Speiltime -
Well yes I take note of the actual contractual obligation of $$'s to be repaid during quarters throughout 2018 and I would take my hat off to management if they were actually able to achieve such an arrangement, one step at a time - even the March $4 mill, honestly, and go from there.
The get out clause involves a fee payable to Investec from Troy if it is required as we can see as per Sept17 advice. Is one of the amendment points which indicates options considered $signs$ in the eyes of Investec no doubt.
"6. The inclusion of a pre-payment fee if the Facility is pre-paid or refinanced at any time prior to the scheduled maturity date."
- maybe worthy of asking such a question to management, so I sent Try this query today awaiting reply.
Therefore I don't agree with the statement that Troy will have paid off this debt facility within 2018 and in my opinion will likely be in greater debt with a restructure via Investec (or other) given the part within the last quarterly report by Ken Nillson that is only brief but as I see it as sticking out. Dogs $balls$ in my eyes.
"So, in conclusion, the December quarter has confirmed the planned and predicted increase in cash flow, better overall performance, debt reduction and steady increase in gold production."
Anyway the hedging bit, thanks I get it now, AISC @ 1000 hedged at 1,200 = profit 200 - cheers. I learned something here and would like to send out a big thanks to all those that set such records straight :).
Seems I was all mixed & messed up in the lost profit portion as the $75 goes by the wayside, gotta love that, anyway part of the deal. So 200 * 40,000 = $8mill which surely beats $3mill (as I previously concocted) & 30,000 * $275 = $8.25mill. Based on those hopefully conservative figures of $1,000 AISC and $1,275 Gold Price Realised I calculate it at $16.25 mill revenue for 2018, not bad.
I agree with the statements that the last two reports are positive and there is potential for an increase in gold price realised but it is not set in stone. Also as mentioned throughout the Dec quarter report there are a number of significant issues Troy faces and if not for the fortunate coinciding gold price over the last 6 months we would potentially or likely already be in a cap raise or other raising situation from my view. Go the gold price.
From the Dec quarterly report:
"At the end of the quarter, the company had a total of $11.2 million, including available cash of $3.0 million and gold inventories at market value of $8.2 million including 1,075 ozs(US$1.4m) at the refinery. This does not take into account the debt repayment of US$3 million made to Investec in early January 2018." Maybe you can help me translate this into lay-mans terms?
Here's how I see it. At the end of the quarter, being Dec 31 2017, the company had a total $11.2 million including available cash of $3.0 million(no co-incidence there) and gold inventories at market value of $8.2 mill including 1,075 ozs (US$1.4m) at the refinery. I calculate that as being $1.4 mil / 1,075 = @$1,302 p/oz market value and $8.2mil/@1302 = 6,296 ozs as estimated inventory or stockpile ore?
So the $8.2 mill is at the refinery and within the ore. This does not take into account the debt repayment of US$3 million made to Investec in early January 2018.
Is this or is this not inferring that the $3 mill cash was used to pay the Investec debt facility for the Dec quarter? If so it stands to reason that the $1.4 mill at the refinery will be used for expenses within the current quarter or month once converted? If I recall correctly a statement was issued previously by Ken with reference to the costing @ $5 mill per quarter to run the mine. It looks like the hat is wearing thin but nevertheless it appears a good job over the last two quarters.
:-I <--- this is me waiting to stand corrected :) Go the Gold Price
