TROY RESOURCES LIMITED
ANNUAL REPORT
2016
TROY RESOURCES LIMITED ANNUAL REPORT 2016
CONTENTS
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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
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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.
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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.
