Silver Tiger Reports Economic Assessments for El Tigre Underground and Stockwork Zone

• Underground PEA shows US$304 million after-tax NPV at 5% discount rate, 42.8% IRR, and 2.6-year payback period
• Stockwork Zone PFS shows US$456 million after-tax NPV at 5% discount rate, 65.7% IRR, and 1.4-year payback period
• Updated mineral resource estimate shows 113% grade increase in out-of-pit measured and indicated resources to 543 g/t silver equivalent
• Total initial capital requirements of US$170.3 million for both projects combined
• Northern Veins contain 31.5 million ounces silver equivalent in measured and indicated resources, separate from underground PEA

Silver Tiger Metals (TSXV:SLVR) is a Canadian-based precious metals developer focused on its wholly owned El Tigre silver-gold project in Sonora, Mexico. The company holds 100% ownership of over 28,000 hectares of mineral concessions in the Sierra Madre silver-gold belt, including 6,238 hectares of surface rights covering the proposed mining operations.

Underground PEA Results

The underground PEA evaluates mining of the El Tigre, Sulphide, Black Shale and Seitz Kelly vein zones. The study assumes a 15-year mine life processing 800 tonnes per day, targeting average annual production of 2.3 million silver equivalent ounces (2.1 million silver ounces and 8,000 gold ounces).

Base case economics use metal prices of US$38 per ounce silver and US$3,200 per ounce gold. Initial capital costs total US$83.5 million including contingency, with sustaining capital of US$213 million over the mine life. The project generates US$496 million in undiscounted after-tax cash flow. Operating cash costs average US$1,351 per gold equivalent ounce, with all-in sustaining costs of US$2,019 per gold equivalent ounce.

President and CEO Glenn Jessome stated:

"At current spot silver and gold prices, the Stockwork Zone Project generates an after-tax NPV of approximately $950 million US dollars and the underground project generates an after-tax NPV of approximately $1.20 billion US dollars at a discount rate of 5%."

President and CEO Glenn Jessome added:

"The underground at El Tigre is a standalone bolt-on project and we intend to complete development for this low capex underground project and advance towards production as quickly as possible."

Updated Stockwork Zone PFS

The updated PFS for the Stockwork Zone incorporates revised metal price assumptions of US$38 per ounce silver and US$3,200 per ounce gold, compared to lower prices in the 2024 PFS. The open-pit operation processes ore through heap leaching at 7,500 tonnes per day for years 1-3, expanding to 15,000 tonnes per day from year 4 onwards.

The 10-year mine life targets total production of 43 million payable silver equivalent ounces (9 million silver ounces and 408,000 gold ounces). Initial capital costs total US$86.8 million including contingency, with US$20.1 million expansion capital in year three and US$6.2 million in sustaining capital. The strip ratio is 1.7:1, with 60% of the mineral reserve in the proven category.

Operating cash costs average US$997 per gold equivalent ounce with all-in sustaining costs of US$1,238 per gold equivalent ounce. The project generates US$625 million in undiscounted after-tax cash flow. Heap leach recoveries are 83% gold and 45% silver for oxide material, with 56% gold and 40% silver for sulphide material.

Resource Update and Exploration Potential

The updated mineral resource estimate shows out-of-pit measured and indicated resources of 2.4 million tonnes at 543 g/t silver equivalent, containing 41.6 million ounces, compared to 255 g/t in the 2024 estimate. Pit-constrained measured and indicated resources total 55.3 million tonnes at 107 g/t silver equivalent, containing 190.4 million ounces.

The Northern Veins, located 700 metres north of the Southern Veins evaluated in the underground PEA, contain measured and indicated resources of 307,000 tonnes at 335 g/t silver equivalent (31.5 million ounces). These resources are not included in the current underground PEA economics.

Silver Tiger plans to commence a 5,000-metre Phase 1 drilling programme in the Northern Veins area in Q1 2026. An exploration target of 1 to 4 million tonnes at 200 to 700 g/t silver equivalent has been identified at depth below the Northern and Southern Veins. The Lluvia de Oro prospect, five kilometres south of the Stockwork Zone pit, contains historical workings with grab samples assaying up to 1.90 g/t gold and 1,300 g/t silver.

Development Timeline

Silver Tiger has initiated detailed engineering for the Stockwork Zone Project. The underground PEA is designed as a standalone operation that can be developed independently of the Stockwork Zone, with potential overlap of US$17 million in initial capital costs for shared infrastructure such as grid power and office facilities.

Near-term activities include detailed engineering progression, permitting advancement, Northern Veins drilling in Q1 2026, and evaluation of construction decisions for both project components. The Stockwork Zone has an 18-month expected construction period, while the underground operation also anticipates an 18-month build timeline.

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