Just like to add that the LOM extention to 2020 is based on the...

Just like to add that the LOM extention to 2020 is based on the ore reserves of probable and proved reserves for 330,000 ounces. There is an additional 800'000 ounces in the inferred and indicated category and I think it's reasonable that in time more and more of that could/will be reclassified to probable and proven. 10 year LOM not unrealistic IMO

Just came across a recent technical report that I don't think was released on the ASX

Summary of Key Findings

BDA considers there is a high probability that a sy
stematic well-funded exploration effort will identify
additional mineable reserves with good potential to at least double existing reserves.

BDA has not undertaken an audit of the geological data as part of this review, however from discussions
with project staff and review of geological reports and drill core, BDA considers that the drilling, sampling
and assaying programmes have been professionally undertaken and the processes and procedures are
generally in accordance with industry standards. QA/QC results indicate that the sampling and assaying
data are generally reliable and without material bias and bulk density determination procedures appear
appropriate.

In BDA’s opinion, the geological data base forms an appropriate and reasonable basis for resource and
reserve estimation.

BDA considers the reserve modelling provides a reliable, if slightly conservative guide to the potential
mineralisation within the currently designed open pits. The current resource and reserve classifications are
considered to be appropriate and consistent with the JORC Code.

BDA considers there is significant potential to increase
the open pit reserves with expansions along strike
and perhaps in depth. The zone at depth below Smarts also appears to have good potential for future
conversion to an underground re
serve, but additional drilling is
required to infill and upgrade the
confidence level.

There are some risks associated with the mining op
eration; the mining fleet is already incurring low
availability after only one year of pro
duction. Several areas need to be
improved, with the workshop area
containing a number of broken down trucks and ancillary equipment. The workshop is not yet fully
equipped and there is a shortage of critical spares. Operating conditions within the pits, particularly in the
Smarts pit in saprolite are poor
, with uneven in-pit haul roads im
pacting productivity and equipment
condition.

Independent Technical Review – Ka
rouni Gold Proj
ect
Behre Dolbear Australia Pty Limited
Page 4
BEHRE
DOLBEAR

It is understood that cash shortages have meant that funds were not available to fully complete the
workshop during the commissioning phase, and spares supplies have similarly been impacted. Troy is
moving to improve the availability of the mine fleet and lift production. BDA considers there may be some
shortfall in mine production in the short term due to
the above difficulties, but the hire arrangements with
Farm Supplies appears to provide a workable solution. With reasonable stockpiles of ore available, and the
mill still ramping up, overall production forecasts should still be achievable.

The design of the Karouni CIL plant appears to be generally appropriate for the ore planned to be
processed over the currently anticipated five year life of the operation, based on the results of testwork
carried out on drill core samples over the last three years.

Initial plant performance has been reasonable. In January 2016, around 59,000t of ore was processed to
produce a calculated 6,600oz of gold, based on tonnage milled, milled ore grade and estimated gold
recovery.

In BDA’s opinion the infrastructure facilities in place are reasonable and appropriate and are unlikely to
present any significant technical risks, despite the relative remoteness of the site.

In BDA’s opinion, Troy has made a concerted attempt to operate its business from the beginning, in
conformance with the Equator Principles and IFC Perfor
mance Standards. It is, however, early days in the
project’s development an
d is an ongoing proce
ss that still has quite a way to go
, which is to be expected and
normal in a project that has only been operating for a short period. Importantly, the Company has an
appropriate programme in place to work towards continuous improvement with respect to achieving full
conformance of this Category A project with the Equator Principles and IFC Performance Standards,
ICMC as well as (ultimately) with ISO 14001 compliance

http://www.troyres.com.au/images/Reports/BDA_Report_ExecSummary.pdf