Tiernan Gold poised to trade on TSX Venture Exchange
Tiernan Gold Corp. [TNGD-TSXV], formerly Railtown Capital Corp., said it has completed a previously announced qualifying transaction. As a result, trading in the common shares is expected to begin on the TSX Venture Exchange on December 19, 2025.
Upon receipt of the final approval of the TSX Venture Exchange, the company will be listed as a Tier 1 mining issuer.
Tiernan is a well-capitalized gold development company focused on the rapidly advancing Volcan gold project, a large-scale open-pit, heap leach project located in Chile’s Maricunga Gold Belt. Tiernan holds a 100% interest in the Volcan Gold Project, which is estimated to contain 9.8 million ounces of gold contained in measured and indicated resources (463.3 million tonnes at 0.66 g/t gold).
“The commencement of trading marks a major milestone for Tiernan,’’ said Tiernan CEO and director Fausto Di Trapani. “We enter the public markets with a strong balance sheet and a high-quality gold asset in one of the world’s most prolific gold belts,’’ he said. “Our focus is disciplined de-risking of the Volcan Gold Project and creating long term value through systematic advancement and clear technical milestones.’’
The qualifying transaction resulted in Tiernan PrivateCo becoming a publicly listed gold development company following a reverse takeover of Railtown.
The company has announced that in connection with its listing, the TSX Venture Exchange has confirmed that it is eligible to rely on an exemption from the Principal Escrow Requirements under Policy 5.4 – Capital Structure, Escrow and Resale restrictions of the TSX Venture Exchange on the basis that it is expected to have a market capitalization in excess of $100 million immediately upon listing.
In connection with the qualifying transaction, Hochschild Mining Holdings Ltd. (HM Holdings], a wholly owned subsidiary of Hochschild Mining PLC [HCHDY-OTCQX, HOC-LSE] has acquired control of 33.3 million common shares or 69.8% of the outstanding shares on a non-fully diluted basis and approximately 61.9% on a fully diluted basis.
Hochschild operates two underground epithermal vein mines: Inmaculada, located in southern Peru; and San Jose in southern Argentina, and an open pit mine, Mara Rosa, located in the state of Goias, Brazil.
The Volcan Gold Project was originally advanced by Andina Minerals, which completed over 150,000 metres of drilling between 2007 and 2011. A pre-feasibility study contemplated 4.3 million ounces of gold production over a 15-year mine life in 2011.
Andina was acquired by Hochschild Mining in 2021 in an all-cash deal for $105 million. Following the acquisition, Hochschild undertook a substantial program to relog drill core and update the geological model for Dorado West, the main deposit at Volcan.
Since 2022, Hochschild has been advancing the Volcan Project. In 2023, it engaged Ausenco Chile to prepare a preliminary economic assessment. The PEA was updated in July, 2025. It envisages average production of 332,000 ounces of gold per year for the first 10 years of operations with 3.8 million ounces produced over the estimated mine life.
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