Ann: Extension of SPP CLosing Date, page-99

Justis, why do we do this? What makes Troy so special is that even if Ohio Creek becomes a 0.5m to 1m ounces deposit there still is enough growth potential. And these grades mean Troy will become one of those rare gold miners having a significant margin and being a cash cow no matter the gold price. The reason why I do not post on many boards is that I am not a goldbug. I like value stocks and opportunities like Kraft Heinz (moderate bargain, just love the news) or Dynam Japan Holdings (p/e 8, 8% dividend yield, significant net cash on the balance sheet). Troy is better than them all, it is a true value stock.

There was a recommendation recently where someone compared Troy to Goldsource. They rose more than 100% on drill results. Sprott is putting in $3m at the higher price now. Market cap after everything is said and done $40m. And that is without a plant.

If the stars align in a perfect way the bull market in gold prices will wait for a couple of years meaning Troy could become a significant cash cow and at the same time have the opportunity to invest in the gold sector, maybe even become a company like Repadre used to be with a business model more focussed on generating streams and royalties.