Shares in TSG rose by 23% on Friday morning to 56.4p.

"Current events have resulted in material changes to commodity prices and foreign exchange rates, which are expected to impact positively on the overall profitability of the group," said TSG.

"The company's dollar-denominated revenue from gold sales remains strong in a supportive gold price environment.

TSG said the recent oil price drop was "expected to considerably reduce the group's energy costs, and the connected devaluation of the Russian rouble is equally anticipated to contribute to overall cost improvement, as the majority of the group's operational costs are rouble-denominated".

The company's operations continue to run as normal, with its office in Moscow still open, "although processes are in place to ensure employees are able to work from home if needed".