Theta Gold Mines Secures First US$37M from Senior Secured Bond for South African Gold Project

Theta Gold Mines (ASX: TGM) has completed its first drawdown of a senior secured bond, securing US$37 million to fund its TGME Gold Mine Project in South Africa. The company arranged the bond with Nordic debt specialist Pareto Securities and can draw down up to US$90 million.

The drawdown follows the completion of pre-disbursement conditions tied to the bond financing, which was first announced on June 1, 2023. Theta has been working to revive its TGME project, which holds a mineral resource of 6.1Moz of gold and sits near Pilgrim's Rest in Mpumalanga Province.

The company plans to build a new gold processing plant at the site, with a revised Definitive Feasibility Study forecasting a 13.1-year mine life and post-tax net present value of A$689 million at an average gold price of US$2,884.