Ann: Extension to Investec Loan Schedule Terms, page-10

rcman - well it is a heck of a lot better than the probable alternative.

The good points from this announcement for me: 1) the debt rescheduling will allow Troy to push on with Ohio Creek, with the aim of a resource estimate in the next 3 months 2) they seem to have accelerated the cut-back work at Smarts 3 by pushing on with phase 2 restoration work on the south wall of the pit 3) they appear to be actively working on getting some money to their local trade creditors by funneling any VAT refunds to them. 4) management seems to be unrelenting in their efforts to get this company back on track.

The not so good points for me: 1) there is no mention of the starter pit at Ohio Creek, which would give an early boost to free cashflow, 2) from what I can gather there is only about 3,000 oz to be recovered from Smarts 3 which would give only a temporary boost to free cashflow, and they give no guidance that this temporary boost will happen any sooner than "late 2019" (from the Dec quarterly) 3) I continue to be concerned that trade creditors will lose patience.

It doesn't seem that Investec is imposing a penalty on Troy for this rescheduling - perhaps they will - but my hope is that they are betting that by giving this latitude to Troy they will profit from their 13 cents options being substantially in the money later in the year. If TRY gets to be well above 13 cents sometime this year then I'm totally happy for Investec to benefit from their willingness to work with Troy.