MD Ken Nilsson: “It is not only the extent of mineralisation at...

MD Ken Nilsson: “It is not only the extent of mineralisation at Ohio Creek that is exciting but also the grades and widths, much better than anything we have seen previously at either Smarts or Hicks, noting that significant free cashflow was derived from the mining of these pits. "

It's worth remembering that Troy effectively paid $188m for Azimuth which, at the time, had only identified Smarts and Hicks. A year or two before Troy acquired it, Azimuth had a market capitalisation of closer to $300m (again, based on Smarts and Hicks).

Yet now, for $50m, you have Troy with Ohio Creek which is probably considerably better than Smarts or Hicks (and still early days) along with fully operational mining/processing infrastructure - and all the other things Kojak points out (tax losses, Casposo interests etc).

If everything falls into place then we'll all look back and realise what a bargain Troy was at $50m (10.5c).