Overview

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.

In 2016 acquired the El Tigre concessions covering over 28,000 hectares for 11 million dollars CDN
In 2019 purchased the 6283 hectares of land that contain the concessions where the majority of the exploration has been conducted for 1.1 million USD
Silver Tiger has raised 75 million dollars CDN in 4 bought deal financings since 2020
Cash balance of C$24,500,000 as of the quarter ended June 30, 2023
Silver Tiger has drilled over 100,000 meters at El Tigre
Underground rehabilitation and slashing of the main portal for approximately 370 meters at an opening size of 4.0 meters by 4.5 meters
MRE released in September 2023 has delineated approximately 86.0 Moz AgEq or 1.2 Moz AuEq Indicated, and 90.3 Moz AgEq or 1.2 Moz AuEq of Inferred
Preliminary Economic Assessment (PEA) delivered Nov 1st
High-grade mineralization at the El Tigre Project is open both down dip and along strike with the disclosed Exploration Potential Target at 7 to 9 Million tonnes at 225 to 265 g/t AgEq for 50 to 75 Moz AgEq.

El Tigre Deposit – Long Section Exploration Potential – Looking East

El Tigre Deposit – Conceptual Long Section – Looking East

El Tigre Deposit – Conceptual Section Mineralization Styles – Looking North

Unless otherwise herein, Dave Duncan P. Geo, VP Exploration of Silver Tiger is the Qualified Persons as defined under National Instrument 43-101. Mr. Duncan has reviewed and approved the scientific and technical information.

Mineral Resource Estimate

El Tigre Project - 2023 Mineral Resource Estimate

Area	Vein	Class	Cut-off	Tonnes	Au	Au	Ag	Ag	AuEq	AuEq	AgEq	AgEq	Cu	Cu	Pb	Pb	Zn	Zn
Area	Vein	Class	AuEq (g/t)	(k)	(g/t)	(k oz)	(g/t)	(k oz)	(g/t)	(k oz)	(g/t)	(k oz)	(%)	(Mlb)	(%)	(Mlb)	(%)	(Mlb)
Pit Constrained		Indicated	0.14	43,002	0.39	535.3	14.5	20,049	0.59	818.4	44.4	61,381	0.00	1.8	0.01	7.0	0.02	14.3
Pit Constrained		Inferred	0.14	11,524	0.47	175.9	17.3	6,396	0.72	267.3	54.1	20,045	0.00	0.8	0.01	3.7	0.02	4.3
Out-of-pit		Indicated	1.5	2,323	0.38	28.7	190.5	14,231	3.72	277.8	279.0	20,838	0.15	7.6	0.55	28.0	0.97	49.8
Out-of-pit		Inferred	1.5	9,229	0.66	196.6	154.6	45,885	3.14	930.7	235.2	69,801	0.09	17.3	0.27	55.9	0.49	99.0
Vein Total		Indicated	0.14+1.5	45,325	0.39	564.0	23.5	34,279	0.75	1096.3	56.4	82,219	0.01	9.4	0.04	35.0	0.06	64.1
Vein Total		Inferred	0.14+1.5	20,753	0.56	372.6	78.4	52,282	1.80	1198.0	134.7	89,847	0.04	18.1	0.13	59.6	0.23	103.4
Low Grade Stockpiles		Indicated	0.3	103	0.90	3.0	177.4	588	3.41	11.3	255.7	847	0.02	0.1	0.22	0.5	0.10	0.2
Low Grade Stockpiles		Inferred	0.3	18	0.46	0.3	145.9	83	2.52	1.4	188.8	108	0.02	0.0	0.17	0.1	0.09	0.0
Tailings		Indicated	0.3	939	0.27	8.0	78.0	2,345	1.30	39.3	97.5	2,948
Tailings		Inferred	0.3	101	0.27	0.9	79.0	254	1.31	4.3	98.3	323
Total (Vein+Stockpile+Tailing)		Indicated	0.14+1.5+0.3	46,367	0.39	575.0	25.0	37,212	0.77	1146.9	57.7	86,014	0.01	9.4	0.03	35.5	0.06	64.3
Total (Vein+Stockpile+Tailing)		Inferred	0.14+1.5+0.3	20,871	0.56	373.7	78.4	52,619	1.79	1203.7	134.5	90,277	0.04	18.1	0.13	59.7	0.22	103.4

Pit Constrained Mineral Resource Sensitivity (Resource COG = 0.14 g/t AuEq)

Classification	Cut-off	Tonnes	Au	Au	Ag	Ag	AuEq	AuEq	AgEq	AgEq	Cu	Pb	Zn
Classification	AuEq (g/t)	(k)	(g/t)	(k oz)	(g/t)	(k oz)	(g/t)	(k oz)	(g/t)	(k oz)	(%)	(%)	(%)
Indicated	1	5,719	0.94	172.4	56.9	10,464	1.72	315.6	128.7	23,672	0.00	0.02	0.02
	0.9	6,874	0.89	196.3	51.0	11,273	1.59	350.8	119.0	26,310	0.00	0.01	0.02
	0.8	8,326	0.83	223.1	45.5	12,177	1.46	390.3	109.4	29,273	0.00	0.01	0.02
	0.7	10,251	0.77	255.4	39.9	13,166	1.32	436.5	99.3	32,739	0.00	0.01	0.02
	0.6	12,971	0.71	295.4	34.3	14,323	1.18	493.0	88.7	36,976	0.00	0.01	0.02
	0.5	16,816	0.64	344.4	28.9	15,615	1.04	560.6	77.8	42,045	0.00	0.01	0.02
	0.4	22,280	0.56	402.8	23.7	16,979	0.89	639.1	66.9	47,929	0.00	0.01	0.02
	0.3	29,999	0.48	466.1	19.2	18,488	0.75	724.9	56.4	54,368	0.00	0.01	0.02
	0.2	38,688	0.42	518.1	15.8	19,659	0.64	794.9	47.9	59,618	0.00	0.01	0.02
	0.14	43,002	0.39	535.3	14.5	20,049	0.59	818.4	44.4	61,381	0.00	0.01	0.02
	0.1	45,774	0.37	543.1	13.7	20,215	0.56	829.1	42.3	62,183	0.00	0.01	0.01
Inferred	1	2,617	1.06	89.5	47.1	3,962	1.72	144.8	129.1	10,862	0.01	0.04	0.02
	0.9	2,811	1.03	92.7	46.0	4,158	1.67	150.7	125.1	11,306	0.01	0.04	0.02
	0.8	3,115	0.98	97.7	43.9	4,394	1.59	159.0	119.1	11,926	0.01	0.04	0.02
	0.7	3,704	0.90	107.1	39.7	4,724	1.45	173.1	109.0	12,985	0.01	0.03	0.02
	0.6	4,562	0.82	119.7	34.7	5,095	1.30	191.0	97.7	14,329	0.01	0.03	0.02
	0.5	5,404	0.75	130.5	30.9	5,371	1.19	205.9	88.9	15,443	0.00	0.02	0.02
	0.4	6,631	0.67	143.7	26.6	5,662	1.05	223.5	78.6	16,762	0.00	0.02	0.02
	0.3	8,603	0.58	160.4	21.7	5,999	0.89	245.5	66.6	18,413	0.00	0.02	0.02
	0.2	10,725	0.50	172.7	18.3	6,324	0.76	262.9	57.2	19,715	0.00	0.02	0.02
	0.14	11,524	0.47	175.9	17.3	6,396	0.72	267.3	54.1	20,045	0.00	0.01	0.02
	0.1	11,796	0.47	176.7	16.9	6,415	0.71	268.3	53.1	20,124	0.00	0.01	0.02

Out-of-Pit Mineral Resource Sensitivity (Resource COG = 1.5 g/t AuEq)

Classification	Cut-off	Tonnes	Au	Au	Ag	Ag	AuEq	AuEq	AgEq	AgEq	Cu	Pb	Zn
Classification	AuEq (g/t)	(k)	(g/t)	(k oz)	(g/t)	(k oz)	(g/t)	(k oz)	(g/t)	(k oz)	(%)	(%)	(%)
Indicated	5	469	0.73	11.0	418.2	6,309	8.19	123.5	614.1	9,263	0.39	1.24	2.21
	4.5	557	0.68	12.3	390.6	7,000	7.64	136.9	573.1	10,269	0.36	1.15	2.08
	4	669	0.64	13.8	362.0	7,781	7.08	152.1	530.7	11,406	0.33	1.06	1.93
	3.5	821	0.59	15.7	330.9	8,740	6.45	170.5	484.0	12,784	0.29	0.96	1.74
	3	1,021	0.54	17.8	299.2	9,820	5.82	191.2	436.9	14,338	0.25	0.87	1.56
	2.5	1,274	0.50	20.4	267.5	10,954	5.21	213.4	390.9	16,009	0.22	0.77	1.40
	2	1,665	0.44	23.8	231.5	12,396	4.51	241.6	338.4	18,118	0.19	0.67	1.20
	1.5	2,323	0.38	28.7	190.5	14,231	3.72	277.8	279.0	20,838	0.15	0.55	0.97
	1	3,725	0.34	40.2	139.9	16,758	2.78	332.7	208.3	24,951	0.11	0.40	0.70
Inferred	5	1,149	1.24	45.8	362.7	13,395	6.68	246.6	500.8	18,495	0.15	0.38	0.65
	4.5	1,598	1.04	53.6	339.5	17,442	6.15	315.9	461.1	23,689	0.14	0.38	0.64
	4	1,919	1.02	63.2	318.2	19,637	5.83	359.6	437.0	26,968	0.13	0.38	0.62
	3.5	2,520	0.98	79.8	287.9	23,327	5.33	432.0	399.9	32,399	0.11	0.35	0.58
	3	3,898	0.80	100.4	243.5	30,521	4.63	579.7	346.9	43,478	0.11	0.38	0.70
	2.5	4,912	0.84	132.3	216.8	34,240	4.24	669.0	317.7	50,174	0.10	0.33	0.62
	2	6,253	0.78	157.1	192.8	38,763	3.81	765.1	285.5	57,384	0.09	0.30	0.55
	1.5	9,229	0.66	196.6	154.6	45,885	3.14	930.7	235.2	69,801	0.09	0.27	0.49
	1	15,187	0.54	261.6	115.4	56,339	2.39	1166.8	179.2	87,508	0.07	0.21	0.37

Notes:

1. Mineral Resources which are not Mineral Reserves, do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.

2. The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.

3. The Mineral Resources in this news release were estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines (2014) prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council and CIM Best Practices (2019).

Historically mined areas were depleted from the Mineral Resource model.

Approximately 74.7% of the Indicated and 22.3% of the Inferred contained AgEq ounces are pit

constrained, with the remainder out-of-pit. See tables 2 and 3 for details of the split between pit constrained and out-of-pit deposits.

6. The pit constrained AuEq cut-off grade of 0.14 g/t was derived from US$1,800/oz Au price, US$24/oz Ag price, 80% process recovery for Ag and Au, US$5.30/tonne process cost and US$1.00/tonne G&A cost. The constraining pit optimization parameters were $1.86/t mineralized mining cost, $1.86/t waste mining cost and 50-degree pit slopes.

7. The out-of-pit AuEq cut-off grade of 1.5 g/t AuEq was derived from US$1,800/oz Au price, US$24/oz Ag price, $4.00$/lb Cu, $0.95 $/lb Pb, $1.40 $/lb Zn, 85% process recovery for all metals, $50/t mining cost, US$20/tonne process and US$4 G&A cost. The out-of-pit Mineral Resource grade blocks were quantified above the 1.5 g/t AuEq cut-off, below the constraining pit shell within the constraining mineralized wireframes and exhibited sufficient continuity to be considered for cut and fill and long hole mining.

No Mineral Resources are classified as Measured.

AgEq and AuEq calculated at an Ag/Au ratio of 75:1.

Totals may not agree due to rounding

Dave Duncan P. Geo., VP Exploration of Silver Tiger, Charles Spath, P. Geo., VP of Technical Services of Silver Tiger, and Eugene Puritch, P.Eng., FEC, CET, President of P&E Mining Consultants are the Qualified Persons as defined under National Instrument 43-101. Mr. Duncan, Mr. Spath and Mr. Puritch have reviewed and approved the scientific and technical information related to the Mineral Resource Estimate.

Preliminary Economic Assessment

El Tigre PEA - Highlights

After-Tax net present value ("NPV") (using a discount rate of 5%) of US$287 Million with an After-Tax IRR of 55.8% and Payback Period of 1.7 years (Base Case)
13-year mine life recovering a total of 60 Million payable silver equivalent ounces ("AgEq") or 776,000 gold equivalent ounces ("AuEq"), consisting of 16 Million silver ounces and 571,000 gold ounces; Total project undiscounted after tax cash flow of US$445 Million
Total project undiscounted after tax cash flow of US$445 Million
Initial capital costs of $59 Million, including $7.7 Million in contingency costs, over an expected 12-month build, expansion capital of $33 Million and sustaining capital costs of $31 Million over the life of mine ("LOM")
Average LOM operating cash costs of $803/oz AuEq, and all in sustaining costs ("AISC") of $843/oz AuEq or Average LOM operating cash costs of $10/oz AgEq, and all in sustaining costs ("AISC") of $11/oz AgEq
Average annual production of approximately 4.6 Million AgEq oz or 59,000 AuEq

El Tigre PEA - Annual Production

El Tigre PEA – Cash Flows

The PEA was based on information and data supplied by Silver Tiger, and was undertaken by William J. Lewis, B.Sc., P.Geo., Kerrine Azougarh, B.Sc., P.Eng. and Christopher Jacobs, CEng, MIMMM, MBA of Micon International Limited. Of Toronto, Ontario, and David J. Salari, P. Eng. of D.E.N.M. Engineering Ltd are the Qualified Persons as defined under National Instrument 43-101. All Qualified Persons have reviewed and approved the scientific and technical information related to the Preliminary Economic Assessment.

History of the El Tigre Mine District & Geological Journal Articles

The El Tigre Property lies at the northern end of the Sierra Madre gold belt which hosts many epithermal gold and silver deposits including Dolores, Santa Elena and Chispas at the northern end. In 1896, gold was first discovered on the property in the Gold Hill area and mining started with the Brown Shaft in 1903. The focus soon changed to mining high-grade silver veins in the area with much of the production coming from the El Tigre vein. Underground mining on the El Tigre vein extended 1,450 meters along strike and mined on 14 levels to a depth of 450 meters. By the time the mine closed in 1938, it is reported to have produced a total of 353,000 ounces of gold and 67.4 million ounces of silver from 1.87 million tons (Craig, 2012). The average grade mined during this period was over 2 kilograms silver equivalent per ton.

The Legendary Mining District "El Tigre"

History, Production and Geology of the El Tigre District

Geology of El Tigre District - R.T. Mishler, 1920

Methods of Mining - R.T. Mishler, 1925

El Tigre Slime Tanks - R.T. Mishler, 1917

Plan Maps and Long Sections

El Tigre Mineralized System 25km

Plan Map of the El Tigre Veins and Drill Holes

El Tigre Deposit - Conceptual Long Section Looking East

El Tigre Deposit - Long Section - Exploration Potential - Looking East

El Tigre Deposit - Isometric View - Historic Stopes

El Tigre Deposit - Future UG Drilling

El Tigre Deposit - Plan View - 1700m Elevation

Sulphide Zone 1474 m Level

Sulphide Zone Long Section

El Tigre District Mining Concessions - 35 km - 28,414 Hectares

Plan Map of the Sooy Vein

Cross Sections

El Tigre Deposit - Conceptual Section - Mineralization Styles - Looking North

El Tigre Cross Section 6650 - Caleigh & Protectora Vein

El Tigre Cross Section 6675 - Caleigh & Protectora Vein

El Tigre Cross Section 6125N - Benjamin Vein

El Tigre Cross Section 6100N - Benjamin Vein

Benjamin Cross Section 6200N (Drill Hole ET-21-272)

El Tigre Cross Section 6175N (Drill Hole ET-22-378)

El Tigre Cross Section 6075N - Benjamin Vein

Sulphide Zone—Cross Section 4490N

Sulphide Zone—Cross Section 4965N

Sulphide Zone – Cross Section 5015N

El Tigre Cross Section 6025N (Drill Hole ET-21-243)

Sulphide Zone Cross Section 4940N

El Tigre Cross Section 4900N - Sooy Vein

El Tigre Cross Section 4875N - Sooy Vein

El Tigre Cross Section 4870N (Drill Hole ET-316)

El Tigre Cross Section 4865N (Drill Hole ET-431)

El Tigre Cross Section 4850N - Sooy Vein

El Tigre Cross Section 4825N - Sooy Vein

El Tigre Cross Section 4812.2N - Sooy Vein

El Tigre Cross Section 4650N - Sooy Vein

El Tigre Cross Section 3875N - Sooy Vein

El Tigre Cross Section 4750N - Sooy Vein

El Tigre Cross Section 4425N

El Tigre Cross Section 4050N

El Tigre Cross Section 4925N (Drill Hole ET-21-236)

El Tigre Cross Section 4950N (Drill Holes ET-21-241, 246 and 250)

El Tigre Cross Section 4000N (Drill Hole ET-21-244)

Seitz Kelly Cross Section 5050N (Drill Holes ET-21-262, 264 and 265)

Seitz Kelly Cross Section 5075N (Drill Holes ET-21-268 and 271)

El Tigre Cross Section 5075N (Drill Holes ET-21- 287, ET-21-289 and ET-21-291)

Seitz Kelly Vein and New Discovery Zone - Section 5075N (Drill Holes ET-21-278 and ET-21-271)

El Tigre Cross Section 5100N (Drill Holes ET-21- 288 and ET-21-293)

El Tigre Cross Section 5100N (Drill Hole ET-21-296)

El Tigre Cross Section 5100N (Drill Hole ET-21-300 and ET-21-305)

Photos

Historic El Tigre Mine – 1908 to 1930

Underground Rehabilitation

Access Roads

El Tigre – Core Shack

El Tigre - 2023

El Tigre - 2022

El Tigre – 2021

El Tigre – 2020

El Tigre – Drilling

El Tigre – Area Photos

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For example, the terms "measured mineral resources", "indicated mineral resources", "inferred mineral resources", "proven mineral reserves" and "probable mineral reserves" are used on this Website to comply with the reporting standards in Canada. While those terms are recognized and required by Canadian regulations, the SEC does not recognize them.

Under the rules and regulations of the SEC set forth in Industry Guide 7, a U.S. company may only disclose estimates of proven and probable mineral reserves, and may not disclose estimates of any classification of mineral resources. In addition, the definitions of proven and probable mineral reserves used in NI 43-101 differ from the definitions in the SEC Industry Guide 7. Under United States standards, mineralization may not be classified as a "reserve" unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. Investors are cautioned not to assume that all or any part of the mineral deposits in these categories will ever be converted into mineral reserves. Any estimate of mineral reserves or resources has a great amount of uncertainty as to its existence, and great uncertainty as to its economic and legal feasibility with estimates of mineral resources having a greater degree of uncertainty. It cannot be assumed that all or any part of measured mineral resources, indicated mineral resources or inferred mineral resources will ever be upgraded to a mineral reserve or mined. Further, in accordance with Canadian rules, estimates of inferred mineral resources cannot form the basis of feasibility or other economic studies. Investors are cautioned not to assume that any part of the reported measured mineral resources, indicated mineral resources, or inferred mineral resources on this Website will ever be classified as a reserve. Disclosure of "contained ounces" is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute reserves as in place tonnage and grade without reference to unit measures.

El Tigre Historic Mine District