Plan vs Reality, page-6

Nov 2016 gold price was U$1150, Karouni producing 70koz, share price 32c!

"Aug 30, 2016 - This represents a sizeable annualized increase on the 34,740 ounces produced in the first 6 months of the mine's operation between January and June 2016. Troy says it has made a number of changes to the mine following its first 6 months of operation that will lead to an even stronger performance"

So debt reduction agreement was repayment in full by 31 December, thats $4M paid on 31 March and $5M on 30 June, heck they have that in the bank now with ~U$11M cash & bullion, 2 months stockpiles and U$9M cashflow perQ on current guidance/production. Maybe Investec will want to refinance again f0r longer duration and convert debt to shares but the board doesnt want any CR equity atm.

They havent announced anything as to the U$4M debt repayment so presume its done from cashflows easily and the 30 June one is a given now so debt will be down to U$16M now and by 30 June U$11M, it would be wiser to paydown maybe an extra U$2M with the extra cashflow.

I saw AGO Jan 2017 do a 3 bagger in 8 weeks after it repaid a large sum of debt that the market didnt expect after a great cashflow result. TRY should consider doing the same as that would really shock the sleeping market.

Reducing dent from $100M down to $0 is an impressive and strong reliable record, Investec will want them to refinance rather than repay it all so quickly. $11M total debt is rather small compared to the priors and the quarterly cashflows now flowing.

if they have a lot more cash flowing they may pay down more debt or do more drilling at smarts/larkin or issue dividends of 1c per share!!!

Debt repaid in full and U$11M cash bullet by 31 December, amazing turnaround and a credit to the Board and also to Ruffer and the shareholders that voted to keep them in.

That $11M cash bullet is coming fast.
The share price bullet is next.