- Theta Gold Mines (TGM) finishes the June quarter, making progress on its TGME Underground gold project in South Africa
- The company have used US$748,000 for its operating activities, of which US$332,000 was directed towards exploration and evaluation
- These funds have helped support the execution of the TGME Underground definitive feasibility study and the front-end engineering design (FEED) of the TGME gold plant
- The company finished the period with US$21,000 in cash and cash equivalents but has US$10.34 million available from unused finance facilities
- Shares are trading flat at 9.1 cents each at 1:06 pm AEST
Theta Gold Mines (TGM) finished the June quarter making progress on its TGME Underground gold project in South Africa.
The company used US$748,000 (A$1.07 million) for its operating activities, of which US$332,000 was directed towards exploration and evaluation.
Meanwhile, a further US$549,000 was invested into exploration and evaluation.
These funds helped support the execution of the TGME Underground definitive feasibility study (DFS) and the front-end engineering design (FEED) of the TGME gold plant.
In addition, Theta Gold Mines submitted a number of applications to support its future exploration activities and completed a capital raise of $1.4 million.
Looking ahead, the company’s main objective is to secure $103 million in project funding and has engaged with debt funding advisors to assist with negotiations.
It is also working to finalise a capital raise, which is expected to be announced to the market soon.
The company finished the period with US$21,000 in cash and cash equivalents but has US$10.34 million available from unused finance facilities.
Shares were trading flat at 9.1 cents each at 1:06 pm AEST.