Ann: WBP Positive Phase 1 Uranium Drilling Results, page-102

Don't look too far... this may be similar to what we r getting.

Note, TGM ARE YEARS AWAY FROM PRODUCING. WITH WEST WITS WE R ONLY MONTHS.



Theta Gold Mines (ASX:TGM) secures A$110m funding for TGME project

• Jessica De Freitas

2 hours ago

• Theta Gold Mines (TGM) secures US$70 million (A$110 million) in funding for its TGME gold project in South Africa
• The company has signed a term sheet with Sprott Streaming and Royalty, who will cover 90 per cent of the development costs for the first stage of the TGME project
• In exchange, Sprott will receive a gold stream on the project, which Theta expects to deliver to Sprott up to 100,000 ounces of gold over the life of the mine
• Theta Executive Chairman Bill Guy says this is a “significant milestone” for the company and a “cashflow-friendly style” of financing compared to a straight debt finance
• Theta Gold Mines is trading 15.63 per cent higher at 7.4 cents at 11:12 am AEDT

Theta Gold Mines (TGM) has signed a US$70 million (A$110 million) non-binding term sheet with Sprott Streaming and Royalty for its TGME project in South Africa.

This funding will cover 90 per cent of the cash required under Theta’s stage one development plan to help bring the TGME project into production.

In exchange, Sprott will receive a gold stream on the project. Theta said it expected the TGME project to deliver to Sprott 100,000 ounces of gold over its life of mine for which Sprott would pay 10 per cent of the gold price per ounce delivered under the stream.

Theta has the option to buy back 50 per cent of the stream based on an agreed price, following which the gold company will deliver two per cent of the ongoing production.

Before it delivers the first gold, Theta Gold Mines will pay interest of 9.5 per cent per annum to Sprott either in cash or scrip for the advanced funds.

Theta Executive Chair Bill Guy said this was a “significant milestone” for the construction of the TGME gold project.

“The streaming deal is a much more cashflow-friendly style of financing compared to a straight debt finance,” Mr Guy said.

“It is less risky to a start-up project, where the unique repayment mechanism provides the company the flexibility to manage its cashflow as long as the minimum gold delivery requirements are met.”

The funding is conditional on due diligence being completed, final documents and South African regulatory approvals.

Theta’s Sydney-based debt specialist, Kamara Group, is assisting it through the project financing process, and it expects the transaction will close in the first quarter of 2023.

Theta said that once the Sprott funding was closed, it may commit to upgrading its ore reserve base and potentially the total mineral resource to increase production and life-of-mine.

Theta Gold Mines was trading 15.63 per cent higher at 7.4 cents at 11:12 am AEDT.