Love is all around Troy Resources (TRY.to) (TRY.ax)

Get ready to feel all soft and gooey, mineheads, cos the head honchos at Troy Resources (TRY.to) (TRY.ax) have decided that the best part of breakin' up is when you're makin' up. According to the press release from last night (see below) the Extraordinary General Meeting called by lover John to oust lover Benson from his CEO's job has been called off.

So the good news is that the pissing contests are done with, the idiot egowars are now all over and the people running TRY can get back to concentrating on what they should have been doing these last few weeks, namely building and running a gold mine or two. Gotta love them Aussies.

Castlemaine XXXX and Toohey's served, the end.

Here's the news release from today:

Troy Resources NL: Withdrawal of Request for EGM

04:48 EST Tuesday, November 03, 2009

PERTH, WESTERN AUSTRALIA--(Marketwire - Nov. 3, 2009) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Growing junior gold producer, Troy Resources NL (TSX:TRY)(ASX:TRY), is pleased to advise shareholders that a requisition for an Extraordinary General Meeting planned for 16 November 2009 has been withdrawn.

This follows the conclusion of discussions with Warrigal Pty Ltd, a company associated with Mr John Jones, a Non-Executive Director of the Company. As a consequence, the EGM has now been cancelled.

As a result of those discussions, a number of changes will be made to the Board of Directors at the Annual General Meeting of shareholders set down for 27 November 2009.

Mr Alan Naylor, the founder of Troy, has advised the Company that he will not seek re-election at the AGM and will retire from the Board after 25 years' service as a Director.

Dr Denis Clarke, who has been a Director of Troy for 10 years, has advised the Board that to facilitate the agreement with Warrigal he will resign as a director and leave the board at the AGM.

On behalf of all shareholders, the Board acknowledges and thanks Mr Naylor and Dr Clarke for their outstanding contributions to the Company over an extended period.

Mr Robin Parish, a 5% beneficial shareholder in Troy, will be appointed to the Board immediately and Mr Paul Benson will step down as a Director but will remain as the Company's Chief Executive Officer.

In addition, Mr Jones has confirmed that he will support the re-election of Troy Chairman, Mr John Dow, as a Director at the upcoming AGM.

Commenting on these changes, Mr Dow said he welcomed the resolution of the issues raised by Warrigal.

"The successful resolution of these issues is a win for the future of Troy.

"All parties are committed to a strategy which delivers the best outcome for all Troy shareholders.

"Having recently secured a fully underwritten entitlement issue to raise A$24.9M, the Company can focus its efforts on developing the Casposo gold-silver project in San Juan province, Argentina.

"Importantly, the timeline for the development of Casposo remains on track for first production in the September quarter 2010," Mr Dow said.

Mr Jones reiterated the comments of Mr Dow. "This is a great outcome for Troy and all its shareholders," he said.

Troy Resources (TRY.to): Sorry? What was that about panic selling again?

The only difference,
Twixt men and boys,
Is the shape, the size,
and the price of their toys.

(anon)

Here's the three month chart of my fave small gold producer, Troy Resources (TRY.to) (TRY.ax) with a couple of pointers to recent events.

Those of us that follow the stock closely know there's a boardroom headbutting contest between the current executive (led up by CEO Benson) and the old guard led up by company founder and large shareholder John Jones. The fight is about how to raise capital for the new Casposo project in Argentina and basically Jones is against Benson's plan to raise via an equity dilution. It's more intricate than that (those watching closely, please note those part-paid shares that have been converted this month) but it boils down to one thing: Two mining boys having a pissing match, both of them right and neither of them wrong.

As for the share price, the whole shebang concerned your humble servant much less than other observers, that's clear. The stock dropped off a cliff for a while but I just said "hold"...I even said "buy some cheap ones if you want" at some point but didn't partake myself...already full, y'see.

So here we are a few weeks later (and still on the run-up to the big bad boardroom showdown at the end of November) and the stock has....oh look...it's at new highs. This means that the market has cottoned on to the basic truth; whoever runs TRY going forward, it's going to be a success.

Moral of the story; let those oh so important boys play their oh so important games. The fundy analysis holds strong and the company is growing and set to make seriously good money going forward. Y'know, sometimes...just occasionally...it pays to be a small retail minnow and miss out on all the bigswingingdick stuff that goes on in the faster lanes of mining.

Troy Resources news (TRY.to)

TRY.ax closed up 1.3% at A$2.43 last night.
Here's the three month chart

Thanks due to kind reader 'M' for the headsup to the link. Here we have country standardbearing media source 'The Australian' reporting on the boardroom headbutting that currently going on over at Troy Resources (TRY.to)(TRY.ax).

No need to sample any of the text here, just click the link and go read it yourself. I'd just like to add that the photo of jones includes a very iffy necktie with yellow/black squares and interspersed flowers. Must pass as fashion in Oz.

Troy Resources (TRY.ax)(TRY.to):

Here's the three month chart of the Australian listing for Troy Resources (TRY.ax).........and it looks as if the market has come the the same sort of conclusion your humble servant did when the boardroom headbutting began, namely that it won't matter much in the long run.

As for the arbitrage between the Oz listing and its thinner-traded Canadian sibling, the forex rates suggest the A$2.45 close last night in Australia puts TRY.to at CAD$2.338 today. Troy Resources closed at CAD$2.17 yesterday.

Then factor in the gold move up and through U$1,050 this morning and, all in all, it looks quite promising for the Canadian listing of this quality, small goldie with tons of growth baked in. Yes I own, so DYODD dude.

Chart of the day...

...tempts a little hubris, but WTH...the dude deserves what's coming anyway.

You have to wonder how those Scotia clients are feeling after taking Trevor Turnbull's advice and bailing...and missing a 37% move since their very own sales marked the bottom. I particularly liked the line Trev used in his June 26 Scotia note that (and I quote) "Troy is only expected to be a micro-producer with less than 70,000 oz over the next few years", when the facts show 50,000 flowing from Andorinhas, 30,000 from Sandstone and the new 60,000 oz (or so) mine at Casposo coming online in September 2010. Maybe Trev meant to write "next few months" and not years.

Trevor: Epic, epic fail. Just shows what happens when your analyst loves his qualifications more than actually doing some work. So Trevor Turnbull MBA MSc, for the obviously pisspoor research you did on Troy Resoures (TRY.to) (TRY.ax) and the amazingly bad timing of your 100% incorrect advice, you win this week's coveted award. Enjoy, dumbass.


Related link: Taking it like a man

Troy Resources (TRY.to) news

Overnight in Oz TRY.to came out with two PDFs worth reading.

This one, which is the new company presentation (read for yourself why you should own this company).

And this one, which tells that capex costs for Casposo are down to U$45m.

When this thing goes above $2, remember who screamed at you all through 2009 from 84c upwards, yeah?

Troy Resources reports its quarter

On this link you can get your own copy of the quarter end March 2009 report that was released today. Overall its a pleasing report and the market rewarded the Aussie listed stock with a 9.4% increase to A$1.335 (CAD$1.15 approx). Not bad at all considering what happened to gold while Australia was asleep yesterday anjd as gold has managed to climb back above $900 on this side of the world today there's plenty of reason to expet a very decent pop in TRY.to this morning. Here are four points (from many others) that caught my eye in the report:

• The most important positive is the doubleplay that cash costs have dropped and its Australian Sandstone mine is producing competitively.

• Another positive is the reported A$64.8m in cash/bank/bullion deposits. This represents U$46.8m at current forex and means that the new Casposo mine and capex an be paid for out of treasury and there's little reason to expect any dilutive financing going forward.

• Another intriguing bonus is talk of a sale of its Iron Ore to one of two possible Brazilian purchasers. Although I personally am not holding my breath on this one (see today's Chart of the Day) if TRY can do a deal it would be a great cash bonus to the company.

• The major negative in the release is the delays experienced at Andorinhas in opening up the high grade underground extraction. By no means serious, but all the same the company is now behind schedule on that count. TRY now expects to start feeding significant amounts of high grade into the mix beginning June 2009. Let's see if they make that on time this time. TRY reports difficulties in procuring equipment and also power outages. The power problem sould now be a thing of the past as they've invested in back up diesel generators.

As said, those are just a few of the points I picked up and I strongly recommend that you read the full report (on that link above) for yourself. It's my idea of a great investment and I cannot be louder and clearer than that. Great prospects, growth baked in, under the radar and importantly run by honest management that truly put shareholders first and don't just pay lip-service to that angle. I'm long and have been since $0.84 and expect plenty more upside to come. My NOBS report on Troy Resources is still available if you are enough, find details here. However be clear that if you pay $10 all you'll get is plenty more detail and the same reco; "buy" as I'm not trying any hard sell here. I'll leave you with the Australian-listed stock and its performance from last night.