Silver Tiger Announces Filing of a PEA FOR the Underground and an Updated Pre-Feasibility Study Technical Report FOR the El Tigre Silver-GOLD Project
NEWS RELEASE
SILVER TIGER ANNOUNCES FILING OF A PEA FOR THE UNDERGROUND
AND AN UPDATED PRE-FEASIBILITY STUDY TECHNICAL REPORT FOR
THE EL TIGRE SILVER-GOLD PROJECT
HALIFAX, NOV A SCOTIA – January 23, 2026 – Silver Tiger Metals Inc. (TSXV:SLVR and OTCQX:SLVTF)
("Silver Tiger" or the “Corporation”) is pleased to announce the filing of a Preliminary Economic Assessment (“PEA”)
on the underground at El Tigre and an updated Pre-Feasibility Study (“PFS”) on the Stockwork Zone for its 100%
owned, silver-gold El Tigre Project (the "Project" or "El Tigre") located in Sonora, Mexico. The Technical Report
supports the scientific and technical disclosure in the Company's news release dated January 20, 2026, announcing
the results of a n updated Pre-Feasibility Study and new underground Preliminary Economic Assessment . The
Technical Report is available at www.sedarplus.ca under the Company’s profile.
The bolt-on PEA is centred on the underground mining economics of the high-grade El Tigre, Sulphide, Black Shale
and Seitz Kelly zones. The underground PEA and updated PFS is based on new Consensus Economics metal prices
of $38 per ounce silver and $3,200 per ounce gold. The PEA mine design can be constructed independently of the
Stockwork Zone development and is focused on the underground Mineral Resource. Prospective areas exist outside
of the areas defined by the PEA and PFS with the historic “El Tigre North Mine” Mineral Resource located 700 metres
to the North.
Highlights of the PEA, with a base case silver price of $38/oz and gold price of $3,200/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 $304 million with an After-Tax IRR of
42.8% and Payback Period of 2.6 years (Base Case);
• 15-year UG mine life with 3-year historical tailings processing recovering a total of 38 million payable silver
equivalent ounces (“AgEq”) or 453 thousand gold equivalent ounces (“AuEq”), consisting of 34 million silver
ounces and 130 thousand gold ounces;
• Total Project undiscounted after-tax cash flow of $496 million;
• Initial capital costs of $83.5 million, including $10.9 million in contingency costs, over an expected 18-month
build, and sustaining capital costs of $213 million over the life of mine (“LOM”);
• The 2026 PEA mine plan is designed as stand-alone to the PFS, with a potential overlap of initial capital cost
of $17M (e.g., grid power, offices);
• Average LOM operating cash costs of $1,3 51/oz AuEq, and all in sustaining costs (“AISC”) of $2,0 19/oz
AuEq or Average LOM operating cash costs of $16.05/oz AgEq, and AISC of $23.98/oz AgEq;
• Average annual production of approximately 2. 3 million AgEq oz or 2 7.8 thousand AuEq oz, consisting of
2.1 million silver ounces and 8.0 thousand gold ounces; and
• PEA Study of the Southern Veins does not include the 38 million ounces AgEq contained in the Northern
Veins.
Highlights of the updated PFS, with new base case silver price of $38/oz and gold price of $3,200/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 $456 million with an After-Tax IRR of
65.7% and Payback Period of 1.4 years;
• 10-year mine life recovering a total of 43 million payable silver equivalent ounces (“AgEq”) or 509 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 $625 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 $997/oz AuEq, and all in sustaining costs (“AISC”) of $1,238/oz AuEq
or Average LOM operating costs of $11.7/oz AgEq, and all in sustaining costs (“AISC”) of $14.5/oz AgEq;
• Average annual production of approximately 4.8 million AgEq oz or 56.5 thousand AuEq oz; and
• Three (3) years of production in the Proven category in the Phase 1 Starter Pit with 60% of overall final pit
Mineral Reserve in Proven category.
Qualified Persons
The Technical Report was prepared by:
Mineral Resource Estimate: Dave Duncan P. Geo. VP Exploration of Silver Tiger and Charles Spath P.Geo., VP of
Technical Services of Silver Tiger, and Fred Brown, P .Geo., RM-SME Senior Associate Geologist of P&E Mining
Consultants and Eugene Puritch, P.Eng., FEC, CET, President of P&E Mining Consultants are the Qualified Persons
as defined under National Instrument 43-101.
PEA and PFS: Andrew Bradfield, P. Eng., COO of P&E Mining Consultants, Eugene Puritch, P.Eng., FEC, CET,
President of P&E Mining Consultants , David J. Salari, P. Eng. President of D.E.N.M. Engineering Ltd , and James
Smith, P. Eng., Senior Geotechnical Engineer at WSP are the Qualified Persons as defined under National Instrument
43-101.
David R. Duncan, P. Geo., V.P. Exploration of the Corporation, is the Qualified Person for Silver Tiger as defined
under National Instrument 43-101. Mr. Duncan has reviewed and approved the scientific and technical information
in this press release.
Silver Tiger Metals Named to 2026 OTCQX Best 50
Silver Tiger Metals (OTCQX: SLVTF) is pleased to announce it has been named to the 2026 OTCQX® Best 50, a
ranking of top performing companies traded on the OTCQX Best Market last year.
The OTCQX Best 50 is an annual ranking of the top 50 U.S. and international companies traded on the OTCQX
market. The ranking is calculated based on an equal weighting of one -year total return and average daily dollar
volume growth in the previous calenda r year. Companies in the 2026 OTCQX Best 50 were ranked based on their
performance in 2025.
Stock Option and RSU Grant
On January 23, 2026, the Corporation granted 2,640,000stock options at an exercise price of $1.22 with a term of 10
years and vesting over 3 years and 2,625,000 RSU’s vesting over 3 years to directors, officers, employees, and
consultants of the Corporation.
January 2026 Upcoming Mining Conference Attendance
In January 2026, Silver Tiger will be attending the following conferences:
• Mineral Investment Forum MIF – Vancouver (January 23 - 24)
Corporate Presentation Saturday January 24, 5pm PST
• Vancouver Resource Investment Conference VRIC - Vancouver (January 25 - 26)
Booth #432
2026 Silver Forecast Panel Monday January 26, 9:00am PST
Corporate Presentation Monday January 26, 10:50am PST
About Silver Tiger
Silver Tiger is constructing the El Tigre Stockwork Zone Project, a silver and gold surface mining heap leach project
located in Sonora, Mexico. The project is 100% owned by Silver Tiger and covers over 28,000 hectares. The previous
Technical Report titled Pre-Feasibility Study of the El Tigre Silver-Gold Project, Sonora, Mexico dated October 22,
2024 is available on SEDAR+ and under the Corporation’s profile as well as on the Silver Tiger website at
www.silvertigermetals.com
VRIFY Slide Deck and 3D Presentation – Silver Tiger’s El Tigre Project
VRIFY is a platform being used by companies to communicate with investors using 360° virtual tours of remote
mining assets, 3D models and interactive presentations. VRIFY can be accessed by website and with the VRIFY iOS
and Android apps.
Access the Silver Tiger Metals Inc. Company Profile on VRIFY at: https://vrify.com
The VRIFY Slide Deck and 3D Presentation for Silver Tiger Metals Inc. can be viewed
at: https://vrify.com/decks/20888 and on the Corporation's website at: www.silvertigermetals.com.
Procedure, Quality Assurance / Quality Control and Data Verification
The diamond drill core (HQ size) is geologically logged, photographed and marked for sampling. When the sample
lengths are determined, the full drill core is sawn with a diamond blade drill core saw with one half of the drill core
being bagged and tagged for assay. The remaining half portion is returned to the drill core trays for storage and/or for
metallurgical test work.
The sealed and tagged sample bags are transported to the Bureau Veritas facility in Hermosillo, Mexico. Bureau
Veritas crushes the samples (Code PRP70-250) and prepares 200-300 gram pulp samples with ninety percent passing
Tyler 200 mesh (Code PUL85). The pulps are assayed for gold using a 30-gram charge by fire assay (Code FA430)
and over limits greater than 10 grams per tonne are re -assayed using a gravimetric finish (Code FA530). Silver and
multi-element analysis is completed using total digestion (Code MA200 Total Digestion ICP). Over limits greater
than 100 grams per tonne silver are re-assayed using a gravimetric finish (Code FA530).
Quality assurance and quality control ("QA/QC") procedures monitor the chain -of-custody of the samples and
includes the systematic insertion and monitoring of appropriate control materials (certified reference materials, blanks
and duplicates) into the sample strings. The results of the assaying of the QA/QC material included in each batch are
tracked to ensure the integrity of the assay data. All results stated in this announcement have passed Silver Tiger’s
QA/QC protocols.
For further information, please contact:
Devin Devarennes
VP Business Development & Investor Relations
902 233 3656
CAUTIONARY STATEMENT:
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This News Release includes certain “forward-looking statements”. All statements other than statements of historical
fact included in this release, including, without limitation, statements regarding potential mineralization, resources
and reserves, the ability to convert Inferred Mineral Resources to Indicated Mineral Resources, the ability to complete
future drilling programs and infill sampling, the ability to extend Mineral R esource blocks, the similarity of
mineralization at El Tigre to Delores, Santa Elena and Chispas, exploration results, and future plans and objectives
of Silver Tiger, are forward -looking statements that involve various risks and uncertainties. Forward -looking
statements are frequently characterized by words such as “may”, “is expect ed to”, “anticipates”, “estimates”,
“intends”, “plans”, “projection”, “could”, “vision”, “goals”, “objective” and “outlook” and other similar words.
Although Silver Tiger believes the expectations expressed in such forward-looking statements are based on reasonable
assumptions, there can be no assurance that such statements will prove to be accurate and actual results and future
events could differ materially from those anticipated in such statements. Important factors that could cause actual
results to di ffer materially from Silver Tiger’s expectations include risks and uncertainties related to exploration,
development, operations, commodity prices and global financial volatility, risk and uncertainties of operating in a
foreign jurisdiction as well as add itional risks described from time to time in the filings made by Silver Tiger with
securities regulators.