Vancouver, British Columbia--(Newsfile Corp. - November 5, 2026) - Tiernan Gold Corp. (TSXV: TNGD) ("Tiernan" or the "Company") announces that Andina Minerals Chile SpA, a 100% owned subsidiary of the Company, has entered into a non-binding memorandum of understanding ("MoU") to evaluate the potential supply of up to approximately 120 litres per second of desalinated water to the Company's Volcan Gold Project in Chile's Atacama Region.

The MoU provides for a nine-month evaluation period, which may be extended for a further nine months by mutual agreement. During that period, the parties to the MoU expect to assess the technical, infrastructure, timing and commercial requirements for a potential water-supply arrangement. The 120-litre-per-second figure is a potential maximum for evaluation, not a reserved or committed volume. The MoU is non-exclusive and does not obligate either party to enter into a definitive supply agreement.

If the evaluation supports further work, the parties may negotiate a definitive water purchase agreement. The potential framework includes an initial term of 15 years from the commencement of supply, with possible mutually agreed extensions. The parties have not agreed on a water price, delivery start date or final commercial terms, including any take-or-pay mechanism. Any such terms would be subject to further negotiation and a definitive agreement.

"Water is a critical part of advancing Volcan, and this MoU gives us a practical framework to assess another potential source and delivery option," said Fausto Di Trapani, President and Chief Executive Officer. "Our EIA base case remains based on continental groundwater from our existing permitted wells. We will continue that work while evaluating alternative sources in parallel. The next step is to determine whether the potential supply, infrastructure, timing and economics could support a future definitive agreement."

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 metallurgical testwork, engineering studies, MRE, recovery modelling, process design, PFS workstreams and permitting processes in connection with advancement of the Project and the completion and publication of the PFS; the anticipated update of the MRE; the scope, timing and results of the Phase 2 metallurgical testwork; the expected mobilization of field campaigns and timing related thereto; the timing and preparation of permitting and submissions to the SEIA and related permitting matters; that required permits, authorizations and approvals will be obtained on a timely basis and on acceptable terms; stakeholder engagement and consultation and the use of the Company's cash on hand.

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 and technical activities (including drilling) to accurately predict mineralization, metallurgical response and potential process design parameters; that results from the composites and samples tested to date are reasonably representative of the deposit; estimates of reserves and resources; anticipated costs, future mining and production rates , 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; that the Company's cash will be sufficient to fund its planned activities; 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 risk that Phase 1 diagnostic leach results may not be representative of results obtained from Phase 2 testwork or commercial-scale processing and should not be interpreted as projected heap leach or process recoveries, the risk that the PFS, the updated Mineral Resource estimate, the metallurgical program, the BLEG campaign, field investigations or the EIA are delayed or not completed on the anticipated timelines or at all, the timing and outcome of the SEIA process, Indigenous consultation and community relations; changes in laws and regulations in Chile and 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/322726

Source: Tiernan Gold Corp.