Sad thing is we could be in the exact same situation with 1/3...

Sad thing is we could be in the exact same situation with 1/3 the shares in issue. And if Troy had avoided some transactions where they got peanuts for seemingly low value assets there could still be a royalty on the Sandstone properties and interest in Casposo.
While the Alto Metals part of the royalty is gone I am not so sure on the tenements where the mill is located.
Not much left, main value (very questionable if extractable) should be the tax deductible $120m in carried losses + the iron ore royalty.