Terra Rossa Announces New CEO and Management Changes

• Event: Appointment of Carter Smith as President and Chief Executive Officer, effective immediately (April 23, 2026).
• Management Shift: Patrick Downey transitions from CEO to Chairman of the Board.
• Rationale: The board cites the need for "Capital Markets experience" to broaden the shareholder base and increase marketing focus as the company advances toward a maiden drilling program at the Vetas Project.
• CEO Profile: Carter Smith has a Master of Finance, experience in M&A/corporate governance, and fluency in Spanish (relevant for Colombia operations).
• Context: This follows an exploration update on April 1, 2026, which outlined plans for surface drilling in Q2/Q3 2026.

• Immediate Impact: Neutral to Mildly Positive. The change does not alter the asset value or geological potential immediately but signals a strategic pivot toward capital formation and investor relations.
• Strategic Alignment: The appointment aligns with the operational roadmap (drilling in Q2/Q3 2026). Junior miners typically require significant capital for drilling campaigns; bringing in a finance-focused CEO suggests preparation for potential follow-on financings or M&A activity to fund these operations.
• Risk Mitigation: Patrick Downey remains Chairman, ensuring continuity of the original vision and RTO transaction structure while Smith handles execution and fundraising.
• Market Expectation: Given the company is 6 months post-RTO financing ($5.95M raised Oct 2025) and approaching a major expenditure period (drilling), this management change was likely anticipated by sophisticated investors to ensure liquidity for operations. It does not constitute new asset discovery or material financial improvement at this stage.

• Company: Terra Rossa Gold Ltd. (TSXV: TRR). Formed via Reverse Takeover (RTO) of Baroyeca Gold & Silver Corp. completed Oct 2025.
• Flagship Project: Vetas Gold Project, Santander District, Colombia.
  • Status: Drill-ready exploration stage.
  • Ownership: 100% owned by Terra Rossa (via Amalco).
  • Geology: High-grade epithermal gold-silver veins hosted in Precambrian biotite gneiss and stockwork veinlets.
  • Historic Data: 162 drillholes (71,035m) completed 2010-2013 by CB Gold. Highlights include >500 g/t Au over narrow intervals and significant width intercepts (e.g., 40.89m @ 17.17 g/t Au).
  • Current Plan: Maiden drilling program to validate historic data and delineate underground resources.