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Bützbuster

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06/03/19

21:56

Post #: 37678083
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Originally posted by kojak78 ↑

Finally some developments at Sandstone. MDI (owner of the old mill) will take out AME (owner of the more interesting tenements), if successful all tenements will be held by a single entity again. They will have a large resource base but defined resources are at a very steep dip, deep and low grade. So new discoveries will make the difference plus upgrading the mill (currently not suited for non-oxidized harder rock).
Combined market caps plus mill upgrade alone is A$30m.

If you assume a 10% net margin Troy's 2% royalty equates to a 20% stake without possibility of dilution and with no risk attached. 20% of a project the market is valuing at 30m is 6m. And AME+MDI are not exactly expensive.

Troy on the other hand has operations that will pay off bank and trade debt within a year. You get 30% of Casposo (optioned to Austral at US$7m) plus the 2% royalty (A$6m) plus A$30m in deferred tax assets not on the balance sheet (but will be once OC is developed) plus OC, with a guesstimate resource of ca. half a million ounces at one of the highest grades in the world, plus Smarts underground plus Goldstar with an already defined multi-km strike target plus huge upside at Gem Creek with multiple km-long anomaly targets for less than 50m? What's wrong here? And I forgot the iron ore royalty in Brazil.

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You answered the question yourself. We need time and patience. The update has reassured me for now. I share your confidence.

TRY Price at posting: 9.9¢ Sentiment: Buy Disclosure: Held
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