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Terraco Gold Corp.

TICKER: TEN:TSX.V

Terraco Gold Corp. has a mix of advanced- and early-stage gold and silver projects in Idaho and Nevada. Its 100%-owned Almaden project is located near Boise, Idaho, and hosts an NI-43-101-compliant M&I resource of 864 Koz gold, 84 Koz Inferred. With its current drill program, Terraco is exploring additional near-surface mineralization and testing for high-grade, bonanza mineralization at depth. The company's 100%-owned Moonlight project is located in Pershing County, Nevada and adjoins the Barrick/Midway joint venture project, Spring Valley, to the south. The Rochester Mine has produced over 127 Moz silver and 1.5 Moz gold in its 24-year history. Vice President of Exploration Charles Sulfrian and Lead Consulting Geologist Ken Snyder were both instrumental in the discovery of major Nevada gold mines, including Barrick's Goldstrike and Newmont's Ken Snyder "Midas" mine.


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 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 >

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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, Morning Notes (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."

The Gold Report Interview with Rick Mills (12/3/12) "Terraco Gold Corp. has several irons in the fire. Nutmeg Mountain, the Almaden project, is putting out an updated NI 43-101. It has 887 holes that were inherited. . .the company has done 52 core holes and four 4-inch metallurgical holes that it is going to include in the new NI 43-101. . .Almaden seems to be a perfect example of a low-cost deposit. We're looking at a new NI 43-101 with better recovery in the cores, and the holes support that. The diamond-drill holes were 20–40% better grade than the RAB and the RC. We're waiting on metallurgical results that should be out shortly. . .Terraco should have a PEA early in 2013. It could come up with some superior numbers that show Almaden as a serious low-cost producer. It's heap leach. The company has $1.8M in the treasury. Terraco is going to do its PEA and see if it can produce out there." More >

The Gold Report Interview with Michael Berry (11/21/12) "Terraco Gold Corp. has a great management team in CEO Todd Hilditch, VP Charlie Sulfrian and Ken Snyder as the consulting geologist who's famous for discovering the Ken Snyder mine. Hilditch is young, aggressive, understands valuation and monetization. The company has the property called Moonlight just north of Midway Gold. For $20M Hilditch bought the Midway royalty from underneath Barrick Gold Corp. at Spring Valley. Today, the ownership piece of that royalty is worth $60–80M. The company is trading at around $0.19/share. It's one thing to monetize a deposit; it's another thing to monetize a royalty. We think Hilditch can monetize that royalty with any number of financial companies tomorrow. Todd also has the strong support of Haywood behind Terraco, which is quite impressive. Terraco is a company you really want to have a look at. It has a good management team. It has about 1 Moz gold Indicated and Inferred in Idaho as well. It'll be open-pittable. It is doing metallurgical tests now to determine recoveries." More >

Morning Coffee (9/10/12) "Terraco Gold Corp. finished the week off strong, after investors applauded the company's most recent assay results from the 2012 drill program completed at its Almaden (Nutmeg Mountain) project, in Idaho. . .significant intercepts were drilled from surface to 76.8m and many holes intersected gold grades exceeding the average grade of the deposit and include shorter sections assaying up to 10.8 g/t gold."

Bob Moriarty, (8/1/12) "I visited Terraco Gold Corp.'s Almaden project of over a year ago. . .I liked the project and really liked the strength of management on the geological side in the form of the Vice President of Exploration Charlie Sulfrian and Dr. Ken Snyder, consulting geologist. . .recently, the company released the best drill hole ever drilled on the Almaden project. . .incredible results of 76m 1.2 g/t gold from the surface down to the bottom of the hole."

Michael Berry, Morning Notes (7/25/12) "Terraco Gold Corp.'s drill success continues: This morning, the company announced another set of drill results from its Almaden (Nutmeg Mountain) property in Idaho. . .the company has adequate cash from the royalty (on Midway's Spring Valley) deal we discussed a few months ago. In addition, the company has very strong institutional backing in Canada. . .at Almaden, Terraco has now drilled 50 core holes. . .several of these holes are showing 1+ gram gold grades. We hope for a preliminary economic assessment by year-end that will establish a recoverable resource of 700 Koz to 1.2 Moz (my opinion only) of open-pittable gold. At $1,600/oz gold, this will be a very nice wealth creating and sustainability factor for the company's shareholders."

The Gold Report Interview with Rick Mills (7/23/12) "I really like Terraco Gold Corp. It's a unique company. Besides the exploration potential on its Moonlight property in Nevada, its Almaden project in Idaho already has a significant gold resource—and to this cowboy it certainly looks as if it's increasing the resource by metallurgical studies and huge drill holes. Instead of putting down the skinny drill holes, Terraco put down a four-inch hole and the grade went up drastically, to 1.3 grams/ton. Judging just on the basis of the internals of the deposit, it looks as if the company can increase the grade and the resource size simultaneously. But it goes beyond the projects. Terraco has a royalty option—an option to acquire up to a 2.5% net smelter royalty on the Spring Valley gold project, which adjoins Terraco's Moonlight project in Nevada and is joint ventured between Barrick Gold Corp. and Midway Gold Corp. . .Terraco doesn't have to contribute to the operating or capital costs at the mine after the initial payment is made. This is one of the things I like most about Terraco.

. . .When you do the math on Terraco, you can see why I like this company so much. Even if Spring Valley were to remain at 3.5 million ounces (Moz), 75% recovery on $1,200/oz gold for the next 15 years at $650/oz gold cost at a 3% discount rate gives you $70M–80M net present value (NPV) minus the $12.5M to exercise the option. Using those very conservative numbers, that comes to about $57M NPV. These outstanding shares fully diluted put a $0.35/share base price on Terraco right now. You can see a minimum, a base that doesn't even include Moonlight or Almaden, which has 1 Moz and growing in a shallow open-pit resource that could be a mine today. . .a very good value play for anybody to look at. Terraco offers the Moonlight exploration upside, 1 Moz of gold at Almaden with considerable upside because it's looking for higher-grade feeder gold shoots coming up from underneath much like the Ken Synder mine, and the royalty." More >

Michael Berry, Morning Notes (6/28/12) "Terraco Gold Corp. reported results from 10 drill holes on its Almaden (Nutmeg Mountain) project in Idaho. . .two of the 10 holes were significant; hole MET-1 and TAL 775C yielded very long intervals of 1+ g/t gold; hole Met-1 had a significant intersection 27.4m of up to 1.9 g/t. . .these grades are significantly higher than the resource average and they justify the strategy of Terraco working to upgrade the grade of the deposit. . .Terraco also holds an option on the royalties (up to 2.5%) on the Barrack / Midway Gold) project. . .this value combined with the gold resource at Almaden makes the stock a deep contrarian opportunity."

The Gold Report Interview with Ian Gordon (6/22/12) "I really like Terraco Gold Corp. One of the most interesting things is that Todd Hilditch, the CEO, has developed a very good relationship with a fund manager out of New York. The relationship seems to be very fair to Terraco. Through this fund manager, Terraco has bought royalties on the Barrick/Midway property. Those royalties are going to be worth a substantial amount of money. It has five years to pay for them. You know that the Barrick/Midway property is going to grow considerably in ounces simply because of the amount of money that Barrick has to spend in the next couple of years to earn its percentage. . .this is a good little company." More >

The Gold Report Interview with Michael Berry (6/11/12) "Nevada is a great place because it is a mining state. Utah, Nevada and Arizona are great places to find things and get permission to mine them. Terraco Gold Corp. has the Moonlight deposit, which is in northern Nevada, not very far from Reno." More >

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