Theta Gold Mines technical team, along with independent consultant, Minxcon (Pty) Ltd, all based in South Africa, completed a Feasibility Study for Theta Gold's TGME Underground Gold Mine Project in July 2022 to restart the following historical underground projects situated in Mpumalanga Province, South Africa: Beta (including the Beta North, Beta Central and Beta South sections); Frankfort; Clewer-Dukes Hill-Morgenzon (or CDM); and Rietfontein. Two scheduling strategies have been investigated, namely: Base Case: Life of Mine (LOM) plan targeting the total Mineral Resources (Measured, Indicated and Inferred); and Ore Reserve Plan: LOM plan targeting only Measured and Indicated Mineral Resources. Beta is scheduled as the first operation to commence production, followed by Rietfontein, and finally CDM and Frankfort simultaneously.

Beta and Rietfontein are higher-grade mines compared to CDM and Frankfort. The Base Case LOM plan will comprise a 12.9-year mining operation starting in 2023 and delivering production of 1.24 million ounces of contained gold. The estimated development capital or peak funding requirement is USD77 million (AUD 102 million), with the Project forecast to generate a pre-tax NPV10% of USD 324 million (AUD 432 million) and pre-tax Internal Rate of Return (IRR) of 65% at the forecast gold price of averaging USD1,642/oz over the LOM.

Based on these metrics, the Project has a projected payback period of 31 months. First gold production is planned for second quarter of 2024. The Mineral Resources were independently estimated by Minxcon (Pty) Ltd. as at 1 February 2021.

No further ground work or Mineral Resource revisions have taken place since then, thus the estimate is still valid. The Mineral Resources for the underground in situ operations are declared a 160 cm.g/t cut-off (1.76 g/t) over a diluted stoping width of 90 cm. Mineral Resources where applicable have been depleted with the historical workings of the respective Project Areas.

The Projects represent either historical and/or mature operations. Drilling and channel chip sampling have been completed over Beta, Frankfort and CDM, with the majority of datasets being historical data. All historical sample types were agglomerated, and data type biases were not investigated due to the small number of drill-hole intersections.

Only full reef composite data was available for the chip sample data while full reef composites were calculated for each drill-hole intersection. Data aggregation methods utilised in generating the full reef composites of the sampling are not available for review due to the historical nature of the data. The reef widths are however generally narrow so the reef samples would probably have been one sample.

The drill-hole data is expressed as a single weighted composited point for the mother hole and deflections where applicable. In addition, drill-holes with wedges, or multiple reef intersections, weighted mean reef widths and grades were calculated for each drill- hole for use in the Mineral Resource estimation.