Ann: Outstanding Assay Results at Ohio Creek, page-44

Kojack

Re your comment - "Then you have A$300m in carried losses worth up to $90m."

I am pretty sure that TRY will not pay any tax in Australia if its Guyana operations are profitable since these are taxed under their laws, and I expect that under some international tax treaty they would not also be required to pay tax on them in Australia. TRY has not had any income generating operations in Australia for over 8 years on which it could pay local taxes, except perhaps in respect of interest earned on cash balances.

The $300m+ in carried losses relate to a range of assets including the Casposo mine which would have been a significant write-off. Another major part of the write-offs I suspect would relate to the carrying value of Karouni, especially in respect of the valuation placed on the assets acquired during the merger with AZH.

Perhaps somebody with a stronger hold on accounting concepts can explain more clearly to you why there is unlikely to be any tax benefits from the carried losses, other than perhaps in relation to carried forward operating losses in respect of the Guyana mine, about which and their tax arrangements I have no knowledge.

However, I appreciate your posts on most issues so please keep them coming.

loki