December quarter 4C

In the December quarter TGM continued to advance its Theta Project closer towards production as well as strengthening its social licence in the area.

Various permitting activities continue to progress and the company reafirmed it's commitment to becoming a gold producer of more than 100,000 ounces per annum.

The Environmental Impact Study (EIS) for Mining Right 83 - 'Starter Theta Open-pit Project - will be submitted in the  March Quarter for approval by the Department of Mines Resources and Energy (DMRE) with a decision expected by the middle of the June quarter of 2020.

Mining contract discussions

During the quarter, TGM progressed discussions to develop the basis of a mining contract based on a schedule of rates basis as well as lump sum quotes for mining development activities.

Work continues this quarter to complete this process and TGM is confident that a workable mining contract can be concluded with mining costs in line with the feasibility study.

At the end of December 2019, the company had US$1.8 million in cash.

As mentioned in my recent Bull Case, given they need $25 MUSD to build the mine I assume they will do another cap raise before the end of the year to fund this. Hopefully they won't try and raise all the funds this way as it would be extremely dillutive given their current market cap of only ~$100 MAUD.