Troy Resources’ share price declined after the release of its Reserve and Resource Statement

  • Sep 19, 2018 AEST
  • Team Kalkine
Troy Resources’ share price declined after the release of its Reserve and Resource Statement

On 19 September 2018, the share price of Troy Resources Limited (ASX: TRY) declined by 4.35% following the release of its Reserve and resource Statement. The statement has included design changes at Smarts and also taken mining depletion into its accounts. Further, for the first time in the statement, ore reserves were included for the Spearpoint deposits, and Goldstar has been included as an Inferred mineral resource and Larken has been included as a resource with an Ore reserve. Mining was started in Smart 3 and Smart 4 during 2017-18 Financial year. Smart 3 Pit wall failure has been fully rehabilitated, and mining has started since October 2017. At the end of the FY 2018, Karouni Ore Reserves were 1,535,955 tonnes at a grade of 2.43 g/t. There were Minor design changes in all pits which reduced accessible ore of 8,530 oz.

For the financial year ended 30 June 2018, the company earned a revenue of $115.7 million from continuing operations which was 26% higher than the previous year. The loss before income tax was decreased by 93% to $9.6 million. Basic and diluted loss per share of the company for the FY 2018 was 2.1 cents as compared to 34.7 cents for 2017. Net cash flow generated from operating activities are $16.8 million for FY 2018 as compared to $1.7 million in FY 2017. Payments for property, plant and equipment in 2018 were about $729,000 which was 7.3 million in the last year. On the other hand, group’s gold production has been up from last year. No Dividends were declared for FY 2018. 

Recently, the company has announced the acquisition of Ohio Creek Prospect which is located near the Karouni Project in Guyana. Ohio Creek project encompasses 28 contiguous small claim mining licenses and it covers an aggregate area of around 270 hectares.

TRY’s share price traded at $0.110 at a market capitalization of $ 52.85 million as on 19 September 2018 (AEST 3:30 PM).

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