Guyana Super Pit Discovery, page-105

Troy should be an excellent takeover target.
I am very realistic. The untapped exploration targets are certainly world-class but there always is the risk of not finding something viable. Current Smarts and Hicks reserves will be utilized to pay all debts. Nothing for shareholders from that. Current reserves and AISC would suggest something like A$15m for current shareholders.
The good thing is even in that worst case scenario Troy will - as the debt is taken of - be worth much more. Still a 2% royalty on the Sandstone properties where multiple companies are exploring. May take some time or may never get into production, but Alto Metals results have proven that still is fertile ground. Then there still is the 30% share of Casposo without any downside. And last but not least there is more than A$300m in accumulated losses with a tax value of more than A$90m. So finding nothing but paying the debt means something like A$15m cashflow to shareholders from Smarts/Hicks + A$5m-ish for Casposo (last time I calculated the value it was A$7m but the silver price is way lower) and A$90m tax value. So in a reverse merger utilizing the Troy corporation as surviving corporation an acquirer could afford to pay up to $110m for Troy which still is more than double the current share price.