If you do the math on what they had with Andorinhas and Casposo...

If you do the math on what they had with Andorinhas and Casposo and compare with what Karouni had, they overpaid giving away a large part of the company.
Then the situation got worse, Casposo costs increased due to depth, silver to gold ratio crashed and inflation went nuts with the currency still pegged to the dollar.
Without Karouni Troy would now be bankrupt, no doubt about that.
And that is the problem with management mistakes. If someone wants to blame management one has to clearly name the exact mistakes. The one mistake I can think of is buying Karouni at a price too high and I cannot blame management for something that ultimately saved the company. I can think of other minor mistakes. Those can be called mistakes in hindsight only. Andorinhas? Pretty flawless performance. While the market has written off the Troy franchise I do think there is a lot of value left in the franchise and Troy still has value besides the projects. On top of that you have 20 cents per share in tax credits due to accumulated losses and because of paying down debt out of pre-tax earnings.
The balance sheet is weak and the valuation should have at least 1/3 discount to fair value which currently is the case.