Karouni produced 6224 ounces in December and 16,109oz of the quarter.

Troy noted the 6224oz equated to a run-rate of 75,000oz per annum, and that the production in December could have been higher but for an unscheduled partial mill re-line that saw the mill closed for two days.

Karouni, which was initially mooted as a 100,000ozpa operation, has suffered multiple issues since pouring first gold in November 2015.

The underperformance has put the company and its directors under pressure, with the latter narrowly avoiding being rolled after board spill motion was initiated by a shareholder late last year.

Troy managing director Ken Nilsson told the market the company expects to have the project “back on budget in another month or two”.

Full details of production last quarter are expected later this month.

Shares in Troy were up 7% to A10.5c in afternoon trade, capitalising the company at $48 million.