TRX - Tanzanian Gold: Valuation Remains Unattractive Even After The Drop

• Tanzanian Gold Corporation was one of the worst-performing gold stocks yet again in 2020, with a measly 6% return vs. the 30% return for the Gold Juniors Index.
• The company has already proclaimed itself a producer as of November, but this is an ambitious title for a miner that produced less than 1000 ounces of gold in 2020.
• While the stock may look cheap given the peer comparisons it's used in its presentations, I would argue the stock is more than fairly valued as a Tanzanian gold explorer.
• Given the history of excessive share dilution, and the fact that the company operates out of one of the worst mining jurisdictions globally, I continue to see the stock as an Avoid.

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