There certainly was some urgency back then. The good estimate is a result of the gold price, now way higher than back then. The 7 and something millions they will have end of March without SPP proceeds sounds good, keep in mind that is a liquidity figure. It includes gold inventory. Gold inventory can be bullion at the refinery or it can be gold in circuit. You can never sell gold in circuit except if you close a plant. I estimate that 3-4m out of the liquidity figure are gold in circuit. Then you have 2.7m from the December CR. Without the CR Troy would just barely make it past the final debt repayment in March and that's because of the gold price. The decision in December was to get fresh capital or postpone part of the Investec debt repayment once again. Now it seems pretty sure deal Troy will get rid of the debt no matter what.
More drill results would be nice, but what will they show? We already know Ohio Creek is mineralized for at least 800m. Maybe 100 or 200m more to the NW and if/when the continuation to the SE is found 500m? Larger but not orders of magnitude. What really is needed is drill results for local geology, i.e. diamond drill results and that will take time.
TRY Price at posting:
11.0¢ Sentiment: Buy Disclosure: Held
