The Cashflow Bullet, page-7

AISC has nothing to do with debt. AISC is costs while debt is just how you finance costs or capex.

Before end of quarter Troy (the parent company) had ca. US$20m debt owed to Investec.
Troy Guyana (operating subsidiary) had ca. A$30m debt owed to trade creditors. Debt in Guyana is US$ based.

If Troy gets A$5-6m in excessive cashflow by the enlarged production for the next two quarters they will have paid off 50% of trade creditor debt end of year with the Investec debt gone too. As it is normal to have some trade creditor debt it looks as if end of year Troy has ca. A$7-10m in excessive trade creditor debt. They will get another tranche for Casposo reducing the amount to ca. A$5-8m.

Future funding requirements are for mill expansion and then serious district scale exploration efforts and development of larger prospects. IMHO Larken or Spearpoint have no potential to duplicate Smarts. Just very great near mine opportunities. But Gold Star has potential to duplicate Smarts. Underground is untacked too but needs lots of diamond drilling (expensive).

Given the experience from Guyana Goldfields it seems ultimately underground potential could me much larger than all open pit targets combined. But that is still very far off as Troy only has a single underground target with Smarts underground below Smarts 2.

Risk is now very much reduced warranting a rerating of the share price to get more in line with operating performance.