Silver Tiger Metals: An Emerging Silver Producer in Mexico

• Silver Tiger Metals has announced a major silver deposit of 176 million ounces of silver equivalent resources.
• The company has spent $91 million and 8 years to delineate this deposit, with $21 million still in the bank.
• A preliminary economic assessment (PEA) is coming in the next couple weeks that will show the robust economics and value of the deposit.
• The company has hired Francisco Quiroga, an experienced mine builder in Mexico, to lead building and operating the mine. He believes it can be built in 9-12 months.
• Silver Tiger is transitioning from an exploration company to a development company focused on building a highly profitable producing silver mine starting with heap leach mining.

About Silver Tiger Metals

Silver Tiger Metals Inc. (TSXV: SLVR) is a Canadian silver exploration and development company focused on advancing its wholly-owned El Tigre silver project located in Sonora, Mexico. The El Tigre project covers 28,414 hectares and includes the historic El Tigre silver-gold mine that was in operation from 1903 to 1938, producing over 200 million ounces of silver equivalent.

Silver Tiger has been systematically exploring and drilling at El Tigre since acquiring the project in 2017. To date, the company has completed over 200,000 meters of drilling and has outlined a significant silver resource of 176 million silver equivalent ounces indicated and inferred. This makes El Tigre one of the largest undeveloped silver projects in Mexico.

The company is led by CEO Glenn Jessome, who has extensive mining experience. The project is managed on the ground in Mexico by a team of experienced mine builders, led by VP Operations Francisco Quiroz. Silver Tiger recently strengthened its technical team with the addition of Charles Fourie as General Manager. The company is now positioned to advance El Tigre from exploration to production.

Interview with Glenn Jessome, President & CEO of Silver Tiger Metals Inc.

Recent Drilling Success

In September 2022, Silver Tiger announced an updated mineral resource estimate for El Tigre that has more than doubled the project's indicated resources to 109 million silver equivalent ounces, up from 43 million ounces previously. This was the result of a successful 125,000 meter drill program carried out over the past three years.

The drilling has focused on expanding near-surface oxide resources amenable to heap leaching as well as defining deeper high-grade silver-gold sulphide mineralization. Highlights from recent drilling include:

• 5.3 meters grading 5,348 g/t silver equivalent from 185.7 meters downhole
• 2.2 meters grading 12,384 g/t silver equivalent from 187.5 meters downhole
• 1.5 meters grading 7,873 g/t silver equivalent from 323.9 meters downhole

This demonstrates the potential for extremely high-grade mineralization that could be targeted during the early years of mining.

Advancing Towards Production

On the back of its exploration success, Silver Tiger is now focused on fast-tracking El Tigre into production. The company has $21 million in the bank and is fully funded through feasibility. The next major catalyst will be the release of a Preliminary Economic Assessment (PEA) within the next few weeks.

Silver Tiger's VP Operations Francisco Quiroz has stated that El Tigre could be built in 9 months once permits are amended by March 2023. The initial mine would focus on near-surface heap leachable resources with potential to later incorporate high-grade underground mining. The PEA will provide key economic metrics and proposed development timelines.

CEO Glenn Jessome has expressed confidence that the remaining capital to build the mine will come from non-dilutive sources, minimizing dilution for current shareholders. The small upfront capital requirements, rapid construction timeline, and high margins expected from El Tigre improve the chances of securing debt financing.

Jessome has also hinted at the potential for strategic partnerships, joint ventures, or even takeover bids as the project continues derisking towards production. With an emerging silver producer in a safe mining jurisdiction like Mexico, Silver Tiger could attract interest from mid-tier and major mining companies looking to add silver exposure.

Investment Thesis

With its large silver resource, clear path to production, fully funded status, and strong management team, Silver Tiger Metals represents a compelling investment opportunity.

Key reasons to consider investing:

• Significant silver resources: With 176 million ounces of silver equivalent, El Tigre is among the largest undeveloped silver deposits globally. Significant exploration upside remains.
• De-risked path to production: Permit amendments expected shortly, initial capex is manageable, and timeline to production is fast at less than one year.
• Tight capital structure: Approximately $21 million in the treasury and only 130 million shares outstanding sets Silver Tiger apart from many juniors.
• Takeout potential: As El Tigre moves closer to production, Silver Tiger could attract takeover interest from larger mining companies.
• Silver bull market: With silver fundamentals looking strong for the next few years, new silver production could be generously rewarded by the market.

In summary, Silver Tiger Metals provides leveraged exposure to both the exploration upside and coming production catalysts at the large El Tigre silver project. With much of the heavy lifting now complete, Silver Tiger's experienced team is ready to deliver substantial value for shareholders as El Tigre transitions from an exploration play to an emerging silver producer in Mexico.

Conclusion

For investors seeking leverage to rising silver prices, Silver Tiger Metals offers an attractive risk/reward opportunity. The company has systematically advanced and de-risked its flagship El Tigre silver project to the point where production is now in sight within approximately one year. The release of a PEA outlining the project economics should serve as a major catalyst for the stock. With its manageable initial capex, Silver Tiger has a clear path to become Mexico's next profitable silver producer. As El Tigre moves from exploration to development to production, Silver Tiger's valuation should begin properly reflecting the asset's substantial underlying value. Patient investors could be richly rewarded as the story continues unfolding over the coming year.