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Theta Gold Mines
(Sydney:TGM)
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Rating:49Neutral
Price Target:
AU$0.18
▼(-5.79% Downside)
Action:Reiterated
Date:02/04/26
The score is held down primarily by very weak financial performance (no revenue, recurring losses, and ongoing cash burn with high leverage). Technicals provide some support with price above key moving averages and positive MACD, but valuation remains unattractive/unclear due to continued losses and no stated dividend.
Positive Factors
Strategic Project Location
Concentrated project portfolio in Pilgrim's Rest, a known gold province, supports a structurally relevant resource development thesis. Being focused on a single, historically gold-bearing district aids geology-led planning, permitting continuity, and targeted capital deployment over months to years.
Negative Factors
No Revenue and Persistent Losses
Absence of operating revenue and ongoing negative EBITDA indicate the company cannot self-fund operations or capital needs. Persisting losses over multiple years increase reliance on external financing, raise execution risk for development plans, and prevent internal reinvestment into the project pipeline.
Read all positive and negative factors
Positive Factors
Negative Factors
Strategic Project Location
Concentrated project portfolio in Pilgrim's Rest, a known gold province, supports a structurally relevant resource development thesis. Being focused on a single, historically gold-bearing district aids geology-led planning, permitting continuity, and targeted capital deployment over months to years.
Read all positive factors
Theta Gold Mines (TGM) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$260.74M
Dividend YieldN/A
Average Volume (3M)284.55K
Price to Earnings (P/E)―
Beta (1Y)1.14
Revenue GrowthN/A
EPS Growth99.23%
CountryAU
Employees80
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding1,337,136,400
10 Day Avg. Volume341,900
30 Day Avg. Volume284,548
Financial Highlights & Ratios
PEG Ratio0.27
Price to Book (P/B)14.85
Price to Sales (P/S)0.00
P/FCF Ratio-15.91
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Theta Gold Mines Business Overview & Revenue Model
Company Description
Specializing in gold exploration and development, Theta Gold Mines Limited conducts its operations within South Africa. The Theta project, located near the town of Pilgrim's Rest in Mpumalanga Province, serves as its principal asset. Established i...
How the Company Makes Money
null...
Theta Gold Mines Financial Statement Overview
Summary
Income Statement
8
Very Negative
Balance Sheet
22
Negative
Cash Flow
12
Very Negative
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | 0.00 | 0.00 | -116.00K | -1.15M | -605.36K | 306.98K |
| EBITDA | 2.08M | -4.47M | -3.58M | -4.66M | -5.11M | -3.52M |
| Net Income | -1.09M | -6.89M | -6.39M | -10.45M | -10.53M | -4.37M |
Balance Sheet | ||||||
| Total Assets | 44.47M | 29.31M | 23.80M | 29.45M | 28.87M | 19.37M |
| Cash, Cash Equivalents and Short-Term Investments | 12.48M | 5.62M | 2.59M | 2.88M | 31.99K | 200.01K |
| Total Debt | 11.64M | 15.41M | 17.74M | 20.07M | 17.31M | 7.34M |
| Total Liabilities | 24.97M | 24.16M | 25.92M | 30.48M | 21.87M | 10.68M |
| Stockholders Equity | 19.50M | 5.15M | -2.12M | -1.03M | 7.01M | 8.69M |
Cash Flow | ||||||
| Free Cash Flow | -604.66K | -4.81M | -6.18M | -5.61M | -10.69M | -6.25M |
| Operating Cash Flow | 1.34M | -2.48M | -4.45M | -4.16M | -6.44M | -4.04M |
| Investing Cash Flow | -7.54M | -2.54M | -2.59M | -786.44K | -5.07M | -2.15M |
| Financing Cash Flow | 17.37M | 8.05M | 7.71M | 7.77M | 11.27M | 6.20M |
Theta Gold Mines Technical Analysis
Neutral
0.19
Price Trends
0.19
Positive
0.20
Negative
0.20
Negative
Market Momentum
<0.01
Negative
53.79
Neutral
54.44
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:TGM, the sentiment is Neutral. The current price of 0.19 is above the 20-day moving average (MA) of 0.19, above the 50-day MA of 0.19, and below the 200-day MA of 0.20, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 53.79 is Neutral, neither overbought nor oversold. The STOCH value of 54.44 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for AU:TGM.
Theta Gold Mines Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | AU$282.28M | 6.40 | 16.50% | 3.69% | 22.05% | 256.19% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
54 Neutral | AU$365.34M | -39.29 | -5.89% | ― | ― | 9.68% | |
52 Neutral | AU$184.58M | -28.81 | -26.45% | ― | ― | -3250.00% | |
49 Neutral | AU$260.74M | -73.95 | -8.87% | ― | ― | 99.23% | |
45 Neutral | AU$306.23M | -19.35 | -87.62% | ― | -100.00% | -2337.50% | |
44 Neutral | AU$292.37M | -140.00 | -5.45% | ― | ― | -176.00% |
* Basic Materials Sector Average
AU:TGM
Theta Gold Mines
0.20
0.02
8.33%
AU:TBR
Tribune Resources Limited
5.38
0.17
3.30%
AU:STN
Saturn Metals Ltd.
0.55
0.08
17.02%
AU:BGD
Barton Gold Holdings Limited
1.13
0.19
20.21%
AU:AS1
Golden Rim Resources Ltd
0.14
0.06
75.00%
AU:VTM
Victory Goldfields Limited
1.40
0.02
1.45%
Theta Gold Mines Corporate Events
Theta Gold Mines secures funding and advances TGME construction toward first gold
Jul 31, 2026
Theta Gold Mines reported strong progress at its TGME Gold Project for the June 2026 quarter, underpinned by securing a US$90 million bond facility and completing an additional US$18.6 million equity raise in early July. These financings are inten...
Theta Gold Mines Appoints New Director With No Declared Securities Interests
Jul 10, 2026
Theta Gold Mines Limited has appointed Ching (Sharon) Iu as a director effective 10 July 2026, signaling a change in the company’s board composition. The appointment was disclosed to the ASX under listing rule requirements, highlighting the ...
Theta Gold Mines strengthens board with appointment of Sharon Iu
Jul 10, 2026
Theta Gold Mines has appointed Ms Ching (Sharon) Iu as a Non-Executive Director, effective 10 July 2026, bringing more than a decade of international mining and corporate finance experience across metals and natural resources. Formerly representin...
Theta Gold Mines Raises Capital Through Share Placement and Option Exercise
Jul 3, 2026
Theta Gold Mines Limited has issued 147,570,138 new fully paid ordinary shares following the completion of a capital raising that combined a placement and the exercise of options. The placement comprised 125,832,956 shares issued to professional a...
Theta Gold Mines Seeks ASX Quotation for 21.7 Million New Shares
Jul 3, 2026
Theta Gold Mines Limited has applied for quotation of 21,737,182 new ordinary fully paid shares on the ASX, with the issue dated July 3, 2026. The additional securities, arising from the exercise of options or conversion of other instruments, will...
Theta Gold Mines Seeks ASX Quotation for 125.8 Million New Shares
Jul 3, 2026
Theta Gold Mines Limited has moved to expand its listed equity base, applying for quotation on the ASX of 125,832,956 new ordinary fully paid shares under code TGM. The securities, issued on July 3, 2026, stem from previously announced transaction...
Theta Gold Mines Secures US$18.6m Through Equity Raise and Option Exercise
Jul 3, 2026
Theta Gold Mines has completed a US$18.6 million equity raise and options exercise, issuing 147,570,138 new fully paid ordinary shares to professional and sophisticated investors. The funding round included a US$10 million cornerstone investment f...
Theta Gold Mines Adjusts Sydney Office Address as TGME Project Advances
Jul 1, 2026
Theta Gold Mines has updated the location of its registered and principal offices within International Tower One at Barangaroo in Sydney, shifting from Suite 80 to Suite 68 on Level 35. The move is administrative in nature, with the company mainta...
Theta Gold Mines Plans Major Share Placement on ASX
Jun 28, 2026
Theta Gold Mines has notified the ASX of a proposed placement of up to 125,706,919 ordinary fully paid shares. The new securities are scheduled for issue on 3 July 2026, subject to ASX processes.The capital raising signals an effort by Theta Gold ...
Theta Gold Mines Secures US$18.6m Equity Funding Ahead of Bond Drawdown
Jun 28, 2026
Theta Gold Mines has completed the equity component of its funding package with a US$18.6 million raise via a placement and exercise of unlisted options, satisfying a key condition for a previously arranged US$90 million bond facility. The placeme...
Theta Gold Marks Major TGME Construction Milestones as It Moves Toward 2027 Production
Jun 24, 2026
Theta Gold Mines reports that construction at its TGME Gold Project has reached major milestones, with the processing plant footprint now fully established and structural steel erection underway. Extensive civil works have advanced across key circ...
Theta Gold Mines Secures US$90m Bond to Fund TGME Gold Mine Build
May 31, 2026
Theta Gold Mines has secured an oversubscribed US$90 million senior secured callable bond issue to fund construction of its TGME Gold Mine Project in South Africa, completing the company’s debt funding requirements. The bond, arranged throug...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.