Troy Resources NL

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PRODUCER
CODE : TRY.AX
ISIN : AU000000TRY7
AUSTRALIA
AU$ 0.037
06/28 11:00 -
0%
AUSTRALIA (TRY.AX)TORONTO (TRY.TO)FRANKFURT (TRW.F)
0.037+0.00%0.430+1.18%0.020+0.00%
Prev close Open Low High Volume
0.037 0.037 0.037 0.037 0
Year l/h YTD var. 52 week l/h 52 week var. 1 month var.
0.037 -  0.037 -% 0.037 -  0.044 -13.95% -%
Shares OustandingShares Fully Diluted
456,600,000-
Mkt Cap OustandingMkt Cap Fully Diluted
16,894,200-
Produces Gold - Silver
Develops Gold
Explores for Copper - Gold - Lead - Silver - Zinc
Profile Press
releases
Market
Indicators
Corporate
presentation
Annual
report
VALUE :
Projects & res.
RISK :
Asset profile
Last updated on : 11/24/2010

Annual Report to shareholders

TROY RESOURCES LIMITED

ANNUAL REPORT

2016

TROY RESOURCES LIMITED ANNUAL REPORT 2016

CONTENTS

1

CONTENTS

CHAIRMAN'S REVIEW 6

CEO'S REPORT 7

OPERATIONS

GUYANA 9

ARGENTINA 11

BRAZIL 11

EXPLORATION

GUYANA 13

MINERAL RESERVES & RESOURCES 19

CORPORATE GOVERNANCE STATEMENT 24

SHAREHOLDER STATISTICS 24

DIRECTORS' REPORT 27

FINANCIAL STATEMENTS 40

NOTES TO THE FINANCIAL STATEMENTS 45

DIRECTORS' DECLARATION 87

INDEPENDENT AUDITOR'S REPORT 88

CORPORATE DIRECTORY 90

TROY RESOURCES LIMITED ANNUAL REPORT 2016

CORPORATE PROFILE

2

CORPORATE PROFILE

Troy Resources Limited (ASX: TRY) is a successful gold producer with a unique track record of developing and operating low cost mines in Australia and South America.

Troy has been operating in South America since 2002. In July 2013 the Company acquired Azimuth Resources Limited which had discovered and

delineated the Karouni Project, a high-grade gold deposit in Guyana. The Company has fast tracked development of Karouni with first gold production occurring in November 2015.

Troy is committed to international best practice in health and safety, environmental stewardship and social responsibility.

3

WHAT WE ACHIEVED THIS YEAR

Karouni gold project in Guyana achieves commercial production in early 2016 and produces 34,740oz for the six months to 30 June 2016 at a cash cost of US$515/oz.

Strong cash margin of $26 million from Karouni in its first six months of operation.

Gold equivalent production of 82,826oz for the Group (2015: 121,835oz).

Andorinhas plant sold for US$4.5 million of which US$3.5 million has already been received. Remaining US$1 million due in February 2017.

Successful restructuring of operations at Casposo in Argentina, leading

to a Joint Venture partnership with experienced local operator, Austral Gold Limited.

Corporate Debt Facility with Investec Bank restructured on more favourable terms and the repayment schedule extended out to 30 June 2018. Debt paid down by a significant $45 million or 45% of the facility.