Tier-1 asset development in Chile's Maricunga Gold Belt.
Volcan is approximately 150km east of the northern city of Copiapó.
Tiernan Gold
Tiernan Gold is focused on the disciplined de-risking of the Volcan Gold Project. The project is 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 and new projects being developed. Following acquisition in 2012, the Company relogged drill core, updated the geological model for the Dorado West deposit, and carried out additional metallurgical test work, leading to the development of a preliminary geo-metallurgical model.
Between 2023 and 2025, Hochschild, through the newly created subsidiary Tiernan Gold Corp, evaluated strategic options to maximise the value of the project. In 2025, Tiernan entered into agreements with Railtown Capital Corp, progressing from a Letter of Intent to a definitive business combination agreement to complete a reverse takeover. This process enabled Tiernan to secure independent financing and ultimately achieve a listing on the TSX Venture Exchange following completion of the transaction and required approvals in late 2025. A partial sale of Hochschild’s interest alongside a private placement led to the Company receiving C$16.5 million and reducing its ownership stake while retaining a majority position at almost 70%.
A Preliminary Economic Assessment completed in August 2025 outlined strong project economics, including projected annual gold production and robust financial returns.
| Ausenco updated PEA (Aug 2025) | |
|---|---|
| Average annual production | 332,000oz (1st 10yrs) |
| Average AISC | $1,094/ox |
| Post tax NPV@5%* | $1,513 |
| Pre-tax IRR* | 29% |