Tiernan Gold Corp · TSXV:TNGD
Tiernan Gold — Investor Presentation (January 2026)
23 slides from Tiernan Gold's investor presentation, January 2026
Slide 1: Tier-1 Asset Development in Chile's Renowned Maricunga Gold Belt
TSX-V: TNGD Tier-1 Asset Development in Chile’s Renowned Maricunga Gold Belt CORPORATE PRESENTATION I JANUARY 2026 1
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 - Completed and Value Accretive
RTO Transaction - Completed and Value Accretive 1 Railtown Capital Corp. & Tiernan Gold amalgamated to Access to Visibility for form the resulting issuer: Tiernan Gold Corp. public capital future re-rating markets events 2 3 $58.4M financing closed Nov. 2025, anchored by Tiernan met Tier 1 mining is
Slide 4: Key Elements to Unlocking Value
Key Elements to Unlocking Value Large, Long-Life, Low-Cost Huge Exploration & Resource Gold Development Growth Potential • 330,000 oz/yr Au for 10 years (PEA) • 6km of undertested strike • AISC: US$1,094/oz • Historical 122m @ 1.45 g/t Au intercept • NPV5 (post-tax): US$1.5B remains open • 60,000 tp
Slide 5: Tiernan at a Glance
Tiernan at a Glance Capital Structure Company Snapshot Share Ownership Cash on hand Cornerstone asset ~C$50M Volcan Gold Project UNDILUTED FULLY DILUTED Market capitalisation Jurisdiction ~C$330M Atacama Region, Chile 11% 12% Shares outstanding Asset stage 19% 48.0M PEA advancing to PFS 26% Dilutive
Slide 6: Execution-Proven Leadership
Execution-Proven Leadership Team comprised of financiers, mine builders & operators with extensive LATAM experience, in partnership with: Management Board of Directors Fausto Di Trapani Jill Gardiner Eduardo Noriega Greg McCunn Chief Executive Officer Chair Director Director Claudia Tornquist, Chris
Slide 7: Prominent Mining Location
Prominent Mining Location MARICUNGA GOLD BELT, ATACAMA REGION CHILE • Prolific porphyry gold Copiapo district that rewards scale • Stable regulatory Province framework VOLCAN • Hosts a number of operating GOLD mines & major development • Established PROJECT projects, new mines under infrastructure,
Slide 8: Mineral Resource Estimate – Volcan's Potential
Mineral Resource Estimate – Volcan’s Potential OJO DE AGUA SECTOR • 55,140 ha land package includes surrounding exploration & exploitation concessions • > 6 km strike of under-tested extensions to Ojo de Agua DORADO SECTOR Volcan Mineral Resource Estimate • Large resource base with Grade Tonnes Gold
Slide 9: Volcan Project History
Volcan Project History 2007 Over 150,000m drilled 2012 2025 2012 2025 + 2011 – 2012 2022 – 2023 Modern Re-optimization: Feasibility Andina: Derisking Work Programs: study-level - Geological model EIA completed & - Updated MRE / economic parameters metallurgy & submitted - MRE geotechnical - Opportun
Slide 10: PEA - Summary
PEA - Summary Production Robust Economics, Simple Flowsheet: 0.80 0.79 0.83 0.76 0.79 0.77 • NPV5%: US$1.5B 0.69 0.69 0.66 • IRR: 29% 0.57 • Production: 330 koz/yr Au for 10 years 0.38 0.40 • Bottom quartile AISC: US$1,094/oz 367 357 310 307 344 357 382 292 349 0.31 0.31 251 • Conventional heap-leac
Slide 11: Water – Volcan's Key Advantage
Water – Volcan’s Key Advantage Volcan Water Wells • Permitted water extraction rights since 2011 • 3.9 Mm3/year per well: total maximum pumping rate of 170 l/sec • Legally valid, wells fully drilled & cased (secure) • Significant surplus vs PEA requirements of 105 l/sec • Golder estimated 30 yrs of
Slide 12: Near Term Catalysts & Budget
Near Term Catalysts & Budget 2025 2026 Q4 Q1 Q2 Q3 Q4 GEOLOGICAL MODEL & MRE UPDATE $1.0M METALLURGICAL SAMPLING $0.5M METALLURGICAL TESTWORK $1.5M ENVIRONMENTAL BASELINE STUDIES & SOCIAL PROGRAMS $1.0M GEOTECHNICAL & HYDROLOGY $2.0M ENGINEERING & PFS $1.7M EXPLORATION POTENTIAL EVALUATION $0.5M OPT
Slide 13: Permitting Roadmap & Work Schedule
Permitting Roadmap & Work Schedule 2025 2026 2027 2028 2029 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 EIA BASELINE REPORTS EIA PREPARATION EIA SEA REVIEW & COMMUN
Slide 14: Exploration Potential
Exploration Potential Volcan is a development-stage asset on a district-scale gold system with > 6 km of untested strike Dorado Ojo de Agua 1 2 Dorado Mapping & 2 Resource Trenching 2 Area 1 3 3 1 2006-2008 2009-2010 39 holes 10 holes 15,400m 2,400m 122m @ 1.45 g/t Au > 6 km Untested strike 6km stri
Slide 15: Why Invest in Tiernan
Why Invest in Tiernan Favourable macro environment complemented by key value drivers Quality Project in Execution-Proven Potential for Multiple Near Prominent Leadership Resource Growth Term Catalysts Jurisdiction 330,000 oz gold per Leadership has 6km of undertested Targeting potential year for ten
Slide 16: Appendices
TSX-V: TNGD Mppendices ph) TIERNAN GOLD CORP.
Slide 17: 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 17
Slide 18: 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 19: 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 20: PEA – Infrastructure Layout Plan
PEA – Infrastructure Layout Plan 20
Slide 21: 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 22: 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 23: Contact Us
TSX-V: TNGD CONTACT US info@tiernangold.com +1 (888) 926-2591 23 #1020 – 800 West Pender St. Vancouver, BC V6C 2V6