Theta Gold secures US$90M for South African project

Theta Gold Mines (ASX:TGM) completed a binding, oversubscribed US$90 million senior secured callable bond issue.

Arranged by sole bond manager Pareto Securities alongside financial advisor Argonaut, the capital injection was met with strong demand from global institutional investors following a revised definitive feasibility study finalised in February.

The non-dilutive financing package features flexible covenants with no mandatory hedging requirements, options, warrants, or royalty obligations attached.

It also introduces a highly favourable capital repayment structure, granting the company a 30-month principal holiday before transitioning into US$7.5 million quarterly amortisation instalments until final maturity.

Net proceeds from the placement are strictly earmarked to fund the final construction and developmental phases of the flagship TGME Gold Mine Project in South Africa.

Site engineering and infrastructure construction remain precisely on budget, with full plant commissioning strategically targeted for late 2026.

The foundational milestone clears the company's financial runway, advancing the asset directly towards its highly anticipated first commercial gold pour in the first quarter of 2027.

At the time of reporting, Theta Gold Mines’ share price was $0.22.