The Cashflow Bullet, page-476

kojak - how am I being pessimistic? I'm simply saying that there appears to have been a timing anomaly in Troy holding so much gold as at 30 Sep 18 and that it can be construed as being misleading to suggest that the A$14.6m for cash and equivalents is a permanent base on which Troy can only add to.

The simplest explanation is that for whatever reason a shipment of gold from the mine happened in early October rather than late September. And given that the company has explicitly stated it is attempting to fix its balance sheet I doubt that once the proceeds from the sale of the shipment came into their bank account they would sit on it rather than pay off some of their debt (both secured and unsecured).

Also, look at the sales figure for the September quarter, at $16.3m it is almost half of the corresponding figures for the March quarter ($30.6m) and for the June quarter ($27.1m). It's not as if they did not produce similar amounts of gold across all three quarters. Again that just points to a timing issue imo.