Mr. Glenn Jessome reports

SILVER TIGER ANNOUNCES FILING OF FINAL SHORT FORM PROSPECTUS

Silver Tiger Metals Inc., further to its news release dated Nov. 12, 2025, has filed a final short form prospectus dated Nov. 21, 2025, with the securities commissions in each of the provinces of Canada, except Quebec, in connection with its bought deal public offering of common shares of the company at 73 cents per common share for aggregate gross proceeds of $40,004,000. The offering is being conducted through a syndicate of underwriters, including BMO Capital Markets and Stifel Nicolaus Canada Inc., as joint bookrunners, together with Canaccord Genuity Corp., Desjardins Securities Inc. and Ventum Financial Corp. The company has granted the underwriters an option to purchase an additional 8.22 million common shares on the same terms and exercisable at any time up to 30 days following the closing of the offering, for market stabilization purposes and to cover overallotments, if any. If the overallotment option is exercised in full, additional gross proceeds of $6,000,600 will be raised pursuant to the offering and the aggregate gross proceeds of the offering will be $46,004,600. All monetary amounts are expressed in Canadian dollars, unless otherwise indicated.

The offering is being conducted in each of the provinces of Canada, except Quebec, and outside of Canada in accordance with applicable securities laws.

Closing of the offering is expected to occur on or about Nov. 26, 2025. The TSX Venture Exchange has conditionally approved the listing of the common shares to be issued pursuant to the offering (including any exercise of the overallotment option), subject to customary conditions.

Final short form prospectus is accessible through SEDAR+

Access to the final prospectus and any amendment to the documents is provided in accordance with securities legislation relating to procedures for providing access to a prospectus. The final prospectus is accessible on SEDAR+. An electronic or paper copy of the final prospectus and any amendment may be obtained, without charge, from Stifel Canada by e-mail at prospectuscanada@stifel.com by providing the contact with an e-mail address or address, as applicable. The final prospectus contains important detailed information about the company and the offering. Prospective investors should read the final prospectus and the other documents the company has filed on SEDAR+ before making an investment decision.

About Silver Tiger Metals Inc.

Silver Tiger is a Canadian company, the management of which has more than 27 years of experience discovering, financing and building large hydrothermal gold and silver mines 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.

Silver Tiger commenced work on its El Tigre project in 2017. Silver Tiger has drilled over 150,000 metres at the El Tigre project, with 119,000 metres completed since 2020. Silver Tiger has completed several MREs (mineral resource estimates), a maiden MRE in 2017, and MRE updates in 2023 and 2024. The PEA (preliminary economic assessment) for the El Tigre open pit was released in November, 2023.

The October, 2024, PFS (prefeasibility study) for the El Tigre open pit delivered robust economics. The PFS projects an after-tax NPV (net present value) of $222-million (U.S.) at a discount rate of 5 per cent, an after-tax IRR (internal rate of return) of 40.0 per cent and a payback period of 2.0 years. This open-pit operation is expected to have a 10-year mine life. The El Tigre project delivers a life-of-mine undiscounted after-tax cash flow of $318-million (U.S.), with initial capital costs of $86.8-million (U.S.) (including $9.3-million (U.S.) in contingency). Operating cash costs are projected at $973 (U.S.) per ounce (oz) gold equivalent (AuEq) and $12 (U.S.) per oz silver equivalent (AgEq), with an AISC (all-in sustaining cost) at $1,214 (U.S.) per oz AuEq and $14 (U.S.) per oz AgEq. The economics of the project have been evaluated based on a discounted silver price of $26 (U.S.) per oz and a discounted gold price of $2,150 (U.S.) per oz.

Qualified person

David R. Duncan, PGeo, vice-president of exploration of the company, 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 news release.

We seek Safe Harbor.