TRY (ASX) The Cashflow Bullet

From the German Goldreport translated

Troy Resources Ltd .: Super Pay - Zero Reaction
http://translate.google.com/translate?sl=de&tl=en&u=https://www.goldseiten.de/artikel/394281--Troy-Resources-Ltd.~-Super-Zahlen---Null-Reaktion.html

Troy Resources Ltd .: Super Pay - Zero Reaction
30.10.2018 | Hannes Huster
Troy today posted the final quarterly figures as of the end of September, after only the ounces produced had been released ( link ).

TROY could produce 18,991 ounces and the all-in cost was only $ 824 per ounce! These are excellent all-in costs, and Troy was able to reach a 71-dollar decline from the previous quarter:

Thus, Troy Resources Ltd. has now the third quarter in a row with all-in costs of well below $ 1,000 delivered.

Incidentally, Troy was able to increase the ore heaps to 200,400 tons, which are estimated at an average grade of 1.53 g / t and thus contain about 9,833 ounces of gold.

Of the 18,991 ounces produced, 13,417 were sold at the end of September. 5,219 ounces were still ready for sale at the refinery.

Troy significantly raised its cash and gold position to AUD14.6 million during the quarter:

Troy paid the $ 3 million loan installment in early October, leaving $ 8.19 million to pay:

Hedging is no longer a problem.

In the current quarter, Troy has 13,000 ounces to deliver to 1,233.34 USD, which corresponds to the current price. For the March quarter of 2019, Troy has hedged 3,000 ounces at $ 1,344.80:

Conclusion :

I can not find a hair in the soup with the best will. The costs are great and TROY has been able to significantly increase the cash position in the quarter. The loan repayment is running and at the end of December are 4 million USD due, which is theoretically up-to-date in the account.

The little landslide in October is the only downside, but as the reports read, it will not have a major impact on production in the current and following quarters.

The company is currently valued at AUD 46 million, which I can not understand after the last three quarters.

Guyana Goldfields (TSX: GUY) produces approximately double TROY per year, most recently with all-in costs of $ 1,094, but is valued at ten times market capitalization.