Silver Tiger Metals : MDA (Silver Tiger MDA December 31 2024 FINAL)

Published: 2025-03-26 12:44:05 ET SLVR.V

Background

This Management Discussion and Analysis (MD&A) of Silver Tiger Metals Inc. ("Silver Tiger" or "the Company") is dated February 28, 2025 and provides an analysis of the financial operating results for the nine-month period ended December 31, 2024. This MD&A should be read in conjunction with the interim unaudited condensed consolidated financial statements and accompanying notes for the nine-month period ended December 31, 2024 which have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS Accounting Standards") for financial statements. All amounts are in Canadian dollars unless otherwise specified. The financial statements and additional information, including news releases and technical reports referenced herein, are available on the Canadian System for Electronic Document Analysis and Retrieval (SEDARPlus) atwww.sedarplus.ca under the Company's name.

The common shares of Silver Tiger are traded on the TSX Venture Exchange under the symbol SLVR and on the OTCQX under the symbol SLVTF. Additional information can be found on the Company's website atwww.silvertigermetals.com .

Forward-Looking Information

Certain statements in this MD&A are forward-looking statements or information (collectively "forward-looking statements"). The Company (as defined herein) is hereby providing cautionary statements identifying important factors that could cause the actual results to differ materially from those projected in the forward-looking statements. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as "may", "is expected to", "anticipates", "estimates", "intends", "plans", "projection", "could", "vision", "goals", "objective" and "outlook") are not historical facts, may be forward-looking, and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements.

By their nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, which contribute to the possibility that the predicted outcomes may not occur or may be delayed. The risks, uncertainties and other factors, many of which are beyond the control of the Company, that could influence actual results include, but are not limited to: limited operating history; exploration, development and operating risks; regulatory risks; substantial capital requirements and liquidity; financing risks and dilution to shareholders; competition; reliance on management and dependence on key personnel; fluctuating mineral and commodity prices and marketability of minerals; title to properties; local residential concerns; no mineral reserves or mineral resources; environmental risks; governmental regulations and processing licenses and permits; management inexperience in developing mines; conflicts of interest of management; uninsurable risks; exposure to potential litigation; no history of paying dividends and no intention of paying dividends in the near future; and other factors beyond the control of the Company.

Further, any forward-looking statement speaks only as of the date on which such statement is made, and, except as required by applicable law, the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for management to predict all such factors and to assess in advance the impact of each such factor on the business of the Company or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statement. See "Risk Factors" section of this MD&A for additional details.

Silver Equivalent Used Throughout this MD&A

Unless otherwise noted herein, silver equivalent (AgEq) grades are based on a silver to gold price ratio of 75:1 (Au:Ag). Copper, lead and zinc are converted using $3.66 per pound copper, 90 cents per lb lead and $1.26/lb zinc at 100 % metal recoveries based on a silver price of $26 per ounce.

Company Overview

Silver Tiger was incorporated on June 14, 2010 under the Canada Business Corporations Act (CBCA). The registered and head office of the Company is located at 2446 Purcells Cove Road, Halifax, Nova Scotia B3V 1G3.

Silver Tiger is a gold and silver exploration company operating in Mexico, with 100 percent ownership of the 35 kilometer long El Tigre Property located in Sonora State.

On September 13, 2017, and filed on SEDARPlus on October 26, 2017, the Company reported a maiden resource estimate ("Maiden MRE") for the El Tigre Silver-Gold Project, containing indicated resources of 661,000 gold equivalent ounces at 0.77 gram per tonne (21 g/t silver and 0.51 g/t gold) and inferred resources of 341,000 gold equivalent ounces at 1.59 g/t (88 g/t silver and 0.52 g/t gold).

See "Maiden Mineral Resource Estimate (September 2017)" section of this MD&A for additional details.

2023 Updated Mineral Resource Estimate

On September 12, 2023, and filed on SEDARPlus on November 8, 2023, the Company reported an Updated Mineral Resource Estimate ("2023 Updated MRE") for the El Tigre Silver-Gold Project, the summary of which includes the following:

• Indicated Mineral Resources are estimated at 46.4 Mt grading 25 g/t silver, 0.39 g/t gold, 0.01% copper, 0.03% lead, and 0.06% zinc (0.77 g/t AuEq). The Updated MRE includes Indicated Mineral Resources of 37.2 Moz of silver, 575 koz of gold, 9.4 Mlb of copper, 35.5 Mlb of lead, and 64.3 Mlb of zinc (1.1 Moz AuEq); and

• Inferred Mineral Resources are estimated at 20.9 Mt grading 78.4 g/t silver, 0.56 g/t gold, 0.04% copper, 0.13% lead, and 0.22% zinc (1.79 g/t AuEq). The Updated MRE includes Inferred Mineral Resources of 52.6 Moz of silver, 374 koz of gold, 18.1 Mlb of copper, 59.7 Mlb of lead, and 103.4 Mlb of zinc (1.2 Moz AuEq).

See "Updated Mineral Resource Estimate (September 2023)" section of this MD&A for additional details.

Preliminary Economic Assessment ("PEA")

On November 1, 2023, and filed on SEDARPlus on December 15, 2023, the Company announced a PEA for the El Tigre Silver-Gold Project. The PEA is centred on the conventional open pit mining economics of only the Stockwork Zone, defined in the 2023 Updated MRE. Highlights of the PEA, with a base case silver price of $23.75/oz and gold price of $1,850/oz are as follows (all figures in US dollars unless otherwise stated):

• 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;

• 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; and

• Average annual production of approximately 4.6 million AgEq oz or 59,000 AuEq oz.

Preliminary Feasibility Study ("PFS") for the Stockwork Zone and 2024 Updated Mineral Resource Estimate

On October 22, 2024 and filed on SEDARPlus on December 6, 2024, the Company announced a PFS for the Stockwork Zone for El Tigre Project. The PFS is focused on the conventional open pit mining economics of the Stockwork Mineralization Zone defined in the updated Mineral Resource Estimate ("2024 Updated MRE"). The 2024 Updated MRE also contains an Out-of-Pit Mineral Resource that Silver Tiger plans to study in a Preliminary Economic Assessment in the first half of calendar 2025.

Highlights of the PFS are as follows (all figures in US dollars unless otherwise stated):

• After-Tax net present value ("NPV") (using a discount rate of 5%) of US$222 million with an After-Tax IRR of 40.0% and Payback Period of 2.0 years (Base Case);

• 10-year mine life recovering a total of 43 million payable silver equivalent ounces ("AgEq") or 510 thousand payable gold equivalent ounces ("AuEq"), consisting of 9 million silver ounces and 408 thousand gold ounces;

• Total Project undiscounted after-tax cash flow of US$318 million;

• Initial capital costs of $86.8 million, which includes $9.3 million of contingency costs, over an expected 18-month build, expansion capital of $20.1 million in year 3 and sustaining capital costs of $6.2 million over the life of mine ("LOM");

• Average LOM operating cash costs of $973/oz AuEq, and all in sustaining costs ("AISC") of $1,214/oz AuEq or Average LOM operating cash costs of $12/oz AgEq, and all in sustaining costs ("AISC") of $14/oz AgEq;

• Average annual production of approximately 4.8 million AgEq oz or 56.7 thousand AuEq oz; and

• Three years of production in the Proven category in the Phase 1 Starter Pit.

The PFS was prepared by independent consultants P&E Mining Consultants Inc., with metallurgical test work completed by McClelland Laboratories, Inc. - Sparks, Nevada, process plant design and costing by D.E.N.M. Engineering Ltd., and environmental and permitting led by CIMA Mexico.

See "2024 Updated Mineral Resource Estimate" section of this MD&A for additional details.

Current Exploration Activities

On December 6, 2024, the Company announced the commencement of 5,000 metre drill underground drilling campaign targeting the High-Grade Veins, the Sulphide Zone and the Shale Zone.

On February 11, 2025, Silver Tiger announced the following drilling intersections from the underground drilling campaign targeting the High-Grade Veins, the Sulphide Zone and the Shale Zone:

• Hole ET-24-627: 3.0 meters grading 1,526.3 g/t total silver equivalent from 297.5 meters to 300.5 meters, 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 from 297.5 meters to 314.8 meters 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; and

• Hole ET-23-626: 4.8 meters grading 321.0 g/t total silver equivalent from 253.5 meters to 258.3 meters, 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 from 242.0 meters to 259.1 meters 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.

El Tigre Property, Mexico

El Tigre holds 58 Mexican Federal mining concessions, located in north-eastern Sonora State and totaling 215 square kilometers, collectively referred to as the El Tigre Silver and Gold Property ("El Tigre Property"). The concessions are 100% held by El Tigre through its wholly owned subsidiary, Pacemaker Silver Mining SA de CV and its wholly owned subsidiary, Compãnia Minera Talaman SA de CV. El Tigre also holds one additional 0.32 square kilometers claim, known as the San Juan Property, separate from the main El Tigre Property, also located in Sonora State, Mexico.

In 2016, the Company entered into a land access agreement with the land-owners of the El Tigre Property. Under the agreement, the Company was required to pay the land-owners USD$1,030,000, of which USD$110,000 was payable on the date of the agreement, with the remaining to be paid over an 84-month period in equal monthly instalments of USD$10,952. The agreement can be terminated by the Company by issuing a written notice to the land-owners and is considered nullified if the Company does not pay the land-owners for three consecutive months. The Company will acquire 6,283 hectares of land within the boundaries of the El Tigre Property at the end of the 84-month period if all required payments were made according to the agreement.

Pursuant to the land access agreement, at such time as the EL Tigre Property is put into production, the Company is required to make the following additional payments to the land-owners; US$3 per ounce of gold produced if the gold price is below US$1,200, US$5 per ounce of gold produced if the gold price is between US$1,201 and US$1,500 and US$7 per ounce of gold produced if the gold price is above US$1,501. Additionally, the Company is required to make a payment of US$500,000 to the vendor upon establishing commercial production. All monthly payments paid to date have been recorded to resource properties.

As at December 31, 2024, all required monthly payments have been made and on June 12, 2024, the Company provided the landowners with written notice of intention to exercise its right to acquire the El Tigre Property. The process of transferring ownership of the El Tigre Property has commenced, but has not yet been completed as of February 28, 2025.

The El Tigre Property is located in the Sierra El Tigre of north‐eastern Sonora State, 90 kilometers south‐southeast of the border towns of Agua Prieta, Mexico and Douglas, Arizona. The El Tigre Property covers the historic El Tigre Mine and tailings as well as additional targets. Discovered in 1900 by the Lucky Tiger Combination Gold Mining Company of Kansas City, Missouri, the El Tigre Mine originally began as a gold producer but quickly shifted to silver when it was discovered that the silver was more plentiful than gold. From 1903 to 1938 mine production was estimated at 70 to 75 million ounces of silver and an estimated 325,000 to 350,000 ounces of gold.

The El Tigre Mine's reported production through 1927 was 1,198,447 tonnes averaging 1,308 grams of silver and 7.54 grams of gold per tonne with 0.4% copper, 1.1% lead and 1.4% zinc (Craig, 2012). This is equivalent to 50.4 million ounces of silver and 290,543 ounces of gold. The mine was shut down in 1938 due to low metal prices, and the El Tigre Property remained dormant until 1981 when Anaconda Minerals Company ("Anaconda") commenced exploration on the property.

From 1981 to 1984, Anaconda Minerals Company ("Anaconda") completed an extensive district scale exploration program including geological mapping, test work on the tailings as well as drilling 7,812 meters in 22 holes. From 2011 to 2013 a total of 59 diamond core holes were drilled, totaling 9,411 meters of drill length.

Silver Tiger acquired the El Tigre Property in late 2015 and then carried out an in-fill gap sampling program on the legacy diamond drill core at the El Tigre Property during 2016 followed by a drilling program which was completed in May 2017. This drilling targeted the mineralized halo above the historic mine.

Rehabilitation of the Historic El Tigre Mine

On February 22, 2022, Silver Tiger announced that it has contracted Cominvi to rehabilitate the Historic El Tigre mine. Cominvi is a Mexican company which specializes in underground contract mining and development.

Members of Silver Tiger's management and technical team have previously worked with Cominvi and consider them a highly skilled and safe underground mine contractor. Cominvi provides services to Fresnillo, Pan American Silver and Endeavour Silver, amongst others.

The rehabilitation began on the Level 7 main entry to the Historic El Tigre Mine to allow access to the Sooy Vein, El Tigre Vein and the Seitz Kelly Vein in contemplation of underground channel sampling, drilling and bulk sampling on those veins and the black shale horizon. The rehabilitation consisted of safely securing and cleaning underground areas, removing historic backfill and stockpiling for possible future processing, LIDAR survey of the workings, detailed geological and geotechnical mapping of accessed workings and implementation of overall environmental and safety protocols.

Preliminary Metallurgical Test Work

On August 24, 2023, Silver Tiger Metals reported gold and silver extraction results from its initial scoping-level metallurgical test work from its El Tigre Project. Preliminary metallurgical work demonstrates excellent recoveries of silver, gold, copper, zinc and lead in the Sulphide and Black Shale Zones with silver equivalent recoveries of 95.7% and 98.1%, respectively.

Previous drilling of the Surface Stockwork Zone has indicated a mineralized zone more than 100 meters true width. With high recoveries of 78.1% silver equivalency in column testing, simulating a heap leaching process, the Company sees the potential for an open pit low-cost heap leach process. This open pit heap leach process is defined in the PEA.

Results reported with respect to the metallurgical test work pertain to test work conducted by SGS Lakefield in Ontario in 2022 and 2023 on the Au-Ag mineralization from the Surface Stockwork Zone and Ag-Au-Zn-Cu-Pb mineralization from the Black Shale, Sulphide Zones and High-Grade Silver Veins.

The highlights of the work include:

• Preliminary rougher flotation tests of the Black Shale Zone recovered 91.1% copper, 98.2% lead, 98.8% zinc, 91.9% gold, and 98.4% silver. Overall Silver Equivalent Recovery - 98.1%;

• Preliminary rougher flotation tests of the Sulphide Zone recovered 94.2% copper, 95.3% lead, 97.6% zinc, 79.6% gold, and 96.0% silver. Overall Silver Equivalent Recovery - 95.7%;

• Surface Stockwork Zone column test extractions recovered - 83.1% Gold, 64.3% Silver at 3/8-in crush size with no requirement for agglomeration indicated in these tests. Overall Silver Equivalent Recovery - 78.1%; and

• Also notable is the low cyanide consumption of 0.68 kg per tonne and lime consumption of 2.33 kg per tonne.

El Tigre - Four Types of Mineralization

The 2024 Updated MRE includes the results of all additional exploration drilling completed between September 2017 and September 2024, resulting in four distinct types of mineralization being defined at the El Tigre Silver-Gold Project:

1) Epithermal Veins - the initial silver quartz veins that were discovered and mined in 1920s;

2) Stockwork Zone - the fractured stockworks discovered surrounding the silver quartz veins;

3) Black Shale Zone - the high-grade black shale zone found along the footwall of the epithermal veins; and

4) Sulphide Zone - the sulfide zone hosted in the lower flat formation at depth.

Maiden Mineral Resource Estimate (September 2017)

In September 2017, Silver Tiger announced an independent Mineral Resource Estimate for the El Tigre Property completed by P&E Mining Consultants Inc. ("P&E") which is detailed in the table below. The El Tigre Property includes the El Tigre1, Fundadora2 and El Tigre Tailings3 Deposits. The El Tigre Mineral Resource Estimate includes extensions of the historical El Tigre and Seitz Kelly Veins1, as well as the mineralized breccia halo around the El Tigre Vein. The Fundadora Mineral Resource Estimate includes the Aquila, Fundadora, Protectora and Caleigh Veins2. A copy of the NI 43-101 Technical Report supporting the Mineral Resource Estimate is available atwww.sedarplus.ca under the Company's profile.

Resource Area

Class

AuEq g/t Cut-Off

Tonnes

(000's)

Ag (g/t)

Ag ozs

(000's)

Au (g/t)

Au ozs

(000's)

AuEq (g/t)

AuEq ozs

(000's)

El Tigre Constrained Pit1

Indicated

0.20

25,170

11,906

0.51

416

0.69

559

Inferred

0.20

2,791

1,093

0.38

0.52

El Tigre Underground1

Indicated

1.50

207

156

1,041

0.46

2.33

Inferred

1.50

1.27

2.26

Fundadora Constrained Pit2

Indicated

0.20

451

167

2,428

0.93

2.94

Inferred

0.20

1,774

150

8,554

0.69

2.49

142

Fundadora Underground2

Indicated

1.50

118

306

1.03

2.45

Inferred

1.50

2,003

140

9,044

0.60

2.28

147

Sub Total Indicated

0.20, 1.50

25,908

15,681

0.52

436

0.75

624

Sub Total Inferred

0.20, 1.50

6,579

18,720

0.52

111

1.59

337

El Tigre Tailings3

Indicated

0.37

939

2,345

0.27

1.21

Inferred

0.37

101

254

0.27

1.22

Total Indicated

0.20,0.37,1.50

26,847

18,026

0.51

444

0.77

661

Total Inferred

0.20,0.37,1.50

6,680

18,974

0.52

112

1.59

341

Notes to Mineral Resource Estimate Table:

(1) El Tigre Deposit Mineral Resources are comprised of the El Tigre and Seitz Kelly Veins.

(2) Fundadora Deposit Mineral Resources are comprised of the Aquila, Fundadora, Protectora and Caleigh Veins.

(3) El Tigre Tailings Deposit Mineral Resources are comprised of the tailings from the former El Tigre operation.

(4) Mineral Resources are reported within a constraining pit shell.

(5) The Mineral Resource Estimate is reported in accordance with the Canadian Securities Administrators National Instrument 43-101 and has been estimated using the CIM "Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines and CIM "Definition Standards for Mineral Resources and Mineral Reserves.

(6) Au:Ag ratio = ($1250/$17)/(70% Ag Rec/80% Au Rec)= 84:1 Therefore, AuEq=(Ag/84) + Au

(7) Mineral Resources in this estimate are based on approx. two year trailing average metal prices of US$1,250 oz Au and US$17 /oz Ag, estimated process recoveries 80% Au and 70% Ag, US$5.70/t process cost and US$0.80/t G&A cost. Mining costs of US$1.55/t for open pit and $45/t for underground and tailings mining costs of US$5.50/t were used to derive the respective Mineral Resource Estimate AuEq cut-offs of 0.20 g/t and 1.5 g/t and 0.37g/t. Pit optimization slopes were 50 degrees.

(8) The Mineral Resource Estimate uses drill hole data available as of September 1, 2017.

(9) Totals may not add correctly due to rounding.

(10) An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.

(11) 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, sociopolitical, marketing or other relevant issues.

MANAGEMENT'S DISCUSSION & ANALYSIS FOR THE THREE AND NINE-MONTH PERIODS ENDED DECEMBER 31, 2024

Updated Mineral Resource Estimate (September 2023)

In September 2023, Silver Tiger announce an independent Updated Mineral Resource Estimate for its 100% owned, high-grade silver-gold El Tigre Project located in Sonora, Mexico. This Updated MRE was based on information and data supplied by Silver Tiger, and was undertaken by Yungang Wu, P.Geo. and Eugene Puritch, P.Eng., FEC, CET of P&E Mining Consultants Inc. of Brampton, Ontario. The Updated MRE includes the newly discovered Sulfide and Black Shale Zones, Veins and Pit Constrained Resources. A copy of the NI 43-101 Technical Report supporting the Updated Mineral Resource Estimate is available atwww.sedarplus.ca under the Company's profile.

Deposit

Tonnes

Average Grade

Contained Metal

AuEq

AgEq

AuEq

AgEq

(M)

(g/t)

(%)

(g/t)

(koz)

(Mlb)

(koz)

Indicated:

South Zone In Pit South Zone Out-of-Pit North Zone Out-of-Pit

Out of Pit Total

Vein (S & N) Total Low Grade Stockpile

Tailings

43.0

1.8

0.5

2.3

45.3

0.1

0.9

0.39

0.28

0.72

0.38

0.39

0.9

0.27

200

158

191

177

0.18

0.04

0.15

0.01

0.02

0.01

0.59

0.41

0.55

0.04

0.22

0.02

1.02

0.80

0.97

0.06

0.50

0.59

3.83

3.36

3.72

0.75

3.41

1.30

287

252

279

255

535

564

20,049

11,453

2,777

14,231

34,280

588

2,345

1.8

7.2

0.4

7.6

9.4

0.1

7.0

23.1

4.9

28.0

35.0

0.5

14.3

40.1

9.7

49.8

64.1

0.2

818

219

278

1,096

61,381

16,403

4,435

20,838

82,219

847

2,948

Total Indicated

46.4

0.39

0.01

0.03

0.06

0.77

575

37,212

9.4

35.5

64.3

1,147

86,014

Inferred:

South Zone In Pit South Zone Out-of-Pit North Zone Out-of-Pit

Out of Pit Total

Vein (S & N) Total Low Grade Stockpile

Tailings

11.5

5.5

3.7

9.2

20.8

0.0

0.1

0.47

0.61

0.74

0.66

0.56

0.46

0.27

170

132

155

146

0.00

0.09

0.08

0.09

0.04

0.02

0.01

0.22

0.35

0.27

0.13

0.17

0.02

0.39

0.64

0.49

0.23

0.09

0.72

3.23

3.00

3.14

1.80

2.52

1.31

242

225

235

135

189

176

107

197

373

6,396

30,072

15,813

45,885

52,282

254

0.8

10.7

6.6

17.3

18.1

3.7

26.9

29.0

55.9

59.6

0.1

4.3

46.8

52.3

99.0

103.4

267

571

360

931

1,198

20,045

42,821

26,981

69,801

89,847

108

323

Total Inferred

20.9

0.56

0.04

0.13

0.22

1.79

135

373

52,619

18.1

59.7

103.4

1,204

90,277

MANAGEMENT'S DISCUSSION & ANALYSIS FOR THE THREE AND NINE-MONTH PERIODS ENDED DECEMBER 31, 2024

Updated Mineral Resource Estimate (September 2023) (continued)

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).

4. Historically mined areas were depleted from the Mineral Resource model.

5. Approximately 74.7% of the Indicated and 22.3% of the Inferred contained AgEq ounces are pit constrained, with the remainder out-of-pit.

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.

8. No Mineral Resources are classified as Measured.

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

10. Totals may not agree due to rounding.

MANAGEMENT'S DISCUSSION & ANALYSIS FOR THE THREE AND NINE-MONTH PERIODS ENDED DECEMBER 31, 2024

2024 Updated Mineral Resource Estimate

The 2024 Updated Mineral Resource Estimate was completed by P&E for the El Tigre Project located in Sonora State, Mexico, which has an effective date of October 22, 2024.

2024 El TIGRE MINERAL RESOURCE ESTIMATE (1-14)

PIT CONSTRAINED

Cutoff

TONNAGE

AgEq

AuEq

OXIDE + SULFIDE

AuEq g/t

1000t

g/t

1000ozs

g/t

1000ozs

g/t

1000ozs

g/t

1000ozs

Measured

0.10/0.15

34,821

17,819

0.40

452

0.003

0.010

0.017

87,078

0.50

565

Indicated

0.10/0.15

26,943

13,490

0.38

326

0.002

0.007

0.013

65,286

0.48

415

Mea + Ind

0.10/0.15

61,764

31,309

0.39

778

0.002

0.009

0.015

152,364

0.49

980

Inferred

0.10/0.15

4,333

3,454

0.46

0.003

0.010

0.016

13,606

0.65

OUT-OF-PIT

Cutoff

TONNAGE

AgEq

AuEq

AuEq g/t

1000t

g/t

1000ozs

g/t

1000ozs

g/t

1000ozs

g/t

1000ozs

Measured

1.50

1,523

226

11,070

0.34

16.6

0.13

0.38

0.57

292

14,313

3.80

186

Indicated

1.50

3,788

187

22,811

0.48

57.9

0.05

0.17

0.27

241

29,313

3.13

382

Mea + Ind

1.50

5,311

198

33,881

0.44

74.5

0.071

0.229

0.355

255

43,626

3.33

568

Inferred

1.50

10,063

140

45,207

0.62

202.1

0.06

0.28

0.50

216

69,731

2.81

908

TAILINGS

Cutoff

TONNAGE

AgEq

AuEq

AuEq g/t

1000t

g/t

1000ozs

g/t

1000ozs

g/t

1000ozs

g/t

1000ozs

Measured

0.54

146

371

0.29

1.4

102

479

1.29

Indicated

0.54

706

1,752

0.26

5.9

2,218

1.24

Mea + Ind

0.54

852

2,124

0.27

7.3

2,697

1.25

Inferred

0.54

134

0.27

0.5

103

170

1.30

STOCKPILE

Cutoff

TONNAGE

AgEq

AuEq

AuEq g/t

1000t

g/t

1000ozs

g/t

1000ozs

g/t

1000ozs

g/t

1000ozs

Measured

0.55

0.0

Indicated

0.55

101

181

586

0.92

3.0

0.023

0.226

0.104

255

824

3.49

Mea + Ind

0.55

101

181

586

0.92

3.0

0.023

0.226

0.104

255

824

3.49

Inferred

0.55

146

0.46

0.3

0.016

0.168

0.085

183

104

2.52

TOTAL

Cutoff

TONNAGE

AgEq

AuEq

AuEq g/t

1000t

g/t

1000ozs

g/t

1000ozs

g/t

1000ozs

g/t

1000ozs

Measured

36,490

29,260

0.40

469.9

0.008

0.026

0.041

101,871

0.66

757

Indicated

31,538

38,640

0.39

392.9

0.007

0.027

0.044

97,641

0.82

836

Mea + Ind

68,028

67,900

0.40

862.8

0.008

0.026

0.042

199,512

0.73

1,593

Inferred

14,465

105

48,878

0.57

266.7

0.041

0.201

0.351

180

83,612

2.16

1,002

Disclaimer

Silver Tiger Metals Inc. published this content on March 26, 2025, and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on March 26, 2025 at 16:43:01.612.