TORONTO, Sept. 15, 2020 (GLOBE NEWSWIRE) -- Teranga Gold Corporation ("Teranga" or the "Company") (TSX:TGZ; OTCQX:TGCDF) is pleased to announce that it ranks ninth on the 2020 TSX30, an annual sector-agnostic ranking of the top 30 performing companies on the Toronto Stock Exchange (“TSX”) over a three-year period, based on dividend-adjusted share price appreciation.
Teranga’s share price appreciated by approximately 250% between June 30, 2017 and June 30, 2020, driven by its transformation into a multi-asset, low-cost, mid-tier gold mining company as well as strong gold prices. Over the three-year period, Teranga achieved record production at its Sabodala mine; created a top-tier gold mining complex through its acquisition of the Massawa Gold Project, one of the highest-grade undeveloped open-pit gold deposits in Africa; advanced Wahgnion from an exploration project to the Company’s second fully operating mine; and developed a strong organic exploration pipeline for future growth.
Commencing in 2021, and for the next five years, Teranga expects to produce an average of more than 500,000 ounces of gold annually at among the lowest costs in the industry, resulting in significant cash flow for ongoing investment and growth.
“We are proud of what we have accomplished at Teranga and are even more excited about the future as we are just getting started,” said Richard Young, President and CEO. “Skilled people, supportive communities and an award-winning sustainability program, together with long-life mines and a pipeline of organic growth assets are helping us achieve our low-cost, mid-tier ambition in West Africa, one of the world’s leading gold jurisdictions.”
Added Mr. Young, “Our TSX listing is also a big part of our success, as it enhances our profile with all of our stakeholders. A TSX listing conveys the high standards of disclosure and corporate governance that are critical to investors and our host jurisdictions in West Africa. We congratulate all members of the TSX30, and wish each company success in the coming years.”
To mark the occasion, Teranga Gold President and CEO Richard Young and Trish Moran, Vice President of Investor Relations and Corporate Communications, will join fellow corporate honourees and the TMX Group to virtually open the market this morning.
“We are especially proud to present the 2020 TSX30, an important means of showcasing some exciting issuer success stories across our market,” said Loui Anastasopoulos, President, Capital Formation, TMX Group. “In a year fraught with challenges for so many businesses, the crucial role publicly-listed companies play in the Canadian economy is even more amplified. These companies serve as engines of growth; creating jobs, generating returns and creating value for investors. On behalf of all of us at TSX, I’d like to congratulate the 2020 TSX30 winners for their achievements and we look forward to serving their evolving needs through each stage of their future growth.”
To learn more about the TSX30 annual ranking, visit www.tsx.com/tsx30.
Teranga Gold is transitioning into a mid-tier gold producer operating long-life, low-cost mines and advancing prospective exploration properties across West Africa, one of the world’s fastest growing gold jurisdictions. The top-tier gold complex created by integrating the recently acquired high-grade Massawa Project with the Company’s Sabodala mine, the successful commissioning of Wahgnion, Teranga’s second gold mine and a strong pipeline of early to advanced-stage exploration assets support the continued growth of Teranga’s reserves, production and cash flow. Through its continued success and commitment to responsible mining, Teranga creates sustainable value for all stakeholders and acts as a catalyst for social, economic, and environmental development. To learn more, visit www.terangagold.com.