Ann: Extension to SPP CLosing Date, page-21

Justis - I think your logic may be wrong. That Karouni is one of the smallest mines in that area might be because most other gold companies thought they needed bigger deposits to justify building a plant, which is being proven out with Troy struggling to dig up enough rocks to feed the plant. It was a risk for Troy to go into production with a small reserve and up till now the chance they took remains fairly iffy. Here's hoping that Ohio Creek is the deposit that justifies the risk taken.

Also some lateral speculative thinking. I remember that WestTrader057 reported that the Troy chairman, Peter Stern, said at the conference held this week that the reason why assay results were taking so long is that when the lab gets high grade results they have to go back and recheck their workings to confirm those results. I was actually hoping / expecting that Troy would have highlighted the latest batch of assay results at the conference, but it seems they'd received the results of 9 dud holes but the results from another 20 holes were still pending.

Now this is where I start to get wildly speculative (and assumes the delay of the closing of the spp was an indication of confidence rather than desperation) ...

If I were Peter Stern and I was preparing the presentation to give at that conference I would have wanted the latest assay results and in fact I would have actually contacted the lab to see what the hold up was. So what say the lab responded well we can give you the results from the 9 dud holes but for the other 20 holes our initial findings are of high grade hits and we need to go back and recheck our work. So when WestTrader057 asked Peter Stern at the conference the reason for the holdup in assay results Peter Stern uses the same  generic explanation: with high grade hits the lab has to recheck its work which slows everything down. Now, what say that after the conference Peter Stern reports back to the board how frustrating it was that he could not tell the conference and the market that the lab is saying that the preliminary results from the remaining 20 holes indicate high grade hits. Worse still is that the spp will close before those final results become available and Troy would have missed the chance of maximising its cap raising. So the board agrees, why not just delay the closing of the spp again on the expectation that the assay results from the remaining 20 holes will become available next week, and that is what they decided to do.

I've not spoken to anyone from Troy or to anyone who would have inside information about Troy:  I stress this is pure speculation by me. But I'm happy to delude myself that next week could well be a good week for Troy...(but warning: I've been wrong about this stock for years).