Theta Gold Mines Limited announced its Maiden Underground Mining Reserve of 419,000 oz gold (2,366 Kt @ 5.49 g/t). In total, the global Mining Reserve is now 580,000 oz gold (4,530 Kt @ 3.98 g/t). The global Mineral Resource (JORC 2012) remains over 6 Moz (45.5 Mt @ 4.17 g/t Au). The Maiden Underground Mining Reserve of 419koz is a result of a Prefeasibility Study for Beta, Frankfort and CDM mines. All mines are in the Central Northern area and collectively will be referred to as TGME Underground Project. The initial study focused on the easily accessible gold in TGME underground areas for 684 Koz Underground Indicated Resources. The Indicated Resource converted at a ratio of 63%. Theta Gold still has 3.5 Moz of underground Inferred Resources available for conversion into Measured and Indicated Resources, a portion of which could potentially be converted to mining reserve in the future subject to further technical studies. Over the past 6 months, Theta Gold has focused on a strategy to convert part of a very large underground Mineral Resource into a Mine Reserve. Announcement highlights the Company's potential to deliver reserve conversions from its existing extensive resource base in a cost-effective manner. The Theta Open-pit Ore Reserves for this update has only included 83MR, a granted Mining Right, and has reduced from the previously stated 205 Koz to 161 Koz. This is as a result of the impact of additional studies when combining open-pit and underground operations. The new CEO's Development Strategy scheduled for April 2021 will mitigate and address economic impacts of delays in open pit permitting by moving the open-pit resources into later mine schedule. TGME Underground Project Summary: The TGME Underground Project is close to the central processing plant (TGME Gold Plant Footprint) and Starter Theta Open-pit Project. Mineral Resource inventory sits adjacent to the TGME Gold Plant Footprint. Approximately 95% of the Global Mining Reserve (580,000 oz @ 3.98 g/t) sits within 3 km of the TGME Gold Plant Footprint. The Prefeasibility Study (PFS) has confirmed that the potential TGME Underground Project, comprising large flat narrow reef systems can be economically mined by modern mechanised long-hole stoping. This method allows for on-reef development which reduces development costs, with little development in waste rock. Mechanisation will increase production and reduce ore dilution. Mechanised long-hole stoping can cope with reef widths ranging from 60cm to 6m. The method is well known to team, and they are working closely with the Sandvic team (equipment suppliers) and blast engineers. The method has been used successfully in companies like Anglo Platinum and Sibanye Gold, where stoping widths of under 50cm were achieved. The high overall grade (5.49 g/t Au) for TGME Underground Project is largely contributed by the Beta Mine which hosts the bulk of Underground Mine reserves 348,000 oz @ 6.51 g/t Au. The Beta Mine still has 587,000 oz @ 5.43 g/t Inferred Resources not in the current mine plan. As the mine opens up and is developed, the Inferred Resource at Beta can be further converted into a mining reserve. At Theta Gold's southern tenements, the Rietfontein Mine has 242,000 oz @ 8.2 g/t Au Indicated Resources scheduled to be the next project for PFS work and bulk metallurgical test work has already been conducted. None of the Rietfontein resources for part of the underground reserve statement.