Tiernan Gold Corp · TSXV:TNGD
Tiernan Gold — Investor Presentation (October 2026)
24 slides from Tiernan Gold's investor presentation, October 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 OCTOBER 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: The Opportunity
The Opportunity Prominent Location Catalyst-Rich Development Pathway Maricunga Gold Belt, Chile Hosts multiple senior producers, major gold mines & Preliminary Feasibility Study underway development projects following the 2025 updated PEA. Large-Scale, Long-Life Low-Cost Asset Initiatives in progres
Slide 4: Capital Structure
Capital Structure RTO of Railtown Capital completed in December 2025 launching Tiernan from the Hochschild portfolio as a listed issuer Cash on hand Institutions Share Ownership ~C$50M FULLY DILUTED (as of 30, June 2026) 12% Dilutive securities 6.9M (5.4M warrants @ $6.50, Nov 2027 expiry) 26% 62% S
Slide 5: Execution-Proven Leadership
Execution-Proven Leadership Comprised of financiers, mine builders & operators with extensive LATAM experience, in partnership with: Management Board of Directors Fausto Di Trapani Pascal Lambert-Paradis Jill Gardiner Eduardo Noriega Greg McCunn Chief Executive Officer Chief Financial Officer Chair
Slide 6: Prominent Mining Location
Prominent Mining Location MARICUNGA GOLD BELT, ATACAMA REGION • Prolific porphyry gold district that rewards scale CHILE Copiapo Province VOLCAN • Hosts a number of operating • Stable regulatory PROJECT mines & major development framework projects, new mines under construction • Established infrastr
Slide 7: Mineral Resource Estimate
Mineral Resource Estimate* Scalability via exploration & resource growth potential • 55,140 ha land package includes surrounding exploration & exploitation concessions Volcan Mineral Resource Estimate* • > 6 km strike of under-tested extensions to Ojo de Agua Grade Tonnes Gold Category (g/t (kt) (ko
Slide 8: Exploration Potential at Volcan
Exploration Potential at Volcan • 55,140 ha land package includes surrounding exploration & exploitation concessions • Multiple undrilled targets offer district-scale upside Mapping & Trenching Dorado Resource Area 2006-2008 39 holes / 15,400m 2009-2010 10 holes / 2,400m Historical 122m @ 1.45 g/t A
Slide 9: Preliminary Economic Assessment
Preliminary Economic Assessment Production Robust economics, simple flowsheet 0.80 0.79 0.83 0.79 0.77 • NPV5%: US$1.5B 0.69 0.69 0.76 0.66 • IRR: 29% 0.57 • Production: 330k oz/yr Au for 10 years 0.38 0.40 • Bottom quartile AISC: US$1,094/oz 367 357 310 307 344 357 382 349 0.31 0.31 251 292 • Conve
Slide 10: 2026 Focus on Disciplined De-risking
2026 Focus on Disciplined De-risking • Geological modeling Advancing Volcan through • Mining capex & opex engineering and a filed EIA: • Metallurgy • Environmental baseline • Permitting 10
Slide 11: Improving Geological Understanding
Improving Geological Understanding Core relogging: • 15,077m of core relogged • 6,353 Terraspec measurements • 11,598 high-resolution core photographs acquired Materially better understanding: Gold mineralization controlled by veining intensity and alteration Banded stockwork zones (veining) averagi
Slide 12: Project Update
Project Update Technical work at Volcan advancing across multiple fronts Geology Environmental baseline & Permitting Initial re-logging confirmed gold is controlled by vein intensity and Spring & Summer baseline scopes agreed and contracted to qualified alteration; nine major structures identified b
Slide 13: 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 14: Permitting Roadmap & Upcoming Catalysts
Permitting Roadmap & Upcoming Catalysts 2026 2027 2028 2029 H1 H2 H1 H2 H1 H2 H1 H2 ENGINEERING DEFINITIVE FEASIBILITY STUDY & PROJECT FINANCING INITIAL BASE LINE STUDIES EARLY COMMUNITY CONSULTATION PROCESS FOLLOW UP FIELDWORK EIA BASELINE REPORTS EIA PREPARATION EIA SEA REVIEW & COMMUNITY CONSULTA
Slide 15: Why Invest in Tiernan
Why Invest in Tiernan Favourable macro environment complemented by key value drivers Quality Project in Execution-Proven Exploration Fully Funded for Prominent Leadership Upside Potential Multiple Near- Jurisdiction Term Catalysts 11 Moz Measured, Extensive track record > 6km of undertested Updated
Slide 16: Appendices
Mppendices IERNAN GOLD CORP.
Slide 17: Volcan Project History
Volcan Project History 2007 Over 150,000m drilled 2012 2025 2012 2025 2011 – 2012 2022 – 2023 Feasibility EIA completed & Derisking Work Programs: Railtown Capital Corp RTO study-level submitted to form Tiernan Gold metallurgy & - Updated MRE / economic parameters geotechnical - Opportunity Framewor
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: 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 24: Contact Us
TSX-V: TNGD CONTACT US info@tiernangold.com +1 (888) 926-2591 24 #1020 – 800 West Pender St. Vancouver, BC V6C 2V6