The company, which is dual-listed on the Australian and Toronto Stock Exchanges, also boasts the Casposo gold-silver project being developed in Argentina.
TRY has forged a proven record of fast-track mine development., low cost operations, strategic acquisitions and exploration discoveries.
The Casposo mine and processing plant development recently recorded its first gold pour.
TRY has stepped into gold production at the right time, with gold prices repeatedly hitting record highs and driving up prospective gold miners such as TRY.
TRY is involved in gold production through its operations at Sandstone and Andorinhas, with the latter a focus of TRY’s attention over the last year.
Last year TRY acquired the Casposo gold/silver deposit in Argentina, and on 29 September confirmed the commencement of ore processing at the project.
The project has already poured its first gold.
Casposo will support the doubling of TRY’s production and rejoining the plus 100,000oz per annum producer club.
Troy Resources has an aggressive exploration program aimed at increasing Reserves and Resources and nearly all of this exploration expenditure is expensed.
The miner recently announced a high grade drill intercept outside the current Reserves and Resources in the Kamila South East Extension.
TRY is confident it will add to the existing Reserves and extend the mine life past the current planned 6 years.
For the June quarter, TRY saw a 68% increase in group gold production to 26,382oz at a cash cost of US$496/oz.
For the year, gold production was up 17% to 71,614oz at a cash cost of US$554/oz.
The miner enjoyed record quarterly and annual production at Andorinhas. TRY has its exploration budget at Caposo to $15 million.
Strong cashflow generation saw net debt decrease to just $5.5 million at the end of the quarter.
With inflation concerns and a weaker US dollar continuing to propel gold prices higher, we feel TRY has plenty of upside potential.
Bullion prices have rocketed this year, and the domestic gold miners have been some of the hot stocks in recent months.
Gold price has repeatedly hit record highs of US$1815.5 per oz last week with forecasts it will keep rising.
Fears over rising debt levels across the US and Europe provide strong support for gold prices.
TRY is committed to pursuing growth through exploration, acquisition of new projects and/or corporate merger activity.