G
AUGUSTA GOLD CORP
stock TSE

There's a lot of different types of companies with a lot of different types of balance sheets, and within different phases of their overall lifetime. All those things you've listed are ones that have existed for the last umpteen years, are profitable, paying dividends, dividend growing. This is basically "dividend aristocrats", s&p has an index for that , SPTXDV. G&M provides a free component listing :
[https://www.theglobeandmail.com/investing/markets/indices/TXDV/components/](https://www.theglobeandmail.com/investing/markets/indices/TXDV/components/)
CDZ.TO from ishares tracks it... it's yield is \~3% , so less than your 5-6% you quote, and, if you look at the tax documents for CDZ, to get that yield, half the distributions are capital gains, meaning the fund managers are realizing capital gains of the holdings in excess of the dividends received from the holdings (0.002 div vs 0.003 gains; per share, per day)
Nobody is looking at yield. If you want a flat yield, buy bonds. You can find corporate bonds that pay 6-7% easily. The reason people don't do that is because the value of the equity of the relevant company will grow in excess of money paid out of the bond during it's lifetime (and, indeed, company's dividends as well). You can get that 6-7 yield, but the underlying principle is just cash, it *can't* grow.
All that said, dividend reinvestment strategy is still valid, but you need to filter which companies you look at. What dividend aristocrats doesn't see is companies that have just started their journey to profitability & commenced dividends recently, those that and have a stable dividend that hasn't increased, or cases where a dividend was suspended and reinstated. It takes *years* for a company to show up under this criteria and it's easy to slip up.... RSI and SIA both have respectable yields, been paying out years, but haven't *increased* for 5 years. CRRX just started paying dividends a quarter or two ago, so it doesn't show.
If you've only found those 4 general classes of companies, I don't think you're looking hard enough? Those companies I've listed are consumer staples & health... Of course, those categories DO have some good companies, of course, but there are A LOT of companies out there. It's obviously risky to try this, invest in *any* company directly for it's dividend, which is why many don't. Way easier & often more lucrative to just do passive ETF index approaches. If you want cash-money, look at covered call etfs, not a dividend paying company... lmao

Our dollar would be at 30 cents without O&G and that might be optimistic