Phase 1 Metallurgical Results Show Broad Cyanide Response at Volcan

Tiernan Gold Corp. announced Phase 1 diagnostic leach and gold deportment results from 36 variability samples at its Volcan Gold Project in Chile. The tests, conducted by SGS Canada Inc. at a nominal P80 of 75 microns, utilized acid leaching followed by two stages of cyanide leaching. The results confirm that gold responds to cyanide across the tested grade ranges, with an average combined Stage 1 and Stage 2 cyanide-soluble gold distribution of 75.1%.

• Higher-grade samples demonstrated stronger average recovery, reaching up to 81.0%, while lower-grade and stockpile-designated material averaged 70.5%.
• Leach kinetics indicate that Stage 1 cyanide leaching accounts for an average of 64.0% of gold distribution, with Stage 2 adding 11.1%.

The company noted that the results are diagnostic and do not simulate final heap leach or agitated leach operating conditions. Phase 2 work will focus on lower-response sample analysis, coarse-ore leach testing, HPGR vs. conventional crushing comparisons, and process-design support for Carbon-in-Column (CIC) and SART considerations. This update follows a comprehensive core relogging program completed in April 2026 and the initiation of parallel technical and environmental workstreams in May 2026.

Tiernan Gold Corp. (TNGD) reported metallurgical results that align with the company’s stated Preliminary Feasibility Study (PFS) objectives and previous guidance regarding cyanide leachability. The average recovery rate of 75.1% exceeds the Preliminary Economic Assessment (PEA) recovery assumption of 64.2%, providing a margin of safety for the economic model. This data is considered incremental and expected as part of the ongoing de-risking sequence for the Volcan project. The results do not represent a fundamental change to the project's economics or timeline but serve to validate the technical foundation for the upcoming Definitive Feasibility Study (DFS). Market impact is likely muted, as the data confirms existing expectations rather than introducing new, unexpected catalysts.

Tiernan Gold Corp. is a publicly listed mining company focused on the Volcan Gold Project in Chile's Maricunga Gold Belt. The project features a 9.8 million ounce Measured and Indicated gold resource, with an additional 1.2 million ounces in Inferred resources.

The Pre-Feasibility Study (PEA) outlines a large-scale heap-leach operation producing approximately 330,000 ounces of gold per year for the first 10 years. Project economics include an All-In Sustaining Cost (AISC) under $1,100 per ounce, a 29% Internal Rate of Return (IRR), and a $1.5 billion NPV at $2,400/oz gold.

The company is currently in the advanced exploration and pre-production stage, advancing engineering, metallurgy, and permitting workstreams. The project benefits from existing permitted water rights and a strategic location in a prolific gold district.