lots of options for TRY as no CR is needed:- - sell stockpiles...

lots of options for TRY as no CR is needed:-
- sell stockpiles already mined and processed, 2 months worth + ~U$16M revenue
- sell bullion on books unsold of U$3.8M from Q4
- extend Investec loan of U$11.19M by 3-6 months
- refinance Investec loan into a revolving credit line so only monthly interest only payments boosting FCF by U$4.75M per Q
(5-0.25M = +U$4.75M perQ)
- keep AISC low at U$720-$895 well below AVRP
- sell hedges at 1186 in Q1
- keep mining smarts 3 high grade & extensions = lower costs larger production in oz's
- extend trade creditor payments again, very friendly supportive group they are
- keep producing and mill pumping at good FCF margins like Q3 Q4 at U$7M-$14M pQ

So no CR is needed at all. If they needed one they would have done it in 2017 when margins and AVRP were tight and debt was U$22M but not needed now. Plus the AGM resolved NOT to approve any CR allowance.

I think the focus is rightly on the debt paydown and the reserves upgrades.
Financially they have proven they are very good managers on site and on the books.
A U$100M debt paydown in 3 years is quite an achievement for a midtier gold producer. ANd that debt will prove a winner long term as it was used to set up this Karouni golden elephant shear zone & working mill the benefits of which will be rewarding us sooner or later.

TRY have set up a mining hub for future generations here.