Troy was founded in 1984 and listed on the Australian Stock Exchange (ASX) in 1987. Troy’s initial focus was on a group of tenements in Southern Cross Western Australia. Its first success was the development of Cornishman Stage 1 in Southern Cross in a joint venture with Mawson Pacific, which moved Troy from the ranks of explorer to producer. This was followed by the development of the 100% Pilot Project just north of Southern Cross. The Cornishman Stage 2 followed, generating sufficient funds for acquisition and development of the Bulchina Project in Sandstone.
By 2002, the Company had commenced production at the Bulchina mine at Troy’s Sandstone Gold Project in Western Australia and had a 49% interest in the Cornishman mine, located about 5km south of the town of Southern Cross in Western Australia. The Cornishman Mine was a joint venture between Sons of Gwalia (“SOG”) (51%), as manager and Troy (49%). Mining ceased in February 2004.
In 2002, the Company purchased the Goiás Velho Project in Brazil and concentrated its efforts in bringing the Goiás Velho Project into production. Velho Project was brought into production in March 2003.
The Goiás Velho Project was operated by Sertão Mineração Ltd (“SML”), a joint venture between Troy and Amazonia Mineração Ltda (“Amazonia”). Troy holds 70% of the shares of SML and Amazonia holds the remaining 30%. Under the shareholders’ agreement between Troy and Amazonia, Troy managed the development and mining of the SML Project while Amazonia provided local logistical support, other specialised services and conducted exploration activities throughout the project area.
During fiscal 2004, the Bulchina Deposit at Sandstone was depleted and mining ceased at the Bulchina Mine with the associated milling operation continuing to process low-grade ore until early 2005.
In 2004, Troy discovered the Lord Henry Deposit and the Lord Nelson Deposit in the Sandstone Greenstone Belt (the “SSGB”), approximately 30 kilometres southeast of the Bulchina Mine.
Mining commenced at Lord Nelson in early 2005 and at Lord Henry in early 2006.
In July 2007, mining at the Sertão mine was completed and processing of ore at the Sertão mill was ceased in August 2007.
In November 2006, Troy acquired the Andorinhas Gold Project in north Brazil from Agincourt Resources Limited for US$10.14 million in cash by purchasing all of the shares of Agincourt Resources do Brasil Ltda (renamed Reinarda Mineração Ltda) which holds the Andorinhas Gold Project.
Troy relocated the processing facility from Sertão to Andorinhas enabling production to commence in May 2008, just 18 months after the Resource was acquired with an initial capital cost of under US$20 million.
In May 2009 Troy acquired the Casposo gold and silver project in San Juan Province, Argentina and commenced development of the project in October 2009 utilising a processing plant Troy had held in storage. First gold was poured in November 2010 and the official opening of the mine was held in late May 2011.
Mill feed is now predominantly sourced from underground with open pit mining coming to an end in the second half of calendar 2014.
In the second half of 2013, Troy completed the acquisition of ASX listed, Azimuth Resources Limited whose main asset was the Karouni project (formerly West Omai) located in Guyana. Since that time the Company has been seeking to fast track development of Karouni and currently expects construction to commence mid 2014, with earliest production expected mid calendar 2015.
Since its inception, Troy has continued to look for opportunities to create value for its shareholders, through focused exploration in Brazil and Argentina and more recently with its acquisition of the Karouni project in Guyana.
Troy has built a solid reputation for employing a highly capable team of senior managers, staff and consultants with an outstanding array of international and Australian experience and success.
Building on a solid reputation for fast-track mine development, low cost operations and strategic acquisitions, Troy is positioned for growth with an excellent track record of mine delivery, a robust balance sheet and the people to reposition the company as a successful mid-tier producer with a portfolio of quality long-life assets.