Mr. Glenn Jessome reports

SILVER TIGER ANNOUNCES FILING OF UPDATED MINERAL RESOURCE ESTIMATE AND PRE-FEASIBILITY STUDY TECHNICAL REPORT FOR THE EL TIGRE SILVER-GOLD PROJECT

Silver Tiger Metals Inc. has filed a preliminary feasibility study (PFS) for its 100-per-cent-owned, silver-gold El Tigre project located in Sonora, Mexico. The technical report supports the scientific and technical disclosure in the company's news release dated Oct. 22, 2024, announcing the results of an updated mineral resource estimate and prefeasibility study. The technical report is available at SEDAR+ under the company's profile.

The updated MRE also contains an out-of-pit mineral resource that Silver Tiger plans to study in a preliminary economic assessment in H1 2025.

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

• After-tax net present value (NPV) (using a discount rate of 5 per cent) of $222-million (U.S.) with an after-tax IRR (internal rate of return) of 40.0 per cent and payback period of 2.0 years (base case).
• Ten-year mine life recovering a total of 43 million payable silver equivalent ounces (AgEq) or 510,000 payable gold equivalent ounces (AuEq), consisting of nine million silver ounces and 408,000 gold ounces.
• Total project undiscounted after-tax cash flow of $318-million (U.S.).
• 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 56.7,000 AuEq oz (ounces).
• Three years of production in the proven category in the phase 1 starter pit.

Preliminary feasibility summary

The PFS was prepared by independent consultants P&E Mining Consultants Inc., with metallurgical test work completed by McClelland Laboratories Inc. -- Sparks, Nev., process plant design and costing by DENM Engineering Ltd., environmental and permitting led by CIMA Mexico, and geotechnical assessment of heap leach design, waste dump design and pit slopes by WSP Global Inc. Table 1 shows key assumptions and results.

Qualified persons

Mineral resource estimate: Dave Duncan, PGeo, vice-president of exploration of Silver Tiger, Charles Spath, PGeo, VP of technical services of Silver Tiger, and Fred Brown, PGeo, RM-SME, senior associate geologist of P&E Mining Consultants, and Eugene Puritch, PEng, FEC, CET, president of P&E Mining Consultants are the qualified persons as defined under National Instrument 43-101. All qualified persons have reviewed and approved the scientific and technical information in this press release.

Preliminary feasibility study: Andrew Bradfield, PEng of P&E Mining Consultants, Eugene Puritch, PEng, FEC, CET, president of P&E Mining Consultants, and David J. Salari, PEng of DENM Engineering, are the qualified persons as defined under National Instrument 43-101. All qualified persons have reviewed and approved the scientific and technical information in this press release.

A technical report is being prepared on the preliminary feasibility study in accordance with National Instrument 43-101, and will be available on the company's website and SEDAR+ within 45 days of the date of this news release. The effective date of this preliminary feasibility study is Oct. 22, 2024.

About Silver Tiger and the El Tigre historic mine district

Silver Tiger Metals is a Canadian company whose management has more than 25 years of experience discovering, financing and building large epithermal silver projects in Mexico. Silver Tiger's 100-per-cent-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 three 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 vein was mined along strike for one kilometre to a depth of approximately 200 metres. The Sooy vein was only mined along strike for 250 metres to a depth of approximately 150 metres. Mining abruptly stopped on all three of these veins when the price of silver collapsed to less than 20 cents 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 gold and 67.4 million ounces of silver from 1.87 million tons (Craig, 2012). The average grade mined during this period was over two kilograms silver equivalent per ton.

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