Tiernan Gold Corp · TSXV:TNGD
Tiernan Gold — Investor Presentation (November 2025)
25 slides from Tiernan Gold's investor presentation, November 2025
Slide 1: Corporate Presentation November 2025
1 Corporate Presentation I November 2025
Slide 2: Forward Looking Statements
Forward Looking Statements No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained on this presentation. This presentation is not an offer to purchase securities and does not constitute an offering document under Securities legisla
Slide 3: RTO Transaction
RTO Transaction Tiernan privately owned by Railtown Capital Corp is a British Columbia Definitive Agreement Pro-forma combined entity Hochschild Mining PLC and holds company classified as a Capital Pool Company (CPC) Signed Oct 6, 2025 has $15 million cash prior to 100% of the Volcan Gold Project on
Slide 4: Summary of the Offering
Summary of the Offering • Tiernan Gold Corp. (“Tiernan” or the “Company”) to complete a reverse take-over transaction with Railtown Capital Reverse Takeover Corp., (“TargetCo”), which will be renamed Tiernan Gold Corp. (the “Resulting Issuer”) and listed on the TSX Venture Capital Structure Shares E
Slide 5: Experienced Management and Board
Experienced Management and Board Management: Initial Board of Directors: Fausto Di Trapani Jill Gardiner Chief Executive Officer Chair Eduardo Noriega Greg McCunn • Senior mining executive with experience • Previously spent over 20 years in the • CFO of Hochschild Mining since 2021 • Previously acte
Slide 6: Management Team
Management Team Hochschild Support Management: Volcan Project Technical Team: Antonio Celis David Vexler Dr. Marcus Tomlinson Geology and Resource Director of Sustainability Metallurgical Consultant Consultant • Former lead Corporate Technical Services Goldcorp • MSc Goelogical Sciences and P. Geo.
Slide 7: Location
Location • Maricunga Gold Belt, a prolific porphyry gold district in the Atacama Region, Chile • Over 100M oz of past & present gold Copiapo VOLCAN GOLD PROJECT resources Rio2 • Hosts a number of operating mines, new mines under construction & Santiago major development projects • Located 150km east
Slide 8: Mineral Resource Estimate
Mineral Resource Estimate Volcan Project Volcan Mineral Resource Estimate1 Property Map Tonnes Grade Gold Category (kt) (g/t Au) (koz) • MRE updated in Q2 2022 Measured 123,979 0.700 2,792 • In-pit resources being constrained by updated Indicated 339,274 0.643 7,013 economic parameters M&I 463,253 0
Slide 9: Volcan Project History
Volcan Project History Andina Minerals: • Over 150,000m of drilling 2007-2011 • Prefeasibility Study1 completed in 2011, contemplated 4.3M oz of gold production over 15- year mine life • EIA completed and submitted in 2012 • Feasibility study level metallurgy & geotechnical work undertaken 2011-2012
Slide 10: 2022/23 Work Programs
2022/23 Work Programs Updated Mineral Resource Estimate 1 (MRE) 3 Trade-off and impact studies Contract vs. Owner Mining No new drilling since 2011 Water source impact Updated economic parameters Metallurgy – HPGR vs. conventional crush & fines leaching vs. agglomeration Opportunity Framework Study
Slide 11: Preliminary Economic Assessment - Summary
Preliminary Economic Assessment - Summary Material Movement (Mtpa) Item Units Result Ore Mined Mt 293 Strip Ratio W:O 1.5 39 49 48 55 57 46 57 47 45 Annual Processing Rate Mtpa 22 Heap Feed Grade g/t Au 0.63 12 6 9 12 9 6 12 7 4 11 Recovery % 64.2% 22 22 22 22 22 22 22 22 22 22 22 21 22 13 Gold Prod
Slide 12: Permitting Roadmap and Project Schedule
Permitting Roadmap and Project Schedule 2025 2026 2027 2028 2029 Schedule H2 H1 H2 H1 H2 H1 H2 H1 H2 Prefeasibility Study Definitive Feasibility Study & Project Financing Initial Base Line Studies Early community consultation process Follow up fieldwork Baseline reports for EIA chapters EIA Preparat
Slide 13: Project Schedule & Near-Term Budget
Project Schedule & Near-Term Budget 2025 2026 Near Term Catalysts Schedule Q4 Q1 Q2 Q3 Q4 Q1 2026 - Geological Geological Model $1.0 m modelling and potential & MRE Update increase in grade Metallurgical Sampling $0.5 m Q1 2026 – Exploration $1.5 m Metallurgical Testwork potential evaluation Environ
Slide 14: Water
Water • Water extraction rights in place since 2011 • Legally valid, wells fully drilled & cased (locked and secure) • Right to extract 3.9 Mm3/year per well at total maximum pumping rate of 170 l/sec • PEA requires 105 l/sec of make-up fresh water • Golder estimated 30 years of life in wells at 124
Slide 15: Exploration Potential
Exploration Potential ODAE Exploration Area 2 1 Dorado Resource 1 Area 2 2 Mapping & 3 Trenching 1 3 2006-08 2009-10 39 holes 10 holes 15,400m 2,400m 6km 122m @ 1.45 g/t Au Development story with district scale upside which remains largely untested 15
Slide 16: Why Invest in Tiernan
Why Invest in Tiernan High-Quality Project in Experienced Team Conducive Macro Near Term Prolific Mining District Environment Catalysts 330,000 oz gold per Veteran incoming Project highly Targeting potential year for ten years CEO with track record leveraged to gold increase in grade of developing l
Slide 17: Appendices
Appendices 17
Slide 18: PEA – Mining Pit Selection
PEA – Mining Pit Selection • M.I. & Inferred resources • $1,600/oz gold price • 60,000tpd ore feed • Vector geotechnical analysis • 42-52° inter-ramp angles • Mining recovery 97% • Dilution 3% • 20m bench height • 32m ramp width 84% Revenue Factor pit selected 18
Slide 19: PEA – Pit Design
PEA – Pit Design • Pit optimization with Deswik GO software • Cut-off grade 0.26 g/t gold for Dorado West and East • Cut-off grade 0.60 g/t gold for Dorado Dorado Central (lower recovery) Dorado West East • RC grade control & Central • Pit mined in several phases • Drilling and blasting • 9m x 8m in
Slide 20: PEA - Processing
PEA - Processing • Primary gyratory crushing with overland conveyer to coarse ore stockpile • 2° cone crushing with and 3° HPGR • Agglomeration and stacking • Heap leach with 10m lifts to 110m final height (120 day cycle) • SART – 800 m3/hr produces minor amounts of copper concentrate for sale • CIC
Slide 21: PEA – Infrastructure Layout Plan
PEA – Infrastructure Layout Plan 21
Slide 22: PEA – Infrastructure – Power
PEA – Infrastructure – Power • PEA considers a 110 kV power line running approximately 38km to existing Maricunga substation • Requires new substation at Maricunga and main plant substation to reduce onsite power to 23 kV • Connection of the northern power grid (solar) to the southern power grid (wi
Slide 23: RTO Transaction timeline
RTO Transaction timeline Stage September October November 1 8 15 22 29 6 13 20 27 3 10 17 24 Regulatory and TSXV process Submission to the TSXV and Issuance of Comprehensive Press Release Pre-filing Conference with TSXV Initial Submission to the TSXV (incl. draft Filing Statement) Conditional Approv
Slide 24: Franco Nevada Royalty Financing
Franco Nevada Royalty Financing 2023 Franco Nevada royalty: • Franco Nevada royalty added over all Volcan Project concessions – closed in July 2023 • 1.5% NSR on gold and copper production from Volcan concessions • US$15M cash payment to Andina Minerals, a subsidiary of Tiernan • Royalty registered
Slide 25: Contact Us: info@tiernangold.com
25 CONTACT US: info@tiernangold.com