Terraco Gold

What Terraco Gold does

Terraco Gold Corp was a precious-metals royalty company that held contractual net smelter return (NSR) royalty interests on two gold projects in Nevada, USA. Its core assets were an up to 3% NSR royalty on Solidus Resources' Spring Valley Gold Project and a 2% NSR royalty on the adjacent Moonlight property. The company did not engage in mining operations; instead, it earned passive royalty revenue based on gold production from these assets, with no direct product pricing and no disclosed customer base beyond the operating counterparty.

The business model was a licensing/royalty structure: revenue was generated as a percentage of smelter revenue from produced and sold gold, providing capital-efficient precious-metals exposure without operational cost or labor overhead. Terraco maintained a small organizational footprint (1-10 employees) and was led by President and CEO Todd Hilditch. Originally a publicly listed entity on the TSX Venture Exchange under ticker TEN, the company was delisted and operated as a wholly-owned private subsidiary of Sailfish Royalty Corp from August 2019 onward.

In February 2026, Sailfish Royalty Corp announced the sale of Terraco Gold Corp to OR Royalties Inc. (NYSE:OR) for US$168 million in after-tax cash, with the transaction completing in April 2026. The exit represented approximately 5.4x the August 2019 purchase price and an internal rate of return of roughly 29% over the holding period. Following the closing, Terraco Gold Corp ceased to operate as a standalone entity and became a wholly-owned subsidiary of OR Royalties Inc.

Name

Terraco Gold

Legal name

Terraco Gold Corp

Website

https://terracogold.com

Company type

Private

Founded year

1995

Operating status

Acquired

Headcount range

1–10 employees

Short description

Terraco Gold Corp was a precious-metals royalty company that held NSR royalties on the Spring Valley and Moonlight gold projects in Nevada. It operated as a Sailfish Royalty Corp subsidiary and was acquired by OR Royalties Inc. in 2026 for $168 million.

Ownership category

akta.pro rank

Product category

Mining Royalties

NAICS

Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) (533), Gold Ore and Silver Ore Mining (212220)

SIC

Mineral Royalty Traders (6795)

akta.pro primary industry

Real Assets — Natural Resources & Minerals (Mining, Royalties/Streaming) (FSAHAIAK)

akta.pro secondary industry

Gold Mining (IMAKAEAA)

Keywords

• Precious metals royalties
• Gold mining royalties
• Net smelter return royalties
• Mineral royalty interests
• Mining royalty assets

Headquarters

HQ city

Vancouver

HQ country

Canada

HQ region

North America

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Others

Revenue model

1. Precious Metals Royalties: Revenue generated from net smelter return (NSR) royalties on gold mining projects - specifically 3% NSR on Spring Valley gold project and 2% NSR on Moonlight property in Nevada. Royalties provide revenue based on production output from mining operations.

Core offering

Terraco Gold Corp was a private precious-metals royalty company that held net smelter return (NSR) royalty interests on gold mining projects in Nevada, USA. Its portfolio consisted of an up to 3% NSR royalty on Solidus Resources' Spring Valley gold project and a 2% NSR royalty on the Moonlight property, generating royalty revenue based on third-party gold production without operational involvement.

Product overview

Terraco Gold Corp was a precious metals royalty company that held net smelter return (NSR) royalties on gold projects in Nevada, USA. The company operated as a subsidiary of Sailfish Royalty Corp and was subsequently acquired by OR Royalties Inc. for $168 million. The portfolio consisted of two primary royalty assets: a 3% NSR on the Spring Valley gold project and a 2% NSR on the Moonlight property, both operated by Solidus Resources.

Differentiator

Problem solved

Functional benefit

Products and services

• Spring Valley Gold Project Royalties

Quantifiable outcome

• Transaction achieved 5.4x return on investment with approximately 29% IRR over the holding period

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

One partnership is on record.

• Solidus ResourcescoreStrategic or Co-development Partner · 23 February 2026Solidus Resources operates the Spring Valley gold project and Moonlight property in Nevada, USA. Terraco Gold held up to 3% NSR royalty on Spring Valley and 2% NSR royalty on Moonlight through this relationship. The royalty interests provided passive income streams based on gold production from these mining operations.

Scale indicators2 records

Recent moves5 records

Expansion highlights3 records

Direct peers

• Franco-Nevada Corporation: The world's largest precious-metals royalty and streaming company. Directly comparable to Terraco's NSR-royalty business model, with a diversified gold-focused portfolio and gold-price-linked cash flows.
• Wheaton Precious Metals: Major precious-metals streaming and royalty company with significant gold exposure. Operates the same NSR/streaming model as Terraco, providing upfront capital to miners in exchange for a share of production.
• Royal Gold: US-listed precious-metals royalty and streaming company with a portfolio of NSR royalties and streams on gold and other metals. Closely mirrors Terraco's model of passive exposure to third-party mine production.
• Osisko Gold Royalties: Canadian precious-metals royalty company that actually acquired Terraco via its OR Royalties entity. Comparable mid-cap royalty operator with a gold-heavy, North-America-focused portfolio.
• Sandstorm Gold Royalties: Gold-focused royalty and streaming company holding NSR royalties and streams on producing and development-stage assets. Comparable business model and gold-price leverage to Terraco.
• Metalla Royalty & Streaming: Growth-oriented precious-metals royalty company that acquires NSR royalties and streams, primarily on gold and silver assets in the Americas. Closely aligned with Terraco's royalty-acquisition strategy.
• Vox Royalty Corp. Smaller-cap precious-metals royalty company focused on acquiring single-asset NSR royalties on gold projects. Highly comparable to Terraco in size, structure, and royalty-acquisition approach.
• Gold Royalty Corp. Royalty company focused on acquiring gold-focused NSR royalties and similar interests, primarily in North America. Operates a similar model to Terraco on a broader scale.
• EMX Royalty Corporation: Royalty and mineral-property streaming company with exposure to gold, copper, and other metals. Comparable royalty/streaming model and counterparty structure to Terraco.

Others

• Sailfish Royalty Corp: Former parent company of Terraco Gold. Holds a broader precious-metals royalty and streaming portfolio and provided the platform through which Terraco's Nevada assets were originally acquired.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat2 records

Key risks5 records

Key highlights5 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Terraco Gold