• Theta Gold signs non-binding $80 million loan term sheet with Nebari
• Financing aims to fund TGME project, first gold in early 2027
• Mine expected to produce 1.14 million ounces over 14.5 years

South Africa’s Theta Gold Mines Ltd said on Tuesday it had signed a non-binding term sheet with the U.S.-based Nebari Partners LLC for a secured loan facility of up to $80 million to develop its TGME gold project, with first production targeted for early 2027.

The proposed financing is structured in two tranches. The first, worth $45 million, is expected to be available in early 2026. Theta Gold would then have the option to draw the remaining $35 million within three months of the initial closing.

The loan, which would be secured against the company’s assets, is expected to provide the remaining funding needed to complete construction and bring the TGME project into production within the planned timeline.

“Securing non-binding finance terms with Nebari represents another major step towards our first gold pour in the first quarter of 2027,” Theta Gold chairman Bill Guy said. “It  also  provides  a  huge  vote  of  confidence  to  the  TGME  Gold  Mine  Project  and management involved at all levels.”

The agreement is the latest in a series of funding efforts by Theta Gold for TGME. In October, the company said it had received firm commitments from investors for a $33.9 million funding round.

With these financing steps, Theta Gold plans to develop a mine with a total output of about 1.14 million ounces of gold over an estimated 14.5-year life. Peak annual production of around 160,000 ounces is expected in the fifth year of operations. An updated feasibility study has estimated initial capital costs at $79 million.

The next step will be to finalise a binding agreement with Nebari, subject to due diligence, approval by the lender’s investment committee and the receipt of all required regulatory approvals. The company did not provide a timeline for completing this process.

The announcement comes amid a strong gold market, with prices up more than 60% since January 2025.

Aurel Sèdjro Houenou