Silver Tiger Provides 2023 Summary and 2024 Outlook
NEWS RELEASE
SILVER TIGER PROVIDES 2023 SUMMARY
AND 2024 OUTLOOK
HALIFAX, NOV A SCOTIA – January 9, 2024 – Silver Tiger Metals Inc. (TSXV:SLVR and OTCQX:SLVTF) ("Silver
Tiger", the “Company” or the “Corporation”) is pleased to provide a year-end update for the 2023 year and a 2024
outlook for the Company.
Glenn Jessome, President and CEO stated “2023 was a transformational year at Silver Tiger as the Corporation made
the transition from explorer to developer. We delivered an updated robust Mineral Resource Estimate for the El Tigre
Project in September and followed that up with the Preliminary Economic Assessment in November with an NPV of
$287 Million US dollars and an IRR of 56 %. We now turn our attention to 2024. We currently have 4 drill rigs
completing a 25,000 metre drill program. We expect to deliver our Prefeasibility Study and updated Mineral Resource
Estimate during the second quarter . Our initial Preliminary Economic Assessment on the underground deposit is
expected during the third quarter. In 2024, we will move our low cost highly profitable open pit towards a build
decision and will deliver the first economic report for our significant underground resource. It is our belief that 2024
will be a year of value creation for our shareholders.”
Key Objectives for 2024
• With $20.1 million in cash on hand at September 30, 2023, we will complete the planned 25,000 meter drill
program during the first half of 2024;
• Deliver a Prefeasibility Study and an updated Mineral Resource Estimate during Q2-2024; and
• Deliver a Preliminary Economic Assessment for the permitted underground resource during Q3-2024.
2023 Highlights
• In February 2023, the Company closed an $18 million bought deal financing with a syndicate of underwriters
led by BMO Capital Markets;
• Completed 30,000 metres of diamond drilling;
• Delivered an updated Mineral Resource Estimate for the El Tigre Project in September 2023 (see
Corporation’s press release dated September 18, 2023); and
• Delivered a Preliminary Economic Assessment in November 2023 with an NPV of $287 million USD , an
IRR of 56% and initial capital costs of $59 million USD (see Corporation’s press release dated November 1,
2023).
On-Going Prefeasibility Study Program
The Prefeasibility Study program of the Open Pit at El Tigre Project is underway, on-time, and on-budget. The main
objectives of the program include a Mineral Resource Update, geotechnical assessment of the proposed Preliminary
Economic Assessment pit and enhanced metallurgical studies. The Prefeasibility Study Technical report is exepected
to be released in Q2 -2024. In early 2023 P&E Mining Consultants Inc. of Toronto, Ontario completed the updated
Mineral Resource Estimate and were again retained to complete a Prefeasibility Study -level Mineral Resource
Estimate update to convert a portion of the Preliminary Economic Assessment-level Indicated to Measured Mineral
Resource, as well as convert Preliminary Economic Assessment-level Inferred to Indicated Mineral Resource. The
Corporation retained D.E.N.M. Engineering Ltd. ( “DENM”), of Burlington, Ontario , for the Prefeasibility Study-
level metallurgical test work. After a review of the Preliminary Economic Assessment-level metallurgical studies
were completed, DENM recommended drilling six new PQ-sized metallurgical drill holes along a one-kilometre strike
length of the designed Preliminary Economic Assessment open pit. The six metallurgical drill holes have been
completed. DENM selected McClelland Laboratories Inc. of Sparks, Nevada to complete the independent
Prefeasibility Study metallurgical testing of the gold and silver mineralization at the El Tigre Project. The Company
retained Golder/WSP for the Prefeasibility Study-level open pit design criteria. After an extensive desktop review
and site visit, Golder recommended drilling thirteen HQ -sized oriented core drill holes in the western and eastern
slopes over a two-kilometre strike length of the designed Preliminary Economic Assessment open pit. These thirteen
geotechnical drill holes have been completed. With four drill rigs operating on the property, we have already
completed 85 of the drill holes or 15,009 metres of the drilling required for the Prefeasibility Study.
Underground Mineral Resource to Preliminary Economic Assessment – Q3-2024
The Corporation will also continue to work on this substantial underground Mineral Resource Estimate and advance
this towards a Preliminary Economic Assessment by Q3-2024. The Indicated Out-of-Pit Mineral Resource at El Tigre
is 21 Moz AgEq grading 27 9 g/t AgEq contained in 2.3 Mt and the Inferred Mineral Resource is 70 Moz AgEq
grading 235 g/t AgEq contained in 9.2 Mt (Table 5). For higher grade sensitivity cases refer to the Corporation’s
updated MRE press release dated September 12, 2023.
Upcoming Mining Conference Attendance
• Silver Tiger will be attending the Vancouver Resource Investment Conference (VRIC) on January 21 and 22,
2024 in Vancouver. Silver Tiger’s CEO, Glenn Jessome, will be hosting a luncheon presentation at VRIC on
Sunday, January 21st and will be a panelist on the Main Stage Silver Panel on Monday, January 22nd. Our
booth number will be 429.
• Silver Tiger will also be attending the BMO Global Metals, Mining and Critical Metals Conference from
February 25 to February 28, 2024 in Hollywood, Florida.
• Silver Tiger will also be attending PDAC in Toronto from March 3 to March 6, 2024. Our booth number will
be 3206.
New Director Appointment
The Corporation is pleased to announce the appointment of Yleana Leal to the Board of Directors effective January
9, 2024. Yleana is currently VP, General Manager for Brown-Forman Mexico, she joined Brown-Forman, a public
company that trades on the NYSE, in 2016 as Sales Director, Mexico, moved to the UK in 2019 as Sales Strategy
Director, UK and Ireland and returned to Mexico as General Manager in 2023. Yleana is also President of the Board
of Directors at CIVyL (Comisión para la Industria de Vinos y Licores A.C ). Prior to joining Brown-Forman, Yleana
gained extensive sales experience in the consumer packaged goods industry at Grupo Bimbo, working in the USA,
Mexico, Chile, and India. Yleana holds an MBA - Double Degree & Specialization in Global Business and Strategy
from the University of North Carolina at Charlotte, completed an executive program in Global Competitiveness
Leadership at Georgetown University-McDonough School of Business, and has a Bachelors Degree in International
Business from Tecnológico de Monterrey. Yleana is also a visible and vocal champion on D iversity and Inclusion
initiatives. This appointment is subject to the acceptance of the TSX Venture Exchange.
The Corporation also announces the resignation of Gabriella Eugenia Sepúlveda Elizondo as a Director effective
January 9, 2024, as a result of her increased own personal business obligations that limit her availability to serve as a
Director.
Stock Option and DSU Grant
On January 9, 2024, the Corporation granted 3,925,000 stock options at an exercise price of $0.17 with a term of 10
years and vesting over 2 years and 2,450,000 DSU’s vesting over 3 years to directors, officers, employees and
consultants of the Corporation, vesting over 3 years.
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/explore/decks/492 and on the Corporation’s website at: www.silvertigermetals.com.
Qualified Persons
Dave Duncan P. Geo., VP Exploration of Silver Tiger, Charles Spath, P. Geo., VP of Technical Services of Silver
Tiger, and Eugene Puritch, P.Eng., FEC, CET, President of P&E Mining Consultants are the Qualified Persons as
defined under National Instrument 43-101. Mr. Duncan, Mr. Spath and Mr. Puritch have reviewed and approved the
scientific and technical information in this press release.
About Silver Tiger and the El Tigre Historic Mine District
Silver Tiger Metals Inc. is a Canadian company whose management has more than 25 years’ experience discovering,
financing and building large epithermal silver projects in Mexico. Silver Tiger’s 100% owned 28,414 hectare Historic
El Tigre Mining District is located in Sonora, Mexico. Principled environmental, social and governance practices are
core priorities at Silver Tiger.
The El Tigre historic mine district is located in Sonora, Mexico and lies at the northern end of the Sierra Madre silver
and gold belt which hosts many epithermal silver and gold deposits, including Dolores, Santa Elena and Las Chispas
at the northern end. In 1896, gold was first discovered on the property in the Gold Hill area and mining started with
the Brown Shaft in 1903. The focus soon changed to mining high -grade silver veins in the area with production
coming from 3 parallel veins the El Tigre Vein, the Seitz Kelley Vein and the Sooy Vein. Underground mining on the
middle El Tigre Vein extended 1,450 metres along strike and was mined on 14 levels to a depth of approximately 450
metres. The Seitz Kelley V ein was mined along strike for 1 kilometre to a depth of approximately 200 metres. The
Sooy Vein was only mined along strike for 250 met res to a depth of approximately 150 met res. Mining abruptly
stopped on all 3 of these veins when the price of silver collapsed to less than 20¢ per ounce with the onset of the Great
Depression. By the time the mine closed in 1930, it is reported to have produced a total of 353,000 ounces of gol d
and 67.4 million ounces of silver from 1.87 million tons (Craig, 2012). The average grade mined during this period
was over 2 kilograms silver equivalent per ton.
For further information, please contact:
Glenn Jessome
President and CEO
902 492 0298
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 news 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, Mineral 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 Resource 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 expected 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 differ 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 additional risks described from time to time in the filings made by Silver Tiger with
securities regulators.