Mr. Fausto Di Trapani reports

TIERNAN ADVANCES MULTIPLE PARALLEL TECHNICAL AND ENVIRONMENTAL WORKSTREAMS

Tiernan Gold Corp. has initiated a comprehensive suite of technical and environmental studies in advancement of a prefeasibility study (PFS) for its Volcan gold project, located in the Maricunga gold belt, Chile.

These initiatives build directly on the results of the recently completed core relogging program, which confirmed that gold mineralization at Volcan is primarily controlled by veining and alteration intensity and significantly strengthened the foundational geological framework for the project's 9.8-million-ounce measured and indicated gold resource.

Strategically focused on the optimization of the Volcan project, the company has engaged purpose-selected technical consultants and initiated multiple parallel workstreams in the following areas; each critical to advancing Volcan through engineering and a filed environmental impact assessment (EIA).

• Geology;
• Mining;
• Metallurgy;
• Environmental baseline;
• Permitting.

Highlights for studies under way include:

• Ausenco retained as lead PFS consultant, overseeing process engineering, environmental baseline and National Instrument 43-101 technical report compilation.
• Deswik engaged for open pit mine design and optimization, including trade-off analysis.
• SLR retained to prepare an updated, geologically constrained mineral resource estimate (MRE) incorporating the recent relogging results.
• SGS commissioned for a comprehensive metallurgical testwork program, expanded to 36 variability samples, covering full characterization, HPGR evaluation and locked-cycle CIC/SART testing.
• Gestion Ambiental Consultores (GAC) retained for EIA consulting and environmental strategic support, bringing 35-plus years of SEIA experience including major Atacama region mining projects.
• Three meteorological, air quality and dust monitoring stations successfully installed at site in February, 2026, following CONAF research permit approval -- a key milestone for the environmental permitting baseline.

"These workstreams are a deliberate, co-ordinated derisking sequence. The updated geologically constrained resource estimate, the metallurgical testwork program, the mine design and trade-off studies, and the installation of our environmental monitoring stations are each purpose built to support both the advancement of engineering and the EIA submission in parallel," said Fausto Di Trapani, president and chief executive officer. "The relogging program has given us a stronger geological foundation; we are now translating that directly into engineering and environmental baseline work."

PFS study team assembled

Ausenco Chile Ltda. has been retained as lead PFS consultant for the Volcan project, responsible for integrating the multidisciplinary study team and delivering the NI 43-101 technical report summarizing the results of the engineering phase. Ausenco brings extensive experience as lead consultant on large-scale open pit gold projects in Chile and South America, and previously led the preliminary economic assessment (PEA) completed for the Volcan project in 2025.

Deswik Brasil has been engaged to develop the mining component of the PFS, including a trade-off analysis evaluating alternative locations for the waste rock dump and low-grade stockpile, and a comprehensive open pit mine evaluation covering pit optimization, mine design, schedulling, and capital and operating cost estimation. Deswik brings deep expertise in open pit mine planning for large-tonnage heap leach gold operations.

SLR Consulting (Canada) Ltd. has been retained to prepare an updated mineral resource estimate (MRE). The updated MRE will incorporate the recently completed core relogging program results, including new lithological, structural and alteration domain. This geologically constrained approach is expected to improve confidence in continuity and grade estimation.

Comprehensive metallurgical testwork program

SGS Canada Inc. has been commissioned to carry out a comprehensive metallurgical testwork program for the Volcan project. The program has been designed in consultation with Turnstone Metallurgical and covers 36 variability samples. The program is structured in two phases:

• Phase 1 -- characterization: Chemical analysis, mineralogical analysis by XRD and diagnostic leach testing across all 36 variability samples, providing a comprehensive data set of metallurgical variability across the deposit.
• Phase 2 -- process optimization: Coarse-ore bottle roll tests at varying crush sizes; high-pressure grinding rolls (HPGR) versus conventional crushing comparison; carbon-in-column (CIC) adsorption testing; and a series of locked-cycle tests incorporating heap leach, CIC and SART (sulphidization, acidification, recycling and thickening) circuits on composite samples.

The program will deliver a full suite of metallurgical tests designed to define and optimize gold recovery and inform process design for the PFS.

Environmental permitting advancement -- EIA consulting

Tiernan has retained Gestion Ambiental Consultores SpA (GAC) as its environmental consulting firm to act as strategic advisers and support the company's permitting road map for the Volcan project. GAC is one of Chile's leading environmental consultancies, with over 35 years of experience and more than 300 projects approved through Chile's Environmental Impact Assessment System (SEIA). GAC's track record includes significant open pit mining projects in the Atacama region, providing Tiernan with direct relevant expertise in navigating Chile's rigorous environmental permitting framework.

This engagement is a critical step in advancing the project's environmental permitting, which runs in parallel with the technical PFS workstreams.

Environmental baseline -- air quality and meteorological monitoring

As part of the environmental baseline program supporting the Volcan EIA, Tiernan successfully installed three meteorological, air quality and dust monitoring stations in February, 2026. The stations were installed following the receipt of a research permit from Corporacion Nacional Forestal (CONAF). The monitoring data will feed directly into the air quality and meteorological baseline required for the Volcan EIA submission.

About Tiernan Gold Corp.

Tiernan Gold is focused on the disciplined derisking 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.

We seek Safe Harbor.