Theta Gold Mines Ltd. (AU:TGM)
ASX:TGM
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Theta Gold Mines
(Sydney:TGM)
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Rating:49Neutral
Price Target:
AU$0.20
▲(15.29% Upside)
Action:ReiteratedDate: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
Project focus in historic gold district
Operating in the Transvaal Goldfields gives Theta structural geological advantage and higher resource discovery potential versus greenfield peers. A clear development focus supports long-term optionality toward production, attracting project finance and JV interest irrespective of short-term market moves.
Negative Factors
No revenue and persistent losses
Absent operating revenue and ongoing net losses mean the business remains development-stage with no internal cash generation. Long-term value depends entirely on eventual resource conversion to production or monetization, increasing execution and financing risk over the next 2–6 months and beyond.
Read all positive and negative factors
Positive Factors
Negative Factors
Project focus in historic gold district
Operating in the Transvaal Goldfields gives Theta structural geological advantage and higher resource discovery potential versus greenfield peers. A clear development focus supports long-term optionality toward production, attracting project finance and JV interest irrespective of short-term market moves.
Read all positive factors
Theta Gold Mines (TGM) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$254.49M
Dividend YieldN/A
Average Volume (3M)714.01K
Price to Earnings (P/E)―
Beta (1Y)1.49
Revenue GrowthN/A
EPS Growth15.86%
CountryAU
EmployeesN/A
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding1,156,766,200
10 Day Avg. Volume771,344
30 Day Avg. Volume714,009
Financial Highlights & Ratios
PEG Ratio0.26
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
Theta Gold Mines Ltd. (TGM) is a gold exploration and mining company primarily focused on developing and operating its flagship Theta Project located in the Eastern Transvaal Gold Fields of South Africa. The company is engaged in exploring, mining...
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
Positive
0.17
Price Trends
0.22
Negative
0.20
Positive
0.20
Positive
Market Momentum
>-0.01
Positive
51.94
Neutral
65.56
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:TGM, the sentiment is Positive. The current price of 0.17 is below the 20-day moving average (MA) of 0.22, below the 50-day MA of 0.22, and below the 200-day MA of 0.20, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 51.94 is Neutral, neither overbought nor oversold. The STOCH value of 65.56 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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$123.42M | 3.56 | 14.07% | 4.01% | 24.48% | 97.18% | |
64 Neutral | AU$730.72M | 1.81 | 121.31% | ― | 117.95% | ― | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
54 Neutral | AU$175.54M | 4.74 | 2.67% | ― | 46.74% | -47.98% | |
49 Neutral | AU$254.49M | -4.78 | -8.87% | ― | ― | 15.86% | |
48 Neutral | AU$387.50M | 5.17 | -20.84% | ― | 11.43% | -238.93% | |
43 Neutral | AU$243.76M | 3.94 | -3.40% | ― | ― | ― |
* Basic Materials Sector Average
AU:TGM
Theta Gold Mines
0.22
0.08
57.14%
AU:BCN
Beacon Minerals
3.48
2.42
228.30%
AU:FML
Focus Minerals Ltd
2.55
2.33
1059.09%
AU:RND
Rand Mining Limited
2.17
0.45
26.53%
AU:HRZ
Horizon Minerals Ltd
0.94
0.08
9.36%
AU:KAU
Kaiser Reef Ltd
0.29
0.11
65.71%
Theta Gold Mines Corporate Events
Theta Gold Secures Key Crushing Plant Contract for TGME Project
Mar 19, 2026
Theta Gold Mines has signed a manufacturing contract with NMS Africa for a three-stage crushing and screening plant at its TGME Gold Project in South Africa, marking a key step toward first production. The plant is designed to meet initial ore pro...
Theta Gold Mines Releases Half-Year Financial Report and Corporate Update
Mar 15, 2026
Theta Gold Mines Limited has released its half-year financial report for the six months ended 31 December 2025, outlining its corporate structure and regulatory disclosures. The report highlights the company’s leadership team, auditor, stock...
Resource Stocks Drive Major Reshuffle in S&P/ASX Indices for March 2026
Mar 6, 2026
SP Dow Jones Indices has announced a broad reshuffle of its SP/ASX index family, effective before the market opens on 23 March 2026, with multiple additions and removals across the SP/ASX 20, 50, 100, 200 and 300 benchmarks. The changes, which ele...
Theta Gold advances TGME Project with key construction contracts
Mar 3, 2026
Theta Gold Mines has entered Phase 2 of construction at its TGME Gold Project, awarding structural, mechanical, platework and piping contracts to engineering firms PICM and RM Process. The partners will fabricate steelworks off-site using a modula...
Theta Gold to Showcase TGME Project at 2026 Cape Town Mining Conference
Feb 8, 2026
Theta Gold Mines has confirmed that Chairman Bill Guy will present the company’s investment case at the 2026 121 Mining Investment Cape Town Conference in South Africa from 9–12 February, with the associated investor presentation to be...
Theta Gold Mines Converts Debt to Equity with Share and Option Issue
Feb 6, 2026
Theta Gold Mines has issued 44,029,575 new fully paid ordinary shares to convertible loan lenders at A$0.17647 per share, following the conversion of convertible loans and shareholder approval at its November 2025 annual general meeting. The compa...
Theta Gold Mines Issues 10 Million Unlisted Options at A$0.32 Exercise Price
Feb 6, 2026
Theta Gold Mines Limited has issued 10 million unlisted options with an exercise price of A$0.32 and an expiry date of 3 August 2027, as notified in an Appendix 3G filing to the ASX. These options, which are unquoted and not intended to be quoted ...
Theta Gold Mines Seeks ASX Quotation for 44 Million New Shares
Feb 6, 2026
Theta Gold Mines Limited has applied to the ASX for quotation of 44,029,575 new fully paid ordinary shares, with an issue date of 3 February 2026. The move significantly increases the company’s quoted share capital, which may support funding...
Theta Gold Mines Converts A$7.8m in Convertible Debt to Equity
Feb 6, 2026
Theta Gold Mines has issued 44,029,575 fully paid ordinary shares and 10,000,000 unlisted options to its convertible lenders, following their agreement to convert approximately A$7.8 million of outstanding principal and interest into equity. The s...
Theta Gold Lifts TGME Project Value with Revised Feasibility Study and A$1.4bn Cash Flow Forecast
Feb 2, 2026
Theta Gold Mines has released a revised feasibility study for its TGME Gold Mine Project that significantly boosts projected economics, confirming a 13.1-year mine life and forecast post-tax free cash flow of A$1.4 billion from a 6.1-million-ounce...
Theta Gold Mines Builds Momentum at TGME as Construction Stays on Track for 2026 First Gold
Jan 30, 2026
Theta Gold Mines reported strong progress for the quarter to 31 December 2025 at its TGME Gold Project in South Africa, highlighting that construction is advancing on schedule and within budget and that first gold production remains targeted for t...
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.