And yet they did all they promised to do just at a later date or when it was possible for them. I think day to day operations might not be so easy to management as we think. There definitely could be some improvements in communication. The pit wall failure might have been a small one and not worth reporting at all for a miner with multiple assets, yet for Troy it made quite a difference. Small problem that could be cleaned up with not much effort. The problem probably was that blasting at Smarts might have triggered a much larger failure, so mining had to stop. No problem as long as high grade ore from Smarts 4 was available. And when that ran out Troy was in trouble. It is directly related with the impairment charge. Think about it. If Troy mines 14.5k ounces per quarter they make +/- 0. If they mine 19k ounces they make $9m per quarter. Obviously having 4.5 quarters of 19k ounces is the same production as 6 quarters of 14.5k ounces. Yet the first schedule will bring in A$40m while the second schedule will bring in 0. While I am fine with Troy's reporting style (maybe I have got accustomed to their ways) many others seem not to be. Legitimate point then I guess. If I were to criticize directors it would be missing director buys at market. A good thing to see them taking full allotment but that is only keeping the status quo. While it might be a bad idea for someone like Gerry to hold lots of shares (Guyana Goldfields example shows that having impartial management can be a good thing, especially at key financial positions), Peter and Ken should have bought at market while they could. But I am not criticizing this because Ken is staying on-site and having to worry about the mining asset only might be better than having worries about personal finances on top. Peter has his own financial obligations in 2019 if you read the reports of other mining companies.
TRY Price at posting:
9.9¢ Sentiment: Buy Disclosure: Held