Silver Tiger Metals – New Permit Received For Stockwork Zone At The El Tigre Mine, Capital Raise Provides Term Sheet Flexibility, Development Pathway In Motion For An 18-Month Build

Nov 28, 2025

Glenn Jessome, President and CEO of Silver Tiger Metals, discusses the exciting new permits received for the El Tigre Stockwork Project in Sonora, Mexico. He explains how the company is set to transition into construction with a robust economic outlook and a strategic financing plan, including a CAD$40 million deal. Glenn also highlights upcoming plans for a Preliminary Economic Assessment (PEA) in January and future exploration initiatives aimed at expanding resources in the area. His insights detail a promising future for Silver Tiger as they capitalize on current market dynamics.

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INSIGHT

Stockwork Phase Drives Massive Cash Generation

The Stockwork open-pit alone yields very strong economics with a $750M NPV and ~92% IRR at current prices.
That bulk-tonnage phase generates over $1B U.S. after-tax net cash flow across nine years, driving >$100M annual cash flow.

ANECDOTE

Local Team Drove Permit Success

Glenn emphasizes the Mexican team's central role, noting most employees are Mexican while a few are Canadian.
He credits local expertise for navigating approvals and securing the country's first permit issued since 2020.

ADVICE

Raise Equity First To Preserve Optionality

Use equity strategically before taking large debt to preserve optionality and avoid restrictive covenants.
Raising CAD$40M bought-deal plus existing treasury lets Silver Tiger negotiate better debt terms and push other programs.

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Glenn Jessome, President & CEO of Silver Tiger Metals (TSX.V:SLVR – OTCQX:SLVTF), joins us to review the major news released November 7th which announced that the Company has secured all of the required approvals and permits from the Mexican Federal Environmental Department (“SEMARNAT”) to construct the El Tigre Stockwork Silver-Gold Project in Sonora, Mexico. We also discuss the upcoming underground PEA, set for January of next year, along with the coming regional drill programs to the north and south of El Tigre in 2026.

With all approvals for the Project now granted, Silver Tiger is now ready to advance the Project towards construction over an 18-month plan, as outlined in the October 2024 Preliminary Feasibility Study (PFS) for the Project. We dive into the robust economics on just this initial bulk tonnage phase of the project, through the lens of current metals price sensitivities. Glenn shares with us the many earlier stage initiatives their operations team, led by VP of Operations, Francisco Albelais, like building the 365 day per year haulage road, and the 6 months of engineering work that gives them a large head start on hitting the ground running now that the permit is in hand.

With regards to the debt term sheets and how the company will fund the mine build, Glenn shares the flexibility and optionality that their team now has, after having recently raised CAD$40 Million bought deal financing with a syndicate of underwriters led by BMO Capital Markets and Stifel Nicolaus Canada. When combined with the ~CAD$30 million the company already had in their treasury, they essentially have a large percentage of the US$85 million capex needed to build the bulk tonnage surface mine at El Tigre. This means that they can negotiate less restrictive debt covenants, giving them the flexibility to keep pursuing work on the underground strategy, as well as regional exploration to the north and south of El Tigre.

We wrap up recapping all the exploration, development, and derisking work that is going into the upcoming imminent Preliminary Economic Assessment (PEA) for the underground mine, now set to release to the market in January. The team at Silver Tiger has been compiling the last 5 years of work delineating the 113 million ounces of silver equivalent resources in the high-grade veins, shale, and sulphide zones underground portion of El Tigre, the metallurgical studies, and engineering work to be able to release the upcoming PEA early in Q1. This report will center around the already permitted underground scenario utilizing an 800 tonnes-per-day (tpd) mill, and focusing on the initial first 10 years of mine life.

Wrapping up we have Glenn outline that in 2026 all of the earlier-stage regional exploration work their team has been engaged with in H2 of this year, both to the north and south of El Tigre, will allow for the commencement of the first drilling on these high-priority targets since 2017. This will demonstrate to the market that their land concessions are truly part of a district-scale opportunity, far beyond just the delineated mineralization and mine plans at El Tigre.

If you have any follow up questions for Glenn regarding Silver Tiger Metals, then please email them into me at Shad@kereport.com.

In full disclosure, Shad is a shareholder of Silver Tiger Metals at the time of this recording, and may choose to buy or sell shares at any time.

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