Tiernan Gold continues work at Volcan gold project

Executive Summary

• Tiernan Gold Corp. provided a strategic update on its flagship Volcan gold project in Chile, marking a shift to an engineering-led, execution-focused phase following its recent reverse takeover and TSX Venture listing.
• The company secured $53 million in fully financed technical runway to complete advanced engineering studies and support the submission of a robust Environmental Impact Study (EIS).
• The project is characterized as a large-scale, Tier 1 asset with 9.8 Moz in measured and indicated resources, targeting development readiness through 2026-2027 with a focus on derisking and value creation.

Key Details

• Financial Backing: $53 million secured to fund technical runway, covering advanced engineering studies and the Environmental Impact Study (EIS).
• Resource Estimates (Dorado Sector):
  • Measured: 124 million tonnes (mt) at 0.7 g/t Au.
  • Indicated: 339 mt at 0.6 g/t Au.
  • Total Measured & Indicated: 9.8 million ounces (Moz) of gold.
  • Inferred: 75 mt at 0.5 g/t Au for 1.2 Moz of gold.
• Preliminary Economic Assessment (PEA) Highlights (July 2025):
  • Produced by Ausenco Chile Ltd.
  • Proposed operation: Large-throughput heap-leach.
  • Production profile: ~330,000 ounces of gold per year over the first 10 years.
  • All-in Sustaining Costs (AISC): Under $1,100 per ounce.
  • Net Present Value (NPV 5%): $1.5 billion (based on $2,400/oz gold).
  • Internal Rate of Return (IRR): 29%.
• Engineering & Technical Strategy:
  • Focus on quality engineering, design optionality, and early risk mitigation to support a high-quality EIS.
  • Partnerships with Motherlode Consulting (geology/resource modeling), Turnstone Metallurgical Services (metallurgy), SGS (metallurgical testwork), and Ausenco (engineering/permitting).
• Geology Workstreams:
  • Comprehensive geological reinterpretation of the Dorado deposit.
  • Activities include systematic relogging of historical drill core, high-resolution core photography, Terraspec hyperspectral analysis, and development of geologically driven domains.
• Metallurgy Workstreams:
  • Phased program to optimize flowsheet design.
  • Evaluating gold/copper deportment, cyanide consumption, heap-leach kinetics, and comminution options (HPGR vs. conventional crushing).
  • Assessing potential benefits of SART and HPGR against capital/operating costs.
• Permitting & ESG:
  • Commencing initial environmental baseline characterization, including meteorological station deployment.
  • Leveraging existing permitted water rights as a competitive advantage.
  • Monitoring desalination initiatives in northern Chile for long-term water security.
  • Advancing structured community engagement with local stakeholders.
• Timeline: Catalyst-rich outlook through 2026 and 2027 as Volcan advances toward development readiness.

Notable Quotes

• "Volcan is a genuinely exceptional asset; large scale, long life and located in one of the world's most important gold belts... This is about building confidence technically, operationally and strategically, and doing the hard work now so the project can move forward on solid ground." — Fausto Di Trapani, President and CEO