Well, production was just not sold before end of quarter. A...

Well, production was just not sold before end of quarter. A couple of days delay can have lots of reasons. If gold had been sold within the quarter they would have had A$11m in cash instead of A$1.6m. Also technically there was no debt repayment within the quarter. There was after quarter end, A$4.2m. Still leaves the company with nearly A$7m cash in the bank plus ca. A$4m gold inventories and most of that probably in the non-sellable form. The interesting thing is not the cash level but the change in cash from last quarter. It was A$9.5m or 2 cents per share.

I have already published a guesstimate of December quarter showing it will be cash-flow neutral even after the having less production because of the Smarts 3 situation, paying A$1.5m for exploration and paying a massive US$4.2m debt repayment. So the A$6-7m cushion they now have might be completely used to pay down trade creditor debt. End of June trade debt was A$28.5m with the reasonable level being perhaps A$8-10m.

In 2019 there will be the last US$4m debt payment to Investec and then Troy will be free to use all cashflow to repay the remainder of the trade debt, will take probably only two quarters.

But to be honest the debt levels here are a distraction now, exploration results will be far more important. Any production after mid to late 2019 will directly benefit shareholders again.