FAQ - Gold


    Where is the gold coming from and is it safe

  • 1. Where is the gold coming from?

    Bullseye Mining Limited has signed a gold sale contract to sell 20,000oz of gold, that will be mined directly from their North Laverton mine site situated right in the heart of the Gold Belt in Western Australia. Normally gold passes into the local gold Mint before becoming available for public purchase but we were able to go straight to the source and purchase the gold at a discounted rate, discount that we are passing on to you - our customer.

  • 2. Why does the gold end up in the Perth Mint?

    As mining is taking place in Western Australia, the Perth Mint is the closest and most secure vault to store mined gold products. In addition the Perth mint refines the gold to international standard.

    The Perth Mint is Australia's official bullion mint and wholly owned by the Government of Western Australia. Established on 20th June 1899, two years before Australia's Federation in 1901, the Perth Mint was the last of three Australian colonial branches of the United Kingdom's Royal Mint intended to refine gold from the gold rushes.

    Up to 2000, the Mint's refined gold output totalled 4,500 tonnes, representing 3.25% of the total weight of gold produced by humankind. This is about the current holdings of gold bullion in the United States Treasury's Fort Knox Bullion Depository.

    Today, the Mint continues to provide refining and other services to the gold industry and manufactures many coin related numismatic items for investors and coin collectors.

    At present, the Mint refines approximately 90 percent of Australia’s gold production at a separate secured facility outside the city center. It mints coins and bars from both Australian gold and metal sourced from other countries, representing nearly 13 percent of the global production. It sold about A$18.9 billion in pure gold, silver, and platinum bullion bars and coins in 2018.

    In January 2018, the Perth Mint announced it would produce a blockchain based cryptocurrency backed by its own bullion (a digital gold currency) in approximately the next 12 to 18 months.

  • 3. Do you have any gold now?

    No, TROY doesn’t have any gold assets at the time of launch, TROY’s token sale will secure the purchase of gold from Bullseye Mining Ltd.

    HOW IT WORKS

  • 4. In what form will the physical gold be delivered?

    Physical gold will be delivered from the mine site in Western Australia to the Perth Mint under secure transport and storage, under standard security practice for the Western Australian mining industry.

    The Perth Mint will then refine the gold bars (for an agreed fee) and produce ‘four nine’ bars, i.e., gold bars that are 99.99% pure gold. (These ‘four nine’ bars are stamped by the world recognised Perth Mint and are typically sold to banks, governments etc. around the world). Once refined, our ‘four nine’ stamped bars will then be stored in Troy’s secure vault in the Perth Mint.

    Note - ‘Troy’s Gold token’ holders will be able to purchase Troy gold products made from our ‘four nine’ bars under standard jewellery gold classifications (carats) which we will charge a small production fee for. Alternatively, token holders can choose to receive an equivalent FIAT value in lieu of available gold.

  • 5. Once the gold is delivered, who legally owns it? TROY or TROY Gold token holders?

    Once the gold is delivered by Bullseye Mining Ltd, TROY will be the owner of the physical gold. When the Gold product purchase period opens, customers can use their TROY Gold tokens to purchase real world physical gold products from TROY.

  • 6. After I purchase TROY Gold tokens can I then purchase physical gold products?

    After the completion of the ITO and the gold pre-production phase of approximately 18-24 months, TROY will notify token holders of the purchase period 60 days prior to the purchase window opening. Following the 60 day notice period, there will then be a 60 day purchase period in which token holders can use their Troy Gold tokens to purchase gold products.

  • GOLD VALUE

  • 7. Is there a fixed amount of gold for each TROY Gold token?

    No. The ongoing token burn means that the remaining TROY Gold tokens will be able to purchase more gold products.

  • 8. What will be the value of the token when I go to purchase Troy Gold products with my TROY Gold Tokens?

    Until the purchase period takes place, the value of the Troy Gold token cannot be known.

    However if you go to the Troy calculator you can enter your figures to estimate what your tokens could earn you.

  • 9. What are TROY's gold products?

    TROY will produce a range of gold products to include gold jewellery and bespoke gold which will be designed by specialists.

  • PURCHASE PERIOD

  • 10. Why do you have a gold product purchase period?

    Due to storage costs at the Perth Mint, it is not possible for TROY to store gold products for an extended period, this means that TROY has to have a gold product purchase period.

  • 11. When will the purchase period begin for TROY Gold token holders to purchase gold products?

    TROY will notify token holders of the purchase period 60 days prior to the window opening. TROY’s purchasing period will then last 60 days. However – depending on factors such as the popularity of our products, further purchase periods may happen.

  • GOLD PRODUCTS & FIAT

  • 12. What is the minimum amount of Troy Gold Tokens I can exchange for gold products?

    Due to cost factors including the cost of processing gold, TROY is unable to permit purchase of gold products below a certain value.

    This value will be announced closer to TROY’s gold purchase period.

  • 13. Can I request FIAT instead of gold products for my tokens?

    Yes, we can send you FIAT to any bank account minus administration fees.

  • 14. Which currency will FIAT be paid out in?

    FIAT will be paid out in USD.

  • FUTURE CONCERNS

  • 15. How can I be sure you will never dilute the gold assigned to my tokens?

    TROY has placed undistributed tokens with a trusted fiduciary and none of these tokens will ever be released unless a new gold contract is signed.

  • 16. What will be the status of TROY’s Gold tokens if Bullseye Mining Ltd is unable to deliver the physical gold?

    We consider the risk to be very low that Bullseye Mining Ltd would be unable to deliver physical gold.

    Bullseye Mining Limited has undergone extensive surveying and drilling of its tenements that have resulted in a JORC 2012 compliant approved resource of 276,000 ounces of gold. Bullseye has 185,000 oz of gold in its current mining Reserve (reported under the JORC 2012 regulatory Guidelines in Australia for public reporting) with a new updated feasibility study with Como Engineers and Resource Development Group (RDG) expected mid-year 2019.

    For more information on JORC regulation please go to the “Why Invest” section of our website.