Mining Intelligence and News
South Africa

Transvaal Gold Mining Estates (TGME) Project

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Summary

Mine TypeUnderground
Study CompletedFeasibility
StageConstruction
Commodities
  • Gold
Mining Method
  • Shrinkage stoping
  • Narrow reef drill & blast
  • Longhole stoping
Backfill type ... Lock
Project Timeline... Lock
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SnapshotThe Transvaal Gold Mining Estates (TGME) Project targets to restart historical underground gold mines.

In September 2025, Theta Gold completed an Optimised Feasibility Study. The Project targets the Beta (including the Beta North, Beta Central and Beta South sections), Rietfontein, Frankfort and Clewer-Dukes Hill-Morgenzon (CDM) Mines. In addition to the underground projects, the Theta Gold Mine Plant Tailings Storage Facility (TGM Plant TSF), and the Theta Gold Mine rock dumps (Rock Dumps) have now been included in the Optimised Feasibility Study.

A new facility will be established to treat all the ore from the surrounding operations. Front-End Engineering Design (FEED) of the TGME gold plant completed.

As of October 2025, all contractors and equipment are now fully mobilised. Heavy machinery is shaping the site for major infrastructure, while civil works have commenced at the Carbon-in-Leach (CIL) section and retaining walls.

Owners

SourceSource
CompanyInterestOwnership
Black Economic Empowerment(B-BBEE Commission) 26 % Indirect
Theta Gold Mines Ltd. 74 % Indirect
The mining rights are held under Transvaal Gold Mining Estates Limited (TGME).

Theta Gold Mines Limited holds 100% issued capital of its South African subsidiary, Theta Gold SA (Pty) Ltd (TGSA). TGSA holds a 74% shareholding in both Transvaal Gold Mining Estates Limited (“TGME”). The balance of shareholding is held by Black Economic Empowerment (BEE) entities.

Contractors

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Deposit type

  • Sediment-hosted
  • Vein / narrow vein
  • Tailings

Summary:

The optimised Feasibility Study for Transvaal Gold Mining Estates (TGME) aims to restart the following historical underground projects:
• Beta;
• Frankfort;
• Clewer–Dukes Hill–Morgenzon (“CDM”);
• Rietfontein.

In addition to the underground projects, the Theta Gold Mine Plant Tailings Storage Facility (“TGM Plant TSF”), and the Theta Gold Mine rock dumps (“Rock Dumps”) have now been included in the Optimised Feasibility Study.

The Project Areas are situated within the Sabie-Pilgrims Rest Goldfield.

This metallogenic province extends for approximately 140 km in a north-north-easterly direction, over a maximum width of 30 km along the Great Escarpment of southern Africa. Gold mineralisation occurs within shear zones located within sedimentary host rocks of the Transvaal Supergroup.

The orebodies considered in the FS are described as thin, sheet-like near horizontal deposits. The reefs considered for extraction through the underground operations at Beta, Frankfort and CDM, namely the Beta Reef (Beta Mine), Bevetts Reef (Frankfort Mine) and Rho Reef (CDM) are all concordant reefs that dip shallowly westwards between 3°and 12°. At the Rietfontein Mine, the Rietfontein Reef occurs as a sub-vertical hydrothermal vein striking north-northeast and fills a narrow 1-3 m wide fracture in basement granite.

Epigenetic gold mineralisation in the Sabie-Pilgrims Rest Goldfield occurs as concordant and discordant (sub-vertical) veins (or reefs) in a variety of host rocks within the Transvaal Drakensberg Goldfield, and these veins have been linked to emplacement of the Bushveld Complex.

Mineralisation in the region occurs principally in concordant reefs in flat, bedding parallel shears located mainly on shale partings within the Malmani Dolomites. These bodies are stratiform, and are generally stratabound, and occur near the base of these units.

The discordant reefs (or cross-reefs) are characterised by a variety of gold mineralisation styles. At Rietfontein, a sub-vertical quartz-carbonate vein occurs which reaches up from the Basement Granites and passes to surface through the Transvaal. They are found throughout the SabiePilgrims Rest Goldfield, and are commonly referred to as cross reefs, blows, veins, and leaders and exhibit varying assemblage of gold-quartz-sulphide mineralisation generally striking northeast to north-northeast. They vary greatly in terms of composition, depth and diameter. In addition to the above, more recent eluvial deposits occur on the sides of some of the hills and are through to represent cannibalised mineralised clastic material resulting from the erosion of underlying reefs. Gold mineralisation is accompanied by various sulphides of Fe, Cu, As and Bi.

Beta Mine
The Beta Reef occurs as a sub-horizontal or hydrothermal typical "flat reef" quartz-carbonate vein which strikes north-northeast, dips at about 3° to 7° to the west and pinches and swells down dip as well as along strike. The reef varies in width from waste-on-contact to nearly 3 m with a mean reef width of between 20 cm to 30 cm and is stratigraphically located within the dolomite of the Eccles Formation within the Malmani Subgroup of the Transvaal Supergroup. The gold-bearing material is mainly associated with pyrite with trace chalcopyrite with a minor presence of graphitic and carbonaceous material.

The Beta Reef vein has been prospected to depths of about 550 m below surface by historical as well as more recent drill holes. The only available information is that which is available in the form of annotations on plans and various MS Excel™ spreadsheets. The deepest underground development reaches a depth of 360 m below surface. Exploration activity indicates the presence of a pay shoot towards the east-southeast of the westernmost workings.

The Beta Reef quartz vein follows the regional trend of bedding on a north-northeast to south-southwest strike orientation. It has been traced for nearly 2 km on strike and 2.5 km on dip and mined for at least 1.5 km down dip in the area of Beta Mine.

The Beta Mine is split into an eastern and western section by the 30 m thick north-northeast to south-south-west trending Beta Dyke which is thought to be diabasic in nature (of the late Vaalian age belonging principally to the Bushveld Complex) and intruded into the Transvaal Group. The dyke exhibits a scissor displacement on the Beta reef where in the north displacement is approximately 2 m down to the west. In the south this displacement increases to approximately 25 m to the west.

Minor dykes and faulting occur within the Mine trending along the regional north-northeast to south-south-west trending lineaments and generally have negligible displacements.

Frankfort Mine
At the Frankfort Mine, the Bevetts Reef occurs as a concordant to sub-concordant reef. The Bevett's Reef is developed at the interface between the Bevetts quartzite and the overlying Pretoria shales. The reef consists of a quartz-carbonate vein, which can vary in thickness from a contact to in excess of 200 cm. Evidence of duplex thrusting is present, which may have served to eliminate the reef horizon in some areas and duplicate it into a thick package in other areas. Reef mineralogy is comprised of coarse euhedral sulphide crystals. These coarse sulphides are predominately pyrite, arsenopyrite and lesser tetrahedrite. Massive chalcopite is common.

CDM Mine
At CDM, the Rho Reef hosts gold mineralisation and has a general dip direction of 5° to 7º to the west and strikes in a north-south direction. The reef occurs approximately 24 m below the base of the Bevett's unconformity, which marks the end of the dolomite succession and the beginning of the Pretoria Group. The Rho Reef itself consists of an Upper Rho Reef and a Lower Rho Reef separated on average by 2 m of argillaceous dolomite. Below the Lower Rho Reef there is a sill developed approximately 5 m in the footwall ranging from 5 m to 18 m thick. A shale band varying from 5cm in the north to 60cm in the south is developed 3 m below the Lower Rho Reef. Above the Upper Rho Reef, a unit termed the silver shale is developed 3 m in the hanging wall and is between 50 cm and 100 cm thick. Above the silver shale, a hanging wall sill is developed that ranges from 18 m to 22 m thick.

The resource model is however based on one reef only, referred to as the Rho Reef. It is uncertain if the historical sampling captured is the upper or lower reef.

Rietfontein Mine
Another style of mineralisation occurs at the Rietfontein Mine, where the Rietfontein Reef occurs as a cross-reef in the basement granites. It penetrates the overlying Black Reef Quartzite for a short distance before petering out. The granite surrounding the quartz vein is heavily decomposed as a result of the hydrothermal fluids and influx of surface water along the outcrop trace of the quartz vein. The sub-vertical hydrothermal quartz vein strikes north-northeast and fills a narrow 1-3 m wide fracture in basement granite. The quartz vein has been traced over 16 km on strike and mined for 3 km along its strike length. The gold-bearing material and the gold are associated with pyrite and trace arsenopyrite, chalcopyrite and bismuth.

TGM Plant TSF and Rock Dumps
The TGM Plant TSF and the Rock Dumps are artificial, man-made surficial deposits in the form of tailings dams of the historical mining that has taken place in the Pilgrims Rest Area and the Rock Dumps or stockpiles, which are a combination of waste rock dumps or discard from the selective reef mining from the historical mining operations of the primary gold mineralisation.

Reserves

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Mining Methods

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Heavy Mobile Equipment

Fleet data has not been reported.

Comminution

Crushers and Mills

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Processing

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Commodity Production

CommodityUnitsAvg. AnnualLOM
Gold koz 1051,137
All production numbers are expressed as metal in doré.

Operational metrics

Metrics
Hourly processing capacity  ....  Subscribe
Annual ore mining rate  ....  Subscribe
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Waste tonnes, LOM  ....  Subscribe
Ore tonnes mined, LOM  ....  Subscribe
Total tonnes mined, LOM  ....  Subscribe
Tonnes processed, LOM  ....  Subscribe
* According to 2025 study.

Production Costs

CommodityUnitsAverage
Cash costs Gold USD  ....  Subscribe
Total cash costs Gold USD  ....  Subscribe
All-in sustaining costs (AISC) Gold USD  ....  Subscribe
All-in costs Gold USD  ....  Subscribe
Assumed price Gold USD  ....  Subscribe
* According to 2025 study / presentation.

Project Costs

MetricsUnitsLOM Total
Initial CapEx $M USD  ......  Subscribe
Expansion CapEx $M USD  ......  Subscribe
Sustaining CapEx $M USD  ......  Subscribe
Closure costs $M USD  ......  Subscribe
Total CapEx $M USD  ......  Subscribe
UG OpEx $M USD  ......  Subscribe
Processing OpEx $M USD 199.7
Total OpEx $M USD  ......  Subscribe
Total Taxes $M USD  ......  Subscribe
Royalty payments $M USD  ......  Subscribe
Gross revenue (LOM) $M USD  ......  Subscribe
EBITDA (LOM) $M USD  ......  Subscribe
Pre-tax Cash Flow (LOM) $M USD  ......  Subscribe
After-tax Cash Flow (LOM) $M USD  ......  Subscribe
Pre-tax NPV @ 10% $M USD  ......  Subscribe
After-tax NPV @ 5% $M USD  ......  Subscribe
After-tax NPV @ 10% $M USD  ......  Subscribe
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After-tax payback period, years  ......  Subscribe

Personnel

Mine Management

Job TitleNameProfileRef. Date
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Workforce

Aerial view:

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