Silver Tiger Metals : FS (Silver Tiger FS December 31 24 FINAL)

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

Interim Unaudited Condensed Consolidated Financial Statements

December 31, 2024

February 28, 2025

Management's Report

The accompanying interim unaudited condensed consolidated financial statements of Silver Tiger Metals Inc. (the "Company") are the responsibility of management and have been approved by the Board of Directors. The interim condensed consolidated financial statements have been prepared by management in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board. The interim condensed consolidated financial statements include certain amounts and assumptions that are based on management's best estimates and have been derived with careful judgment.

In fulfilling its responsibilities, management has developed and maintains a system of internal accounting controls. These controls are designed to provide reasonable assurance that the financial records are reliable for the preparation of the interim condensed consolidated financial statements. The Audit Committee of the Board of Directors reviewed and approved the Company's interim condensed consolidated financial statements and recommended their approval by the Board of Directors.

(signed) "Glenn Jessome"

(signed) "Keith Abriel"

President and Chief Executive Officer

Chief Financial Officer

Halifax, Nova Scotia

Unaudited Interim Condensed Consolidated Statements of Financial Position

As at December 31, 2024 and March 31, 2024

December 31,

March 31,

2024

Assets

Current assets

Cash

5,614,374

9,223,376

Sales tax recoverable (note 5)

652,357

1,217,635

Deposits and prepaid expenses

89,020

208,862

6,355,751

10,649,873

Property and equipment (note 6)

520,113

521,268

Resource properties (note 7)

74,668,809

73,117,087

81,544,673

84,288,228

Liabilities

Current liabilities

Accounts payable and accrued liabilities (note 8)

994,387

1,510,484

Equity (note 10)

80,550,286

82,777,744

81,544,673

84,288,228

Subsequent events (notes 5 and 13)

Approved by the Board of Directors

Signed "Richard Gordon", Director

Signed "Lila Maria Bensojo-Arras", Director

Unaudited Interim Condensed Consolidated Statements of Changes in Equity

For the nine-month periods ended December 31, 2024 and 2023

Number of

Contributed

capital

surplus

Warrants

Deficit

Total

Balance - March 31, 2024

365,047,833

105,498,250

9,392,237

(32,112,743)

82,777,744

Net loss and comprehensive loss for the period

(3,106,458)

Stock-based compensation (note 10)

879,000

Balance - December 31, 2024

365,047,833

105,498,250

10,271,237

(35,219,201)

80,550,286

Balance - March 31, 2023

364,497,833

105,347,250

7,179,237

539,000

(28,948,768)

84,116,719

Net loss and comprehensive loss for the period

(2,360,526)

Shares issued for cash, exercise of stock

options (note 10)

550,000

151,000

(66,000)

85,000

Expiry of warrants (note 10)

539,000

(539,000)

Stock-based compensation (note 10)

1,380,000

Balance - December 31, 2023

365,047,833

105,498,250

9,032,237

(31,309,294)

83,221,193

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

Unaudited Interim Condensed Consolidated Statements of Loss and Comprehensive Loss

Three Months

Nine Months

ended

December 31,

2024

2023

2024

2023

Operating expenses

Consulting fees (note 9)

383,750

633,750

Depreciation (note 6)

384

520

1,155

1,559

Dues and fees

6,232

8,758

16,376

27,197

Insurance

35,157

49,427

117,614

132,788

Office and other

32,164

21,636

65,155

84,014

Professional fees

351,297

66,857

1,134,526

134,220

Shareholder communication

361,386

118,248

648,248

307,257

Stock-based compensation (note 10)

252,000

391,000

879,000

1,380,000

Travel

76,213

44,945

151,153

114,471

Wages and benefits

54,340

45,863

124,602

119,279

1,552,923

1,131,004

3,771,579

2,934,535

Other expenses (income)

Interest income

(164,355)

(177,520)

(778,489)

(641,520)

Foreign exchange loss (gain)

(39,702)

32,944

113,368

67,511

Net loss and comprehensive loss for

the periods

1,348,866

986,428

3,106,458

2,360,526

Loss per share - Basic and diluted

0.004

0.003

0.009

0.006

Weighted average outstanding

common shares - Basic and diluted

365,047,833

365,015,225

365,047,833

364,830,197

Unaudited Interim Condensed Consolidated Statements of Cash Flows

For the nine-month periods ended December 31, 2024 and 2023

2024

2023

Net loss and comprehensive loss for the periods

(3,106,458)

(2,360,526)

Charges to net and comprehensive loss not affecting cash

Stock-based compensation (note 10)

879,000

1,380,000

Interest income

(29,000)

Depreciation expense (note 6)

1,155

1,559

(2,255,303)

(978,967)

Net changes in non-cash working capital balances related to operations

Decrease (increase) in sales tax recoverable

10,278

100,800

Decrease (increase) in prepaid expenses

119,842

86,898

Increase (decrease) in accounts payable and accrued liabilities

394,157

128,360

(1,731,026)

(662,909)

Investing activity

Purchase of property and equipment

(13,415)

Expenditures on resource properties, net (note 7)

(1,877,976)

(13,875,604)

(1,877,976)

(13,889,019)

Financing activities

Proceeds from exercise of stock options (note 10)

85,000

Net change in cash during the periods

(3,609,002)

(14,466,928)

Cash - Beginning of periods

9,223,376

29,803,660

Cash - End of periods

5,614,374

15,336,732

Operating activities

Cash provided by (used in)

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

1 Nature of operations

Silver Tiger Metals Inc. (the "Company") was incorporated under the Canada Business Corporations Act on June 14, 2010. Its common shares are listed on the TSX Venture Exchange (the "Exchange") under the trading symbol SLVR and on the OTCQX under the trading symbol SLVTF. The Company's registered office is located at 2446 Purcells Cove Road, Halifax, Nova Scotia. The Company has one reportable and one geographic segment.

The Company is a mineral exploration company engaged in locating and acquiring high quality projects and exploring for silver and gold. To date, the Company has not generated any revenue and is considered to be in the exploration stage. The Company is in the process of exploring and evaluating its resource properties in Mexico. The recoverability of amounts spent for the acquisition, exploration and development of the resource properties is dependent upon the discovery of economically recoverable reserves, the ability of the Company to obtain the necessary financing to complete the exploration and development of its properties, and upon future profitable production or proceeds from the disposition of the properties. The operations of the Company will require various licenses and permits from governmental authorities which are or may be granted subject to various conditions and may be subject to renewal from time to time. There can be no assurance that the Company will be able to comply with such conditions and obtain or retain all necessary licenses and permits that may be required to carry out exploration, development and mining operations at its projects. Failure to comply with these conditions may render the licenses liable to forfeiture.

2 Basis of presentation

Statement of compliance

These unaudited interim condensed consolidated financial statements have been prepared in accordance with IFRS Accounting Standards.

These financial statements are in compliance with International Accounting Standard 34, Interim Financial Reporting ("IAS 34"). Accordingly, certain information normally included in annual financial statements prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS Accounting Standards") have been omitted or condensed. The preparation of financial statements in accordance with IAS 34 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements have been set out in note 2 of the Company's consolidated annual financial statements for the year ended March 31, 2024. These financial statements should be read in conjunction with the Company's consolidated annual financial statements for the year ended March 31, 2024.

The Board of Directors approved the consolidated financial statements for issue on February 28, 2025.

3 Material accounting policies

These financial statements have been prepared using the same accounting policies and methods of computation as the annual financial statements of the Company for the year ended March 31, 2024. Refer to note 3 - Material accounting policies and note 4- Changes in accounting policies and disclosures and future accounting policy changes, of the Company's annual consolidated financial statements for the year ended March 31, 2024, for information on accounting policies and new accounting standards not yet effective.

4 Capital management

The Company manages its capital structure and makes adjustments to it, based on the funds available to the Company. The Company considers capital to be total equity, which as at December 31, 2024 totaled $80,550,286 (March 31, 2024 - $82,777,744). The Board of Directors does not establish quantitative return on capital criteria for management, but rather relies on the expertise of the Company's management to sustain future development of the business. The Company is not subject to externally imposed capital requirements.

5 Sales tax recoverable

December 31,

March 31,

2024

Sales tax recoverable - Canada

82,357

92,635

VAT receivable - Mexico

570,000

1,125,000

652,357

1,217,635

Subsequent to December 31, 2024, the Company collected $506,000 of VAT receivable and $64,000 of interest income on the amounts collected.

Property and equipment

The following tables summarized property and equipment for the period ended December 31, 2024:

Cost

Beginning

Additions

Ending

Computer equipment

4,753

Furniture and equipment

4,812

Processing equipment

514,976

524,541

Accumulated

deprecation

Beginning

Additions

Ending

Computer equipment

1,926

635

2,561

Furniture and equipment

1,347

520

1,867

Processing equipment

3,273

1,155

4,428

Net

Accumulated

Cost

depreciation

Total

Computer equipment

4,753

2,561

2,192

Furniture and equipment

4,812

1,867

2,945

Processing equipment

514,976

524,541

4,428

520,113

(3)

Resource properties

Balance - March 31, 2023

56,292,493

Exploration and property costs incurred

13,513,164

Balance - December 31, 2023

69,805,657

Balance - March 31, 2024

73,117,087

Exploration and property costs incurred

5,896,513

Recovery of VAT receivable (notes 5 and 12)

(4,344,791)

Balance - December 31, 2024

74,668,809

On September 15, 2015, the Company entered into an arrangement agreement with El Tigre Silver Corp.

("El Tigre") to combine the respective companies by way of a statutory plan of arrangement pursuant to the

Business Corporations Act (British Columbia), under which the Company acquired all of the outstanding common shares of El Tigre in exchange for common shares of the Company on the basis of 0.2839 of one

Company share for every one El Tigre share (the "Transaction"). The Transaction was completed on

November 13, 2015.

El Tigre holds nine Mexican Federal mining concessions, located in north-eastern Sonora State, of which eight are collectively referred to as the El Tigre Property ("El Tigre Property"). The concessions are 100% held by El

Tigre through its wholly-owned subsidiaries, Pacemaker Silver Mining S.A. de C.V. and Compãnia Minera Talaman S.A. de C.V.

In 2016, the Company entered into a land access agreement with the land-owners of the El Tigre Property.

Under the agreement, the Company is 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. The 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 the date of these interim condensed consolidated financial statements.

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 land-owners upon establishing commercial production.

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 16:43:02.908.