On November 17, the second-last day of the week-long festival, the unveiling will be the culmination of more than 18 months of work for Mr Waters.
With three "huge wings of steel" surrounding a golden fibreglass ball, the unnamed sculpture commemorates the gold-mining history of the region, tying in with the Gold 150 celebrations.
The three wings, each depicting mountain ranges and each measuring 4m long by about 2.5m high, represent the different directions the miners came from, Mr Waters said.
They each have a stylised skyline, based on mountain ranges around Alexandra, and are intended to rust over time to depict the gold washing out of the mountains to the rivers.
"It's really, really exciting - I'm just dying to see it [in place].
"It will be there with the beautiful view of the Alexandra bridge and surrounded by all the willows in their spring clothes. It will be just great."
Festival co-ordinator Kathi McLean said, while the sculpture would be an "impressive" highlight of the festival, there were many more great events.
"From children to older people, we aim to cater for the whole community, all under the theme of cherishing our environment."
There was a huge range of workshops for children - from creating hair decorations to rock climbing, she said.
There would also be many sustainability and art-based workshops, as well as more "male-focused" ones such as butchering a beast, tool maintenance and even a class incorporating beer brewing and cooking goat curry.
The final day of the festival, Sunday, November 18, will involve buskers, markets, an art sale, talent quest and more in Pioneer Park.
Mrs McLean said after two disappointing years in a row when their marquee was burnt down, the committee had decided they "just couldn't risk it" this year.
The marquee is usually a permanent fixture in Pioneer Park for the length of the festival, but this year will be replaced by several smaller tents, complete with smoke alarms and round-the-clock security.
Next year, they hoped to be able to use the Alexandra Community House, which is still under construction, as a base instead of the tents, she said.
Mr Waters' sculpture will be installed in Alexandra's Rotary Park near the Dunorling St boat ramp at 11.30am on Saturday, November 17.
It was the result of a competition in which artists were asked to design a work to reflect the region's gold-mining history and was funded by the Thyme Festival committee, the Alexandra Community Arts Council, the Cental Otago District Arts Trust, Central Lakes Trust and Pub Charity.
