

Environmental Director (TGME)

Mrs Matete brings with her 25 years’ extensive experience in corporate governance and management having served and continues to serve on various boards and board committees in senior management positions since 2014 as well as a member of various trade associations, both locally and internationally.

Puselatso holds the position of Head of Sustainable Development and Environment at Gold Field’s South Deep project where her experience in ESG and sustainability will complement and enhance the values and goals shared by Theta, their key stakeholders, and the communities they operate in.

Projects

Map of TGME Underground Project
Project

TGME Underground Project

The TGME Underground Project capitalizes on 130 years of mining history and underground development. Phase-1 of the project includes 3 mines – Frankfort, CDM, and Beta. Theta’s goal is to simply extend the ore drives and stopes of existing mine’s complex to extract high-grade gold ore for processing at our gold plant.

The currently Probably Ore Reserve is 419,000 which was included in the mine schedule for the TGME Underground Project. Currently, there are 3.5 Moz of global underground inferred mineral resource across the ground holdings that have potential to be converted into Proven/Probably Ore Reserve as exploration sampling, drilling, and underground development is extended into new zones of gold reefs.

Learn More
Project

Northern Tenements – Pilgrim’s Rest Gold Field

These gold fields consists of: 

  • Vaalhoek resource, 0.62Mt @ 17.5g/t Au for 335koz, 82% Inferred 

  • Beta resource, 1.09Moz averaging 5.9g/t (46% Indicated, 54% Inferred).

 

Learn More
Map of Northern Tenements – Pilgrim’s Rest Gold Field
Map of Southern Tenements – Sabie Gold Fields
Project

Southern Tenements – Sabie Gold Fields

This gold field consists of: 

  • Rietfontein resource, 2.88Mt @ 8.42g/t Au for 780Koz (31% Indicated, 69% Inferred).

  • Glynn’s Lydenburg mine sits at 1.6 Moz Au @ 15.87 g/t with a stope grade of 5.19 g/t Au.

 

Learn More

Key Milestones

Historical Milestones

Completed PFS for first three mines in Phase 1 of growth strategy
Begun work to deliver DFS for Phase 1
Progressing work for Phase 2 concurrently

Future Milestones

Complete construction of new gold ore processing plant
Transition to “Producer Status” in 2022
Deliver on 3 phase plan, have 6 mines on stream, produce 160,000 oz Au a year

Investment

Major Investors

Fineway Creation Limited

Zenith (HK) Holding Limited

Mr Xinzhou Li

Capital Raises

Over $10m New Funding Package Secured, Led By A German Investor To Accelerate The Tgme Gold Project Development
|Jul 2021

Successfully secured a secured bond and equity funding for a total of A$10.6 million. The funds will be applied towards advancing the TGME gold project’s environmental and water studies/approvals, early trial mining & bulk sampling programs, and to progress the Beta/Frankfurt/CDM mines’ DFS and potentially deliver mineral reserve upgrades.

Raised $10.6m
Offer Price $0.21
Notes $6m secured bond from 2Invest AG, A$4.626 million equity raise
Funds Raised To Support Mine Study & Infrastructure Development
|Mar 2021

The Company issued a total of 15,027,819 fully paid ordinary shares at $0.275 per share, 11,391,455 shares pursuant to a share placement to sophisticated and professional investors to raise $3,132,650 before costs, and 3,636,364 shares on full conversion of a $1,000,000 cash advance.

Raised $3.13m
Offer Price $0.275
Notes

Documents

Quarterly Report

01 Nov 2021 | Quarterly Report
PDF (2728.5 KB)

Investor Presentation – Mines & Money – May 2021

01 May 2021 | Presentation
PDF (5922.1 KB)

Prospectus

10 Sep 2021 | Prospectus
PDF (486.2 KB)

TGM Development and Funding Update

28 Sep 2021 | Announcement
PDF (769.5 KB)

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