Ann: Outstanding Assay Results at Ohio Creek, page-51

Forget the AISC, of course you cannot use AISC at all if you consider accounting. You are correct, royalties are just treated as a cost and so no consideration when it comes to taxes (except as a deduction as all other costs). And that is why I was so surprised when I read the royalty would be deducted from the tax amount payable, not before calculating the tax. The text explicitly stated that, somehow I still doubt it because it just makes no sense for the tax office to have such rules. I wil ltry to find out over the next couple of days by reading Guygold's reports.

Are you sure there is no tax payable in Australia? I would assume it would be as everywhere else, unlimited tax on someone's world income mitigated by double taxation agreements where you paid tax counts against your tax liability. That means if you pay 15% overseas you still have to pay the remaining 15% at home. The UK is a jurisdiction where that is not the case. Australia as well?

The Azimuth structure was left intact but not used for mining. Troy seems to have set up their own subsidiary for mining. I think Azimuth and the Pharsalus companies are just shells for keeping the tenements, pledged to Investec to secure the debt. All the trade debt seems to be at Troy Resources Guyana. The plant should belong to Troy Resources Guyana too. Essentially means the Investec debt would have killed the corporate level and the trade debt would have killed just operations with the tenements being secure. Lucky we can leave all that behind now.