Theta Gold Mines Limited ("Theta Gold" or "Company") provided an update on its Five Year Plan first announced in April 2020. In parallel with the Theta Starter-pits development, the Company has assessed how to accelerate the five-year >160,000oz per annum production plan by bringing forward the development of the underground Beta mines for early production. The Board of Theta Gold has approved a Pre-Feasibility Study (PFS) to convert more of Theta Gold's Measured and Indicated (M&I) Mineral Resources into a Mining Reserve. The PFS, to be completed by First Quarter 2021, will produce an underground mining reserve for the Beta/Frankfort Mines. This will be the company's first declared underground mining reserve, to be added to Theta Gold's existing 205,000 ounces of open-pit mining reserves from MR83. MR83 is already approved for underground mining. The cost for the PFS is minimized by targeting only existing M&I Mineral Resources (Appendix A) at Beta and Frankfort Mines (575koz M&I). Led by the new CEO (Africa), Mitford Mundell, a detailed survey has been completed on old workings where the team identified easily accessible gold faces with easy access to sampling. The PFS will build on the scoping studies completed in 2017 for the Beta Mines. The company has 150 years of exploration and production data to assist with fast tracking the PFS. Work in progress at underground mines includes engineering drilling, mining method review, mine survey work and bulk metallurgical sampling. Preliminary metallurgical results were release 18 November 2020. The first stage of the PFS is to match modern mechanized mining methods to the narrow, flat lying reef systems. Historically these reefs were extracted by means of conventional manual mining methods, which were associated with high labor intensity, low productivity, high dilution, poor mine planning and gold losses. Modern methods, together with a favorable gold price, should enable significant lowering of cut-off grades and therefore much larger portions of the orebodies become feasible to extract.