The Cashflow Bullet, page-439

If they were going to do a CR it would have been early 2017 but not now as its not needed.
They have several avenues if cash gets tight that I posted before inc stockpile processing & extending Investec loan.
Back then secured debt was U$26M, trade creditors were U$33M, margins U$20 peroz, PER 14.0, share price 10c
But now debt is U$11M, trade creditors U$18M and margins U$413 peroz  (1308-895), PER is 1.0 & share price 13c, what?! the share price has barely moved yet the performance has been stunning.

no CR dilution needed, what we need is reserve upgrades, a building cash bullet and share price rerate to market peer levels.

Here are my JORC reserves upgrade figures -
The below partial drilling results have not been included in any JORC reserves or resources report
these do not include smarts 3 extensions nor smarts deeps which were excluded.
Last report was in early 2017 reducing reserves from 330koz to 220koz due to conservative methodology change, since 2016 these and many other drill results have not been included in any JORC report
Looks like a large amount of drill results have to be included and the gaps in between assessed as reserves considering the proven mine processing of these resources to date.
On my maths, this is double to triple the reduced JORC to 22okoz. Taking the 330koz level and adding these results then the extensions based on the prior 2016 resources of 1Moz gives us a parameter that resources must have increased to 1.5Moz and some 500koz may be included of these into reserves as they are now more than estimated but proveable mineable defined and drilled with the gaps in between also proven as mineable as smarts 3 has already proven.

95% of their tenements have not been drilled not even Eldorado which was fabled to be in Guyana.
The May preso showed that the BOD are onto this reserves/mine upgrades in advanced detail.
TRY is sitting on a 5Moz golden elephant and a super pit, directly in line with the others like Omai but bigger, TRY has found its Eldorado that appears hidden in the mist, yet I can see it.

Table 5 – Spearpoint Drilling Results
Table 1: Spearpoint Drilling Summary of Latest Results Hole Easting (m) Northing (m) Elevation (m) Depth (m) Azimuth Dip Peak Gold Assay Intervals (m at g/t gold)*
SRC841 271738.1 621174.54 75 48 35 -50 2m at 1.1g/t gold from 5m SRC842 271738.76 621175.83 75.27 66 90 -55 10m at 7.41g/t gold from 45m 2m at 0.92g/t gold from 58m SRC843 271729.4 621170.74 75.68 90 90 -55 1m at 0.5g/t gold from 42m 1m at 0.58g/t gold from 70m SRC844 271727.4 621163.91 75.87 72 35 -50 4m at 4.72g/t gold from 41m SRC845 271712.23 621161.39 77.69 90 35 -55 1m at 0.85g/t gold from 55m 4m at 0.61g/t gold from 71m SRC846 271727.42 621194.69 78.35 42 35 -50 NSR SRC847 271727.71 621182.92 78.53 72 90 -55 4m at 1.85g/t gold from 47m SRC848 271714.53 621195.48 80.43 66 90 -55 1m at 0.66g/t gold from 44m SRC849 271711.49 621189.81 81.15 54 35 -50 1m at 0.85g/t gold from 4m SRC850 271697.39 621250.99 73.4 96 260 -55 3m at 1.31g/t gold from 19m 13m at 1.32g/t gold from 38m 1m at 1.76g/t gold from 54m 2m at 1.61g/t gold from 72m 14m at 1.02g/t gold from 78m SRC851 271679.76 621218.87 81.54 54 35 -55 4m at 9.37g/t gold from 30m 1m at 0.86g/t gold from 40m 1m at 1.58g/t gold from 5m SRC852 271684 621217.42 81.59 72 90 -55 7m at 1.75g/t gold from 34m 6m at 0.92g/t gold from 48m 1m at 1.1g/t gold from 59m 6m at 0.96g/t gold from 66m SRC853 271667.84 621217.32 80.37 66 35 -55 3m at 1.07g/t gold from 29m 3m at 1.01g/t gold from 51m 1m at 0.5g/t gold from 60m SRC854 271657.35 621245.67 74.71 42 35 -55 4m at 1.58g/t gold from 14m 1m at 4.93g/t gold from 23m 1m at 1.08g/t gold from 33m SRC855 271642.95 621245.86 76.85 54 35 -55 3m at 1.48g/t gold from 14m 8m at 5.52g/t gold from 37m
FOR THE THREE MONTHS ENDED 30 JUNE 2018
TROY RESOURCES QUARTERLY REPORT TROY RESOURCES LIMITED PAGE 13 Hole Easting (m) Northing (m) Elevation (m) Depth (m) Azimuth Dip Peak Gold Assay Intervals (m at g/t gold)*
SRC856 271644.06 621239.82 77.21 66 70 -55 2m at 0.63g/t gold from 4m 4m at 1.53g/t gold from 17m 5m at 2.42g/t gold from 49m SRC857 271752.2 621201.87 74.09 108 270 -50 5m at 5.64g/t gold from 35m 3m at 0.84g/t gold from 46m 1m at 0.93g/t gold from 54m 5m at 0.99g/t gold from 80m 1m at 1.1g/t gold from 89m 1m at 1.3g/t gold from 96m SRC858 271698.35 621203.24 82.77 54 35 -55 3m at 3.23g/t gold from 38m SRC859 271686.3 621195.44 83.66 72 35 -55 5m at 3.54g/t gold from 36m 1m at 0.66g/t gold from 7m SRC860 271618.32 621265.35 86.94 48 35 -55 8m at 4.94g/t gold from 23m 8m at 1.98g/t gold from 35m 1m at 0.63g/t gold from 11m SRC861 271623.57 621254.09 86.69 84 35 -55 1m at 0.62g/t gold from 19m 6m at 2.47g/t gold from 23m 1m at 3.9g/t gold from 43m 1m at 1.52g/t gold from 8m SRC862 271623.36 621252.72 86.73 60 90 -55 3m at 0.91g/t gold from 24m 2m at 5.41g/t gold from 38m 1m at 0.89g/t gold from 51m 1m at 1.88g/t gold from 58m SRC863 271620.53 621240.25 87.33 108 90 -55 6m at 1.86g/t gold from 38m 2m at 3.93g/t gold from 89m SRC864 271596.05 621283.27 92.09 54 35 -55 1m at 0.59g/t gold from 38m 3m at 1.77g/t gold from 46m SRC865 271793.08 621125.51 70.76 72 90 -55 3m at 1.08g/t gold from 55m SRC866 271784.31 621124.02 70.82 69 35 -55 10m at 2.12g/t gold from 47m SRC867 271809.25 621122.23 70.19 42 35 -55 1m at 0.51g/t gold from 19m SRC868 271811.51 621121.19 70.39 54 90 -55 1m at 0.57g/t gold from 17m 1m at 1.11g/t gold from 32m SRC869 271820.18 621114.13 70.57 66 90 -55 2m at 4.55g/t gold from 49m SRC870 271829.77 621106.27 75.16 48 35 -50 2m at 0.62g/t gold from 38m SRC871 271831.88 621105.28 73.26 48 90 -55 4m at 3.48g/t gold from 32m SRC871A 271829.85 621100.16 74.02 70 90 -55 1m at 1.47g/t gold from 27m
FOR THE THREE MONTHS ENDED 30 JUNE 2018
TROY RESOURCES QUARTERLY REPORT TROY RESOURCES LIMITED PAGE 14 Hole Easting (m) Northing (m) Elevation (m) Depth (m) Azimuth Dip Peak Gold Assay Intervals (m at g/t gold)*
1m at 0.95g/t gold from 63m SRC872 271848.18 621075.83 73.72 84 90 -50 1m at 0.72g/t gold from 28m 3m at 0.61g/t gold from 48m 2m at 1.61g/t gold from 61m 1m at 0.72g/t gold from 69m SRC873 271832.28 621089.98 75.08 95 90 -55 3m at 5.55g/t gold from 42m 4m at 3.72g/t gold from 67m 4m at 1.25g/t gold from 79m SRC874 271865.4 621090.91 75.14 54 90 -55 5m at 2.28g/t gold from 32m 1m at 0.72g/t gold from 41m 1m at 2.52g/t gold from 7m SRC875 271868.67 621080.05 75.74 60 90 -55 5m at 7.43g/t gold from 27m 14m at 1.31g/t gold from 46m SRC876 271882.25 621070.68 76.73 55 90 -55 3m at 0.46g/t gold from 26m SRC877 271854.18 621098.07 73.13 54 90 -55 10m at 3.05g/t gold from 31m
Table 6 – Larken Drilling Results
Larken Drilling Summary of Results Hole Easting (m) Northing (m) Elevation (m) Depth (m) Azimuth Dip Peak Gold Assay Intervals (m at g/t gold)*
LRC032 273459.77 620465.65 61.23 60 215 -55 5m at 0.98g/t gold from 45m LRC033 273451.56 620458.46 61.38 48 250 -55 5m at 3.57g/t gold from 35m incl. 1m at 10.91g/t gold from 35m LRC034 273451.7 620453.29 61.96 48 215 -55 5m at 4.53g/t gold from 21m incl. 1m at 13.33g/t gold from 21m LRC035 273451.61 620443.33 62.67 36 215 -55 1m at 3.04g/t gold from 12m LRC036 273464.57 620443.22 63.7 42 215 -55 2m at 1.36g/t gold from 19m 1m at 1.25g/t gold from 25m LRC037 273477.25 620459.92 63.9 72 215 -55 Assays pending LRC038 273475.1 620431.08 66.34 42 215 -55 Assays pending LRC039 273483.14 620442.18 65.95 54 215 -55 1m at 10.02g/t gold from 43m LRC040 273485.6 620426.41 67.88 36 215 -55 8m at 2.68g/t gold from 25m LRC041 273496.31 620441.78 67.76 75 215 -60 Assays pending LRC042 273492.35 620417.85 68.42 42 215 -55 Assays pending LRC043 273502.28 620431.12 68.72 66 215 -55 Assays pending LRC044 273499.35 620404.72 69.93 42 215 -55 Assays pending LRC045 273508.47 620415.77 69.82 60 215 -55 Assays pending LRC046 273516.46 620425.99 69.68 78 215 -55 Assays pending LRC047 273517.69 620388.75 69.41 42 215 -55 Assays pending LRC048 273527.59 620403.25 70.4 66 215 -55 Assays pending LRC049 273528.76 620378.722 67.189 36 215 -55 Assays pending LRC050 273539.751 620393.149 69.969 54 215 -55 Assays pending LRC051 273542.962 620406.337 70.397 84 215 -55 Assays pending LRC052 273553.521 620380.285 68.884 54 215 -55 Assays pending LRC053 273556.23 620398.614 70.028 84 215 -55 Assays pending