Ann: Appendix 4E and 2017/18 Year Statutory Accounts, page-5

great report
lower debts lower costs higher production higher grades and higher revenues = higher margins & FCF.

Remember this period included Q1 Q2 which were marginal and way lower production than Q3 Q4.
The half yearly accounts dissected are way better and show TRY is headed to being debt free on decent margins and lower costs using higher grade processing.

Stockpiles & bullion levels are still strong and we knew liquidity was low due to the massive paydowns in debt and trade creditors however this matters little as it can be covered by stockpiles, bullion sales, production, refinancing what is now a small debt of soon to be U$5.19M on 30 Sept or trade creditor payment deferral as before.

No news on LOM or reserves upgrades and all those assay results pending.
The equity USD$ correction in Sept/Oct should see the gold price recover but TRY is not reliant on that but on the higher grades and higher production. That should be stable till end 2019 and by then TRY should have U$60M cash at bank with no debt imho.