TRY - Troy Resources

[pettlepop]

Massive dump on TRY over the past week, volume decreasing, might be time to dip my toe into this stock for a gold rally in 2017.

 

[So_Cynical]

Massive dump on TRY over the past week, volume decreasing, might be time to dip my toe into this stock for a gold rally in 2017.

Thinking along the same lines, couple of smaller Gold stocks looking very cheap, with all the new shares issued over the last 2 or 3 years its easy to think 15cps is super cheap, market cap is around 68M, close to the cap less cash back in 2008.

 

[Wysiwyg]

Obviously bound by the POG so see a turn around there (think inverse) then Troy's large volume of lower price (19c to 13c) buyers may benefit.

 

[greggles]

Troy Resources' Karouni operation in Guyana has achieved a record gold production of 21,703 ounces in the March 2018 quarter. This is 35% higher than the December 2017 quarter production of 16,109 ounces and 8% higher than the previous record quarterly production of 20,195 ounces established in the March quarter 2016.

Troy has been beaten down in recent years, so some good news is long overdue. The share price is up around 15% so far today.

 

[greggles]

13c looks to be an important level for TRY. It served at support in early 2017 and since breaking down through it in early May 2017, it has served at resistance.

This is shaping up as a potential breakout and am keeping a close eye on it.

 

[greggles]

13c looks to be an important level for TRY. It served at support in early 2017 and since breaking down through it in early May 2017, it has served at resistance.

This is shaping up as a potential breakout and am keeping a close eye on it.

Nice share price spike by TRY today after the release of an outstanding quarterly report. The highlights were:

• Record gold production for the March 2018 quarter of 21,703 ounces, 35% higher than the December 2017 quarter production of 16,109 ounces and 8% higher than the previous record quarterly production of 20,195 ounces established in the March quarter 2016
• Average head grade of ore treated for the quarter was 3.27g/t Au with a gold recovery rate of 96.0%
• AISC of US$720/oz for the quarter, a 29% decrease from the previous quarter
• Ore stockpile in excess of 180,000 tonnes representing more than enough for two months processing
• Investec loan repayments made of US$7 million during the quarter (including the US$3 million paid on 3 January 2018), reducing the loan balance to US$16.2 million at the end of the quarter

 

[greggles]

I've been keeping a close eye on Troy Resources for a while now and believe that it is currently on the verge of a breakout. Buyers have been soaking up the selling during April and May and it now appears to be drying up.

TRY is currently at 15.5c with strong resistance at 16c dating back to December 2016. A bullish gold price is giving Troy the momentum it needs to break through 16c and make a strong move towards 20c.

 

[greggles]

OK, I'm calling Troy Resources as a possible breakout today. Big buyers moving in have pushed this to 16.5c and above previous resistance. I think the accumulation between 14c-15c has soaked up all the sellers at that level.

I think this could be another SLR.

@tech/a What do you think of this as a breakout and what do you make of that gap between 20c and 25c caused by the gap down in December 2016? How do you think this will this affect price action when TRY breaks through 20c?

 

[Gringotts Bank]

Symmetrical triangle target should be reliable. 18.5c would be the initial target, then 23 if buyers come in hard.

 

[greggles]

Symmetrical triangle target should be reliable. 18.5c would be the initial target, then 23 if buyers come in hard.

Although it's interesting when I look at TRY in a three month candlestick chart. There are three bullish candles that look very similar with a large body and a small wick at the top that I have marked with arrows. The first two were followed by a small move up the following trading day and then a couple of down days on lower volume. So perhaps we're due for a retrace on Monday?

 

[Gringotts Bank]

Although it's interesting when I look at TRY in a three month candlestick chart. There are three bullish candles that look very similar with a large body and a small wick at the top that I have marked with arrows. The first two were followed by a small move up the following trading day and then a couple of down days on lower volume. So perhaps we're due for a retrace on Monday?

View attachment 87421

I reckon with speccy stocks it's reasonable to assume the big players have a long bias, so long as there's been a long ranging period after a drop, and so long as there's waves of buying pressure coming in over months. It's got both of those, so then it's matter of timing the entry and working out an exit. Whether it drops a few points Mon might depend on whether the big players have enough stock for their purposes. If they do, they will remove the brakes and let it run. I like the Wyckoff style for Aus specs.

 

[greggles]

Symmetrical triangle target should be reliable. 18.5c would be the initial target, then 23 if buyers come in hard.

Well, TRY has hit 17.5c and the buy side of the market depth has filled up nicely. Volume is well above average today so we are now well and truly into breakout territory. Your first target of 18.5c is possible today but it will largely depend on the direction of the gold price which has seen a bit of a bounce in the last half an hour.

 

[greggles]

Troy Resources has achieved gold production of 19,510 ounces for the June 2018 quarter, taking production for the 2017/18 financial year to 70,207 ounces.

EXCELLENT GOLD PRODUCTION CONTINUES IN JUNE 2018 QUARTER

Troy Resources Limited (ASX: TRY) (Troy or the Company) is pleased to advise that the Karouni operation in Guyana has achieved gold production of 19,510 ounces for the June 2018 quarter.

The June quarter production is well in excess of budget and was only slightly lower (10%) than the record gold production of 21,703 ounces set in the March 2018 quarter despite the June quarter being the wettest period of the year which makes operations more difficult. This also compares with 15,411 ounces produced in the June quarter 2017.

Gold production for the full 2017/18 financial year was 70,207 ounces representing record annual gold production for the Karouni operation.

Annual gold production also exceeded the forecast production range of 60,000 to 70,000 ounces as advised to the market earlier in the year and subsequently upgraded to 65,000 to 70,000 ounces following the March 2018 quarter.

Troy Managing Director, Mr Ken Nilsson, said today:-

“Despite an early start to what is the wettest period of the year, the operational team has put together an excellent quarter which is again well in excess of budget. This strong performance has also enabled the Company to exceed the annual production guidance provided by the Company.”

The Company will release its June 2018 Quarterly Report to the market in late July 2018.

The TRY share price reached a high of 16c today and is slowly closing in on resistance at 17c. It will be interesting to see the Quarterly Report later this month. If it surprises in a positive way it could be the catalyst for a strong move through 17c.

 

[barney]

Had a quick squiz at this the other day and liked the production numbers

They also had an AISC for the last Quarter of only $720 per oz which is absolutely brilliant …. If they can replicate that, their profit margins will be excellent

They still have a bit of debt to get rid of (should be about $11 million US at the end of June Quarter) but given the production numbers that will be a simple accounting procedure

 

[greggles]

Had a quick squiz at this the other day and liked the production numbers

They also had an AISC for the last Quarter of only $720 per oz which is absolutely brilliant …. If they can replicate that, their profit margins will be excellent

They still have a bit of debt to get rid of (should be about $11 million US at the end of June Quarter) but given the production numbers that will be a simple accounting procedure

The remaining debt should be paid down soon. Yes, the AISC costs are great but it would be good to see Troy increase their reserves and increase production. That would really get the share price moving. I think it's undervalued on current numbers but the market sometimes needs a little convincing and I think it's only a matter of time until TRY heads into the 20s. There just needs to be a catalyst to get it past resistance at 17c.

 

[barney]

A lot of Goldies are treading water with the current Gold Price wobbling a bit ….

I'm Gold positive but the gold chart suggests a bit more downside in the short term ...If it breaks $1240 I have it heading potentially to $1180 …..

Long term TRY look pretty safe to me given the cashflow they are generating. As you say though, more resource, more SP security.

 

[greggles]

Long term TRY look pretty safe to me given the cashflow they are generating. As you say though, more resource, more SP security.

Some results through today from the recently completed Spearpoint infill drilling program and the ongoing Larken infill drilling program. 15 out of the 22 assays at Larken are still pending. They look good to me and both prospects are not far from the Karouni Processing Plant.

The TRY share price hasn't moved much today. It ticked up to 16c, but is currently back at 15c. Sellers appear to be keeping a lid on the share price for now. Buy side of the market depth is starting to stack up though. The June 2018 Quarterly Report is due later this month. Perhaps it will be the catalyst that gets TRY past that pesky resistance at 17c.

 

[barney]

Spearpoint had some very nice intercepts …. POG may be the determining factor for this to move by the looks ….. looks a solid mid/longer term hold though

 

[greggles]

Troy Resources currently in a trading halt pending the release to the market of an operational update
on matters relating to the Karouni Mine in Guyana. It's a little ominous for a company to go into a trading halt pending an announcement relating to an operational update. Aren't these things usually released as a matter of course? Hmmmm...

TRY is due to commence trading tomorrow morning following the release of the announcement. I hope for the sake of shareholders that it's not a negative one.

 

[greggles]

Looks like the Ohio Creek Prospect might be a winner for TRY. Some encouraging drilling results were announced today.

Thick intercepts and nice grades. This part of the announcement was particularly interesting:

From the only drilling campaign previously undertaken at the Prospect – a modest 1,364 metres of diamond drilling undertaken in 1995 – a best assay result of 1 metre @ 868.8 g/t Au from 61 metres was recorded representing the highest gold grade in the region.

868 grams per tonne? Hmmmm. 47 drill holes are planned as part of Troy's current program with proposed depths of between 70 and 140 metres. To date, 23 holes have been drilled, with assay results for 21 drill holes received. Should be plenty of news flow for TRY in the coming months.