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Theta Gold Mines
(Sydney:TGM)
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Rating:41Neutral
Price Target:
AU$0.18
â–¼(-6.84% Downside)
Action:Reiterated
Date:10/01/26
Overall score is constrained primarily by weak financial performance (no revenue, ongoing losses, and sustained cash burn alongside high leverage). Technicals add modest additional pressure with a generally weak trend, while valuation provides limited support due to a negative P/E and no dividend yield data.
Positive Factors
Balance-sheet repair
The return to positive equity provides a constructive foundation after the negative-equity period in 2023–2024. Although leverage remains elevated, this repair may improve financial resilience and support continued project advancement if funding needs are managed carefully.
Negative Factors
No commercial revenue
The absence of revenue through 2026 confirms that the company has not yet reached commercial operating scale. This leaves future value dependent on successful development and eventual production, while providing no established sales base to fund ongoing corporate and project costs.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance-sheet repair
The return to positive equity provides a constructive foundation after the negative-equity period in 2023–2024. Although leverage remains elevated, this repair may improve financial resilience and support continued project advancement if funding needs are managed carefully.
Read all positive factors
Theta Gold Mines (TGM) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$254.58M
Dividend YieldN/A
Average Volume (3M)298.22K
Price to Earnings (P/E)―
Beta (1Y)0.99
Revenue GrowthN/A
EPS Growth59.02%
CountryAU
Employees80
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding1,376,105,100
10 Day Avg. Volume93,575
30 Day Avg. Volume298,224
Financial Highlights & Ratios
PEG Ratio0.75
Price to Book (P/B)4.40
Price to Sales (P/S)0.00
P/FCF Ratio-19.31
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
12
Very Negative
Balance Sheet
18
Very Negative
Cash Flow
14
Very Negative
| Breakdown | Jun 2026 | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -290.50K | 0.00 | -116.00K | -1.15M | -605.36K |
| EBITDA | -7.91M | -4.47M | -3.58M | -4.66M | -5.11M |
| Net Income | -3.14M | -6.89M | -6.39M | -10.45M | -10.53M |
Balance Sheet | |||||
| Total Assets | 145.24M | 29.31M | 23.80M | 29.45M | 28.87M |
| Cash, Cash Equivalents and Short-Term Investments | 9.00M | 5.62M | 2.59M | 2.88M | 31.99K |
| Total Debt | 90.44M | 15.41M | 17.74M | 20.07M | 17.31M |
| Total Liabilities | 112.00M | 24.16M | 25.92M | 30.48M | 21.87M |
| Stockholders Equity | 33.24M | 5.15M | -2.12M | -1.03M | 7.01M |
Cash Flow | |||||
| Free Cash Flow | -7.57M | -4.81M | -6.18M | -5.61M | -10.69M |
| Operating Cash Flow | -6.69M | -2.48M | -4.45M | -4.16M | -6.44M |
| Investing Cash Flow | -19.97M | -2.54M | -2.59M | -786.44K | -5.07M |
| Financing Cash Flow | 29.99M | 8.05M | 7.71M | 7.77M | 11.27M |
Theta Gold Mines Technical Analysis
Neutral
0.19
Price Trends
0.19
Negative
0.19
Negative
0.20
Negative
Market Momentum
>-0.01
Positive
48.00
Neutral
25.00
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 bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 48.00 is Neutral, neither overbought nor oversold. The STOCH value of 25.00 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 |
|---|---|---|---|---|---|---|---|
75 Outperform | AU$263.39M | 3.45 | 25.21% | 3.97% | 28.38% | 127.83% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
54 Neutral | AU$376.09M | -34.29 | -5.89% | ― | ― | 9.68% | |
48 Neutral | AU$264.26M | -10.55 | -80.60% | ― | -100.00% | -1011.90% | |
47 Neutral | AU$272.14M | -56.52 | -4.59% | ― | ― | -53.33% | |
46 Neutral | AU$185.07M | -33.08 | -20.08% | ― | ― | -21.85% | |
41 Neutral | AU$254.58M | -28.16 | -12.57% | ― | ― | 59.02% |
* Basic Materials Sector Average
AU:TGM
Theta Gold Mines
0.19
-0.04
-19.15%
AU:TBR
Tribune Resources Limited
4.95
-1.34
-21.24%
AU:STN
Saturn Metals Ltd.
0.48
-0.10
-17.95%
AU:BGD
Barton Gold Holdings Limited
0.95
-0.35
-26.92%
AU:AS1
Golden Rim Resources Ltd
0.13
0.04
42.05%
AU:VTM
Victory Goldfields Limited
1.34
0.14
11.25%
Theta Gold Mines Corporate Events
Theta Gold Mines Details Project Progress and 2026 Operational Milestones
Sep 30, 2026
Theta Gold Mines’ 2026 annual report outlines progress across its gold operations, highlighted by the construction of the TGME gold plant and advancement of key project permits and mining rights. The report also details milestones in ESG and...
Theta Gold Mines Updates Market on Director’s Revised Equity Holdings
Sep 29, 2026
Theta Gold Mines has disclosed a change in the securities held by director Byron Karl Lester Dumpleton, filing the required Appendix 3Y notice with the ASX. The update details his existing holdings of fully paid ordinary shares, various tranches o...
Theta Gold Mines Issues Nearly 39 Million New Shares After Funding Milestones Met
Sep 23, 2026
Theta Gold Mines has expanded its issued capital by 38,968,769 fully paid ordinary shares, comprising 34,568,769 shares from the exercise of unlisted options at $0.1722 per share and 4,400,000 shares from the conversion of performance rights linke...
Theta Gold Mines Seeks ASX Quotation for Nearly 39 Million New Shares
Sep 23, 2026
Theta Gold Mines has applied to the ASX for quotation of 38,968,769 new ordinary fully paid shares under its TGM ticker, following the exercise of options or conversion of other securities. The new shares, issued on 22 September 2026, will expand ...
Theta Gold Mines boosts balance sheet with option exercises and vested performance rights
Sep 23, 2026
Theta Gold Mines has strengthened its capital base by issuing 34,568,769 new fully paid ordinary shares following the exercise of an equivalent number of unlisted options, providing additional funding as it advances development of the TGME Gold Pr...
Theta Gold Mines Raises A$5.95m as Options Exercised, Incentive Awards Vest
Sep 18, 2026
Theta Gold Mines has strengthened its capital position after long-term institutional investor Hong Kong Ruihua Green Development exercised 34,568,769 unlisted options, generating about A$5.95 million and leading to the issue of an equivalent numbe...
Theta Gold Mines Requests ASX Trading Halt Ahead of Bond Facility Update
Sep 9, 2026
Theta Gold Mines Limited has requested a trading halt on its securities on the ASX, effective 9 September 2026, pending an announcement related to the first drawdown under its Bond facility. The halt will remain in place until either the funding-r...
Theta Gold Mines Issues New Shares to Raise Capital
Aug 10, 2026
Theta Gold Mines Limited, an Australian-listed gold mining and exploration company, operates in the resources sector with a focus on developing and advancing gold projects. The group targets investors looking for exposure to gold assets and mainta...
Theta Gold Mines Seeks ASX Quotation for 32.8 Million New Shares
Aug 10, 2026
Theta Gold Mines Limited has applied for quotation on the ASX of 32,800,000 ordinary fully paid shares under its issuer code TGM. The new securities, issued on August 7, 2026, represent an expansion of the company’s listed equity base.The ap...
Theta Gold Mines Plans 32.8 Million-Share ASX Placement
Aug 7, 2026
Theta Gold Mines Limited has notified the ASX of a proposed placement of up to 32.8 million ordinary fully paid shares. The new securities are intended to be quoted on the ASX, with the issue date set for 7 August 2026, reflecting the company̵...
Theta Gold Mines Converts US$11.6m Unsecured Loan into Equity
Aug 7, 2026
Theta Gold Mines has agreed to convert a long-standing unsecured loan into equity by issuing 32.8 million fully paid ordinary shares at a deemed price of A$0.18 per share. The shares will be issued to Sadiva (Pty) Ltd, which acquired the loan from...
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...
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.