Did Barrick not walk away from TRY? You sound like a smart...

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Maverick1986

162 Posts.

42

16/06/23

18:08

Post #: 68331229
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Originally posted by Justis: ↑

"who in their right mind acquires a mine in the middle of a jungle in a country with a very limited mining history."

Guyana is seen as the last frontier of gold exploration, being on the Guyana greenstone belt which host many multi million ounce deposits, having little in the way of modern exploration but an abundance of gold found by artisanal miners makes it have exceptional potential. Hence why Barrick are very interested in Guyana

Yes Try where a profitable business but to produce gold you need ore reserves and to get those requires exploration and that is a speculative endeavour.

I acquired shares in try when a company I had shares in sold the Sandstone tenements to try, they were worth little so got put in the bottom draw and forgotten about. Then one day out of the blue I got a dividend cheque, over the years try did well to acquire new projects and develop mines.

For the most part I don't blame management, mind you when we lost Ken we lost the man that was the main driver of try success.

Try was on a high with Casposo, the mine was profitable and try had build a war chest. When try acquired the Karouni project the were in the position to pay fro the development of the mine with cash flow from Casposo.

But things went pear shaped in Argentina, triple whammy of high inflation there, exchange rate and fall in the POG forced try to take on debt to finance the development of TRY. Once try completed the production plant and where producing gold they got hit with issue that were mostly out of control of management, no sooner had they resolved one issue then another so the struggled to fund exploration

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Did Barrick not walk away from TRY?

You sound like a smart person, but saying you don't blame management after they kept on hitting duds with their exploration. Please. Most of the issues they faced as well happend to be due the location they found themselves in (Guyana). Clearly management looked at Guyana exactly like you, they saw the "exceptional potential", but didn't properly weigh up the potential risks (leading them to also overpaid for Azimuth). Please inform me where that "exceptional potential" got us in the end?

Last edited by Maverick1986: 16/06/23

TRY Price at posting: 3.0¢ Sentiment: None Disclosure: Held
3 Upvote

0 Great analysis

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