Ann: Extension of Voluntary Suspension, page-35

Barrick is not interested in buying small mines on the cheap. They want exposure. Exploration. 1m ozs + deposits. The joint venture.

I think Troy might be in a better situation than thought as finally there are reserves and pretty conservatively modelled, avg grade is just 0.6 g/t higher than cut-off. Very quick to get to.

Path forward is Creditors/AIMS/large shareholders working something out, upper portion of deposit paying the capex + gold loan. After that lower portion pays off creditors. Meanwhile joint venture could be expanded to Troy's other tenements as well, so Barrick could contribute to the solution.

Troy shareholders will get whatever upside Smarts u/g has (e.g. going to 1 g/t cut-off means way more ore, also I think the top-cut is chosen too conservatively and grade will surprise to the upside) and the 20% of j/v.

Ken left a good legacy. If everyone involved party follows their own best interest it will work out ok. Troy management can only make proposals and broker a deal, nothing to regret. Either it will play out well or it falls apart, but that is no longer dependent on Troy management.