Ann: Change of Director's Interest Notice x 3, page-23

Bugwan64,

sorry, after some thinking it seems my last answer is not a good answer to your post. It really seems there is an element of toxicity involved in shareholder relations at Troy. Maybe that is not a surprise if a stock has lost so much over the last years, due to past management mistakes, due to bad circumstances at a former mine, due to bad luck, due to strained finances and last but not least due to the fact that we are in a gold bear market since 2011.

Troy has costs of over 20m per quarter. Obviously anything we discuss here regarding remuneration will lead us to a dead end, it won't make a difference at the bottom line. All I can say is that 18 months ago I would never had thought we would be in such a good position for future success now. Time and time again we had assumed that the situation was so close that any hiccup would lead to disaster. Remember we had two hiccups? First the slide in June 2017. Then another much smaller one back in October 2018 within the dry season.Nobody could have seen that coming or prevented. On the plus side we have a new deposit. Some of the best grades in the world. And it did not even belong to Troy more than a couple of months ago. Just think about how far exploration and understanding the deposit has come. It borders on a miracle.

All that due to a team effort. Obviously we shareholders have way less information than the people in the know. So I refuse to continue to speculate on limited information on topics that offer no upside like renumeration..

It was always clear the end of March Investec payment would be some kind of nadir. And now that I think about it Troy is in the best possible situation to deal with the payment.
We are in dry season helping production.
Instead of letting the 10% option for Casposo lapse it is prolonged until end of March.
Investec has 27.7m options giving them every incentive to support Troy.
CR and SPP have improved funding.

I am convinced that every stakeholder not rocking the boat now will ultimately do very well. Management, workers, the Government of Guyana, Investec, minority interest holders, Austral Gold and last but not least shareholders of course.