TRY 0.00% 3.0¢ troy resources limited

TRY AGM Monday, page-14

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    Stern was chairman & all resolutions passed and then Ken did a preso on the tenements and questions were then taken.
    The directors were re-elected with 90% majorities with Legend Beazley 104-1 at 99%!
    Not one person there voted against any resolution bar motion 5.

    General matters
    Chairman Stern said we will make "TRY to become great again!"
    The BOD are "very excited" & the operations crew are happy & unified.
    Ken fixed the operational issues & delivered.
    For the last 12 months the lawyers havent had to field questions as to solvency or illiquidity.
    The turnaround is remarkable from 18 months ago.
    The RIM bid was reckless and would have led to TRYs insolvency (very true)
    There is "strong support from Ruffer" of London & the current shareholders. Directors have met Ruffer many times & they voted against RIM.
    The TRY BOD is very stable and Sterns appointment was a big risk and now Beazleys addition is a solid move to boost this long term stable team for the future years.
    Beazley has made a great contribution to TRY already (undefined but I told you so)
    "Weve demonstrated prudence in issuing of shares, maybe a SPP in next 2 years when the time is right" (last one at 34c, too right)
    trade creditors are now down to U$19M and cash & bullion was U$14.8M as at 31 Sept
    Guyana Govt owes them U$3M VAT refund & they have contributed $150M last 3 years & govt support is strong and they want TRY to restart Ohio Creek mines & U/G.

    Operational matters
    Tenements and mines "are all in good standing"
    expolration budget is near tripled to U$3Mpa starting now to next year
    500 employees/contractors on site
    Hicks now being mined
    Smarts 3 cutbacks & expansions planned and designed (looks double the size)
    Smarts 3 deeps is very unexplored (sounds like a next target)
    Smarts Underground has 130k oz they know of.
    Focus is on Ohio Creek whose grade is much higher with 90% of mining licence paperwork complete, can start production fast using existing mining approvals so low capex & easy path to development
    Tallman is very low capex as its all ready for mining and been done using existing licences, will be producing in 2019, they must build a road to the mill
    Complete turnaround from the prior periods
    Kens preso was outstanding and detailed
    Phase 2 and a half after this phase of 1000 samples
    Ken proceeded with regional exploration and has a team onto this (pictures shown) trying to find the elephant

    Drilling & exploration matters
    Drilling and open pit expansion plans detailed and explained.
    Gold is "everywhere" in ground and streams, just need to find sources & elephants (told you so)
    Ken said he has found the baby elephant and is searching for the elephant deposit with his team.
    Ken said he is "feeling quite bouyant" and the regional area is "really really good"
    Ken said there are linking structures and Tallman is very similar to Omai operationally (wow)
    John Jones was integral to turning 12 targets into producing mines
    The 2 elderly prior owners of Ohio Creek are "absolutely adamant this is a very high grade system"
    FCf will be applied to more drilling & exploration near mine & regional area
    They are at the phase 2 drilling schedule and done 35 holes and had hoped to have more results but the assays analysts have held it up. Next results out mid-late December (in a few weeks).
    Thats a set of 11 drill holes done yet to be assayed and released to market.
    Wants to issue drill results every 2 weeks
    More infill drilling ongoing, there are 5-6 really interesting hits 7 really good hits all around (told you so)
    Gem creek has 12km untested to north west
    Confident & hopeful there is a 500koz deposit at Tallman
    BOD all went there and inspected it themselves.
    More expensive diamond core drilling and assaying next year

    I called for an ovation for the TRY BOD for their stunning turnaround of the company from 18 months ago. There was a unanimous ovation from the packed meeting

    I then met John Jones & Richard Beazley in private with another HC poster.
    We discussed what a great turnaround its been and drilling will escalate next year as finances are normalised and cashflow is building.
    I stated hopefully this goes like SBM & SFR with a multibagger run...

    From the AGM, I am actually more confident than ever that TRY is going to be a top performer, there is so much going on as a result of these stunning financial and operational results and Ken is on top of it on site.

    Comparing Tallman to Omai and discovering baby elephants and expanding the open pit at smarts/hicks plus drilling assays now in process with more drilling results in December, there is more good news incoming.  I was very impressed.

    MAKE TRY GREAT AGAIN!
 
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