They had the mill issues and July was still wet season, so I...

They had the mill issues and July was still wet season, so I reckon production was something like 5k + 7k + 7k = 19k.

They certainly can do better if everything is alright. I have phoned the chairman and asked if the US$6m debt repayment would have been possible. Would have been a stretch (which sounds more positive than my estimate was). They are repaying trade debt asap. I translate that to mean cash levels are not going to be higher than what is needed for running the business. Apart from that not much. No news = good news.

We also should not forget that cash has been very tight and that we had warnings from auditors in the past. There is a fine line between saving a business and trading insolvent. In the last year Troy came very close to that line. In such a situation it is very hard if not impossible to find outside directors especially as they cannot be sure if there are more hidden problems tipping the scale. So having a new director coming onboard means the liquidity crisis is over.

Congratulations to management for saving the business. The future for Troy and shareholders will be a renewed focus on exploration. Cash from the altered Investec repayment schedule should be plenty to finally test all those exciting targets in the northern area of Karouni where you truly hahe world-class potential.