Troy Resources NL

Published : October 23rd, 2015

Annual Report to shareholders

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Annual Report to shareholders



Annual Report

Corporate Profile

Troy (ASX: TRY) is a gold and silver producer with a track record of low cost mine development and production. The Company is unique amongst its peers having paid 13 fully franked cash dividends over the 13 years to 2012. The Company expects to recommence paying dividends once Karouni is in production.

Troy has been operating in South America since 2002 and, following the development of the Casposo project in Argentina, has entered a renewed growth phase which has lifted the Company's annual gold production above 100,000 ounces. In July 2013 the Company acquired Azimuth Resources Limited which had discovered and delineated a highgrade gold Resource in Guyana. The Company is fast tracking development of Karouni and expects first production during Q4 CY2015.

Troy is a responsible corporate citizen, committed to the best practice of health and safety, environmental stewardship and social responsibility.

Group Milestones FY2015

  • Gold Equivalent production of 121,835 ounces including record silver production of 3.1 million ounces from Casposo.

  • Record underground development metres achieved at Casposo as a precursor to opening up the Inca 2 Lode, being 13% higher than FY2014.

  • Mining completed at Andorinhas at the end of FY2015. Operations now focused on processing remnant ore stockpiles and environmental rehabilitation.

  • Minerals Agreement for Karouni signed with the Government of Guyana.

  • All Karouni permitting and licensing completed during the year including:

    • Environmental and Mining Licenses;

    • Permits for Blasting, Fire, Fuel and Dangerous Goods; and

    • Water Licenses.

  • Commenced site construction of the Karouni plant in Guyana during February 2015. Completed ~ 85% of all Civil, Mechanical and Electrical installations for the plant by year end.

  • Completed pre-strip works and commenced mining operations at both the Smarts and Hicks Pits in

    May 2015.

  • Established a regional support base at Karouni, for local Amerindian interests, in accordance with Troy's long-standing principle of making a positive and sustainable difference to our neighbouring Communities and Villages.

  • Finalised an extensive Ground Magnetic and Multi- Element XRF programme, over ~30km of structural corridors within the Karouni tenements, to identify more than 30 prospective drill targets.


Chairman' Re w 2

CEO's Report 4

Operations 6

Project Development 10

Exploration 13

Mineral Reserves & Resources 17

Corpor e Governance St ement 22

Shareholder Statistics 22

Financial Report Contents 25

Corporate Directory 109

Five Year Summary

Year Ending 30








Gold Produced







Silver Produced







Gold Equivalent Produced












Cash Costs per oz (Au_Eq)












Gold Price Realised












Silver Price Realised







Sales Revenue

($ million)






Profit (loss) before tax

($ million)






Net Profit (loss) after tax (attributable) to members of the Company

($ million)






Dividends Paid






6 & 41

Exploration Expenditure

($ million)






Capital Expenditure

($ million)






Cash and Bank Deposits

($ million)






1 Interim dividend paid 29 June 2011

Chairman's Review

Dear Shareholders,

During 2015 Troy continued to transition its mining operations during a period of significant challenge in our markets.

Importantly, we substantially progressed the construction of our new Karouni mine in Guyana, raised capital through an offering to institutions and our shareholders, and took further action to address the disappointing performance of our underground mine at Casposo.

Troy recently confirmed its vision to become a profitable mid-tier gold producer through a well planned and executed asset growth strategy driven by a formal business development framework. Going forward Troy will seek to increase our reserve base, improve the stability and sustainability of our production profile and have an asset pipeline, including more than two operating mines in diversified jurisdictions which desirably may include Australia. While our immediate focus is to commission Karouni we continue to seek to identify our next mine development project.

The US$ gold and silver prices continued to weaken during 2015 and our efforts to reduce costs at Casposo were thwarted by Argentina's high inflation and inflexible exchange rate together with difficult mining conditions. Our immediate focus at Casposo is to take further action to preserve the operation and optimise its cash position while continuing to review our options.

As anticipated, mining at Andorinhas ceased during 2015 and the plant will stop operation after the remaining ore is processed in the next month or so. Troy has agreed to sell the Andorinhas plant on favourable terms to Magellan Minerals Limited with settlement anticipated prior to year end.

Despite delays due to weather and difficulties in getting parts into Guyana, significant progress has been made in developing Karouni with commissioning works initiated at the end of September and the plant expected to commence production in coming weeks, ramping up soon thereafter. As with past Troy mine developments, we have selectively used some second hand equipment to minimise upfront capital requirements and allow for more rapid development. Our exploration team have already identified many attractive targets at Karouni which will soon be drilled.



Mine Construction February 2015 - Karouni, Guyana

Mine Near Completion September 2015 - Karouni, Guyana

With the commissioning of Karouni and commencement of an extensive and exciting exploration program Troy is well placed to create long-term value for shareholders and to direct our activities towards identifying our next mine development opportunity.

In 2015 Troy maintained its excellent safety record and continued to operate with a focus on our environmental responsibilities. Our support for local communities through using local employees and services, maintaining and upgrading of roads, provision of drinking water and power, and the building of facilities is well recognised and enhances our reputation in the countries where we operate.

Troy is fortunate to have a strong and dedicated management team which has performed well in often difficult and challenging conditions under the able leadership of our Chief Executive Officer Martin Purvis who has settled well into his new role. I would like to thank all of Troy's staff for their efforts and professionalism and am confident that we have a team capable of developing a strong and profitable company.

I would like to thank my fellow Board members for their dedication and support and in particular recognise the significant contribution made by Robin Parish and Sean Harvey who both retired during the year. In addition I wish our colleague David Dix a speedy recovery in order that he can resume his Board duties.

Despite the challenges in 2015 I am confident that your continued support will be well rewarded in time through sustainable and attractive returns.

Yours sincerely,


Acting Chairman

CEO's Report

Without doubt FY2015 was a very tough year for resource companies. It was particularly challenging for those companies operating offshore without the benefit of currency tailwinds generated by a surging US dollar. The past year also marked the second and possibly third year of a bear market trend for global commodities that has seen the price of gold decline by just over 40% and silver by nearly 70% in US dollar terms, since their recent peaks in 2011.

Within this context and just over two years ago, Troy set out its mid-range plans to: aggressively explore and develop the down plunge extensions of the Casposo ore-body in Argentina, where the high grade silver shoots of the Inca 2 load presented an attractive target; to fast track the feasibility study and construction programme of the Karouni mine in Guyana; and, to implement a comprehensive closure plan for the underground and surface workings at Andorinhas in Brazil. Whilst the overall plan has been followed very closely, the market conditions, as well as the external environment and factors in which the plan was conceived, have changed dramatically since that time and dictated some key variations at an operating and corporate level, in order to ensure that the long term goals for the organisation are achieved.

At Casposo, the mine has rapidly evolved from a shallow, gold rich orebody in Inca 1 (80:20) to a much deeper, silver rich orebody (35:65) in Inca

2. This transition has also coincided with both a real terms decrease in the headline gold price in US dollars as well as an even more significant increase in the silver to gold ratio on which the gold equivalent output of the mine is defined. Recently this ratio touched 80:1 in sharp contrast to a long run average closer to a mid- 50's number. Inevitably, this situation has placed increasing pressure on the margins for the mine and given Casposo was forecast to generate

The initial funding model for Karouni was based on sufficient external debt to cover the construction and development of the CIL plant, preliminary exploration programmes - including completion of the pit wire frames - and all associated infrastructure necessary to build and operate the mine. The balance of funds, for the commissioning period through to positive cash flow, the activation of the regional exploration programme and also the pit start up works, were forecast to be generated primarily from cash- flow from Casposo. Given the market prices for silver and gold at the time the funding plan was arranged, of over $22/oz. and $1300/oz. respectively, the Karouni project was considered to be well funded.

In the early stages of 2015 the impact of the downturn in the gold and silver price was clearly evident and rather than relying on internal sources of cash flow generation, the decision was taken to raise additional funds to support the ongoing development of Karouni beyond the construction phase of the plant and infrastructure. This raising was initiated in April through a two stage placement followed by a Share Purchase Plan. The reason for this approach was to ensure virtually every one of Troy's more than 8,800 shareholders had the opportunity to participate in the process. Thanks to outstanding support from our new and existing shareholders, the Company raised a net amount of approximately $36 million. It is perhaps a measure of the depth of understanding and backing from our shareholders that Troy was able to raise these funds in one of the most difficult capital markets experienced for many years. It goes without saying that Troy is deeply grateful for the support it received at this critical time.

As a result of the raising, Troy was able to progress rapidly from construction into commissioning at Karouni and also to start the preparation works for the first brownfields

robust cash-flow to support Group development

exploration conducted by Troy, since acquiring



within the mid-term plan; this has also served to shape a number of corporate actions over the past 12 months.

the project in July 2013. Up until September this year, virtually all the drilling metres performed on site had been focused on an intensive, infill drilling programme to define a robust mining reserve in the wire-frames of the Smarts and Hicks pits.

Site Overview - Karouni, Guyana

New Crushing Station - Karouni, Guyana

With construction activities on the plant winding down in August this year and heavy equipment and resources finally becoming available for the exploration team, the ground works for the new air-core and reverse-circulation drilling programmes were commenced. Over a period of almost 2 months numerous tracks and more than

100 drill pads were carefully pushed through the surrounding jungle to open up access to the first targets for the mobile rig. At the end of September the drill rig arrived on site and started work on what will be one of the most significant and extensive exploration campaigns ever carried out by Troy. With more than 30 initial targets located over 60km of structural corridor to explore and many of the targets being more than a kilometre long in terms of strike length, there will clearly be many years of highly prospective exploration work ahead for the Karouni team.

The key purpose of this effort will be to increase the resource base of the operation and extend the life of the mine, such that maximum value is achieved from the extensive infrastructure and processing facilities that have been created at the site. In terms of performance, the completion of this facility in such a remote location represents an outstanding achievement by the entire construction crew in Guyana. From a standing start in February this year, the site team managed to achieve mechanical completion of the 1Mtpa conventional CIL plant in September 2015, a period of less than 8 months and at a cost of approximately US$74 million which was in line with the original budget. Performance testing and commissioning works were initiated at the end of September with the first feed of ore to the mill now planned to take place in October.


It is widely recognised that one of the most daunting tasks for any mining company is the development of a new mining project in unfamiliar territory. For a small mining company, with a limited balance sheet facing recessionary market conditions, that prospect is even more challenging. The fact that Troy has managed to delineate and build a low- cost, high-margin, viable mining enterprise in a country that has only just started to harness its resource potential, within this economic malaise, is both a reminder of how resilient and dedicated the employees are in the company to achieve an outcome and also a portent of how much promise Troy holds for the future.

With a brand new flagship mine about to enter production and an expansive brownfields campaign underway, the successful closure of the Andorinhas mine in Brazil and the ongoing re-structuring of the operations at Casposo to better align the parameters of the Inca 2 lode with prevailing market conditions, Troy is building a platform that will underpin its long- term goal of becoming a unique, mid-tier gold producer willing to take an innovative approach to value creation for all stakeholders.

In closing I would like to extend my sincere thanks to every employee and contractor for their outstanding commitment and contribution over what has been a testing year. I would also like to thank my fellow Directors and all our shareholders for their valuable guidance and support.


CEO & Managing Director


Argentina, CASPOSO

Troy 100% through Troy Resources Argentina Ltd

Occupational Health and Safety

There were a total of 29 lost time accidents for the year, up from 21 lost time accidents previously. The Company continues to be heavily focused on reinforcing safe operating procedures and training. Pleasingly, no environmental incidents were reported during the year.


The plant continued to perform well, processing 509,489 tonnes during FY2015, a similar throughput to FY2014. Gold head grade has decreased as the mine deepens with the average grade processed of 3.73g/t being 9.6% less than last year, whilst the grade of silver increased by 22.3% to 235.72g/t resulting in record silver production of 3.1 million ounces. Gold equivalent production was 99,693 ounces, in part reflecting a further 9.3% deterioration in the silver to gold ratio during the year.

The underground has continued to make operational and technical improvements, standardising development and production blasting were possible, improving ground support, backfilling stopes and through better planning, scheduling and supervision of development headings and stopes. This has resulted in the mine producing 187,328 tonnes of ore at 5.72g/t gold and 524.02g/t silver. Additionally 4,635 metres of ore and waste development occurred.

Community and Sustainability

Troy continues to maintain its open door policy with the community, social groups, institutions and industry. On request, visits to the Casposo operation are conducted throughout the year to assist with public awareness of the mining industry. Additionally, the Company has supported local social and animal programmes to help improve everyday life in the villages close to the mine. Sport, in particular football, plays an important part of Argentine life and the Company has helped several junior and senior clubs in the community to compete locally and in San Juan. Troy also participates in local festivals and carnivals and works closely with and helps support the local schools and students.



Aztec Ramp Jumbo - Casposo, Argentina


Notwithstanding improvements in operational efficiencies at Casposo, local costs in Argentina have been impacted by high inflation, with little relief from devaluation in the Argentine peso and the US dollar. These local cost pressures combined with declining metal prices and a deterioration in the silver to gold ratio, resulted in the Company undertaking an in depth review at Casposo.

As a result Troy's aim is to see if Casposo can be operated on a sustainable basis around a smaller scale, silver rich enterprise with a significantly restructured cost base. A plan of action is being introduced that will entail the suspension of all waste development and non-essential capital works, along with a substantial re-structuring of the workforce.

Underground mining of Inca 1 will be completed in the second quarter of FY16, after which time development and production will be focused primarily in Inca 2A and to a lesser extent Aztec and Inca 0.

The plant feed rate is being reduced from 1,500 tonnes to 1,300 tonnes per day to provide efficiencies by allowing operation of the ball mill to cease which in turn reduces plant consumables by 20% and increases pulp residency time, thereby improving recovery.


Troy 100% Reinarda Mineração Ltda

Occupational Health and Safety

Sadly, a fatality occurred at the Coruja open pit when an employee of the mining contractor died from injuries received while operating an excavator. Andorinhas recorded nine minor lost time injuries, down from 14 lost time injuries the previous year. No environmental incidents occurred during the year.


Mining from the underground was completed in January with 36,271 tonnes mined at 5.29g/t gold. All mine infrastructure was subsequently removed and the mine access was bricked off and the portal access filled with waste rock and topped with organic material.

Mining from the small Coruja satellite open pit was completed in June 2015. The mine produced 81,992 tonnes of ore at 4.63g/t gold. The operation was constantly hampered by heavy rainfall, which made mining the saprolite material difficult and resulted in many delays.

Environmental Sustainability Programme - Brazil, Andorinhas


  1. Fish swimming in the rehabilitated

    Lagoa Seca open pit

  2. Garimpeiro tailing rehabilitation 3. Lagoa Seca Garimpeiro

    tailing rehabilitation

  3. Planting in partnership with farmers

  4. Native plants being revegetated at the local Rio Maria nursery

  5. Lagoa Seca waste dump rehabilitation

  6. The mill treated ore from a number of sources including Mamão Underground, Coruja Open Pit and stockpiled low grade Lagoa Seca ore throughout the year. In total 199,751 tonnes were processed at 3.69g/t gold with a recovery of 93.34% and an all in sustaining cost of US$1,137/oz.


    All operational activities are now focused on processing the remaining stockpiled low grade ore, mine clean up, mine closure and environmental rehabilitation of licensed areas. Processing of low grade ore is expected to conclude by the end of October.

    Andorinhas is working with SEMA, the State Environmental Authority and the local community to ensure the land is re-forested or prepared for farming. Rehabilitation of Lagoa Seca, Coruja and Mamão is well underway with areas made safe, fenced off where necessary and organic material placed over sculptured

    The Company reached agreement with TSX-V listed Magellan Minerals Limited for the sale of the Andorinhas plant and all associated equipment and inventories for US$4.5 million. Of the US$4.5 million purchase consideration, Magellan has paid Troy a non-refundable deposit of US$150,000 cash (Deposit). A further US$3.35 million is to be paid by 15 December 2015 (Completion Payment) and may, at Magellan's election, comprise up to a maximum of 9.99% of Magellan's issued and outstanding share capital at that time. An additional US$1 million will be paid to the Company following the production of 20,000oz of gold from Magellan's Coringa project in the Tapajos Province of northern Brazil, or after 18 months, whichever comes soonest. The Company has the right to terminate the agreement in the event that:

    1. Magellan fails to pay the Deposit;

    2. the Completion payment hasn't been made by 31 January 2016; and

    3. a warranty provided by Magellan is found to

    waste rock, ready for planting with indigenous

    be incorrect or misleading.



    saplings from the Company's nursery or ready

    for planting as required by the local farmer. Planting should start towards the end of the

    year, when the rainy season starts.


    Brazil, Andorinhas

    Argentina, Casposo



    Project Development


    Troy 100% through Troy Resources Guyana Inc

    The past financial year has seen a major investment in a new country with the start of the Karouni Project in Guyana. The challenges in moving into a new region, new culture and political/business environment is not always easy and Guyana has provided us with some additional challenges with a change in Government and consequent operating procedures.

    In order to expedite activity, early temporary approvals were requested from the Government and through good co-operation with Government agencies we were able to commence activities related to infrastructure eg roads, camp establishment in a new area, and clearing of the mill and mine sites.

    The procurement of equipment was well under way at the beginning of the year with some major parts already in country. Supply of equipment continued during the year with the main structural steel manufactured in Dominican Republic, leach and detox tanks in Trinidad, crushers from Europe, the gold recovery circuit in Mexico and specialist

    Following grant of the Environmental and Mining permits in February this year, we were able to start construction of the processing plant, tailings facility and development of the mines. There were unfortunately some difficulties that the team had to address, including the mill installation in particular, as well as delays experienced in clearing good and containers held at the port and heavy seasonal rainfall.

    During this period Troy totally upgraded the main road from Linden to Omai and also completed construction of a major access road linking the project with the Government road leading to Amaelia Falls. There were also numerous internal roads constructed to provide access to the mines and infrastructure.

    As at the beginning of September the Project has entered the commissioning phase with a completed tailings dam, fully operating laboratory, major camp facility, all leach and tailings systems completed, crusher installation and conveyor systems completed, a 12MW power station commissioned with approximately 6km of overhead power lines in place, elution circuit completed and the grinding mill installed and being commissioned.

    equipment from Australia and USA. An intensive

    leach reactor and 2 Knelson Concentrators were



    also installed.

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Data and Statistics for these countries : Argentina | Australia | Brazil | Dominican Republic | Mexico | All
Gold and Silver Prices for these countries : Argentina | Australia | Brazil | Dominican Republic | Mexico | All

Troy Resources NL

ISIN : AU000000TRY7
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Troy Res. is a gold producing company based in Australia.

Troy Res. produces gold, silver in Argentina, in Australia and in Brazil, develops gold in Australia, and holds various exploration projects in Argentina, in Australia, in Brazil and in Finland.

Its main assets in production are GOIAS VELHO / SERTAO MINE and ANDORINHAS in Brazil, BULCHINA MINE, CORNISHMAN & DOUBLE O, CORNISHMAN MINE, LORD NELSON and LORD HENRY in Australia and CASPOSO in Argentina, its main assets in development are SANDSTONE - LORD NELSON and SERTAO in Australia and its main exploration properties are DALY RIVER, THREE RIVERS, TWO MILE, THREE RIVERS and TROJAN JV in Australia and OIJARVI in Finland.

Troy Res. is listed in Australia, in Canada and in Germany. Its market capitalisation is AU$ 13.7 millions as of today (US$ 9.9 millions, € 8.7 millions).

Its stock quote reached its highest recent level on October 05, 2012 at AU$ 5.02, and its lowest recent point on September 01, 2023 at AU$ 0.03.

Troy Res. has 456 600 000 shares outstanding.

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4/13/2012to Be Included in the S&P ASX 200 Index
4/4/2012: Company Presentation
2/24/2012(Casposo)Doubles Production & Revenue as Low Cost Casposo Hits its St...
2/8/2012: Revised December 2011 Quarterly Report
1/30/2012: Quarterly Report on Activities December 2011
1/9/2012ASX Announcement - ASIC Approves Change of Company Type and ...
12/15/2011New Corporate Office and Registered Address
10/12/2011(Casposo)Resource Update Report Released for Casposo Project San Juan...
10/4/2011(Casposo)Casposo Achieves Nameplate Throughput
8/29/2011(Kamila): Initial Resource Estimate Kamila Southeast Discovery at Ca...
8/24/2011Introduces A Shareholder Dividend Re-Investment Plan
8/3/2011Public Announcement Media Speculation
8/2/2011(Kamila)Kamila Southeast Target Drilling Update-More High Grade Resu...
7/20/2011(Casposo)ASX Announcement - High Grade Intercepts Drilling at Casposo...
6/21/2011(Kamila)Kamila Southeast Zone Drilling Continues to Deliver High Gra...
6/7/2011(Casposo)Declares Dividend as Low Cost Casposo Mine Officially Opened
5/19/2011(Kamila)Kamila Southeast Zone Step-Out Drilling Delivers High Grade ...
2/28/2011Half Year Ended December 31, 2010 Financial Results
1/24/2011 Quarterly Report on Activities December 2010
8/2/2010Diggers & Dealers 2010 Company Presentation
7/29/2010Sales of Andorinhas Iron Ore
7/16/2010Initial Inferred Resource Julieta Prospect Casposo Project
4/30/2010Quarterly Report on Activities March 2010
3/17/2010Corporate Update Presentation
2/10/2010Financing Update
2/4/2010Moving to Where the Gold Is
1/29/2010Quarterly Report on Activities December 2009
1/29/2010Aztec Vein Initial Grade Control Drilling - Casposo Project
1/21/2010 Notice of Forfeited Shares Auction
1/20/2010 Sale of Mongolian Assets
12/14/2009Form 604 -Notice of change of interests of substantial holde...
12/7/2009Share Placement and Appendix 3B
12/4/2009Entitlements Issue - Under Subscription
12/2/2009Amended Constitution
11/9/2009Troy Resources NL - Chairman's Letter to Shareholders - EGM ...
11/5/2009Shareholder Letters Re Entitlements Issue
11/4/2009Entitlements Issue 708AA Notice & Appendix 3
11/4/2009Withdrawal of Request for EGM
10/28/2009Quarterly Report on Activities September 2009
10/2/2009Notice of Shareholder Meeting
9/30/2009Full Year Statutory Accounts
8/27/2009Profit of A$16.7 Million and Builds the Foundation for Futur...
8/10/2009Declares 10th Consecutive Fully Franked Dividend
7/30/2009Quarterly Report on Activities June 2009
2/9/2009Quarterly Report and Operations Update - Audio Broadcast
2/23/2009Half Year Report
2/3/2009ASX Release - Voluntary Annual Information Form
1/28/2009Quarterly Report
1/20/2009ASX Announcement
11/27/2008AGM Results November 2008
11/26/2008Resignation of Non-Executive Director T D McKeith
11/13/2008ASX Announcement
9/30/2008ASX Announcement
8/29/2008ASX Announcement
7/31/2008Quarterly Report
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AU$ 0.030
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