The Cashflow Bullet, page-68

kojak - thanks for that, yes I'm on the same page as you now and agree with your analysis. The only thing I'd quibble about is relying on inventories as an appropriate metric as in the case of Troy $11m of their $19.5m in inventories is tied up in "stores and raw materials" - I think that is the term they use - which would not be considered to be a cashable item. A better metric for liquidity is probably the quick or acid-test ratio and on that score Troy is still looking a tad precarious.

I reckon their financial focus for the next couple of quarters is to either build up their kitty or better still get their trade creditors (which appears to be out to over 100 days) under control. Being effectively a one mine operation means they need to be on top of their liquidity. I would not be looking to pay out their secured creditor ahead of schedule until they put it right with their unsecured creditors.