THE CRITICAL INVESTOR

Dear subscriber,

Today I'm happy to introduce a new sponsor, a new and very solid royalty junior, Terraco Gold. As with all junior royalty plays, it takes some time to production, but Terraco Gold distinguishes itself in my view by its main assets, the royalties on Spring Valley, which is a world class heap leach project in Nevada, owned by powerhouse Waterton. Terraco has another ace up its sleave, which is Almaden/Nutmeg, a fully owned heap leach project in Idaho, which will be advanced to PEA before the end of this year.

Terraco Gold: A New Royalty Player With An Excellent Cornerstone Asset And Substantial Growth Potential

Lots of numbers this time, as I'm discussing peers, scenarios, cash flows, NAV/NPVs, ratios and targets, in order to get insights on valuation.

Regards,

The Critical Investor