Tiernan Gold Provides Update on Flagship Volcan Project

Executive Summary

• Tiernan Gold Corp. announced a C$53 million fully funded technical runway to complete advanced engineering studies and support a robust Environmental Impact Study (EIS) for the Volcan Gold Project.
• The flagship project holds 9.8 Moz Measured & Indicated gold resources, with additional inferred resources, positioning it as a large‑scale, long‑life asset in Chile’s Maricunga Gold Belt.
• The company is shifting to an engineering‑first strategy, advancing geology, metallurgy, permitting and community engagement activities to de‑risk the project and move toward development readiness through 2026‑2027.

Key Details

• Funding: C$53 M secured, providing a fully funded technical runway for advanced engineering studies and EIS preparation.
• Resource Estimate:
• Measured: 124 Mt @ 0.7 g/t Au (≈4.5 Moz)
• Indicated: 339 Mt @ 0.6 g/t Au (≈5.3 Moz)
• Inferred: 75 Mt @ 0.5 g/t Au (≈1.2 Moz) – total ≈9.8 Moz Measured & Indicated gold resources.
• Preliminary Economic Assessment (PEA): Completed July 2025; projected heap‑leach operation producing ~330,000 oz Au/yr for the first 10 years, with all‑in sustaining costs < US$1,100/oz, NPV₅% ≈ US$1.5 bn at $2,400/oz Au, IRR ≈ 29%.
• Engineering Focus:
• Quality engineering and design optionality prioritized over market‑focused study completion.
• Consultants engaged: Motherlode Consulting (geology), Turnstone Metallurgical Services (metallurgy), SGS (testwork), Ausenco (engineering & permitting).
• Geological Workstream: Systematic re‑logging of historic drill core, high‑resolution photography, hyperspectral analysis, and development of geologically driven domains to improve mineralization models.
• Metallurgical Program: Phased testing on gold/copper deportment, cyanide consumption, heap‑leach kinetics, and comminution options (HPGR vs conventional crushing). Evaluation of SART and HPGR for recovery and cost impacts.
• Permitting & ESG: Permits in hand; commencing baseline environmental characterization and meteorological station deployment. Existing water rights secured; monitoring desalination initiatives for long‑term water security.
• Community Engagement: Ongoing structured engagement with local communities and regional stakeholders to inform the EIS process and ensure responsible development pathways.
• Future Outlook: High‑impact phase anticipated through 2026‑2027 as engineering, metallurgy, permitting and community work progress 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,” – Fausto Di Trapani, President & CEO, Tiernan Gold Corp.
“Our focus has been clear and deliberate: reduce uncertainty, strengthen the engineering backbone of the Project and advance Volcan in a way that creates durable, long‑term value for all stakeholders.” – Fausto Di Trapani

Materiality Assessment: Material – Positive (the funded technical runway and detailed engineering/de‑risking plan constitute material information likely to influence investor perception.)