Well, I can't say buying Troy at $3.99 18 months ago was good...

Well, I can't say buying Troy at $3.99 18 months ago was good buying, irrespective of what happened to equity markets or the gold price. That purchase price, THEN, was simply too much.

If you buy a share that is not SIGNIFICANTLY underpriced, then clearly you do not have a good 'margin of safety' underwriting the purchase. It has further to drop...


But buying Troy NOW, at under $1.30, when the gold price has appreciated (esp. in A$ terms), and with current cash backing of $0.92cps... well, clearly that is a different investment entirely.

Over 70% of the current purchase price is cash-backed. They are cashflow positive. The gold price, whilst having eased, is still high and provide robust margins. And production costs are dropping, providing further upside.

And the recent Casposo acquisition looks to be an absolute steal. Find a project with lower projected cash costs per ounce, and I am all ears...

Who knows. Perhaps Troy will get to $4.00 sooner than next year. I hope so.

But in terms of management, Troy have done everything right. And sooner, or later, Troy's price will come to reflect it's intrinsic value...