All amounts herein are reported in United States dollars unless otherwise specified
Vancouver, British Columbia--(Newsfile Corp. - February 10, 2026) - Tiernan Gold Corp. (TSXV: TNGD) ("Tiernan" or the "Company"), is pleased to provide a project update on its flagship Volcan Gold Project ("Project") in Chile's renowned Maricunga Gold Belt. This update marks a clear shift into an engineering-led, execution-focused phase following the successful completion of the Company's reverse takeover ("RTO") and TSX-V listing.
Highlights
C$53M provides fully funded technical runway to complete advanced engineering studies and support the submission of a robust Environmental Impact Study ("EIS")
Large-scale, Tier-1 asset with 9.8 Moz Measured & Indicated gold resources and clear, long-life, district-scale potential1
Engineering-first strategy focused on de-risking and value creation
Major technical workstreams underway across geology, metallurgy, engineering and permitting
Improving political and regulatory backdrop in Chile, with a more investment-supportive policy direction emerging and a stated focus on accelerating permitting for large, high-quality projects
Catalyst-rich outlook through 2026 & 2027 as Volcan advances toward development readiness
"Volcan is a genuinely exceptional asset; large-scale, long-life and located in one of the world's most important gold belts," said Fausto Di Trapani, President and Chief Executive Officer of Tiernan Gold Corp. "Since the completion of the RTO, 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. This is about building confidence technically, operationally and strategically and doing the hard work now so the Project can move forward on solid ground."
Volcan: A Large-Scale Gold Development Asset
Volcan is one of the largest undeveloped gold projects in Chile, with a Measured Resource of 124mt grading 0.7 g/t gold, an Indicated Resource of 339mt grading 0.6. g/t Au for a total of 9.8 million ounces of gold, and an additional Inferred Resource of 75mt grading 0.5 g/t for a total of 1.2 million ounces of gold, all located within the Dorado sector of the Project.
A Preliminary Economic Assessment ("PEA") completed in July 2025, to which Ausenco Chile Limitada ("Ausenco") contributed technical information, highlighted the Project's scale and outlined a large-throughput heap-leach operation producing approximately 330,000 ounces of gold per year over the first 10 years of operations delivering strong indicative economics (All-in sustaining costs of under $1,100 per ounce delivering an NPV5% of $1.5 billion at $2,400 / oz gold at an internal rate of return of 29% based on assumptions outlined in that study).2
While these metrics continue to demonstrate Volcan's size and strategic relevance, Tiernan's focus has now shifted decisively toward strengthening the engineering and technical foundations required to responsibly advance the Project through permitting and toward project execution.
Building the Right Engineering Foundation
Since listing publicly, Tiernan has moved quickly to assemble the technical depth, organizational capability and financial flexibility required to advance Volcan in a disciplined and value-driven manner.
Rather than emphasizing the completion of studies for market optics, the Company is prioritizing:
This approach is intended to support a high-quality EIS, backed by credible engineering and defensible assumptions. Tiernan has partnered with a number of highly regarded consultants with significant Latin American experience including Motherlode Consulting (geology and resource modelling), Turnstone Metallurgical Services (metallurgy), SGS (metallurgical testwork), and Ausenco (engineering, permitting and study support), as the Company advances Volcan into its next phase of development.
Geology & Resource: Unlocking a Better Understanding
A comprehensive geological re-interpretation program is underway at the Dorado deposit, aimed at further improving understanding of mineralization controls and informing future mine and process design.
Key elements include:
systematic re-logging of historical drill core
high-resolution core photography
Terraspec hyperspectral analysis of core and pulp samples
development of geologically driven domains incorporating structure, lithology and alteration; moving beyond simplified grade-shell constraints
This work is foundational in nature, designed to enhance geological understanding and support downstream engineering decisions. While no outcomes are implied, Tiernan believes this approach is critical to responsibly unlocking Volcan's full potential.
Metallurgy: Delivering value
Tiernan has initiated a phased metallurgical program designed to deepen process understanding and optimize flowsheet design for Volcan as the Project advances. This work builds on prior test programs and applies modern analytical methods and broader sample coverage to further strengthen design inputs and value outcomes.
Current work is designed to evaluate:
gold and copper deportment
cyanide consumption dynamics
heap-leach kinetics across a representative grade range
comminution and crushing options, including HPGR versus conventional crushing
Importantly, nothing is off the table. While SART and HPGR may offer recovery and cyanide consumption benefits, they also introduce material capital and operating costs. The Company's objective is to identify the configuration that maximizes overall project value.
Permitting, Water & ESG: Advancing with Intent
With permits in hand, Tiernan is on the cusp, of commencing initial environmental baseline characterization work, including early meteorological station deployment. These activities form the foundation of a comprehensive EIS submission.
Water remains a strategic focus. Volcan benefits from existing permitted water rights, which the Company views as a material competitive advantage. In parallel, Tiernan is actively monitoring rapidly advancing desalination initiatives in northern Chile, including emerging public-private partnership models which could support long-term water security for large-scale mining projects in the region.
Community Engagement: Moving Forward the Right Way
In parallel with technical and permitting activities, Tiernan continues to advance early, structured engagement with local communities and regional stakeholders in the Project area. The Company views meaningful, transparent engagement as a foundational element of responsible project development and a critical input into the EIS process. As technical work progresses, community engagement will continue to be integrated into project planning to ensure that development pathways are informed, responsible and aligned with regional priorities.
Looking Ahead: A High-Impact Phase for Volcan
With funding secured, a strengthened technical team in place and a clear execution mandate, Tiernan is entering what it expects to be a high-impact period of stakeholder value creation for Volcan through 2026 and 2027.
Future updates will provide regular, substantive progress reports as the Company advances geology, metallurgy, engineering and permitting in parallel - setting Volcan up to move forward from a position of strength.
Qualified Person Statement
The scientific and technical information contained in this news release has been prepared by Sergio Lagos, RM CMC, who is an independent "qualified person" as defined under NI 43-101.
On behalf of Tiernan Gold Corp.
Fausto Di Trapani, CEO and Director
About Tiernan Gold Corp.
Tiernan Gold Corp. is focused on the disciplined de-risking of the Volcan Gold Project strategically located in the Atacama Region of Chile, on the Maricunga gold belt, a jurisdiction that has a long-established history of mining with a number of operating mines, new mines under construction and major projects being developed.
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" and "forward-looking statements" (together, "forward-looking statements") within the meaning of applicable securities legislation. All statements, other than statements of historical facts, are forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "planning", "expects", "is expected", "continues", "budgets", "scheduled", "estimates", "forecasts", "predicts", "projects", "potential", "intends", "targets", "aims", "seeks", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to various known and unknown risks, future events, conditions, uncertainties and other factors that may cause the actual results, performance or achievements to be materially different from any future results, predictions, projections, forecasts, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements in this news release include, but are not limited to, statements with respect to the timing, scope, design and results of the environmental impact study, engineering studies and permitting processes in connection with advancement of the Project.
Forward-looking statements are based on several material expectations and assumptions made by the Company's management, including but not limited to: the potential of the Project and the Company's plans regarding the anticipated exploration and advancement of the Project; the ability of exploration activities (including drilling) to accurately predict mineralization and the success of such exploration activities and results; estimates of reserves and resources; anticipated costs (including future mining and production rates) and estimates of capital and operating costs and other economics associated with the Project; expectations concerning future metals prices and the demand, stability and market outlook for metals, exchange rates, interest rates, tax laws and applicable royalty rates (if any); capital efficiencies; the legislative and regulatory environment of Chile; expectations regarding the availability of debt financing and the Company's ability to access capital on satisfactory terms; the Company's current and future financial condition; anticipated timing, sufficiency and results of capital expenditures; the potential for future metals production; and any other statements other than statements of historical facts.
Forward-looking statements are based on a number of assumptions and subject to a number of risks and uncertainties, many of which are beyond the Company's control. Such risks and uncertainties include, but are not limited to, the factors discussed under the heading "Risk Factors" in the Company's filing statement dated December 8, 2025 filed under its issuer profile on SEDAR+ at www.sedarplus.ca.
There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes.
Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or results or otherwise, except and as to the extent required by applicable securities laws.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
1 As reported in the amended and restated technical report titled "Volcan Project - NI 43-101 Technical Report and Preliminary Economic Assessment - Tierra Amarilla, Atacama Region, Chile" under Tiernan Gold Corp. formerly Railtown Capital Corp.'s SEDAR+ profile. The Mineral Resources disclosed in this Preliminary Economic Assessment are not Mineral Reserves and do not have demonstrated economic viability
2 The PEA is preliminary in nature and includes Inferred Mineral Resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as Mineral Reserves. There is no certainty that the results of the PEA will be realized.
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