Silver Tiger Metals Inc.

Company Data | Introduction | Projects in Hand | Management
News Update | Chinese

Company Data

Introduction

Silver Tiger Metals Inc. is a Canadian company whose management has more than 25 years' experience discovering, financing and building large hydrothermal silver projects in Mexico. Silver Tiger's 100% owned 28,414 hectare historic El Tigre Mining District is located in Sonora, Mexico. Principled environmental, social and governance practices are core priorities at Silver Tiger.

Mexico

• Mexico is the world's largest silver producer
• Three countries dominated silver mining in 2023: Mexico 24% (202 million ounces), China 13% (109 million ounces), and Peru 13% (107 million ounces)

The World's Growing Demand for Silver

Silver Demand: 1.195 billion ounces
Mine Production: 800 million ounces

Industrial: Automotive (EV), 5G, Electronics, AI
Green Energy: Solar Cells, Batteries, Wind Turbines

Physical Investment: Coins & Bars

Projects in Hand

El Tigre Silver-Gold Project, Sonora, Mexico

Project Overview (2016 to 2024)

2016 - 2024:

Financing: Silver Tiger has raised in excess of 100 million CDN with 75 million dollars CDN in 4 bought deal financings.

2016

Acquisition of El Tigre Concessions: Silver Tiger acquires the El Tigre concessions, covering over 28,000 hectares, for C$11 million. The concessions are 100% controlled and royalty-free.

2017

El Tigre Project Commencement: Silver Tiger begins work on its 100% owned 28,414 hectare Historic El Tigre Mining District in Sonora, Mexico.

Maiden Mineral Resource Estimate (“MRE”): The first MRE for the El Tigre Project is completed.

2019

Land Purchase: Silver Tiger purchases 6,283 hectares of land containing the concessions where most of the exploration has been conducted, for US$1.1 million.

2020

Man-Camp Construction: A 60-person man-camp is completed in June to support the workforce at the El Tigre Project.

Drilling: 150,000 meters total drilled on the El Tigre Property with Silver Tiger drilling over 119,000 meters from 2020 to present.

2022

Underground Rehabilitation: The underground rehabilitation work begins, including slashing the main portal for approximately 400 meters, with an opening size of 4.0 meters by 4.5 meters.

2023

Access Road Construction: A 46 km access road from the El Tigre Project to the community of Colonia Morelos is completed in May.

Mineral Resource Update: The company releases an updated MRE for the El Tigre Project in September. Delineated approximately 37.2m Oz Ag and 575 Oz Au of Indicated, and 52.6m Oz Ag and 374k Oz Au of Inferred.

PEA for Open Pit: The Preliminary Economic Assessment (“PEA”) for the El Tigre open pit is released in November, providing early-stage economic analysis for the project.

Drilling: Completed 30,000 meters of diamond drilling with 15,000 meters focused on Open Pit Pre-Feasibility Study (“PFS”) Drilling Program.

2024

October 2024 PFS for Open Pit: The Pre-Feasibility Study (“PFS”) for the El Tigre open pit is released, showing robust economics, including:

• After-Tax NPV: US$222 million at a 5% discount rate
• After-Tax IRR: 40.0%
• Payback Period: 2.0 years (Base Case)
• Life of Mine: 10-year mine life recovering a total of 43 million payable silver equivalent ounces (“AgEq”), consisting of 9 million silver ounces and 408 thousand gold ounces.
• After-Tax Cash Flow: US$318 million
• Initial Capital Costs: $86.8 million (including $9.3 million in contingency)
• LOM Operating Cash Costs: $973/oz AuEq
• AISC: $1,214/oz AuEq, $14/oz AgEq
• Production: Average annual production of approximately 4.8 million AgEq oz or 56.7 thousand AuEq oz.
• Silver Price: $26/oz, Gold Price: $2,150/oz

Mineral Resource Estimate (“MRE”) Update: Delivered updated MRE of the open pit Stockwork Mineralization Zone, including:

• Increase of 132% in Total Measured & Indicated Silver Equivalent Ounces from September 2023 MRE, with 59% increase in Measured & indicated AgEq grade;
• Total Measured & Indicated Mineral Resource of 200 Moz AgEq grading 92 g/t AgEq contained in 68.0 million tonnes;
• Total Out-of-Pit Resource of 113 Moz AgEq;
• Exploration potential at the El Tigre Project is substantial with prospective areas for exploration both down dip and along strike with the disclosed Exploration Target establishing 10 to 12 million tonnes at 225 to 265 g/t AgEq for 73 to 100 Moz AgEq; and
• This disclosed ‘near-mine' Mineral Resource and potential, when coupled with the fact that only 30% of this prolific Property has been explored, shows the value of the El Tigre.

Drilling: Commenced drilling from underground drill pads on the high-grade Veins, Sulfide Zone and Shale Zone, with the first drill results expected in January 2025.

2025

Drill Program: With $7.0 million in cash on hand at September 30, 2024, Silver Tiger will complete the planned underground 5,000-meter drill program.

High-Grade Mineralized Zones at El Tigre

The El Tigre Project underground drilling campaign is targeting the Veins, the Sulfide Zone and the Shale Zone with the first three holes targeting the Sulfide Zone. These high-grade zones form a crucial early component of the UG PEA as enumerated below:

1. Sulfide Zone – The currently defined Sulfide Zone is 750 meter along strike with 250 meters along dip and typically 2-20 meters thick. Mineralization consists of varying semi-massive proportions of zinc, iron, lead, copper, and silver sulfides with, for example, Drill Hole 434 grading 10.5 meters at 1,642.4 g/t total silver equivalent consisting of 914.0 g/t silver, 0.20 g/t gold, 1.68% copper, 5.92% lead and 12.42% zinc (see press release dated January 25, 2023).
2. Shale Zone –This silver and base metal-rich mineralization extends 20 meters in either direction from the vein, with thicknesses reaching upwards of 15 meters, and several kilometers along strike. Drill Hole 329 grading 9.1 meters at 809.7 g/t silver equivalent consisting of 429.5 g/t silver, 0.22 g/t gold, 0.22% copper, 4.82% lead and 6.89% zinc (see press release dated May 17, 2022).
3. Veins – The high-grade epithermal veins dip steeply to the west, and are typically 0.5 m wide, and locally can be up to 5 m in width. Several exist on the property, with many reaching strike length of 3 kilometers or more. Vein mineralization consists of quartz and varying proportions of zinc, iron, lead, copper, and silver sulfides. These historically mined Veins have, for example Drill Hole ET-21-264, returned assays up to 82,827.3 g/t silver equivalent over 0.5 meters proximal to historically mining stopes, showing high-grade Vein mineralization continues at depth and along strike (see press release dated Nov 9, 2021).
• First Half of 2025: Deliver a Preliminary Economic Assessment (“PEA”) for the permitted underground mineral resource at El Tigre, on the high-grade silver veins, sulphide, and shale zones.
• Project Financing: Negotiations and due diligence are underway with lenders to secure project financing for the open pit portion of the Project.
• Construction: Make a construction decision upon receipt of the open pit permit.

Management

Management and Directors

Glenn Jessome, B.Sc., JD, MBA, President and CEO

Mr. Jessome is the founding shareholder of Silver Tiger Metals Inc. and he oversaw the listing of the Company on the TSXV. Mr. Jessome is a securities lawyer with 25 years of resource sector capital markets experience and he currently serves as a member of the TSXV National Advisory Committee. He is Corporate Secretary and a founding shareholder of Gogold Resources Inc., another company for which he oversaw the listing on the TSX.

Keith Abriel, CPA, CA, CFA, CFO and Corporate Secretary

Mr. Abriel is a seasoned financial executive, known for bringing a practical, tenacious and entrepreneurial approach to senior financial leadership roles. His 25 years' experience includes serving as Chief Financial Officer of several publicly traded and venture backed companies, including DHX Media Ltd. (NASDAQ, TSX) and a number of mining and exploration companies, including Linear Gold Corp., Ucore Uranium Inc and Stockport Exploration Inc. Mr. Abriel has raised over a billion dollars of capital for public and venture-backed companies and has extensive international M&A experience. He also spent 9 years with PwC.

David Duncan, P.Geo., Vice President Exploration

Mr. Duncan is a geologist with more than 40 years' experience having worked with Algoma Ore, Kidd Creek Mines, Falconbridge, WMC and Etruscan (now Endeavour Mining). Mr. Duncan is a founding shareholder of Silver Tiger. In Mexico, he has in recent years worked on Gogold Resources' Santa Gertrudis and Los Ricos projects.

Francisco Albelais, Vice President of Operations

Mr. Albelais, is a Mining Engineer who has more than 25 years' experience building, commissioning, and operating open pit and underground mines in Mexico.

Charles Spath, P.Geo., Vice President of Technical Services

Mr. Spath has an extensive background in resource evaluation, resource modeling, project management, and technical oversight.

Devin Devarennes, BEng, BCom, VP Corporate Development & Investor Relations

Mr. Devarennes is a Mining Engineer with over 15 years of corporate experience. He has been with Silver Tiger Metals since 2020, previously serving as GM Mexico Operations. Experienced in project management & development, exploration, logistics, and budgeting & planning.

News Update

On April 14, 2025, Silver Tiger Metals Inc. has closed its previously announced bought deal offering of common shares of the company with a syndicate of underwriters. An aggregate of 45,455,000 shares at a price of 33 cents per share for gross proceeds to the company of approximately $15,000,150 were sold. The company intends to use the proceeds of the offering to finance exploration and development expenditures at the company's El Tigre project in Mexico, as well as for working capital and general corporate purposes.

On April 04, 2025, Further to Silver Tiger Metals Inc.'s news release dated March 24, 2025, it has filed a final short form prospectus dated April 4, 2025, with the securities commissions in each of the provinces of Canada, except Quebec, in connection with its bought deal public offering of common shares of the company at 33 cents per common share for aggregate gross proceeds of $15,000,150. The offering is being conducted through a syndicate of underwriters including Stifel Canada and Desjardins Capital Markets, as co-lead underwriters and joint bookrunners, and BMO Capital Markets, SCP Resource Finance LP, Ventum Financial Corp. and Canaccord Genuity Corp. The company has granted the underwriters an option to purchase an additional 6,818,250 common shares on the same terms and exercisable at any time up to 30 days following the closing of the offering, for market stabilization purposes and to cover overallotments, if any. If the overallotment option is exercised in full, additional gross proceeds of $2,250,022.50 will be raised pursuant to the offering and the aggregate gross proceeds the offering will be $17,250,172.50.

The offering is being conducted in each of the provinces of Canada, except Quebec, and outside of Canada in accordance with applicable securities laws.

Closing of the offering is expected to occur on or about April 14, 2025. The TSX Venture Exchange has conditionally approved the listing of the common shares to be issued pursuant to the offering (including any exercise of the overallotment option), subject to customary conditions.

Final short form prospectus is accessible through SEDAR+

February 11, 2025, Silver Tiger Intersects 3.0 meters of 1,526.3 g/t Silver Equivalent within 17.3 meters of 309.0 g/t Silver Equivalent in the Sulfide Zone from Underground Drilling Station

Highlights:

• Hole ET-24-627: 3.0 meters grading 1,526.3 g/t total silver equivalent, consisting of 833.5 g/t silver, 0.13 g/t gold, 0.87% copper, 6.22% lead and 13.24% zinc within 17.3 meters grading 309.0 g/t total silver equivalent consisting of 160.0 g/t silver, 0.12 g/t gold, 0.18% copper, 1.34% lead and 2.68% zinc in the Sulfide Zone.
• Hole ET-23-626: 4.8 meters grading 321.0 g/t total silver equivalent, consisting of 254.1 g/t silver, 0.10 g/t gold, 0.33% copper, 0.33% lead and 0.61% zinc within 17.1 meters grading 140.0 g/t total silver equivalent consisting of 95.4 g/t silver, 0.09 g/t gold, 0.13% copper, 0.29% lead and 0.54% zinc in the Sulfide Zone.

https://silvertigermetals.com/news/2025/silver-tiger-intersects-3.0-meters-of-1526.3-g-t-silver-equivalent/

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