Troy Resources Limited announced a maiden Ore Reserve at Smarts Underground, a part of the 100%-owned Karouni Gold Mine, Guyana. The maiden Ore Reserve is calculated on the basis of two distinct mineralised zones. The first, a relatively high-grade upper zone located directly beneath the Smarts 3 pit, and on the basis of a cut-off grade of 3.5 g/t Au, comprises: 160,000 tonnes @ 3.9 g/t Au for 19,900 ounces. This upper zone is generally between 4 to 10 metres wide, is sub-vertical, and is continuous for up to 150 metres along strike and 90 metres vertically. The second zone, situated beneath the Smarts 2 area, and on the basis of a cut-off grade of 2.0 g/t Au, comprises: 729,000 tonnes @ 2.3 g/t Au for 54,100 ounces. This bulk zone occurs over approximately 150 metres along strike, at up to 35 metres wide, and currently has a vertical extent of 160 metres. The stopes will be accessed by ore drives 4mH x 4mW in the upper zone and 5mH x 5mW in the lower zone comprising: 193,000 tonnes @ 2.5 g/t Au for 15,400 ounces. It should be borne in mind that mineralisation remains open at depth. The fact that the highest grade mineralisation identified to date is situated at the apex of the ore body is a distinct positive. The geometry of mineralisation indicates that standard mechanised mining equipment can be employed in both the high-grade and bulk zones, albeit at differing scales. Auralia designed the Smarts Underground incorporating an additional 17 diamond drill holes totalling 4992.5m drilled during 2020 and 2021. Details of these holes have been previously released by Troy. The Mineral Resource was updated using these holes. These holes provided additional data to improve local grade estimation and also geotechnical information for mine design. As these were infill holes, they were designed to increase confidence in the existing Mineral Resource rather than expand it. As there was no material change in the Mineral Resource Estimate, in terms of contained gold and resource classification, an update is not necessary. A geotechnical assessment into the potential for underground mining was undertaken by Peter O'Bryan & Associates in June 2021. Whilst the final Geotechnical Report is awaited, proposed stope dimensions for various geotechnical domains, determined on the basis that no fill would be used for wall support with stope stability maintained through the use of pillars, have been provided. The geotechnical assessment supports the results of a previous, qualitative assessment of fresh rock conditions from an open pit geotechnical review. Localised shears, fractures and veins impact the overall Rock Mass Rating which varies from "poor" to "very good" rock with the average, or generally expected ground conditions, considered to be "good" rock. The final Geotechnical Report will be required prior to finalising the proposed mining method and mine design and commencing underground operations. The consultant has requested the drilling of three additional diamond drill holes to gain a higher level of confidence in terms of the decline position at depth. One of these holes has already been completed. The currently proposed mining method is long-hole retreat stoping, whereby mining commences at the upper level of a stoping area, advancing down. Pillars (rib, island or sill) will be used to maintain stable ground conditions where required, advancing production from top down to expedite ore production. Alternatively, the bulk zone could potentially be mined by targeting smaller, higher grade veins, subject to obtaining a better understanding of grade distribution through additional drilling or development. The main portal for the mine will be located in the southern end of the Smarts 3 pit, at approximately the 30mRL. The main ventilation exhaust portal will be located in the same general area, approximately 40 metres further south and 15 metres higher up the pit wall. Final location of the portals will be subject to confirming suitable ground conditions. Declines have been designed with gradients of 1:7 with the decline located in the footwall approximately 45 metres from the mineralised zone to ensure stable ground conditions and to provide sufficient room for the required level infrastructure. Levels have been designed at a constant spacing of 20 metres (floor to floor). In the high-grade zone, ore drive access will be at the approximate mid-point of the level stoping block with a single ore drive developed either side of the crosscut. In the bulk zone, where the width of the mineralised zone exceeds 15 metres, two ore drives will be developed on either side of a central crosscut. The ventilation circuit has been designed off the decline while an escapeway network has been largely designed between the decline and the stoping panels. This horizontal drive will house up to 3 relatively small (90-110kW) fans in a wall with the number of installed fans increasing as the depth of mining increases. Each fan should provide approximately 35m3/s of air resulting in a maximum of 100m3/s. Depending on the effectiveness of installed ventilation walls or brattices, approximately 50m3/s of fresh air should report to the lowest mining level, providing sufficient air to dilute any contaminants of the operating underground equipment. The cost inputs used to investigate the underground potential at the Smarts Underground Project are based on a contractor pricing estimate for the development of a decline in Guyana provided to Troy. The key finding of Auralia is that the Smarts Underground deposit is economically viable.