I think back in the days of Martin's reign, they had no problem to issue shares to German holders. Now you have a company that certainly would need the money but is rejecting non-Australian sources. So much for the "dishonest" management.
Given that Troy started the quarter with 5.7m in cash, hedges brought in another 0.25m, the SPP 1.6m, the cash levels are 7.55m That is before any debt repayments. US$3m (already paid) and US$5.2m end of March. That is $8.2m or A$11.5m, a shortfall of A$4m.
To me it seems Troy will make A$2.5m from operations (15.5k ounces ins production sold at $1300, costs A$23.5m + 8% royalties). So 1.5m shortfall.
Troy had 2.6m gold in circuit (at cost) end of December. Maybe they can do another gold pour from that or get lucky and get A$2.1m from Casposo. Or they produce 16400 ounces. Or they increase trade credit. A huge position in trade debt is owed to the government. Part of that is offset by A$5.5m in non-current vat recoverable (p. 18 of half-yearly report).
Best case scenario would be to just being able to make the payment and then to be financially crippled enough to get the resource statement out end of September. So it might make sense to just buy on market.
TRY Price at posting:
10.5¢ Sentiment: Buy Disclosure: Held
