TROY RESOURCES LIMITED RESULTS FOR ANNOUNCEMENT TO THE MARKET FOR THE YEAR ENDED 30 JUNE 2016 | ||||
Appendix 4E, previous corresponding period, year ended 30 June 2015. | ||||
Revenue and net profit | Percentage change | Amount $'000 | ||
Revenue from continuing operations | N/a. | to | 60,360 | |
Loss from continuing operations after tax | N/a. | to | (13,428) | |
Loss from discontinued operations after tax | Down | 12.5% | to | (80,232) |
Loss after tax | Down | 6.7% | to | (93,660) |
Net loss attributable to members | Down | 7.0% | to | (93,660) |
Dividend information | Franked Amount per amount per security security (cents) (cents) | Tax rate full franking credit | ||
No dividend for the financial year 2016 has been declared. | ||||
Net tangible assets per security | Jun 2016 per share | Jun 2015 per share | ||
Net tangible assets per security | $0.45 | $0.59 | ||
Common shares on issue at balance date | 340,798,782 | 290,096,411 | ||
The above results should be read in conjunction with the notes and commentary contained in this report. |
(ACN 006 243 750)
APPENDIX 4E PRELIMINARY FINAL REPORT FOR THE FINANCIAL YEAR ENDED 30 JUNE 2016Troy Resources Limited Appendix 4E Preliminary Final Report For the Financial Year Ended
30 June 2016
Table of contents Review of results 4 Consolidated statement of profit or loss 7 Consolidated statement of profit or loss and other comprehensive Income 8 Consolidated statement of financial position 9 Consolidated statement of changes in equity 10 Consolidated statement of cash flows 11 Notes to the consolidated financial statements 12Troy Resources Limited Appendix 4E Preliminary Final Report For the Financial Year Ended
30 June 2016
Review of results (a) Production and salesTroy Resources Limited and its subsidiaries (the "Company" or "Troy" or "Group") total production for the year was 82,826 gold equivalent ounces (2015: 121,835 gold equivalent ounces) or 60,743 ounces of gold and 1,668,604 ounces of silver (2015: 78,001 ounces of gold and 3,111,182 ounces of silver).
Group sales for the year totalled 87,153 gold equivalent ounces (2015: 122,184 gold equivalent ounces).
Troy's Karouni gold project in Guyana, South America ("Karouni') achieved commercial production in January 2016 and produced 34,740 ounces of gold for the six months to 30 June 2016 from the processing of 356,772 tonnes of ore at an average gold grade of 3.37 grams per tonne (g/t). Sales for Karouni totalled 32,732 gold ounces.
Karouni cash costs were US$515 per gold ounce produced and All-in Sustaining costs (AISC) were US$816 per gold ounce produced. The proceeds received from the sale of 4,984 gold ounces produced prior to commercial production were credited against the project's capitalised mine development costs.
Troy's Casposo gold silver operation in San Juan Province, Argentina ('Casposo') underwent a labour restructuring programme before the mine was placed on care and maintenance in late January. The plant completed processing activities and was also placed on care and maintenance in February. The Company reached agreement with Austral Gold Limited on 4 March to divest a 51% controlling interest in Casposo. Consequently, Casposo is reported as a discontinued operation during the period to 4 March 2016, with Troy's 49% minority interest after that time being equity accounted.
During the period to 4 March 2016 Casposo produced 17,214 ounces of gold (2015: 55,859)
and 1,668,604 ounces of silver (2015: 3,111,182) from the processing of 271,977 tonnes (2015: 509,489) of ore at an average gold grade of 2.16g/t (2015: 3.73g/t) and silver grade of 230.23g/t (2015: 235.72g/t).
Casposo cash costs on a co-product basis were US$984 per gold equivalent ounce (2015: US$668). Total gold equivalent ounces produced at Casposo were 39,297 (2015: 99,963).
Troy's Andorinhas operation in Para State, Brazil ("Andorinhas") ceased operations in May 2016. The plant was sold to Anfield Gold Corp. with handover occurring during June 2016. Andorinhas is also reported as a discontinued operation in the current year.
Andorinhas produced 8,789 ounces of gold for the year (2015: 22,142 ounces) at an average cash cost of US$976 per ounce (2015: US$889). AISC were US$1,110 per gold ounce (2015: US$1,137).
The Group's available cash at 30 June 2016 was $3.1 million (2015: $59.8 million) which, together with Karouni gold inventories at market value, resulted in liquid assets of $12.5 million.
Gold equivalent ouncesGold equivalent ounces produced are the result of converting silver ounces produced to an equivalent value of gold ounces using actual prices achieved and adding that to actual gold ounces produced.
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