While the exact timing remains to be seen, the current development anticipates initial production of about 45,000ozpa from a 500,000 tonne per annum operation, with Theta chairman Bill Guy telling the Africa Down Under conference this week the company would explain in "coming months" its expansion plans to 1.5 million tonnes per annum.

Theta has millions of ounces in inferred resources at the Sabie Pilgrim's Rest Goldfield north east of Johannesburg.

It plans to employ open cut, coal mining-type stripping of the shallow mineralised ground before eventually heading underground.

All-in sustaining costs are half the current gold price.

Formerly of ASX-listed South African success story Jupiter Mines, Guy says Theta similarly has the team to be successful.

And he pointed to AIM-listed gold producer Pan African Resources as further evidence operating in South Africa was eminently possible.

Will Theta be confirmed as number three?

The company has doubled in market value since the start of 2019, and this week was capitalised at A$66 million.