By: The Australian

Theta Gold Mines has secured binding commitments for a further US$6 million in equity funding to advance construction of its high-grade TGME gold project in South Africa. This latest raising, supported by existing major shareholder Hong Kong Ruihua Investment Management, brings the total equity secured this month to approximately US$40 million. The project hosts a substantial resource of 6.1 million ounces at grades exceeding 4 grams per tonne.

Concurrently, the company has strengthened its financial position through a strategic debt conversion. Lenders of a 2023 convertible note have agreed to convert the outstanding principal and interest of US$7.8 million into shares. This move eliminates the company's debt and is expected to facilitate the process of securing future debt financing from syndicates.

Construction is already underway at the project site, located 370km northeast of Johannesburg. The newly acquired capital will be directed towards critical path activities including ongoing bulk earthworks, civil construction for the processing plant, development of a tailings storage facility, and the procurement and installation of key plant equipment. With gold prices trading at elevated levels, the company's executive director, Richie Yang, stated that the primary focus is to accelerate construction and bring the production schedule forward, with first gold pour targeted for the first quarter of 2027.