Q: Can I please have your view on TROY?
5i Research Answer:
TROY is a small ($20M market cap) mineral exploration company. Its current focus is on the Lake Owen project, a Vanadium, Titanium, and Iron ore rich project near Wyoming. Vanadium is classified as a critical mineral by the US Energy Act of 2020, with less than 5% of the utilized amount being mined and processed in the US. It is pre-revenue but has an equity position of $4.4M. It funds its operations through share dilution, and its share count has increased by 64% since IPO in late 2022. We think its recent momentum looks OK, but it is a tiny company with no sales. We would consider the name to be fairly speculative at this time, but if demand for Vanadium picks up, we could see the name gaining attention.