Ann: June 2018 Quarterly Report, page-116

very simple answer

process those stockpiles of 2 months now ie 13,000 oz @ AISC of U$400
sell the stockpiles at the prior low hedged rate at 1185 of ~9,000 oz
sell the U$3.9M bullion on market
mine and process the smarts 3 high grade at AISC 850 with AVRP spot 1230 of 10,000 oz = $4M

and hey presto = U$10.2M + $3.9M + $4M = U$18.2M
or let the shares go to 22c and Investec get their A$5M of shares cheap sop add another A$5M
or defer the trade creditors into Q2

Those stockpiles are surprisingly large considering the wet season just past and looks like they either didnt use them or created as many new stockpiles as they processed in Q4,
either way this FCF of U$8M-$18M sets them up nicely to pay the U$6M by 30 Sept.

Remember the FCF has been U$22M (14.2 +7.8) last 6 months in H1 2018 Jan-Jun.
This has been achieved by lower costs, higher grades and good production with strong milling results.
The TRY BOD have proven to be very good mine managers & financial managers.
They have steered TRY through the tough times and large debt with flying colours.

Soon at this rate the return to shareholders and dividends will be on the agenda.
The reserves have not been upgraded for 2 years and this upgrade should be stunning maybe even triple the priors considering those stunning high grade drill results everywhere.

TRY should be at 35c compared to DRM with half its debt/reserves with the same production/costs
Boost reserves and cash then TRY will FLY.