Tiernan Gold Corp.

Description

Tiernan Gold Corp. is a Canadian gold developer focused on the 100%-owned Volcan Gold Project in Chile's Maricunga Gold Belt. The company is controlled by Hochschild Mining and is advancing Volcan from its July 2025 PEA through updated resource work, engineering, permitting and PFS-level technical studies.

The investment case is based on exceptional scale, relatively low modeled AISC and a funded technical programme. Volcan contains approximately 9.804 Moz gold in Measured and Indicated resources, comprising 463.3 Mt at 0.658 g/t Au, plus another 1.246 Moz Inferred from 75.0 Mt at 0.516 g/t Au.

The PEA outlines a 22 Mtpa open-pit heap-leach operation producing approximately 332,000 oz/year during the first ten years and approximately 3.82 Moz over a 14-year mine life. PEA economics include US$1,094/oz AISC, US$1.019B initial capex and approximately US$1.513B after-tax NPV5 at US$2,400/oz gold. Current work includes an updated geological model and MRE, mine optimization, Phase 2 metallurgy, geotechnical and hydrology studies, environmental baseline work, permitting and community engagement.

List of Projects:

Project 1: Volcan Gold Project
Atacama, Chile — Gold. 100%-owned flagship development-stage project covering approximately 55,140 ha. The Dorado area hosts the entire current MRE and PEA mine plan. Ojo de Agua and the surrounding concession package provide district-scale exploration optionality, including more than 6 km of undertested strike. Tiernan also controls project water rights developed through two wells.

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