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Terraco Gold Corp.


Terraco Gold Corp. is a gold royalty/mining company with a gold project portfolio that includes a gold royalty and net smelter royalty option (up to 3%) on the Spring Valley gold project, which is a joint venture among the world's largest gold producer, Barrick Gold Corp. (75%), and Midway Gold Corp. (25%). A new gold resource was released in August 2014. Terraco also controls over 35 km sq of early-stage exploration potential (the Moonlight project) adjoining the Spring Valley project joint venture on the north side. In addition, Terraco has an advanced-stage gold project in Idaho (the Nutmeg Mountain/Almaden project) that hosts an NI-43-101-compliant gold resource.

The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Comments:

The Gold Report Interview with Thomas Drolet (11/19/14) "I am very high on Nevada and the Carlin Trend of gold mines operated by juniors such as Terraco Gold Corp. Terraco. . .has a nice royalty position in a property that is being developed there by Midway Gold and Barrick Gold. . .once the Barrick mine goes into production, Terraco will receive a royalty of a few percent based on the net smelter basis. Terraco's value is enhanced by that potential royalty stream. . .I know the management of Terraco quite well—Todd Hilditch, Charlie Sulfrian—the company geologist—and Matt Johnston. Having a fantastic geologist like Charlie on the team makes a major difference." More >

The Gold Report Interview with Joe Mazumdar (10/1/14) "Terraco Gold Corp. has royalties on the northern part of the Spring Valley project, where the majority of the current resource lies. Having a senior producer such as Barrick Gold Corp. as the developer is a positive for a company like Terraco." More >

Ian Gordon, Ahead of the Herd (9/30/14) "I consider Terraco Gold Corp.'s management as good as any in the junior mining space. A simple way to describe the company's management might be 'good but not flashy'. . .it is focused, honest, hardworking and committed to enhancing shareholder value in the company."

Ian Gordon, Longwave Group (9/23/14) "Terraco Gold Corp. owns a gold net smelter royalty on almost all the Spring Valley deposit in Nevada. . .this royalty is not being reflected in the company's current share price, and because of that, Terraco's share price is undervalued by perhaps as much as 50%."

Deborah Bacal, Proactive Investors (8/13/14) "Terraco Gold Corp. reminded shareholders on Wednesday of its royalty interests in Midway Gold Corp.'s joint venture Spring Valley project with Barrick Gold Corp, where earlier this week resource estimates were bolstered and capital budgets increased. . .on Tuesday, Midway announced an updated mineral resource estimate, which reflected 4.37 Moz in the Measured and Indicated category, an increase of 102% from the previous 2011 estimate, with an additional 1.07 Moz in the Inferred category. Average grade in the Measured and Indicated category also increased by 20% from the previous estimate."

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The Mining Report Interview with Rick Mills (7/1/14) "Terraco Gold Corp. has bought a net smelter return of up to 3% on claims covering the vast majority of the currently outlined Spring Valley deposit. . .Terraco owns a project called Moonlight, which is located at the north end of the Spring Valley project. North of Moonlight is Renaissance Gold Inc.'s Fourth of July project. Renaissance just signed an exploration agreement with Sumitomo Corp.'s U.S. subsidiary Summit Mining Exploration to earn up to 70%. If you picture it on a line, on strike, you've got the Rochester mine, Spring Valley, Terraco's Moonlight and Fourth of July. So what we have is Terraco's Moonlight property sandwiched right in between Barrick and Sumitomo. Plus Terraco has the royalty on Barrick, and 864 Koz gold at its Almaden project in Idaho. You can see why I'm pretty excited about Terraco." More >

The Mining Report Interview with Michael Berry (6/17/14) "I am an adviser to and own shares of Terraco Gold Corp. Its 35 square mile Moonlight property is immediately north of Midway Gold/Barrick's Spring Valley project. Spring Valley has more than 2.1 Moz Measured and Indicated gold and 1.9 Moz Inferred gold. I visited Spring Valley, and this will be a mine.

Todd Hilditch is Terraco's CEO. One thing he did that has been very disruptive, especially to Barrick and Midway from a strategy viewpoint, was buy the royalties on Spring Valley. Thanks to management resourcefulness Terraco holds a 3% net smelter royalty on the majority of the Spring Valley gold resource. We talked about the power and transformative nature of royalty investing in the shale oil fields. Even management strategy can be disruptive. Terraco has a tremendous advantage over other junior explorers because it can maintain its position and wait for Barrick to develop Spring Valley. Barrick has just dedicated another $14M program to Spring Valley after its earn-in. Todd Hilditch is the example of the new thinker in the junior mining industry. These new breed CEOs look at different ways of producing wealth, creating wealth, of working with the sell side. And there's no place better than Nevada for gold and silver. Sumitomo Metal Mining just did an earn-in deal with Renaissance Gold Inc. on its Fourth of July property close to Moonlight. So the area play is heating up and Terraco shareholders should benefit." More >

Chris Berry, Disruptive Discoveries Journal (5/16/14) "I have always liked Terraco Gold Corp. because I never truly viewed it as a traditional junior miner. Although it is involved in gold exploration, the more valuable portion of its business is the royalty portfolio the company's CEO, Todd Hilditch, has constructed."

The Gold Report Interview with Michael Berry (4/14/14) I like Terraco Gold Corp. I like its proximity to Midway Gold Corp.'s Spring Valley project and, of course, the Barrick interest in Spring Valley helps. Barrick has invested $53 million ($53M) into Spring Valley." More >

Haywood Securities (4/11/14) "Terraco Gold Corp. announced a restructuring of its subsidiaries to consolidate its Humboldt Range, Nev., assets into a separate subsidiary from its non-Humboldt assets. . .the company holds a 3% net smelter return on claims covering most of the Spring Valley project. Also part of the Humboldt subsidiary is Terraco's Moonlight project."

The Gold Report Interview with Ian Gordon (1/20/14) "I really like Terraco Gold Corp. It has an excellent management team—a particularly important component for a junior miner. The company has 1 Moz in Idaho, and a property that abuts the Barrick Gold and Midway Gold joint venture at Spring Valley. Terraco's management acquired some royalties on that Barrick/Midway property, which I think could have a value of $50M and that is considerably greater than Terraco's tiny market cap.

TGR: Terraco has the right to exercise an option on a 3% net smelter royalty on the Barrick/Midway Spring Valley joint venture. Terraco has to act on that $15.1M option before December 2016. Do you think that's likely?

IG: Barrick will be very interested in appropriating that royalty for itself. Royalties are so costly to production that no company likes to give out big royalties. I think that before the time is up someone will buy out that royalty. That would give Terraco lots of cash." More >

Ian Gordon, Longwave Group (1/3/14) "Terraco Gold Corp.'s share price has been in a basing pattern since March 1, 2013. . .a review of the company's monthly price chart shows two similar previous basing patterns. Following price breakouts from these patterns, Terraco's share price at least tripled within a few months. . .investors should also consider the very valuable royalty call options that the company has acquired on the Barrick Gold Corp./Midway Gold Corp. Spring Valley project in Nevada."

The Metals Report Interview with Rick Mills (10/1/13) "A company that would stand to benefit from Barrick putting Spring Valley into production is Terraco Gold Corp., which has a royalty on the Spring Valley deposit. Once the project goes into production, the cash flow to Terraco will be tremendous, and Terraco can also use pieces of the royalty as an ATM, as it were, if they want to do a non-dilutive financing. . .Terraco has a project called Moonlight, which is attached to the north end of the Spring Valley project. It certainly looks like the Spring Valley mineralization heads north to Moonlight. Also, most people don't know that there could be a very good opportunity for silver there. That's why it's called Moonlight. The old-timers used to talk about seeing the moonlight glint off the silver at night. The other thing Terraco has got going for it is almost 1 Moz gold in its Almaden project in Idaho. With heap leach, it looks like it would be very cheap to put into production. All told, Terraco is an interesting play." More >

Rick Mills, Ahead of the Herd (9/13/13) "Terraco Gold Corp. has a gold royalty and royalty option (up to a 3% net smelter return [NSR]) on the Spring Valley gold project. . .the royalty transactions on the Barrick Gold Corp.-led Spring Valley project have not only given Terraco a non-dilutive cash infusion of US$6M but also gave the company what in reality is an ATM card. Terraco can use that ATM card and pull out millions of dollars in future non-dilutive financings in order to fund the company going forward by selling pieces or small percentages of the royalty. The numbers flowing to Terraco over the life of the Spring Valley mine are very lucrative."

The Gold Report Interview with Chris Berry (7/31/13) "Terraco Gold Corp. has sound leadership in CEO Todd Hilditch, as well as very experienced geologic knowledge in Charlie Sulfrian and Dr. Ken Snyder. Terraco is focused on two projects, one in Nevada called Moonlight, which is 8km north of Coeur Mining's Rochester mine, and one in Idaho called Almaden, which contains a Measured resource of 239 Koz gold, an Indicated resource of 625 Koz gold and an Inferred resource of 84 Koz gold. However, to me the most interesting asset is a royalty Terraco has. This is a NSR royalty of which Terraco has an option on and owns a portion of up to 3% on the Spring Valley deposit, which Midway and Barrick are jointly developing. . .my analysis indicates that the value of the Spring Valley royalty could be larger than Terraco's current market cap. . .it is early days for the company, and I see a lot of unrealized value here." More >

Chris Berry, Disruptive Discoveries Journal (7/30/13) "Terraco Gold Corp. announced the closing of its third royalty transaction on Spring Valley, a multimillion ounce gold deposit. . .the company now has CA$1.8M in cash and marketable securities on its balance sheet. . .with the closing of this third transaction, Terraco is now afforded, either by direct ownership or by option, up to a 3% net smelter royalty on Spring Valley. . .the real benefit to the company consists in the leverage it can gain from a discovery surprise."

The Gold Report Interview with Ian Gordon (6/26/13) "I'm extremely bullish on Terraco Gold Corp. The company is one of the best managed juniors out there. Todd Hilditch, the CEO, does a fantastic job in acquiring royalties on the Barrick Gold Corp./Midway Gold Corp. Moonlight property in Nevada. These royalties have been estimated to have a value of about $70M on the Barrick/Midway Moonlight property in Nevada. Barrick doesn't have to tell us how much gold is being discovered there, but people are quoting it at 6 Moz and I think that it is based on that number that the value of the Terraco royalty has been estimated. . .its Spring Valley project is contiguous to the Barrick/Midway project. There's a good chance that the gold being discovered on the Barrick/Midway project is going to run onto the Terraco property." More >

Andrew Topf, Gold Investing News (6/6/13) "Terraco Gold Corp. has been climbing on Spring Valley progress. . .with its net smelter royalty on a property in Nevada joint-ventured between Barrick Gold Corp. and Midway Gold Corp., Terraco has been getting traction in the market. . .because it has the option to aquire up to 3% net smelter royalty on claims covering the ore body."

Chris Berry, Morning Notes (6/5/13) "Midway Gold Corp. updated its investor base with news of strong drill results that are highly significant to Terraco Gold Corp., its neighbor to the south of the joint venture's Spring Valley project. It appears to us that these drill results indicate a major structure at Spring Valley. . .Terraco has up to a 3% net smelter royalty on the property, so as the resource grows, so too does the value of the royalty. . .we believe the new intercepts may significantly increase the potential for wealth creation. . .based on our conservative math, the royalty interest could be worth as much as $80M to the company today. . .the rationale for owning Terraco is straightforward. . .we continue to believe in Terraco as an opportunity and have valued it thusly; it is a true contrarian play and we think it is sustainable."

The Gold Report Interview with Rick Mills (4/15/13) "Terraco Gold Corp. has one of my favorite management teams. Its Almaden project in Idaho is a 1 Moz gold heap-leach project. A lot of it is up on a mountain, and there is quite a bit of starter material laying around down below. When you need more you get a caterpillar and just push it down. Terraco is working behind the scenes on water testing and advancing to a production decision. . .Terraco's Moonlight project in Nevada lies at the north end of the Spring Valley joint venture between Barrick Gold Corp. and Midway Gold Corp., which is currently 3.5 Moz gold. . .Terraco has a 2.5% royalty on the Barrick-Midway JV, Spring Valley, valued at perhaps $60–80M. Todd Hilditch, Terraco's CEO, could monetize that royalty. He could put Almaden in production and get that cash flow going. Then he could chase Livermore and Wallace's silver mine on Moonlight while it is in play from Barrick drilling. It brings a smile to my face to think that Hilditch could be in a position AGAIN to return this kind of value to shareholders." More >

The Gold Report Interview with Michael Berry (2/27/13) "Terraco Gold Corp. has about 1 Moz of gold in Idaho at the Almaden project. The company is testing the metallurgy there. Some of the gold is encapsulated in silica. With the current gold price, Almaden remains a valuable project. Then there is the royalty Terraco has on the Spring Valley joint venture between Barrick Gold and Midway. No matter how you value that, it is worth about $60M. That definitely represents optionality because it could be sold tomorrow. It is very liquid. This is indeed an option that Terraco can exercise. And even if the property cannot be sold, Terraco's royalty could be sold to a number of players. . .now Todd Hilditch and his board have to decide if it is going to be a royalty company or a mining company. Either way, there is so much value there that I would buy the stock and sit on it. I own the shares and act as an adviser to Terraco. . .[Almaden] will be open-pit, but not necessarily simple because of the metallurgy. Charlie Sulfrian, the chief geologist, is working on upgrading it now. The resource is probably over 1 g/t, and there is 1 Moz. Even at 600–700 Koz, it will be very valuable." More >

The Gold Report Interview with Ian Gordon (2/6/13) "I just met with Terraco Gold Corp. I have a position in Terraco. I really like the management. It has 1 Moz in Idaho. It also has a fantastic property in Nevada, which borders on Barrick Gold Corp.'s Midway property, where Barrick is spending $30M to earn-in on that property. Barrick isn't going to spend $30M on an asset unless it truly is confident that it holds a fairly significant resource. . .Terraco also has managed to purchase royalties on the Midway property. Terraco has a 2.5% royalty on most of the property. Those royalties are extremely valuable if there are a lot of ounces there. It is valuing that royalty at about $70M. Terraco is a great little junior with a royalty on a very good property with good management. . .[Consulting Geologist] Ken Snyder could have gotten a job with any company. Ask yourself, why would he want to be at Terraco? Obviously, he's a believer. . .I'm happy to own this stock. It's trading at a very small market cap, and I think it's going to grow much larger." More >

The Gold Report Interview with Mike Niehuser (2/1/13) "Terraco Gold Corp.'s has the 35-square-kilometer Moonlight project. The company told me the old timers could see the silver in the moonlight; not sure if it is true but it is a great story. Terraco also has royalty interest in Spring Valley. Terraco's main project is in Idaho; although it's not a marquee area like Nevada, Idaho has potential to surprise and I would like to see that project as well." More >

Haywood Securities (1/15/13) "Terraco Gold Corp. is a company to watch in Q3/12. . .its Almaden project has seen significant exploration and small-scale production since its discovery in the late 1930s. . .since acquiring the project, the company has completed two phases of drilling. . .the 2013 work program will include completion of ongoing metallurgical test work (Q1/13) leading to a possible updated resource estimate and a PEA in Q2/13 as well as additional drilling."

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