Theta Gold Mines Limited announced its Maiden Underground Prefeasibility Study (PFS) for the Beta, Frankfort, and CDM mines, all of which form part of the Central Northern area and now collectively referred to a TGME Underground (UG) Project. Theta Gold has demonstrated, through the first phase underground PFS, excellent project economics for what it believes to be only a small portion of the underground resource and will continue to build up its Mining Reserves during the year by progressing Rietfontein and other mines through to PFS level, while concluding detailed designs for the Phase 1 UG Project. Previously the company announced a five-year plan, which targets four (4) mine developments, Theta open-pit Starter Project (MR83 only), Theta open pit extension (MR341) and the Rietfontein and Beta underground mines. This 4-mine strategy provided the company with a clear growth plan with a combined open pit and underground resource of over 2.75 Moz. The recent detailed work that was done on Frankfort, Beta and CDM UG mines, together with Theta Phase 1 OP, has further enhanced this strategy. The Company will expand further regarding this wider scope during Second Quarter 2021. The TGME Underground PFS shows that the narrow high-grade reefs system can be mined with modern mechanized mining techniques (safer, increased productivity and minimum dilution), and that the gold can be recovered by utilizing modern metallurgical technologies (Ultrafine grinding and Intense CIL). This proof of concept is part of de-risking the underground projects.