"The company is currently valued at AUD 45 million, which I can...

"The company is currently valued at AUD 45 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."

TRY v GUY
production ozpQ  - 19k v 40k
AISC - 824 v 1094
market caps- A$45M v A$440M
debt U$8.19M v U$55M
resources 1M v 4M

So its all about more debt, more production and more resources, same as DRM & SBM.
The market doesnt seem to care about gold price or AISC nor low debt, they want to see an Eldorado and massive resources with mining long term for decades.

TRY is better placed than when SBM was at 10c with less debt and more resources/tenements at similar costs as SBM had (A$1100).

And TRY have got them right under their noses, the drilling will prove this sooner or later
the drilling the last 9 months on a small budget has been stunning and high grade all around,

TRY is sitting on several Omais and Eldorados, just wait and see.
with less debt and expenses and more budget for drilling from the free cashflows flowing in, TRY will find these massive deposits if not part of them already.

TRY is the new SBM, its set up much better at 10c than SBM was.