Before interest payments and slippage costs, no exploration...

Before interest payments and slippage costs, no exploration costs.

30.September
cash 36.4m
debt 51.3m
net debt: 14.9m
cumulative production for the CY: 48k ounces
AISC without royalty (8%): US$1173/oz
overall mining costs for 13.3k ounces in the quarter: $21m (assuming 1US$=1.35A$)

31. December
cash 36.4m
-$6.5m debt repayment at start of October
+$12.8m capital raise from private investors
-$2m hedge loss (assuming 13.25k ounces@1103, gold price $1215 avg., 1.35 exchange rate)
=40.7m (noit considering interest payments)
debt 51.3m
-$6.5m
=44.8m
net debt before operational result = -4.1m
last guidance: 70k - 48k = 22k ounces
actual production: 64k - 48k = 16k ounces
AISC per ounce: A$21m / 16k ounces / 1.35 A$/US$ = US$972
+US$97 royalty (8%) = AISC US$1069
operational result : 16k ounces * ($1215 - $1069) = US$2.336m = A$3.15m
cash and debt after operational results:
cash 43.85m
debt 44.8m
net debt 0.95m

31. March 2017 assuming $1150 gold price, 4.56k
cash 43.85m
-$6.7m debt repayment in January
-hedge loss 13.5k * ($1150 - $1103) / 1.35 = A$0.85m
= 36.3m
debt 44.8m
-$6.7m
= 38.1m
operational result:
22.5k ounces production, A$21m / 1.35 / 22.5k = AISC US$691
Royalty (8% * $1150) = US$92
AISC with royalty: US$$783
Margin: $1150 - $783 = US$367
Operational cash flow: US$367 * 22.5k ounces = US$8.26m = A$11.15m
Cash after operational results:
A$47.45m
net cash:
A$9.35m

For CY 2017 I expect ($1150 gold, 1.35 exchange rate)
-hedge loss (45k ounces * US$47): US$2.1m
-debt repayment: US$15m
-operational results: US$33m
-net earnings (no tax because of loss carry over) US$30.9m = A$41.7m = 9.2 cents per share

Cash:
A$43.85m + US$33m - US$2.1m - US$15m = A$65.3m
Debt:
A$44.8m - US$15m = A$24.5m
Net cash:
A$40.8 = 9 cents per share

So at $1150 gold price Troy is backed 62% by net cash end of 2017 and at a p/e ratio of 1.57.