Q1 Oct 31,2023 CommentsJust a few observations, possibly of interest to numbers nerds. Cheerleaders, feel free to quit reading right now.
Investments went from $14 million to $4.1 million, of which Sayona accounts for $3.44 million. At July 31 year end they had 94.7 million SYA shares, and during the quarter sold $3.5 million worth. By my calcs, using a .88 Aus/Cdn exchange rate and 7.5 cent SYA price, the current value of the remaining stake would imply holding 50,679,900 shares. It would not surprise me to learn in the next Q report that all of the Sayona is gone.
Cash was $1.2 million. When JR told the crowd at the Zurich gold show that Troilus had $20 million cash, he meant that there was a tax credit receivable of $11.5 million plus the Sayona shares worth $3.4 million plus the cash. But accounts payable were $7.1 million. Thus my thinking that the Sayona is gone. It's no wonder the company had to do the giveaway bot deal at 35 cents.
Speaking of which, the bot deal raised $14.6 million (my calc.) of which $5 million has to be spent on qualifying exploration expense. So really, Troilus nets about $9.6 cash.
During the Q, 6.36 million shares were issued under "Share-based payments". Attributed $ amount was $763 k , but that got complicated by a $9 million plus adjustment or restatement of the share-based reserve. I was getting a headache by this time so no, I can't explain this.
Bottom line: we've been told that exploration has come to an end but $5 million has to be spent on exploration. Maybe it's already been spent, capitalized, and awaiting an accounting transfer. I don't know. My suspicion is that by next July 31 this company will be running on fumes.