Theta Gold Mines Ltd (TGM) Fair Value & Analysis
Basic Materials · AU · Market cap A$267M (≈ $192M) · ISIN AU0000035701
What is Theta Gold Mines Ltd really worth?
Below-average quality, and trading another 187% above our fair value of A$0.0680.
Risks
Fair value as of: Aug 27, 2026
From 2 valuation models · updated 5 days ago
Share price +5.4% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case (A$0.0850). The favourable scenario is already priced in.
- Weak quality (21/100) and above fair value at the same time, the margin of safety is missing on both counts.
- The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
- A fairly wide model range (A$0.0425 to A$0.0850) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 27, 2026.
How to read this chart
60‑month range A$0.0500 – A$0.4000 · fair‑value band A$0.0425 – A$0.0850 · the A$0.1950 price screens above the A$0.0680 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 27, 2026.
Analysis
Theta Gold Mines Ltd (TGM) currently trades at A$0.1950, while our model-based Fair Value estimate is A$0.0680, implying the stock looks roughly 186.8% overvalued today. The Quality Score stands at 21/100 (below-average quality), in the Basic Materials sector. How firm this estimate is: it rests on 3 models at a data quality of 95/100, which puts the evidence level at low.
It earns a return on equity of −8.3%. Net debt stands at A$9.8M. Fundamentals as of Aug 27, 2026
Our scenario range runs from A$0.0425 (bear case) to A$0.0850 (bull case); at A$0.1950, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 30% below its 52-week high and 50% above its 52-week low, currently below its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at −9% fair-value upside, at −65%, TGM screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 2 models by family
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Key figures & financial health
Figures from reported company fundamentals · as of Aug 27, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 20 · Market factors (momentum, volatility) 32
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Theta Gold Mines Limited engages in the gold exploration and development business in South Africa. The company's flagship project is the TGME Gold Mine project located in South Africa. The company was formerly known as Stonewall Resources Limited and changed its name to Theta Gold Mines Limited in December 2018.
Full company description
Theta Gold Mines Limited engages in the gold exploration and development business in South Africa. The company's flagship project is the TGME Gold Mine project located in South Africa. The company was formerly known as Stonewall Resources Limited and changed its name to Theta Gold Mines Limited in December 2018. Theta Gold Mines Limited was incorporated in 2008 and is based in Sydney, Australia.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2019 – FY2025 · reported fiscal years
Theta Gold Mines Ltd reported revenue of $119K in FY2023 versus $94.0K in FY2019, a compound +6.1%/yr. Reported net income was −$6.9M in FY2025.
TGM screens 187% overvalued. Compare with Newmont Corporation →
Peer Group
Gold · 249 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Gold median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Gold stocks, each showing price versus our Fair Value estimate (as of Aug 27, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Newmont Corporation NEMCL | $112.00 | $112.82 | +1% |
| Zijin Mining Group 601899 | ¥32.21 | ¥39.42 | +22% |
| Agnico Eagle Mines Limited AEM | C$257.82 | C$154.33 | −40% |
| Barrick Mining Corporation B | $41.23 | $50.66 | +23% |
| Franco-Nevada Corporation FNV | $271.31 | $96.63 | −64% |
| Wheaton Precious Metals Corp WPM | C$187.84 | C$52.47 | −72% |
| AngloGold Ashanti plc AU | $97.92 | $88.63 | −9% |
| Kinross Gold Corporation KGC | $32.51 | $34.62 | +6% |
| Royal Gold, Inc RGLD | $262.85 | $93.56 | −64% |
| Northern Star Resources Limited NST | A$23.19 | A$15.98 | −31% |
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