Silver Tiger Receives Environmental Approvals to Construct El Tigre Project

• Silver Tiger Metals has received all necessary construction permits and approvals from SEMARNAT, Mexico's Federal Environmental Department, for the El Tigre Stockwork Zone Silver-Gold Project.
• The company is now ready to advance the project towards construction following the receipt of all required approvals.
• The Preliminary Feasibility Study projects an after-tax NPV of US$222 million at US$2,150 gold and US$26 silver prices (5% discount rate), with an after-tax IRR of 40.0% and a 2.0-year payback period.
• The project has a projected nine-year mine life with life-of-mine undiscounted after-tax cash flow of US$318 million and initial capital costs of US$86.8 million (including US$9.3 million contingency).
• A Preliminary Economic Assessment for the permitted underground mineral resource is expected to be released in the second half of 2025.

Silver Tiger Metals (TSXV:SLVR, OTCQX:SLVTF) is a Canadian company whose management has over 29 years of experience discovering, financing, and building large hydrothermal gold and silver mines in Mexico. The company owns 100% of the 28,414-hectare El Tigre Historic Mining District in Sonora, Mexico. Silver Tiger commenced work on its El Tigre Project in 2017 and has completed several mineral resource estimates, including a maiden estimate in 2017 and updates in 2023 and 2024. Environmental, social, and governance practices are core priorities at Silver Tiger.

Receipt of All Required Construction Permits and Approvals from SEMARNAT

Silver Tiger has secured all required approvals and permits from SEMARNAT to construct the El Tigre Stockwork Zone Silver-Gold Project in Sonora, Mexico. SEMARNAT is Mexico's Federal Environmental Department responsible for environmental regulation and permitting. The Preliminary Feasibility Study for the project was disclosed in the company's press release dated October 22, 2024.

With all approvals for the project now granted, Silver Tiger is ready to advance the project towards construction. The company's operations prioritise environmental sustainability and actively enhance the wellbeing of local communities around El Tigre in Sonora, Mexico.

The receipt of these approvals represents the completion of the regulatory permitting process required before construction activities can commence. The approvals cover the construction phase of the El Tigre Stockwork Zone development.

Project Readiness and Development Plans

Following the receipt of all required approvals, Silver Tiger can now proceed with advancing the El Tigre Stockwork Zone Silver-Gold Project towards construction. The company has completed the necessary technical studies and regulatory processes to support project development.

The El Tigre Historic Mining District encompasses 28,414 hectares in Sonora, Mexico. Silver Tiger has been working on the property since 2017, during which time the company has completed multiple mineral resource estimates to define the orebody.

A Preliminary Economic Assessment for the permitted underground mineral resource is expected to be released in the second half of 2025. This study will provide additional technical and economic information regarding other portions of the mineral resource at El Tigre.

Preliminary Feasibility Study Economics and Project Parameters

The 2024 Preliminary Feasibility Study for the El Tigre Stockwork Zone Silver-Gold Project delivers an after-tax NPV of US$222 million at a gold price of US$2,150 and a silver price of US$26, using a 5% discount rate. The project has an after-tax IRR of 40.0% and a payback period of 2.0 years.

The operation is expected to have a nine-year mine life. The project delivers a life-of-mine undiscounted after-tax cash flow of US$318 million, with initial capital costs of US$86.8 million, which includes US$9.3 million in contingency.

Operating cash costs are projected at US$973 per ounce gold equivalent and US$12 per ounce silver equivalent. All-in sustaining costs are projected at US$1,214 per ounce gold equivalent and US$14 per ounce silver equivalent.

Next Steps

With all construction approvals now in place, Silver Tiger can advance the El Tigre Stockwork Zone Silver-Gold Project towards construction. The company has completed its Preliminary Feasibility Study and secured all required environmental permits from SEMARNAT. The upcoming Preliminary Economic Assessment for the underground mineral resource, expected in the second half of 2025, will provide further information on additional development opportunities at the El Tigre Historic Mining District.

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