Ann: Change in substantial holding, page-11

Whetheror not the share purchase plan is well received by shareholders will, Isuspect, largely be determined by further assay results from Ohio Creek. By myreckoning as at the release of the last OC update, 14 Dec 18, there were 20holes completed but with no assay results yet received. Even allowing for the public holidays Troy wouldsurely be expecting and perhaps waiting for at least some of those assayresults. Also one would expect that since 14 Dec 18 the remaining 9 holes ofphase 2 would have been drilled and sent off to the lab. I don't imagine thatTroy will push on with the spp until all the assay results from phase 1 andmost of the assay results from phase 2 are ready for release.

The threeother bits of progress shareholders will likely be looking for (and previouslypromised by Troy) are: lodging of the application for a mining lease for OhioCreek, commencing construction of the bridge and 10km road from OC to theplant, and securing of a diamond drill rig and a 2nd RC rig to allow phase 3 ofthe drilling to begin next month.

Aninteresting feature of the Troy share registry, due to TRY's share pricecollapse, is that more than half of TRY shareholders hold less than amarketable parcel of shares (3,833 of 7,397). I suspect most of thoseshareholders have effectively written off their TRY shares: if the share pricerecovers back to near historical levels then goodo but otherwise Troy is of nofurther interest to them. But even if only the shareholders with marketableparcels consider participating in the share purchase plan, that is 3,564shareholders, they would only need to outlay an average of about $700 each, forthe company to raise the $2,500,000 shortfall from institutions andsophisticated investors (or only 500 shareholders each putting in $5,00 each).In other words I reckon it is quite doable for the company to raise the$2,500,000 shortfall by tapping existing shareholders.