TSG is a high-grade, low-cost gold miner with a strong track record of returning cash to shareholders. Since the end of 2015, the company has returned $21.5m in ordinary and special dividends. The acquisition of the Rodnikova deposit for $3.0m has added an additional 1.01m oz of low-cost resources, and represents a first step towards transforming TSG from a single asset to a potentially multi-asset gold producer. TSG’s valuation on EV/resources is at the low end of the peer group, and a sustainable $3m p.a. dividend payout provides a yield of 4.9% – with significant upside potential in a gold bull market.
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