Ann: Gonneville Nickel-Copper-PGE Project Scoping Study, page-1137

I should have said mining stocks rather than gold stocks. Dividends are low with miners because they are always needing cash to explore for and develop new mines. The only time a producer gives a better divvy is when they are in the wind up mode with no development.
So, why buy a miner? Well, a successful miner will keep on finding new resources but equally important they are to be traded as their fortunes rise and fall along with commodity prices and discoveries.
Basically, a miner exploits a fixed asset and so its value should only diminish over time which would suggest that a high dividend yield is appropriate. However, technology and the Earth's abundance seem to give reason for the continuing development of mines and so the game continues.
Hence, some key valuation measures for a miner are: EV to Production; EV to Reserves; EV to Resources and EV to Net Revenue (which incorporates the expected production times the likely commodity price, less expected AISC).