Vancouver, British Columbia--(Newsfile Corp. - May 14, 2026) - Tiernan Gold Corp. (TSXV: TNGD) ("Tiernan" or the "Company") announces the initiation of a comprehensive suite of technical and environmental studies in advancement of a Pre-Feasibility Study ("PFS") for its Volcan Gold Project (the "Project" or "Volcan"), 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 underway include:

• Ausenco retained as lead PFS consultant, overseeing process engineering, environmental baseline, and NI 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
• Gestión Ambiental Consultores ("GAC") retained for EIA consulting and environmental strategic support, bringing 35+ 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, coordinated de-risking sequence. The updated geologically constrained resource estimate, the metallurgical testwork program, the mine design & 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. ("Ausenco") has been retained as lead PFS consultant for the Volcan Project, responsible for integrating the multi-disciplinary 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 ("Deswik") 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, scheduling, 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. ("SLR") 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. ("SGS") 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 dataset 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 Gestión Ambiental Consultores SpA ("GAC") as its environmental consulting firm to act as strategic advisors and support the Company's permitting roadmap 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 Corporación Nacional Forestal ("CONAF"). The monitoring data will feed directly into the air quality and meteorological baseline required for the Volcan EIA submission.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/297406

Source: Tiernan Gold Corp.