Ann: Initial Director's Interest Notice, page-19

Gold price is meaningless for the current quarter due to the hedges (13k@1233). Well, Troy made it. The debt problem is history. Some dilution will occur but that is the price we have to pay. It is 6% dilution and Troy will get nearly 4m in new cash for funding more exploration. Shareholder have Spearpoint and Larken and whatever is to be found at the very very good targets they now have. It is very different from the Troy in 2016 or 2017. Management achieved the impossible and salvaged what was left to be salvaged. Lucky for us the trade debt was in Guyana and in a subsidiary without affecting the tenement status. If that debt had been at the parent company I think it would have been legally impossible to keep Troy alive.

One of the major assets Troy still has is the tax value of carried losses. And while the Guyana operations will still have to pay back the trade debt from the remainder of Smarts and Hicks over the seconds half of 2019 and first half of 2020, the tenements and the the parent company with its tax value are for the shareholders for sure. There is a 2% royalty on Sandstone still and an iron ore royalty in Brazil. And US$7m for the remaining 30% stake of Casposo over three years, next payment due in December.

Now that ten year treasuries finally have broken the downtredn since 1980 times will get very interesting. We might see setbacks to lower yield levels but overall I'd say welcome a brave new world of inflation. It was always clear that stocks will lose at least 30% of value from these levels and now we know how that value destruction is going to play out.

Just a remainder of currency reform in Germany 1948:

Your balance on a check book: devalued 100 : 6.5 (with 1.5 blocked for several years)

Your debt owed, no real estate debt: 100 : 10

Your real estate debt 100 : 100

Your ongoing payments and wages 100 : 100

Government bonds in your account 100 : 0