TRY is now NET SECURED DEBT FREE its secured debt is now...

TRY is now NET SECURED DEBT FREE
its secured debt is now exceeded by its cash and bullion on hand.

"Loan repayments of US$3 million made in early October reducing the loan balance to US$8.19 million
Cash and equivalents (gold inventories) totalled A$14.6 million at the end of the quarter"

U$8.19M - [A$14.6M x 0.71=] U$10.4M = +U$2.2M net liquid assets
TRY has +U$2.2M current liquid assets over current secured debt.

FCF is 1214-824 = 390 x 13417 = U$5.23M/0.71= A$7.4M
plus "the company had 5,219 ounces at the refinery awaiting sale"
5219 x 90 = U$2.03M = A$2.9M
2.9 + 7.4 = A$10.3M = U$7.3M free cashflow in Q1
thats U$22M +U$7.3 = U$29.3M for the last 3 Qs (9 months) = A$41.3M
annualised FCF = A$55Mpa = U$44Mpa

So on this maths based on the last 3 Qs,
TRY is producing free cashflows of $55M pa yet its market cap is $46M
The cashflow bullet of $11M by now is actually here (A$14.6M as at 30 Sept 2018 with U$8.19M secured debt)
By mid to late 2019 its cashflow bullet will build debt free steadily from A$15M toward A$50M.

The rerate will be upon us sooner or later, once the market realises,
TRY will FLY!