Annual information form
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ANNUAL INFORMATION FORM As at March 31, 2026 June 29, 2026
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2 SILVER TIGER METALS INC. TABLE OF CONTENTS PRELIMINARY NOTES AND CAUTIONARY STATEMENTS .......................................................................... 3 Date of Information ................................................................................................................................................. 3 Currency and Exchange Rate................................................................................................................................. 3 Forward-Looking Statements................................................................................................................................. 3 Technical Information ............................................................................................................................................ 4 Abbreviations ........................................................................................................................................................... 4 CORPORATE STRUCTURE .................................................................................................................................... 5 ................................................................................................................................................................................... 5 GENERAL DEVELOPMENT OF THE BUSINESS ............................................................................................... 6 Three Year History ................................................................................................................................................. 6 DESCRIPTION OF THE BUSINESS ....................................................................................................................... 7 General ..................................................................................................................................................................... 7 Specialized Skill and Knowledge ............................................................................................................................ 7 Competitive Conditions .......................................................................................................................................... 7 Components ............................................................................................................................................................. 7 Cycles ........................................................................................................................................................................ 7 Contracts and Sub-Contracts ................................................................................................................................. 7 Environmental Protection ...................................................................................................................................... 7 Employees ................................................................................................................................................................ 8 Foreign Operations ................................................................................................................................................. 8 Market ...................................................................................................................................................................... 8 Marketing Plans and Strategies ............................................................................................................................. 8 Bankruptcy and Similar Procedures ..................................................................................................................... 8 Environment, Social and Governance ................................................................................................................... 8 MINERAL PROJECT ................................................................................................................................................ 9 El Tigre Property .................................................................................................................................................... 9 RISK FACTORS ....................................................................................................................................................... 42 DIVIDENDS AND DISTRIBUTIONS ..................................................................................................................... 51 DESCRIPTION OF CAPITAL STRUCTURE....................................................................................................... 51 Trading Volume and Price ................................................................................................................................... 52 Prior Sales .............................................................................................................................................................. 52 ESCROWED SECURITIES ..................................................................................................................................... 52 DIRECTORS AND OFFICERS ............................................................................................................................... 53 Name, Occupation and Security Holdings .......................................................................................................... 53 Cease Trade Orders, Bankruptcies, Penalties or Sanctions .............................................................................. 55 Conflicts of Interest ............................................................................................................................................... 56 LEGAL PROCEEDINGS AND REGULATORY ACTIONS ............................................................................... 56 INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS .................................... 56 MATERIAL CONTRACTS ..................................................................................................................................... 56 INTERESTS OF EXPERTS ..................................................................................................................................... 57 TRANSFER AGENT AND REGISTRAR .............................................................................................................. 57 AUDIT COMMITTEE .............................................................................................................................................. 58 ADDITIONAL INFORMATION ............................................................................................................................. 58
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3 PRELIMINARY NOTES AND CAUTIONARY STATEMENTS Date of Information In this Annual Information Form (“AIF”), information is given as at March 31, 202 6, unless otherwise stated. Currency and Exchange Rate All currency references in this AIF are in Canadian dollars unless otherwise indicated. Reference to “US dollars” or the use of the symbol “US$” refer to United States dollars. Forward-Looking Statements Certain statements in this AIF are forward-looking statements or information (collectively “forward-looking statements”). The Company (as defined herein) is hereby providing cautionary statements identifying important factors that could cause the actual results to differ materially from those projected in the forward-looking statements. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, th rough the use of words or phrases such as “may”, “will”, “should”, “would”, “continue”, “aim”, “forecast”, “focus”, “believe”, “schedule”, “potential”, “seek”, “target”, “strategy”, “during”, “ongoing”, “subject to”, “future”, “objectives”, “opportunities”, “committed”, “prospective”, “is expected to”, “anticipates”, “estimates”, “intends”, “plans”, “projection”, “could”, “vision”, “goals”, “objective” or “outlook” or the negative of these words or other variations on these comparable terminology ) are not h istorical facts, may be forward -looking, and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. By their nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, which contribute to the possibility that the predicted outcomes may not occur or may be delayed, and as such, undue reliance must not be placed on them . Forward-looking statements are also based on numerous material factors, including but not limited to: the Company’s present and future business strategies; local and global economic conditions; political conditions in jurisd ictions where the Company operates; the price of precious metals, other minerals and key commodities; exchange rates; anticipated capital and exploration costs; and the availability of required approvals for the Company’s activities. The risks, uncertainties and other factors, many of which are beyond the control of the Company, that could influence actual results include, but are not limited to: limited operating history; exploration, development and operating risks; regulatory risks; the speculative nature of exploration and development; unexpected geological conditions; substantial capital requirements and liquidity; the Company’s choices in capital allocation; financing risks and dilution to shareholders; competition; reliance on management and dependence on key personnel; fluctuating mineral and commodity prices and marketability of minerals; access to capital markets and financing; inflation and inflationary pressures; global supply chain constraints; security risks; title to properties; local residential concerns; Indigenous rights or claims; public health outbreaks; no mineral reserves or mineral resources; environmental risks; physical and regulatory risks related to climate change; unpredictable weather patterns and events; disruptions due to natural disasters and weather related events; governmental regulations and processing licenses and permits; changes in taxes; changes in interest rates; geotechnical difficulties and equipment failure; cybersecurity threats; management inexperience in developing mines; lack of reliable infrastructure; conflicts of interest of management; uninsurable risks; exposure to potential litigation; availability of insurance; the Company’s level of indebtedness; no history of paying dividends and no in tention of paying dividends in the near future; volatility of the Company’s securities; and other factors beyond the control of the Company. Further, any forward-looking statement speaks only as of the date on which such statement is made, and, except as required by applicable law, the Company undertakes no obligation to update any forward -looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for management to predict all such factors and to assess in advance the impact of each such factor on the business of the Company or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward -looking statement.
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4 Technical Information Mr. David Duncan, P.Geo, Vice President Exploration of Silver Tiger Metals Inc., is a qualified person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and has reviewed and approved the scientific and technical information contained in this AIF. Abbreviations Precious Metals Measurements Ag Silver g grams Au Gold kg kilograms oz ounces Base Metals m metres Pb Cu Zn Lead Copper Zinc km kilometres ha hectare Other t/m3 tonnes per cubic metre AuEq AgEq Gold equivalent Silver equivalent
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5 CORPORATE STRUCTURE Silver Tiger Metals Inc. (“Silver Tiger” or the “Company”), previously Oceanus Resources Corporation, was incorporated on June 14, 2010 pursuant to the provisions of the Canada Business Corporations Act (“CBCA”). On April 24, 2020, the Company amended its articles to change the name of the Company from Oceanus Resources Corporation to Silver Tiger Metals Inc. The common shares of the Company (the “Shares”) commenced trading on the TSX Venture Exchange on December 17, 2010. The Shares commenced trading on O TCQX® Best Market on September 18, 2020 after being upgraded from the OTCQB® Venture Market. In May 2026, the Toronto Stock Exchange (“TSX”) approved the listing of the Company's common shares for trading on the TSX, and at the opening of the market on May 21, 2026, the Company’s common shares began trading on the TSX. The head and registered office of the Company is located at 2446 Purcells Cove Road, Halifax, Nova Scotia, Canada, B3P 2E6. The following diagram sets out the intercorporate relationships among Silver Tiger’s material subsidiaries as of the date of this AIF, including the percentage ownership of voting securities and the jurisdiction of formation or existence of each subsidiary: Notes: (a) 1,000 shares held by 0874346 B.C. Ltd. and 1 share held by El Tigre Silver Corp. (b) 1,899 shares held by Silver Tiger de México S.A. de C.V. and 1 share held by LGHI Holdings Inc. (“LGHI”). LGHI is wholly- owned by Lunar Gold Holdings Incorporated (“Lunar Gold”), a wholly-owned subsidiary of the Company. Neither Lunar Gold nor LGHI are material subsidiaries of the Company. 100% 100% 100% (a) 100% (b) (British Columbia) Silver Tiger de México (Mexico) (Mexico) Compania Minera Talaman S.A. de C.V. S.A. de C.V. El Tigre Silver Corp. (British Columbia) 0874346 B.C. Ltd. Silver Tiger Metals Inc. (Canada)
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6 GENERAL DEVELOPMENT OF THE BUSINESS Three Year History On February 24, 2023, the Company announced that it had completed a bought deal short form prospectus offering of Shares (the “February 2023 Offering”) with a syndicate of underwriters. In connection with the February 2023 Offering, the Company issued an a ggregate of 58,100,000 Shares at a price of $0.31 per Share for aggregate gross proceeds to the Company of $18,011,000. The February 2023 Offering was completed by a syndicate of underwriters led by BMO Capital Markets, as lead underwriter and sole bookrun ner, and included Desjardins Securities Inc., PI Financial Corp., Sprott Capital Partners LP, Echelon Wealth Partners Inc., and Eight Capital (collectively, the “2023 Underwriters”). The 2023 Underwriters were paid a cash commission of 6% on the gross proc eeds of the February 2023 Offering. On April 14, 2025, the Company issued 45,455,000 common shares at a price of $0.33 per common share for gross proceeds of $15,000,150 pursuant to a bought deal offering (“the April 2025 Offering”) led by a syndicate of underwriters (“the April 2025 Underwriters”) led by Stifel Canada and Desjardins Capital Markets, as co -lead underwriters and joint bookrunners, and BMO Capital Markets, SCP Resource Finance LP, Ventum Financial Corp., and Canaccord Genuity Corp. The April 2025 Underwriters were paid a cash commission of 6% of the gross proceeds of the Offering. The share issue costs pursuant to the Offering, including the Underwriters commission, were $1,452,607. The proceeds of the April Offering are being used to fund exploration and development expenditures at the Company’s El Tigre Project in Mexico, as well as for working capital and general corporate purposes. On October 7, 2025, Silver Tiger closed a bought deal offering (the “October 2025 Offering”) whereby 39,962,500 common shares were issued at a price of $0.72 per common share for gross proceeds of $28,773,000 led by a syndicate of underwriters led by Stifel Nicolaus Canada Inc. as sole bookrunner, and Desjardins Capital Markets (together with Stifel, the “October 2025 Co-Lead Underwriters”) as co -lead underwriters, and BMO Capital Markets and Ventum Financial Corp. (together with the October 2025 Co-Lead Un derwriters, the “October Underwriters”). The October 2025 Underwriters were paid a cash commission of 6% on the gross proceeds of the October 2025 Offering, except in respect of proceeds received from certain orders arranged by the Company, of which up to C$3,000,000 was subject to a reduced commission rate of 3.0% and up to C$2,000,000 was subject to a reduced commission rate of 5.0%. The Company is using the proceeds of the October 2025 Offering to fund exploration and development expenditures at the Comp any’s El Tigre Project in Mexico, as well as for working capital and general corporate purposes. On November 7, 2025, Silver Tiger announced that it has secured all of the required approvals and permits from the Mexican Federal Environmental Department (“SEMARNAT”) to construct the El Tigre Stockwork Zone at the El Tigre Property. With all approvals n ow granted, Silver Tiger is now ready to advance the El Tigre Stockwork Zone towards construction. On November 26, 2025, Silver Tiger closed a bought deal offering (the “November 2025 Offering”) whereby 54,800,000 common shares were issued at a price of $0.73 per common share for gross proceeds of $40,004,000 led by a syndicate of underwriters led by BMO Capital Markets and Stifel Nicolaus Canada Inc. as joint bookrunners, as well as Canaccord Genuity Corp., Desjardins Capital Markets and Ventum Financial Corp. (together t he “November 2025 Underwriters”). The November 2025 Underwriters were paid a cash c ommission of 5.5% on the gross proceeds of the November 2025 Offering. The Company is using the proceeds of the November 2025 Offering to fund exploration and development expenditures at the Company’s El Tigre Project in Mexico, as well as for working capital and general corporate purposes. On February 18, 2026, Silver Tiger closed a bought deal offering (the “February 2026 Offering”) whereby 49,146,400 Common Shares were issued at a price of $1.17 per Common Share for gross proceeds of $57,501,288, led by a syndicate of underwriters led by Stifel Nicolaus Canada Inc. and BMO Capital Markets as joint bookrunners, as well as Canaccord Genuity Corp. and Desjardins Capital Markets (together the “February 2026 Underwriters”). The February 2026 Underwriters were paid a cash commission of 5.5% on th e gross proceeds of the February 2026 Offering. The February 2026 Offering includes the full exercise of the February 2026 Underwriters’ 15% over -allotment. The Company is using the proceeds of the February 2026 Offering to fund exploration and development expenditures at the Company’s El Tigre Project in Mexico, as well as for working capital and general corporate purposes. In March 2026, the Company entered into an Engineering Procurement and Construction Management contract with Kappes, Cassidy & Associates to assist in the construction of the mine and process plant at El Tigre. The Board of Directors has approved the construction decision for El Tigre, with commissioning and first pour targeted for December 2027.
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7 DESCRIPTION OF THE BUSINESS General Silver Tiger is a junior mineral exploration company engaged in the identification, acquisition, exploration and, if warranted, development of mineral properties. At March 31, 202 6 the Company held one property, the El Tigre Property. The El Tigre Property is described in more detail below under the heading “Mineral Project”. The Company’s mineral propert y is currently in the exploration and development stage and the Company, therefore, has no producing properties and no operating income or cash flow. There is no assurance that a commercially viable mineral deposit exists on Silver Tiger’s mineral properties. The principal metals for which Silver Tiger is exploring are precious metals, namely silver and gold. Specialized Skill and Knowledge As a company focused on mineral exploration and development, Silver Tiger requires specialized skills and knowledge in many areas, including geology, drilling, logistical planning and implementation of exploration and development programs, areas of expertise in which there are limited human resources available at any given time. It may be difficult to locate and retain qualified employees and consultants during periods of increased activity in the resource development industry, which may affect Silver Tiger’s activities. Competitive Conditions The mineral exploration and mining industry is competitive in all phases of exploration, development and production. In the event that Silver Tiger intends to acquire additional properties in connection with its exploration and development activities, it will be in competition with other mineral property development companies. Competitors for these interests may have greater financial resources and technical facilities than Silver Tiger. As a result, Silver Tiger may not be able to acquire desired properties in the future on acceptable terms. Silver Tiger also competes with other mining companies to attract and retain qualified employees. Components The raw materials and services that are required by Silver Tiger to carry on its business are available through normal supply or business contracting channels. Cycles The precious metals mining business is subject to mineral price cycles and the marketability of minerals and mineral concentrates is also affected by worldwide economic cycles. Contracts and Sub-Contracts It is not expected that the business of Silver Tiger will be affected in the current financial year by the renegotiation or termination of contracts or sub-contracts. Environmental Protection The exploration and development activities of Silver Tiger are subject to environmental regulations in the jurisdictions where its properties are located, including requirements for environmental baseline studies and environmental assessments, which may materially affect Silver Tiger’s operations, and in turn, its capital expenditures, profit and/or loss, or competitive position.
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8 Employees Silver Tiger had 8 employees at March 31, 202 6. A significant portion of all executive, geological and administrative functions are performed by consultants and contractors. In addition, Silver Tiger frequently uses consultants and contractors in connection with its exploration activities. Foreign Operations The El Tigre Property is located in Mexico and, therefore, is subject to social, political and other risks. For further discussion of risks relating to foreign operations, see the discussion under the heading “Description of the Business – Risk Factors” in this AIF. Market Silver Tiger’s principal products under exploration are precious metals, primarily silver and gold. The market for these precious metals is global and, as a result, if Silver Tiger’s mineral properties begin production, Silver Tiger should have access to a number of purchasers in connection with its sales of precious metals. Silver Tiger expects to sel l its product to refiners in Mexico and the United States. Marketing Plans and Strategies Silver Tiger is not yet producing any mineral products and, as a result, it is not undertaking any marketing activities and does not require a marketing plan or strategy. Bankruptcy and Similar Procedures There are no bankruptc y, receivership or similar proceedings against Silver Tiger or any of its subsidiaries, during the current financial year and the three most recently completed financial years, nor is Silver Tiger aware of any such pending or threatened proceedings. There has not been any voluntary bankruptcy, receivership or similar proceedings by Silver Tiger since its incorporation or any of its subsidiaries has occurred since their incorporat ion. Environment, Social and Governance Silver Tiger recognizes that adopting strong Environment, Social and Governance (“ESG”) practices is important to the successful operation of its business and the maintenance of its social license in the communities where it operates. Silver Tiger believes that it can be a leader in the Canadian junior mining sector through the incorporation of ESG initiatives into its business strategy, operations, and management systems. As a reflection of its commitment to ESG issues, the board of directors of Silver Tiger ( the “Board”) established the Safety, Environmental and Social Sustainability committee (the “SESS Committee”) to provide oversight on ESG matters, including occupational health and safety and environmental and social sustainability, in accordance with the charter of the SESS Committee. The SESS Committee will also oversee the development of a comprehensive ESG strategy for Silver Tiger that is expected to help Silver Tiger conduct its business in ways that are principled, transparent and accountable to all stakehold ers, including shareholders, employees, local communities, governments and the environment, all with a view to the creation and preservation of long-term shareholder value.
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9 MINERAL PROJECT Silver Tiger on March 31, 2026 had one material mineral project being the El Tigre Property which is described below. El Tigre Property The technical information in this section regarding the El Tigre Property is extracted from the technical report titled “Stockwork Zone Pre-Feasibility Study and Underground Preliminary Economic Assessment of the El Tigre Silver -Gold Project, Sonora, Mexic o” effective as of June 20, 2025 and dated January 22, 2026 (the “El Tigre Technical Report”) prepared by Andrew Bradfield, P.Eng., Jarita Barry, P.Geo., Fred H. Brown, P.Geo., David Burga, P.Geo., D. Grant Feasby, P.Eng., Eugene Puritch, P.Eng., FEC, CET, D. Gregory Robinson, P.Eng., and William Stone, Ph.D., P.Geo. of P&E Mining Consultants Inc.; David Salari, P.Eng., of D.E.N.M. Engineering Ltd.; and James Smith, P.Eng., of WSP Canada Inc. The following summary text has been reproduced in full from the El Tigre Technical Report and the detailed disclosure in the El Tigre Technical Report is incorporated into this AIF by reference. The full text of the El Tigre Technical Report is available for review on SEDAR+ at www.sedarplus.ca under the Company’s profile. 1.0 SUMMARY This National Instrument (“NI”) 43 -101 Technical Report was prepared by P&E Mining Consultants Inc. (“P&E”) for Silver Tiger Metals Inc. (“Silver Tiger” or the “Company”) to provide an updated Mineral Resource Estimate, updated Pre -Feasibility Study (“PFS” ) on the Stockwork Zone, and underground Preliminary Economic Assessment (“PEA”) for the El Tigre Property (the “Property”), located in the State of Sonora, Mexico. The Property is 100% owned by Silver Tiger. Input to this Technical Report was also provided by D.E.N.M. Engineering Ltd. (“D.E.N.M.”) for mineral processing and metallurgy, Consultores Interdisciplinario en Medio Ambiente S.C. (“CIMA”) for environmental aspects, and WSP Canada Inc. (“WSP”) for geotechnical and hydrogeological engineering. This Technical Report considers the gold and silver mineralization at El Tigre that is amenable to both surface and underground mining and has an effective date of June 20, 2025. 1.1 PROPERTY, LOCATION, ACCESS The El Tigre Property extends across the Sierra El Tigre area in northeastern Sonora State, Mexico, situated approximately 90 km south -southeast of the Town of Agua Prieta. The Property's coordinates are approximately 30°35’ north latitude and 109°13’ west longitude, marked on the Colonia Oaxaca 1:50,000 topographic map. The El Tigre Property consists of 59 Mexican Federal mining concessions totalling 21,775 ha. Four of the concessions are owned by Compañía Minera Talaman S.A. de C.V. (“Talaman”) and 55 are owned by Pacemaker Silver Mining S.A. de C.V. (“Pacemaker”). Pacemaker, a subsidiary of Silver Tiger, indirectly holds 100% interest in the four remaining concessions through its 100% ownership of Talaman, such that all 59 concessions are currently controlled by Silver Tiger. The Property was acquired in November 2015 by Oceanus Resources Corporation (“Oceanus”, a precursor Company to Silver Tiger), through the acquisition of all the issued and outstanding common shares of El Tigre Silver Corporation (“El Tigre Silver”), whereb y each outstanding El Tigre Silver share was exchanged for 0.2839 of one common share of Oceanus. Following the acquisition of El Tigre Silver, Pacemaker became a 100% indirectly owned Mexican subsidiary of Oceanus. On May 14, 2020, Oceanus announced a name change to Silver Tiger Metals Inc. Until 2022, the El Tigre Property consisted of nine concessions (El Aguila, Jorge, La Fundadora, Tigre Suertudo, Nik Frac. 2, San Juan, La Carabina Frac 1, La Carabina, Frac 2, and Nik 1 F1). Concession Nik 1 F1 (21,156 ha) expired in 2022 and was subdivided into 51 new valid concessions (Nik 1 F1 D1 to Nik 1 F1 D51) that cover the previous surface of Nik 1 F1 and to which Pacemaker holds legal title. The 59 concessions of
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10 the El Tigre Property are all registered with the Registro Público de Mineria as exploitation concessions. EC Rubio, Silver Tiger’s Mexican legal counsel, has confirmed that as of June 20, 2025, the concessions are in good standing. A location map of the El Tigre Property is presented in Figure 1.1. FIGURE 1.1 EL TIGRE PROPERTY LOCATION MAP Source: Micon (2023) From Agua Prieta, the El Tigre Property can be reached by driving 75 km south along Mexican Highway 17 to the Town of Equeda, and then 46 km east from there on a dirt road to the El Tigre camp. Large stretches of the road from Esqueda are intermittently maintained by local ranchers on either side of Lake Angostura. Alternate access routes include a crossing at the Lake Angostura dam to the south or at Colonia Morelos or Fresno Ranch to the north. These alternate routes are only viable when the Rio Batiste is low or dry. Access during the monsoon season is hindered by flash floods, which periodically wash out sections of road and generally cause rough road conditions. In 2023, Silver Tiger completed rehabilitation of a 7 m wide access road and some pluvial works from Colonia Morelos to the exploration camp over 46 km in order that it will be accessible all year round. The climate of the El Tigre area is typical of the Madrean Archipelago/Sky Island Region, which is semi-arid with bi-seasonal precipitation. Winter precipitation is associated with frontal storms from the Pacific Ocean. Winter conditions generally last from October through May, with the most
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11 intense storms occurring between mid -November and mid-April. Late spring and early summer are typically dry and summer monsoon moisture begins to enter the region in late -June to early-July. Storms are the result of tropical air flowing over heated mountai n terrain, with frequent torrential rains occurring during the afternoon and thunderstorms in the evenings. Temperatures are elevation dependent. In the lowlands, near La Angostura Reservoir, summer temperatures can reach 50°C and winter temperatures can be as low 0°C. At the El Tigre camp site, summer temperatures rarely exceed 40°C and winter temperatures can reach as low as -15°C on the coldest nights. The El Tigre Property is remote. Food, fuel and lodging are available in Esqueda, a two -to-three-hour drive from the camp. Personnel are currently lodged at the camp, which consists of a 25 –person residence, office, shower, washroom, and kitchen facilities. A drill core logging and storage area is also present. Cellular reception is sporadic around the main camp. Satellite internet equipment is present; however, a tower would be required to improve reception. Supplies can be acquired from Esqueda or other communities with proper plan ning. Heavy equipment or construction materials may require transport from larger cities, such as Hermosillo. 1.2 HISTORY The Property hosts the historical Lucky Tiger Mine that produced silver and gold intermittently between 1903 and 1938. Mineral exploration was completed by several groups during that time and through the 1970s. Modern exploration was initiated in 1981 by Anaconda Minerals Company through its wholly-owned subsidiary Cobre de Hercules. Anaconda’s exploration efforts lasted 29 months and ceased around the time Anaconda terminated all mining and exploration activities in the mid-1980s. In June 1995, consulting firm Minera de Cordilleras completed a four -hole reverse circulation (“RC”) drilling program for a total of 890 m on behalf of a third party. These drill holes were planned to test the concept that the deeper part of the vein syste m was faulted, such that the mineralized veins were displaced closer to the surface. Assays are available for the drill holes, however, the collar locations are unknown. 1.3 GEOLOGY AND MINERALIZATION The Sierra El Tigre is one of the large mountain ranges that are part of the Basin and Range Province which is found from northern Nevada to Zacatecas and Jalisco in Mexico. The Sierra El Tigre is part of the massif of the Sierra Madre Occidental and was formed during Cenozoic extensional faulting, which consists of northerly- trending horsts and grabens. Pre-Cenozoic granite and limestone are the oldest rocks exposed in the range and are overlain by remnants of the vast Tertiary rhyolite ignimbrite field of the Sierra Madre Occidental. Silver, gold, lead, zinc, and copper mineralization occurs in the El Tigre District (the “District”) mostly in fissure veins within a narrow, north-trending belt 5.3 km long. The District contains nine known veins. These include the Sooy, El Tigre, Seitz-Kelly and Combination Veins in the southern area and the Aquila, Caleigh, Fundadora, Protectora and Escondida Veins in the northern area of
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12 El Tigre. Silver and gold mineralization in the El Tigre area occurs in both the fissure veins and in a low-grade stockwork halo around the veins. The veins formed along structurally prepared fissures that generally dip steeply to the west. Vein mineralization consists of quartz and varying proportions of zinc, iron, lead, copper, and silver sulphides with silicified or argillized fragments of host rock. Gold is associated with copper-silver sulphides. The mineralization occurs in discontinuous lenses of elongated high -grade sulphides along the veins and as low-grade impregnations in the vein gangue material. In order of abundance, mineralization consists of pyrite, sphalerite, galena, argentiferous galena, chalcopyrite, tetrahedrite, covellite and gold. Tetrahedrite and galena are the main silver-bearing minerals. Gold occurs in the native state as µm-sized specks and as inclusions in galena and chalcopyrite. The vein host rocks exhibit adularia replacement, with minor silicification, argillization, and propylitization. The El Tigre Veins closely resemble those in quartz-adularia, low sulphidation epithermal deposits. 1.4 EXPLORATION AND DRILLING Exploration by El Tigre Silver Corporation and Oceanus has included channel sampling of surface mineralization and underground workings, sampling of historical tailings, IP geophysics and diamond drilling. Since summer 2020, exploration activities by Silver Tiger included a channel sampling program of historical underground exploration drifts and surface sampling located on the 3 km of vein extensions that outcrop at surface north of the historical El Tigre Mine. The areas of focus were the Caleigh, Canon Combination, Protectora, and Fundadora Veins. The 2020 channel sampling program was planned to generate additional drill targets and followed-up on the success of the underground channel sampling completed in the same vein extensions in 2019. The 2020 sampling program also returned multiple high -grade values. Between 1982 and 2013, Anaconda, Minera de Cordilleras and El Tigre Silver Corporation completed a total of 18,114 m of drilling. In 2016 to 2017, Oceanus completed 69 diamond drill holes totalling 12,760 m. Since 2020, Silver Tiger has completed five drilling programs consisting of 478 drill holes totalling 120,006 m on the El Tigre Property. The purpose of the drilling programs was to support updated Mineral Resource Estimates for the El Tigre Property and provide fresh material for metallurgical testing and geotechnical data and information for advanced project development studies. During late 2024, three drill holes totalling 1,031 m were completed by Silver Tiger from an underground level at the El Tigre Property. High-grade mineralization at the El Tigre Project is open to expansion by drilling down -dip and along strike. In addition to the exploration work completed to date, and based on widely spaced drill holes and average width, length and depth geometry, the Authors have established that the El Tigre mineral deposits contain an additional underground Exploration Target as follows: • 1 to 4 million tonnes at 200 to 700 g/t AgEq for 23 to 26 Moz AgEq. The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient work done by a Qualified Person to define this estimate as Mineral Resources. The Company is not treating this estimate as Mineral Resources, and readers should not place undue reliance on this estimate. Even with additional work, there is no certainty that the estimate will be classified as Mineral Resources. In addition, there is no certainty that this estimate will ever prove to be economically recoverable. 1.5 SAMPLING, ANALYSES AND DATA VERIFICATION It is the Author’s opinion that sample preparation, security and analytical procedures for the El Tigre Project were adequate, and that the data are of satisfactory quality and suitable for use in the current Mineral Resource Estimate. Verification of the El Tigre Project data, used for the current Mineral Resource Estimate, was undertaken by the Authors, and included site visits, due diligence sampling, verification of drilling assay data, and assessment of the available QA/QC data from the historical and recent drilling programs. The Authors consider that there is an adequate correlation between assay values in El Tigre’s database and the independent verification samples collected and analyzed, and that the supplied data are of satisfactory quality and suitable for use in this current Mineral Resource Estimate for the El Tigre Project.
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13 1.6 MINERAL PROCESSING AND METALLURGY Initial preliminary metallurgical testwork of the El Tigre Deposit was completed in 2012 and summarized in a technical report titled “Preliminary Feasibility Study for the El Tigre Silver Project”, dated August 15, 2013. The selected process included direct cyanidation followed by Merrill Crowe recovery of Au and Ag at an initial throughput of 200 tpd with future expansion to 400 tpd. The limited amount of cyanidation testwork was undertaken on three composite tailings samples representing visually distinguishable characteristics, however, testwork details are not available. In August 2022, an initial scoping -level metallurgical testwork program was undertaken at SGS Lakefield (“SGS”) located in Ontario, Canada. The objectives of testwork were to develop metallurgical data to evaluate and optimize various processes for the rec overy of gold and silver, including whole feed cyanide leaching, Merrill Crowe precipitation, flotation, and heap leach amenability. Mineralogical, environmental, and solid/liquid separation and rheology examinations of both fresh mineralization and leach tailing samples were completed to support the testing program. The subsequent results of this program were presented in the Technical Report titled “NI-43-101 Technical Report and Preliminary Economic Assessment (“PEA”) for the El Tigre Project, Pilares – El Tigre Mining District, Sonora, Mexico” Effective Date: October 27, 2023, Report Date: December 14, 2023. Metallurgical testwork outlined in the PEA focused on the surface mine heap leach mineralized zone to process material in two development phases. Phase I would process 7,500 tpd during the initial three years of production and Phase II would expand product ion in year four to process 15,000 tpd. Details of the 2022 -2023 SGS program are summarized in the report titled, “An Investigation into the El Tigre Deposit,” dated October 13, 2023. As part of this Technical Report, additional metallurgical testing was completed at McClelland Laboratories, Inc. (“MLI”) in Sparks, Nevada on mineralization from the proposed starter pit at the El Tigre Project site. Testwork from six locations within the starter pit was undertaken in 2024 to determine recovery variability by heap leach cyanidation processing and to further analyze work completed under the PEA. The testwork results are the foundation of this Technical Report and support Project process design criteria and process equipment as well as capital and operating costs and financial modelling. Variability in testwork results indicate starter pit mineralization is comprised of multiple geological zones including oxide, transition, and sulphide. This resulted in determination of variable recoveries versus a global recovery assumed in the PEA. MLI presented the results of the program in a report titled “Report on Metallurgical Testing Program - El Tigre Drill Core Composites” dated August 28, 2024. Further testwork to coincide with the MLI testing was completed at Laboratorio Tecnológico de Metalurgia (“LTM”), Hermosillo, Mexico. Testwork investigated the zone variability of the proposed mined material for processing. Sample locations were determined by the Silver Tiger geological group. Table 1.1 summarizes current metallurgical testwork and Process Design Criteria for this Technical Report.
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14 TABLE 1.1 PROCESS DESIGN CRITERIA Criteria Units Value Ore Characteristics Specific Gravity g/cm³ 2.6 Plant Availability/Utilization Overall Plant Feed-Nominal – Years 1-3 tpy 2,737,500 Overall Plant Feed- Nominal – Years 1-3 tpd 7,500 Overall Plant Feed-Nominal – Years 4 + tpy 5,475,000 Overall Plant Feed- Nominal – Years 4 + tpd 15,000 Crushing Plant Availability % 75 Heap and Processing Plant Availability % 95 Crushing Product (to pad) P80 inch (mm) 3/8 (9.0) Process Plant Production Plant Feed Characteristics (Life of Mine Average) Gold Head Grade g/t 0.40 Silver Head Grade g/t 14.9 Metal Recoveries and Process Details Anticipated Overall Gold Oxide Recovery- design1 % 83 Anticipated Overall Silver Oxide Recovery- design1 % 45 Anticipated Overall Gold Sulphide Recovery – design1 % 56 Anticipated Overall Silver Sulphide Recovery – design1 % 40 Cyanide Addition Rates – design2 kg/t 0.25 Lime Addition Rates – design2 kg/t 1.5 Merrill Crowe Phase I – design m3/h 590 Merrill Crowe Phase II – design m3/h 1,180 Merrill Crowe Recovery – Au and Ag % 99 Source: D.E.N.M. (2024) Notes: 1 Column testing indicated both higher oxide and sulphide gold from the PEA recovery at a 3/8 -inch crush size. In the process design and financial model, these have been discounted by 3% for leaching in the field versus optimum conditions in the laboratory. As noted, recent column testing has indicated sulphide zones are present (15% of the total) that will affect the overall recovery. This variation should be noted in the mine schedule and financial modelling. 2 Cyanide Consumption is also discounted for the process design, operating costs, and financial model. Lime is not discounted from the recent column test data.
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15 1.7 MINERAL RESOURCE ESTIMATE The basis for the PFS is the updated Mineral Resource Estimate completed by the Authors for the El Tigre Project, which has an effective date of June 20, 2025. The updated Mineral Resource Estimate includes pit-constrained, out-of-pit, tailings and stockpile Mineral Resources. A summary of the updated Mineral Resource Estimate and AuEq cut-off grades is provided in Table 1.2. The El Tigre Project includes the El Tigre Veins, El Tigre Tailings and the El Tigre Low-Grade Stockpile. The databases used for this Mineral Resource update contain a total of 5,875 collar records that contribute directly to the Mineral Resource Estimate, and includes collar, survey, assay, lithology and bulk density data. Assay data includes Au g/t, Ag g/t, Cu%, Pb% and Zn% grades. The drilling extends ~5 km along strike. The Authors collaborated with Silver Tiger personnel to develop the mineralization models, grade estimates, and reporting criteria for the Mineral Resources at El Tigre. Mineralized domains initially developed by Silver Tiger were reviewed and modified by the Authors. A total of 28 individual mineralized domains have been identified through dril ling and surface sampling. Interpreted mineralized wireframes were developed by Silver Tiger geologists for the El Tigre Veins based on logged drill hole lithology, assay grades and historical records. Silver Tiger identified continuous zones of mineralization from assay grades ≥0.30 g/t AuEq with observed continuity along strike and down-dip, using a calculated Ag:Au equivalent ratio of 75:1. The selected intervals include lower-grade material where necessary to maintain wireframe continuity between drill holes. The Authors developed mineralized domains for the El Tigre Low-Grade Stockpile and the El Tigre Tailings based on lithological logging and LiDAR surface topography. Assay samples were composited to either 1.00 or 1.50 m for the vein domains. No compositing was used for the Low -Grade Stockpiles and Tailings models. Composites were capped prior to grade estimation based on the analysis of individual composite log-probability distributions. A total of 5,542 bulk density values were taken by Silver Tiger from drill hole core. Mineralized bulk density values were assigned for each of the El Tigre Main Veins based on the median vein measurement. For the El Tigre North Veins, a bulk density of 2.65 t/m3 was assigned for the veins and a value of 2.42 t/m3 was assigned for the Protectora Halo. For the Low-Grade Stockpile a value of 1.60 t/m3 was assigned, and for the Tailings a value of 1.39 t/m3 was used based on 37 bulk density measurements. Vein block grades for gold and silver were estimated by Inverse Distance Cubed (“ID 3”) interpolation of capped composites using a minimum of four and a maximum of 12 composites. Vein block grades for copper, lead and zinc were estimated by Inverse Distance Squared (“ID 2”) interpolation of capped composites using a minimum of four and a maximum of 12 composites. Nearest-Neighbour (“NN”) grade interpolation was used for the Low-Grade Stockpiles. For the Tailings, block grades were estimated by ID2 estimation of capped assays using a minimum of four and a maximum of 12 samples. For the El Tigre Veins, blocks within 30 m of three or more drill holes or channels were classified as Measured Mineral Resources, and blocks within 60 m of three or more drill holes or channels were classified as Indicated Mineral Resources. All additional estimated blocks within 180 m of a drill hole were classified as Inferred Mineral Resources. For the Low-Grade Stockpiles, blocks within 15 m of two or more drill holes were classified as Indicated Mineral Resources. All additional estimated blocks were classified as Inferred Mineral Resources. For the Tailings, blocks within 30 m of three or more auger or core drill holes were classified as Measured Mineral Resources. Blocks within 60 m of two or more auger/drill holes/pits or trenches were classified as Indicated Mineral Resources. All additional estimated blocks were classified as Inferred Miner al Resources.
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16 The Authors consider that the block model Mineral Resource Estimates and Mineral Resource classification represent a reasonable estimation of the global Mineral Resources for the El Tigre Project with regard to compliance with generally accepted industry s tandards and guidelines, the methodology used for grade estimation, the classification criteria used and the actual implementation of the methodology in terms of Mineral Resource estimation and reporting. The Mineral Resources have been estimated in conformity with the requirements of the CIM “Estimation of Mineral Resource and Mineral Reserves Best Practices” guidelines as required by the Canadian Securities Administrators’ National Instrument 43-101. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
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17 TABLE 1.2 MINERAL RESOURCE ESTIMATE (1-14) Classification Cut-off AuEq (g/t) Tonnes (k) Ag (g/t) Ag (koz) Au (g/t) Au (koz) Cu (%) Pb (%) Zn (%) AgEq (g/t) AgEq (koz) AuEq (g/t) AuEq (koz) Pit-Constrained Oxide Measured 0.08 27,732 39 35,034 0.54 609 NA NA NA 136 120,923 0.78 693 Indicated 0.08 19,804 10 6,593 0.36 75 NA NA NA 74 46,979 0.42 266 Meas + Ind 0.08 47,536 27 41,626 0.46 709 NA NA NA 110 167,902 0.63 959 Inferred 0.08 4,475 10 1,453 0.38 18 NA NA NA 77 11,045 0.44 63 Pit-Constrained Sulphide Measured 0.12 6,031 31 6,042 0.54 105 NA NA NA 96 18,667 0.79 154 Indicated 0.12 1,723 14 756 0.46 25 NA NA NA 69 3,817 0.57 32 Meas + Ind 0.12 7,755 27 6,798 0.52 131 NA NA NA 90 22,484 0.74 185 Inferred 0.12 463 74 1,096 0.52 8 NA NA NA 136 2,034 1.11 17 Pit-Constrained Total Measured 0.08/0.12 33,763 38 41,076 0.54 588 NA NA NA 129 139,590 0.78 846 Indicated 0.08/0.12 21,528 11 7,348 0.36 252 NA NA NA 73 50,796 0.43 298 Meas + Ind 0.08/0.12 55,291 27 48,425 0.47 840 NA NA NA 107 190,386 0.64 1,144 Inferred 0.08/0.12 4,939 16 2,550 0.39 62 NA NA NA 82 13,078 0.50 79 Out-Of-Pit Measured 1.28 1,010 453 14,698 1.05 34 0.13 0.54 0.92 589 19,118 7.09 230 Indicated 1.28 1,374 398 17,588 1.05 47 0.08 0.24 0.41 509 22,482 6.13 271 Meas + Ind 1.28 2,384 421 32,286 1.05 81 0.10 0.37 0.63 543 41,600 6.54 501 Inferred 1.28 4,100 294 38,822 1.58 208 0.32 0.75 0.89 497 65,556 6.01 792 Tailings Measured 0.45 146 79 371 0.29 1 NA NA NA 103 487 1.22 6 Indicated 0.45 706 77 1,752 0.26 6 NA NA NA 99 2,252 1.17 27
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18 TABLE 1.2 MINERAL RESOURCE ESTIMATE (1-14) Classification Cut-off AuEq (g/t) Tonnes (k) Ag (g/t) Ag (koz) Au (g/t) Au (koz) Cu (%) Pb (%) Zn (%) AgEq (g/t) AgEq (koz) AuEq (g/t) AuEq (koz) Meas + Ind 0.45 852 77 2,118 0.27 7 NA NA NA 202 2,739 1.18 32 Inferred 0.45 52 81 134 0.27 1 NA NA NA 104 173 1.23 2 Stockpile Measured 0.46 0 0 0 0 0 0 0 0 0 0 0 0 Indicated 0.46 101 181 586 0.92 3 0.02 0.23 0.10 256 826 3.17 10 Meas + Ind 0.46 101 181 586 0.92 3 0.02 0.23 0.10 256 826 3.17 10 Inferred 0.46 18 146 83 0.46 0.3 0.02 0.17 0.09 183 104 2.27 1 Total Measured NA 34,920 50 56,145 0.55 623 0.13 0.54 0.92 142 159,193 0.96 1,082 Indicated NA 23,708 36 27,275 0.40 308 0.07 0.24 0.39 100 76,350 0.79 605 Meas + Ind NA 58,628 44 83,415 0.49 931 0.09 0.36 0.61 125 235,543 0.90 1,688 Inferred NA 9,108 142 41,589 0.92 271 0.32 0.75 0.89 269 78,911 2.99 874 Notes: 1. Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. 2. The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration. 3. The Mineral Resources were estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council. 4. Historically mined areas were depleted from the Mineral Resource model. 5. Prices used are US$2,400/oz Au, US$28/oz Ag, US$4.25/lb Cu, US$0.97/lb Pb and US$1.30/lb Zn. 6. The pit-constrained respective oxide and sulphide AuEq cut-off grades of 0.08 and 0.12 g/t were derived from 45% Ag and 83% Au oxide process recovery, 40% Ag and 56% Au sulphide process recovery, US$5.25/t process and G&A cost. The constraining pit optimization parameters were $2.00/t mining cost and 45° pit slopes.
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19 7. The out-of-pit AuEq cut-off grade of 1.28 g/t was derived with 93% Ag and 89% Au process recovery, US$28/t process and G&A cost, and a $60/t mining cost. The out-of-pit Mineral Resource grade blocks were quantified above the 1.28 g/t AuEq cut-off, below the constraining pit shell and within the constraining mineralized wireframes. Out–of-Pit Mineral Resources are restricted to the El Tigre Main Veins, which exhibit historical continuity and reasonable potential for extraction by cut and fill and long hole mining methods. 8. The Stockpile AuEq cut-off grade of 0.46 g/t was derived from 85% Ag and 85% Au process recovery, US$28/t process and G&A cost, and a $2/t mining cost. 9. The Tailings AuEq cut-off grade of 0.45 g/t was derived from 83% Ag and 82% Au process recovery, US$28.72/t process and G&A cost. 10. AgEq and AuEq were calculated at an Ag/Au ratio of 178:1 (oxide) and 120:1 (sulphide) for pit-constrained Mineral Resources. 11. AgEq and AuEq were calculated at an Ag/Au ratio of 82:1 for out-of-pit Mineral Resources. 12. AgEq and AuEq were calculated at an Ag/Au ratio of 86:1 for Low-Grade Stockpile Mineral Resources. 13. AgEq and AuEq were calculated at an Ag/Au ratio of 85:1 for Tailings Mineral Resources. 14. Totals may not sum due to rounding.
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20 1.8 MINERAL RESERVE ESTIMATE The El Tigre Project will consist of single large surface mining operation. Underground mining is another option and is included as a PEA in Section 24 of this Technical Report, therefore the Mineral Reserves stated herein are based solely on a surface scenario. The Mineral Reserves are summarized in Table 1.3. The Mineral Reserves are the portion of the Mineral Resource that has been deemed economically mineable by the surface mine production plan and within the designed surface mine. The Mineral Reserves are derived only from Mineral Resources classified as Measured or Indicated. Inferred Mineral Resources are considered as waste material in this Technical Report. TABLE 1.3 MINERAL RESERVE ESTIMATE (1-7) Classification Ore Tonnes (k) Au (g/t) Ag (g/t) AuEq (g/t) AgEq (g/t) Contained Au (koz) Contained Ag (koz) Proven Oxide 19,564 0.40 16.4 0.50 83.4 252 10,316 Sulphide 4,655 0.52 7.6 0.58 65.2 78 1,137 Total Proven 24,220 0.43 14.7 0.52 79.9 329 11,453 Probable Oxide 14,800 0.37 13.7 0.45 74.3 176 6,519 Sulphide 1,272 0.43 33.8 0.73 82.1 18 1,382 Total Probable 16,073 0.37 15.3 0.47 74.9 194 7,901 Proven and Probable Oxide 34,365 0.39 15.2 0.48 79.5 428 16,834 Sulphide 5,928 0.50 13.2 0.61 68.8 95 2,520 Total Proven & Probable 40,292 0.40 14.9 0.50 77.9 523 19,354 Notes: 1. The Mineral Reserve Estimate was prepared in accordance with 2014 CIM Definition Standards by Andrew Bradfield, P.Eng. 2. The effective date of the Mineral Reserve is June 20, 2025. 3. Au price of US$1,900/oz and Ag price of US$23/oz are assumed. 4. The Mineral Reserves are based on the surface mine production schedule. 5. Mineral Reserves include a combined ore loss and dilution of 2.9%. 6. Oxide and Sulphide Mineral Reserves are reported using a cut-off grade of 0.11 g/t AuEq and 0.16 g/t AuEq, respectively. Ore and waste rock mining cost of $2.60/t was assumed, with a process cost of $4.33/t (assumes 15,000 tpd production), G&A cost of $1.00/t, a royalty of 0.5% of revenue, and pit slopes ranging from 46 to 49 degrees. Heap leach recoveries were Oxide 83% Au and 45% Ag, Sulphide 56% Au and 40% Ag. 7. Rounding of some figures may lead to minor discrepancies in total. To address dilution, the 2.5 m x 5 m x 5 m (X-Y-Z) Mineral Resource block model was regularized from a Geovia GEMS™ volume percent model to a whole block selective mining unit (“SMU”)
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21 model. This results in waste and ore portions of a block being combined into a single block volume weighted value. The SMU model is considered a diluted model and was used for pit optimization, production scheduling, and is the basis for the Mineral Reserve Estimate. Net dilution incorporates both the total dilution and ore loss, and is estimated at approximately 2.9%. 1.9 MINING METHODS The El Tigre Project will consist of a single surface mining operation using conventional equipment. Mining will be initiated in Year -1 (pre-stripping period) and will be completed in Year 9. Based on kinematic analysis and limit equilibrium approach, an updated design of the PFS pit was assessed considering slightly to moderately weathered rock with quadruple 5 m benches (20 m) for all sectors. For the West Walls a bench face angle (“BFA”) of 70° and inter-ramp angle (“IRA”) of 49° was recommended while for the East Walls a BFA of 65° and IRA of 46° were suggested. Slopes of appreciable vertical extent were not anticipated on the North and South walls and followed the East Wall mineralized geom etry. The initial ore heap leaching rate (Years 1 to 3) is 7,500 tpd (2.74 Mt per annum (“Mtpa”)). In Year 4 the crushing rate will increase to 15,000 tpd (5.5 Mtpa) and this rate is maintained to the end of the mine life. Figure 1.2 presents the surface mine design and is planned to be mined in three pushbacks or phases. Slope design recommendations were developed for the El Tigre Project site based on data collected as part of a specific geotechnical and hydrogeological investigation. This data was reviewed and interpreted to develop relevant parameters for use in design assessments. The El Tigre Mine is envisioned to be a contract mining operation. Contractor budgetary quotations for mining the Stockwork Zone were obtained. The Mining Contractor will undertake all drilling, loading, hauling, and mine site maintenance activities. A separate Blasting Contractor will provide blasthole loading and charging services using an ammonium nitrate fuel oil mixture (“ANFO”). The Owner will provide overall mine management and technical services, such as mine planning, grade control, geotechnical, and surveying services. It is expected that mid-sized diesel-hydraulic excavators and diesel-powered front-end loaders will be used. The anticipated truck size is 91 tonnes, similar to the CAT 777 truck, although alternate truck sizes may actually be used. Several waste rock storage facilities will be utilized depending on where the mining activity is occurring. The Main Waste Rock Storage Facility will be located to the west of the surface mine. Two smaller waste rock facilities will be required when stripping the upper benches since haul distances to the Main Facility will be lengthy. 68.3 Mt of waste rock will be mined, with 40.3 Mt ore, for a total of 108.6 Mt at a strip ratio of 1.7:1.
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22 FIGURE 1.2 SURFACE MINE DESIGN Source: P&E (2024)
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23 1.10 RECOVERY METHODS The testwork results presented in Section 13 of this Technical Report form the basis for flowsheet development and design criteria. The process plant design is based on a nominal 7,500 tpd (Years 1 to 3) and 15,000 tpd (Years 4 to 9) of ore with average grades of 0.40 g/t Au and 14.9 g/t Ag. The recovery methods are consistent with the crushing, leach pad loading, leaching, Merrill Crowe precipitation, refinery, and support processing methods presented in the 2023 PEA. Revised recovery methods included in this Technical Report are as follows: • Process plant facility located adjacent to the heap pond infrastructure to improve process operability and eliminate distant water pumping and power demand. This is illustrated in Section 18 of this Technical Report. • Water will be supplied from two surface water wells. Infrastructure also includes high head pumps and distribution system to deliver fresh water to the site. • Selected equipment for crushing and recovery during Phase I has been “upsized” to lower Phase II direct capital requirements and related construction time. This includes the primary crusher system and material handling, discharge conveyors to the leach pad loading, and Merrill Crowe deaeration, vacuum and process pumps. The refinery has also been designed to treat Phase II metal production. The process plant flowsheet design comprises of three stage conventional crushing, material handling of crushed product and loading onto lined heap leach pads. Solution ponds and pumping system allows irrigation of loaded ore and subsequent collection of the pregnant solution. The pregnant solution is pumped to the Merrill Crowe recovery facility for precipitation of gold and silver in solution and filtered accordingly. The resulta nt precipitate will be smelted at an on-site refinery to produce doré bars for market. The barren solution from the recovery process is recirculated to the heap leach pond (barren) for cyanide addition and pumping to the heaps for leaching. Unit operations and support facilities includes the following: • ROM material and primary crushing with internal stockpile; • Secondary cone(s) crushing with screens; • Tertiary cone(s) crushing and screens (Final crush size of P80 – 3/8 in.); • Material handling and closed circuit crushing and heap leach pad loading; • 80 mm lined (LLDPE) heap pads capable of the supporting the entire Mineral Reserve (two stages to allow placement of life-of-mine 40.3 Mt). Phase I – 168,000 m2 and Phase 2 – 248,000 m2; • 60 mm lined (LLDPE) solution ponds – barren, pregnant, and emergency ponds complete with internal pumping, piping, and flow distribution system to the pads; • Conventional Merrill Crowe (zinc precipitation) process plant; • Doré refinery with dust collection system; • Regent preparation facilities (main plant and pad); • Assay and metallurgical laboratory; and • Utilities (water, air, standby power). Make-up water for reagent mixing along with water evaporation and general process requirements will be pumped from two wells as noted above.
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24 1.11 PROJECT INFRASTRUCTURE Current infrastructure at the El Tigre Project consists of an exploration camp that has accommodation for drillers and site administration personal. Power for the camp is supplied by diesel generators, and water for drilling is supplied by existing underground workings (Level 7). There are existing impounded tailings on site and low-grade stockpile material. Permanent road access to the site is from Colonia Morelos, located in the Town of Agua Prieta. Total distance to the site is 46 km and it traverses the mountain ranges of the Sierra Pilares de Teras, Sierra las Delicias, and the Sierra de Enmedio. The road was upgraded in 2023 so it is accessible all year round. After final upgrading, the road will be adequate for personnel movement, access for process plant construction equipment and material, mining and drilling equipment, consumables and safety and emergency requirements. Figure 1.3 shows the major surface infrastructure proposed at the El Tigre Project.
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25 FIGURE 1.3 PLANNED SURFACE INFRASTRUCTURE AT THE EL TIGRE PROJECT Source: P&E (2024)
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26 Major infrastructure will consist of: surface mine and waste rock storage facilities; three-stage crushing circuit; heap leach pad with pregnant, barren, and overflow ponds; process plant with Merrill Crowe circuit and refinery for doré production, and ass ay laboratory; buildings such as a maintenance workshop, admin offices, warehouse; diesel fuel storage and distribution station; explosives storage; camp facility; and electrical power supply from the national grid, and distribution. Water needed for infrastructure and the process plant will be supplied via a designed pump system from two surface wells. Power to the El Tigre Property will be supplied by the national grid via a 72 km 34.5 kV overhead power line. The routing of the line will be from Esqueda. Overhead power lines will connect 13.8 kV, three phase and 60 Hz via a sub-station located near the process plant area. The Authors are of the opinion that there appears to be no obvious impediments to building a surface mine, processing or heap leach facility within the area of the El Tigre Project Concessions. 1.12 MARKET STUDIES AND CONTRACTS Metal prices are based on an approximate average of December 31, 2025, three-year monthly trailing averages, and Consensus Economics Inc. long term price forecasts, and are presented in Table 1.4. The Mexican Peso:US Dollar exchange rate is based on the approximate past three-year average. The metal prices and exchange rate are subject to spot market conditions. There are no metals streaming or hedging agreements in place. TABLE 1.4 METAL PRICES AND EXCHANGE RATE Item Price Gold (US$/oz) 3,200 Silver (US$/oz) 38.00 Exchange Rate ($MXN:US$) 20 Note: $MXN = Mexican peso, US$ = United States dollars. Currently there are no contracts in place that are material to the El Tigre Project. 1.13 ENVIRONMENTAL STUDIES, PERMITS, AND SOCIAL OR COMMUNITY IMPACTS Exploration activities have been completed under annual permits from the Mexican government Secretary of the Environment and Natural Resources (“SEMARNAT”). An extensive list of Federal and State permits will be required before mining can commence, along with environmental impact studies. Silver Tiger has engaged the Mexican firm CIMA to conduct an environmental baseline study. CIMA has completed a socio -economic baseline study that considers economic, cultural, social, demographic, and geographical aspects of the local communities. On July 27, 2023, an Environmental Impact Statement on El Tigre was submitted and is currently being
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27 evaluated by the regulatory authorities. The mining Project is expected to represent minimal risk to the processes and structure of the local ecosystem, and to the roads, livestock and agricultural activities. The baseline study concluded that there are no archaeological zones within the Project environmental system. 1.14 CAPITAL AND OPERATING COSTS All costs are presented in Q3 2024 US dollars. No provision has been included in the cost estimates to offset future escalation. A contingency of 12% is added to all capital costs (“CAPEX”). No contingency is added to operating costs (“OPEX”). The total initial CAPEX of the El Tigre Project is estimated at $86.8M. Expansion and sustaining capital costs incurred during the nine production years are estimated to total $20.1M and $6.2M, respectively. Total capital costs over the life-of-mine (“LOM”) are estimated at $113.1M and are presented in Table 1.5. TABLE 1.5 CAPITAL COST SUMMARY Item Initial ($k) Expansion ($k) Sustaining ($k) Total ($k) Process Plant Direct Costs 42,851 13,584 1,600 58,034 Process Plant Indirect Costs 8,121 - - 8,121 Mining Direct Costs 2,660 4,362 3,956 10,978 Mine Pre-stripping 3,362 - - 3,362 Infrastructure 20,489 - - 20,489 Subtotal 77,483 17,946 5,556 100,985 Contingencies @ 12% 9,298 2,199 622 12,118 Total 86,780 20,145 6,178 113,103 The initial capital cost estimate addresses the engineering, procurement, construction and start-up of the El Tigre Project, with an 18 -month construction period to develop a surface mine, build a process plant capable of treating 7,500 tpd, prepare a heap leach pad, and install associated ancillary surface facilities. Expansion capital costs estimated at $20.1M are incurred in production years three and four to prepare haul roads to the next surface mine development phase and increase the process plant and heap leach pad capacity to 15,000 tpd. Sustaining capital represents capital expenses for additional costs that are not included in the normal operating costs, equipment purchases that will be necessary during the operating life of the Project, heap leach pad capacity increases, and all capital costs associated with surface mining. LOM sustaining capital is estimated at $6.2M.
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28 The operating costs estimate includes the cost of mining, processing, and General and Administration (“G&A”) services. Total OPEX over the LOM is estimated at $491.0M, averaging $12.19/t processed, as presented in Table 1.6. TABLE 1.6 OPERATING COST SUMMARY Area Unit Cost LOM Cost ($k) Surface Mining ($/t mined) 2.24 Heap Leach and Processing Phase I ($/t processed) 5.79 Heap Leach and Processing Phase II ($/t processed) 4.74 OPEX ($/t processed) Heap Leach and Processing 4.95 199,604 Surface Mining 5.96 240,120 G&A 1.28 51,300 Total 12.19 491,024 An electrical power rate supplied by Commission Federal de Electricity (“CFE”) has been quoted at $0.113/kWh. The delivered diesel price has been quoted by a reputable fuel distribution firm at $1.11/litre. The Project is subject to a 1.0% net smelter return (“NSR”) mining duty tax payable to the Mexican government. Total costs associated with this NSR royalty tax over the LOM are estimated at $16.2M. Costs to be incurred after the LOM plan were estimated by CIMA at $6.2M to close and rehabilitate the Project site. Cash costs over the LOM, including Mexican mining taxes, are estimated to average $11.70/oz AgEq or $997/oz AuEq. All-In Sustaining Costs (“AISC”) over the LOM are estimated to average $14.53/oz AgEq or $1,238/oz AuEq and include closure costs. 1.15 ECONOMIC ANALYSIS Cautionary Statement - The results of the economic analyses discussed in this Technical Report represent forward-looking information as defined under Canadian securities law. The results depend on inputs that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those presented herein. The El Tigre Project economic evaluation conclusions are summarized in Table 1.7. At base case metal prices of US$3,200/oz Au and US$38/oz Ag the Project has an estimated US$455.6M after-tax net present value (“NPV”) at a 5% discount rate (“NPV5%”), and an after-tax internal rate (“IRR”) of 66%. The payback period is estimated to be 1.4 years from the start of production.
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29 TABLE 1.7 ECONOMIC EVALUATION SUMMARY Item Pre-Tax After-Tax NPV0% ($M) 1,000.8 625.3 NPV5% ($M) 737.2 455.6 NPV7% ($M) 656.5 403.6 IRR (%) 87.7 65.7 Payback period (years) 1.2 1.4 Table 1.8 provides further details on the Project financial model. TABLE 1.8 PROJECT FINANCIAL SUMMARY Assumption / Result Unit Value Assumption / Result Unit Value Ore Mined kt 40,292 Net Revenue US$M 1,623.9 Waste Rock Mined kt 68,321 Initial Capital US$M 86.8 Strip Ratio w:o 1.7:1 Expansion Capital US$M 20.1 Silver Grade g/t 14.9 Sustaining Capital US$M 6.2 Gold Grade g/t 0.40 Mining Costs $/t Mined 2.24 Silver Recovery (Oxide/Sulphide) % 45 / 40 Processing Costs (Phase I and Phase II) $/t Ore 5.79/4.74 Gold Recovery (Oxide/Sulphide) % 83 / 56 G&A Costs $/t Ore 1.27 Silver Price US$/oz 38.00 Operating Cash Cost US$/oz AgEq 11.7 Gold Price US$/oz 3,200 All-in Sustaining Cost US$/oz AgEq 14.5 Payable Silver Metal Moz 8.57 After-Tax NPV (5% discount) US$M 455.6 Payable Gold Metal koz 408 Pre-Tax NPV (5% discount) US$M 737.2 Payable AgEq Moz 42.9 After-Tax IRR % 65.7 Production and Reclamation years 10 Pre-Tax IRR % 87.7 Average Material Mined tpd 30,000 After-Tax Payback Period years 1.4
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30 Table 1.9 presents a metal price sensitivity analysis and Table 1.10 presents a cost sensitivity analysis. TABLE 1.9 SILVER AND GOLD PRICE SENSITIVITY NPV, IRR AND PAYBACK Sensitivity -20% -10% Base Case +10% +20% Silver Price (US$/oz) 30 34 38 42 46 Gold Price (US$/oz) 2,560 2,880 3,200 3,520 3,840 After-Tax NPV (5%) (US$M) 303.9 379.8 455.6 531.5 607.4 After-Tax IRR (%) 49.9 58.1 65.7 73.0 79.9 After-Tax Payback (years) 1.7 1.5 1.4 1.3 1.2 TABLE 1.10 CAPITAL AND OPERATING COST SENSITIVITY OF NPV AND IRR Sensitivity -20% -10% Base Case +10% +20% Operating Costs – NPV5 (US$M) 502.0 478.8 455.6 432.5 409.3 Operating Costs – IRR (%) 70.7 68.2 65.7 63.2 60.6 Capital Costs – NPV5 (US$M) 470.2 462.9 455.6 448.3 441.0 Capital Costs – IRR (%) 77.7 71.2 65.7 61.1 57.0 The after-tax base case NPV’s and IRR’s are most sensitive to metal prices followed by operating Costs and capital costs. 1.16 RISKS AND OPPORTUNITIES A preliminary risk analysis was completed on the Project by the Authors using a low -medium-high ranking system. The highest risk items were identified to be mining contractor cost assumptions and variable domain metallurgical recoveries (including oxide, t ransition and sulphide). The main opportunity is that the Deposit remains open along strike and down dip, and there is potential to increase the current Mineral Resource Estimate. 1.17 CONCLUSIONS The base case surface mine LOM is scheduled over a production period of nine years. The Proven and Probable Mineral Reserve Estimate for the El Tigre Project totals 40.3 Mt at average grades of 0.40 g/t Au and 14.9 g/t Ag. Approximately 60% of the Mineral Reserve is classified as Proven. Based on the work undertaken to date, as summarized in this Technical Report, and the individual Qualified Persons conclusions listed in Section 25, the base case operating plan has identified a viable and attractive development opportunity. Overall Project risks are perceived as low. Current base case economic analysis indicates that the El Tigre Project is forecast to be profitable. It is recommended that Silver Tiger continue the Project development plans, and implement the recommendations set out in Section 26 of this Technical Report.
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31 1.18 RECOMMENDATIONS The El Tigre Project contains a significant precious metal Mineral Reserve and the Authors recommend that Silver Tiger proceed to develop the Project. Silver Tiger has indicated that it plans to proceed straight to detailed engineering and project construction as soon as the surface mine and processing permits are in place. Detailed engineering (FEED) is estimated to take nine months to complete at a cost of $1.0 M. It is also recommended that Silver Tiger complete further metallurgical testwork to confirm previous metallurgical investigations of the El Tigre Project Deposits; and undertake additional geotechnical and hydrogeological studies to confirm aspects of the completed analysis. A minimal drilling program designed to potentially upgrade Inferred Mineral Resources contained within the surface mine design is also recommended. 1.19 PRELIMINARY ECONOMIC ASSESSMENT The 2025 PEA is an alternative development option done at the conceptual level based on Mineral Resources that are considered amenable to underground mining methods. The 2025 PEA mine plan is partly based on Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be classified as Mineral Reserves, and there is no certainty that the 2025 PEA based on these Mineral Resources will be realized. The information presented in Sections 2 to 14 of this Technical Report, which includes the Mineral Resource Estimate, also pertains to the 2025 PEA, as do Section 23 and Sections 25 to 27. Information relating solely to the 2025 PEA is summarized in the following sub-sections. 1.19.1 Mineral Processing and Metallurgy Metallurgical testwork on the El Tigre underground veins has been completed by SGS Lakefield, Metso, and LTM Hermosillo between 2022 and 2025 on Black Shale, Deep Sulphide, and Vein mineralization. SGS conducted composite preparation, mineralogical analyses, comminution testing, and extensive flotation programs, including sequential and locked-cycle evaluations. Composite weights ranged from approximately 45 to 56 kg, with representative charges generated through riffle splitting. Rougher flotation produced high silver recoveries, with Black Shale achieving up to 94% Ag and Deep Sulphide up to 99% Ag, while concentrate grades reached 1,560 and 2,509 g/t Ag, respectively. Cleaner and locked-cycle testing confirmed that the mineralization can produce saleable Cu, Pb, Zn, and bulk concentrates. Metso thickening and filtration testwork defined achievable underflow densities of 50 to 55% solids and cake moistures of 17 to 23%. LTM bottle roll testing on 16 vein samples demonstrated gold and silver extractions of up to 98.38% and 96.07%, respectively. Limitations were related to liberation requirements and variable sample representativeness. Results indicate the mineralization is amenable to conventional flotation and cyanidation, although further optimization is required to refine recovery assumptions. 1.19.2 Underground Mining Methods The El Tigre Underground Project is planned as a contractor operated longhole mining operation with cemented paste backfill supplemented by minor mechanized cut and fill mining and recovery of existing low grade and tailings stockpiles. Underground mining contributes approximately 4,000 kt of mineralized material, with 119 kt from a historical low-grade stockpile and 904 kt from a historical tailings stockpile, for a total of 5,022.8 kt grading over the LOM on average 331.7 g/t AgEq, 251.3 g/t Ag, 0.91 g/t Au, 0.033% Cu, 0.099% Pb and 0.166% Zn; base metals provide no economic benefit under the cyanidation process. Underground production is scheduled at 290 kt per annum (“ktpa”), giving an underground mine life of approximately 14 years and an overall Project life of approximately 17 years, including process plant commissioning with low-grade stockpile material in Year -1 and processing of the tailings stockpile at 365 ktpa after process plant feed from underground mining is depleted.
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32 Longitudinal and transverse longhole stopes, which account for 84% of underground tonnes, are arranged on 30 m level intervals with 15 m sublevels. Typical strike lengths are approximately 25 m for areas utilizing longitudinal retreat mining and 10 m for areas utilizing transverse mining. Stopes are supported by cemented paste backfill with strengths of 0.5, 1.0 or 1.4 MPa depending on span. Crown pillars follow a 2:1 thickness - to-span ratio with a minimum thickness of 15 m. Average internal dilution is estimated at 50.4%, external dilution at 4.8% and overall mining recovery at 93.8%, comprising 99.0% for development and 93.0% for production. The underground mining fleet comprises, at steady state, 7 -t and 10-t load-haul-dump units, 30-t haul trucks, longhole drills, development drill jumbos, rock bolters, shotcrete machines and ancillary support equipment sized for the planned production rate. Materials handling and storage consists of dry stack tailings for cemented paste backfill, waste development storage stockpiles and dedicated stockpiles for low -grade development and historical backfill material. Approximately 437.1 kt of historical backfill and 2,438.9 kt of development waste, totaling 2,876.0 kt, are mined over the LOM. The mine plan includes Inferred Mineral Resources that are too speculative geologically to be classified as Mineral Reserves, and there is no certainty that these Inferred Mineral Resources will be converted to Mineral Reserves or that the mine plan based on them will be realized. A longitudinal projection of the planned underground workings for Zones 11 to 15 is presented in Figure 1.4.
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33 FIGURE 1.4 LONGITUDINAL PROJECTION AT END OF UNDERGROUND LOM, ZONES 11 TO 15 Source: P&E (2025) 1.19.3 Recovery Methods Processing of the El Tigre mineralized material will begin with historical tailings and stockpile sources that average 78 g/t Ag and 0.27 g/t Au for tailings and 176 g/t Ag and 0.85 g/t Au for stockpiles, followed by underground feed that averages 293 g/t Ag and 1.05 g/t Au. Pre-production operations will treat 1,000 tpd while production from the underground veins will be processed at 800 tpd within a 350 day/year operating schedule. The flowsheet includes two stage crushing, ball milling, pre -leach thickening, six stage leaching, counter current decantation, and Merrill Crowe precipitation to produce gold and silver doré. Based on metallurgical testing, expected metal recoveries are 82% Au and 83% Ag for tailings, 92% Au and 7 1% Ag for stockpiles, and 89.7% Au and 84.4% Ag for underground material. Water will be supplied from two surface wells. Reagents include lime and sodium cyanide. Tailings will be dewatered for dry stack placement and will support paste backfill. Infrastructure includes a metallurgical laboratory, reagent preparation systems, and grid power supplied by a 34.5 kV transmission line.
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34 1.19.4 Project Infrastructure Major surface infrastructure proposed at the El Tigre Project, will consist of: • Portal for Level 7 access to the underground mine workings; • Low-grade mineralization stockpile and waste rock storage facilities near the portal; • Site access roads; • Locations of ventilation raises and paste backfill plant; • Process plant and primary jaw crusher, with water supplied by two wells; • Dry stack tailings storage facility; and • Historical tailings area. Additional infrastructure to be installed includes: • Gatehouse and security on the main access road; • Main office for administration, purchasing, safety and technical personnel; • Warehouse for all mechanical and process plant parts; • Fuel storage and distribution facility to be installed by fuel supplier; • Maintenance workshop to be installed by mining contractor; • Communications - telephone, cellular, and internet; • Water wells, storage, potable and sewage treatment plants; • Secure explosives storage facility; and • 300-person camp to house all site personnel. A plan view of the surface infrastructure is presented in Figure 1.5.
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35 FIGURE 1.5 PROPOSED SURFACE INFRASTRUCTURE AT THE EL TIGRE PROJECT Source: P&E (2025)
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36 1.19.5 Market Studies and Contracts A gold price of $3,200/oz and silver price of $38/oz are based on an approximate average of December 31, 2025, three -year monthly trailing averages, and Consensus Economics Inc. long term price forecasts. The Mexican Peso:US Dollar exchange rate of 20:1 is based on the approximate past three-year average. The metal prices and exchange rate are subject to spot market conditions. There are no metals streaming or hedging agreements in place. Currently there are no contracts in place that are material to the El Tigre Project. 1.19.6 Capital and Operating Costs All costs are presented in Q4 2025 US dollars. No provision has been included in the cost estimates to offset future escalation. A contingency of 15% is added to all capital costs (“CAPEX”). No contingency is added to operating costs (“OPEX”). The total initial CAPEX of the El Tigre 2025 PEA is estimated at $83.5M including $10.9M in contingency costs. Pre-production revenue of $29.2M is included as a credit against initial capital costs. Sustaining capital costs incurred during the ~17 production years are estimated at $213.6M. Total capital costs over the LOM are estimated at $297.1M and are presented in Table 1.11. TABLE 1.11 2025 PEA CAPITAL COST SUMMARY Item Initial ($k) Sustaining ($k) Total ($k) Process Plant Directs 22,298 - 22,298 Process Plant Indirects 8,811 - 8,811 Underground Mining 49,518 173,508 223,026 Infrastructure 6,449 - 6,449 Dry Stack Tailings 3,978 12,230 16,208 Owner’s Costs 10,743 - 10,743 Pre-production revenues2 (29,175) - (29,175) Subtotal 72,622 185,738 258,360 Contingencies @ 15% 10,893 27,861 38,754 Total1 83,515 213,599 297,114 Notes: 1 Totals may not sum due to rounding 2 Revenue is generated during the pre-production period from processing historical stockpiled mineralized material. The initial capital cost estimate addresses the engineering, procurement, construction and start-up of the El Tigre Project, with a two-year construction period to develop an underground mine, build a process plant capable of treating 800 tpd, construct a paste backfill plant, and install associated ancillary surface facilities including preparation of a dry stack tailings facility. Sustaining capital represents capital expenses for additional costs that are not included in the normal operating costs, equipment purchases that will be necessary during the operating life of the
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37 Project, dry stack tailings capacity increases, and all capital costs associated with underground mining. Total OPEX over the life -of-mine (“LOM”) is estimated at $595.6M, averaging $118.57/t processed as presented in Table 1.12. The operating costs estimate includes the cost of mining, processing, and General and Administration (“G&A”) services. TABLE 1.12 2025 PEA OPERATING COST SUMMARY Item Unit Cost ($/t processed) LOM Cost ($k) Processing UG Feed 41.55 166,193 Processing Tailings/Stockpile Feed 24.25 21,489 Subtotal Processing1 37.37 187,681 Underground Mining 76.80 307,200 Haulage UG Portal to Process Plant, Return with Tailings 1.33 6,672 Subtotal Mining and Hauling2 62.49 313,872 General and Administration3 18.71 94,000 Total 118.57 595,553 Note: 1+2+3=total. An electrical power rate supplied by Commission Federal de Electricity (“CFE”) has been quotedat $0.113/kWh. The delivered diesel price has been quoted by a reputable fuel distribution firm at $1.11/litre. The Project is subject to a 1.0% NSR Mexican government mining duty. Total costs associated with this NSR duty over the LOM are estimated at $16.7M. Costs to be incurred after the LOM plan to close and rehabilitate the Project site were estimated at $4.0M. Cash costs over the LOM, including Mexican mining duties, are estimated to average $16.05/oz AgEq or $1,351/oz AuEq. All -In Sustaining Costs (“AISC”) over the LOM are estimated to average $23.98/oz AgEq or $2,019/oz AuEq and include closure costs. 1.19.7 Economic Analysis Cautionary Statement - The reader is advised that the 2025 PEA summarized in this Technical Report is intended to provide only an initial, high-level review of the Project potential and design options. The 2025 PEA mine plan and economic model include numerous assumptions and the use of Inferred Mineral Resources. Inferred Mineral Resources are considered to be too speculative to be used in an economic analysis except as allowed by NI 43 -101 in PEA studies. There is no guarantee the Project economics described herein will be achieved.
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38 The El Tigre Project economic evaluation conclusions are summarized in Table 1.13. At base case metal prices of US$3,200/oz Au and US$38/oz Ag the Project has an estimated US$304.0M after-tax net present value (“NPV”) at a 5% discount rate (“NPV5%”), and an after -tax internal rate of return (“IRR”) of 43%. The payback period is estimated to be 2.6 years from the start of production. TABLE 1.13 2025 PEA ECONOMIC EVALUATION SUMMARY Item Pre-Tax After-Tax NPV0% ($M) 753.5 495.6 NPV5% ($M) 487.3 304.0 NPV7% ($M) 414.5 252.6 IRR (%) 65.2 42.8 Payback period (years) 1.8 2.6 The estimated annual production and LOM cash flows for the El Tigre 2025 PEA are summarized in Table 1.14. TABLE 1.14 2025 PEA PROJECT CASH FLOW SUMMARY Assumption / Result Unit Value Assumption / Result Unit Value Plant Feed Processed kt 5,023 Net Revenue US$M 1,665.4 Waste Rock Mined kt 2,439 Initial Capital US$M 83.5 Silver Grade g/t 251.3 Sustaining Capital US$M 213.6 Gold Grade g/t 0.91 Mining and Haulage Costs $/t processed 62.49 Silver Recovery % 84 Processing Costs (UG and Stockpile) $/t processed 41.55 / 24.25 Gold Recovery % 90 G&A Costs $/t processed 18.71 Silver Price US$/oz 38.00 Operating Cash Cost US$/oz AgEq 16.0 Gold Price US$/oz 3,200 All-in Sustaining Cost US$/oz AgEq 24.0 Payable Silver Metal Moz 33.6 After-Tax NPV (5% discount) US$M 304.0 Payable Gold Metal koz 130 Pre-Tax NPV (5% discount) US$M 487.3 Payable AgEq Moz 38.5 After-Tax IRR % 42.8 Production and Reclamation years 18 Pre-Tax IRR % 65.2
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39 TABLE 1.14 2025 PEA PROJECT CASH FLOW SUMMARY Assumption / Result Unit Value Assumption / Result Unit Value Average Feed Processed tpd 800 After-Tax Payback Period years 2.6 The results of the sensitivity analyses on the after -tax NPV with a 5% discount rate are shown in Table 1.15 and Table 1.16. TABLE 1.15 2025 PEA METAL PRICE SENSITIVITY Sensitivity -20% -10% Base Case +10% +20% Silver Price (US$/oz) 30 34 38 42 46 Gold Price (US$/oz) 2,560 2,880 3,200 3,520 3,840 After-Tax NPV (5%) (US$M) 153.9 229.1 304.0 378.9 453.9 After-Tax IRR (%) 24.8 33.8 42.8 51.8 61.0 After-Tax Payback (years) 3.5 3.0 2.6 2.2 1.9 TABLE 1.16 2025 PEA CAPITAL AND OPERATING COST SENSITIVITY Sensitivity -20% -10% Base Case +10% +20% Operating Costs – NPV5 (US$M) 354.9 329.5 304.0 278.6 253.2 Operating Costs – IRR (%) 48.2 45.5 42.8 40.1 37.4 Capital Costs – NPV5 (US$M) 337.1 320.6 304.0 287.5 271.0 Capital Costs – IRR (%) 55.1 48.4 42.8 38.1 34.0 The after-tax base case NPV’s and IRR’s are most sensitive to metal prices followed by operating costs and capital costs. If the 2025 PEA underground mine plan was to be implemented after surface mining commenced as detailed in the PFS sections of this Technical Report there would be a savings in initial capital costs of the 2025 PEA estimate by approximately $17.0M. The savings would consist of infrastructure such as the electrical powerline for grid power, and camp and office facilities, plus much of the owner’s costs.
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40 1.19.8 El Tigre North Analysis Included in the MRE stated in Section 14 of this Technical Report are additional Mineral Resources located approximately 700 m north of the planned mining areas discussed in the 2025 PEA. An arbitrary division of the Property into “El Tigre South” (“ETS”) and “El Tigre North” (“ETN”) utilized the Combination Canyon Fault as the cut-off boundary. Significant Mineral Resources exist on the north side of the fault at ETN that are potentially amenable to underground mining. A mine design was completed for ETN, however, detailed costing/scheduling activities have not been performed. The mine plan indicates that a total of 2.95 Mt of mineralized material at an average grade of 343 g/t AgEq could potentially be recovered from ETN utilizing longitudinal longhole retreat mining with PF, showing the potential for a mine life of slightly in excess of 10 years at 290 ktpa (nominally 800 tpd). Table 1.17 presents the mine plan portion of the Mineral Resource in the ETN mining area. TABLE 1.17 ETN MINE PLAN PORTION OF THE MINERAL RESOURCE Item Tonnes (k) AgEq (g/t) Au (g/t) Ag (g/t) Cu (%) Pb (%) Zn (%) Measured 118.7 333.9 0.79 264.0 0.053 0.263 0.363 Indicated 188.0 336.2 1.06 242.3 0.050 0.076 0.088 Total M&I1 306.8 335.3 0.96 250.7 0.051 0.148 0.194 Inferred 2,641.3 343.9 1.59 203.1 0.332 0.735 0.822 Note: 1. Totals may not sum due to rounding M&I = Measured and Indicated Mineral Resources. 1.19.9 Risks and Opportunities A preliminary risk analysis was completed on the 2025 PEA by the Authors using a low-medium-high ranking system. The highest risk items were identified to be lack of comprehensive geotechnical analysis, mining contractor cost assumptions, and that further testwork is required on metallurgical recoveries. The main opportunities are that the Deposit remains open along strike and down dip, which has the potential to increase the current Mineral Resource Estimate, El Tigre North could extend the mine life, and that the Project economics improve substantially if current spot metal prices are input to the cash flow model. 1.19.10 Conclusions and Recommendations The 2025 PEA underground mine and mineral processing plan is scheduled over a production period of ~17 years. The mine plan portion of the Mineral Resource Estimate for the El Tigre 2025 PEA totals 5.0 Mt at average grades of 331.7 g/t AgEq, 251.3 g/t Ag, 0.91 g/t Au, 0.033% Cu, 0.099% Pb and 0.166% Zn (base metals provide no economic benefit under the proposed cyanidation process). Approximately 85% of the mine plan portion of the Mi neral Resource, including historical tailings and low-grade stockpile mineralization, are classified as Measured and Indicated.
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41 Based on the work undertaken to date, as summarized in this Technical Report, and the individual Qualified Persons conclusions listed in Section 25, the base case operating plan has identified a viable and attractive development opportunity. Overall Project risks are perceived as low. Current base case economic analysis indicates that the El Tigre 2025 PEA Project is forecast to be profitable. It is recommended that Silver Tiger continue the 2025 PEA Project development plans, and implement the recommendations set out in Section 26 of this Technical Report. The El Tigre Property contains a significant precious metal Mineral Resource, and the Authors recommend that Silver Tiger proceed to develop the 2025 PEA Project and proceed with a PFS on underground mining. It is recommended that the Company complete further metallurgical testwork and undertake geotechnical and hydrogeological studies. An infill drill program designed to potentially upgrade Inferred Mineral Resources contained within the underground mine design is also recommended. The estimated cost of the recommended work program is $7.8M.
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RISK FACTORS The following are certain factors relating to the business of the Company. These risks and uncertainties are not the only ones facing the Company. Additional risks and uncertainties not currently known to the Company, or that the Company currently deems im material, may also impair the operations of the Company. If any such risks actually occur, the financial condition, liquidity and results of operations of the Company could be materially adversely affected and the ability of the Company to implement its growth plans could be adversely affected. The following is a description of certain risks and uncertainties that may affect the business of the Company. Negative Operating Cash Flow The Company is an exploration stage company with limited financial resources and has not generated cash flow from operations. During the fiscal year ended March 31, 202 6, the Company had negative cash flow from operating activities of $3,923,333. The Company anticipates it will continue to have negative cash flow from operating activities in future periods until profitable commercial production is achieved at the El Tigre Property. The Company is devoting significant resources to the development of the El T igre Property; however, there can be no assurance that it will generate positive cash flow from operations in the future. To the extent that the Company has negative operating cash flow in future periods, it may need to allocate a portion of its cash reserves to fund such negative cash flow. There can be no assurance that additional funding will be available to the Company for the exploration and development of its projects. Furthermore, significant additional financing, whether through the issue of additional securities and/or debt, will be required to continue the development of the El Tigre Property. There can be no assurance that the Company will be able to obtain adequate additional financing in the future or that the terms of such financing will be favourable. Failure to obtain such additional financing could result in delay or indefinite postponement of further development of the El Tigre Property. Mineral Exploration, Development and Operating Risks The business of mineral exploration and development is highly speculative in nature, generally involves a high degree of risk and is frequently non-productive. The El Tigre Property is in the exploration and development stage, and there is no assurance that exploration efforts will be successful or that expenditures to be made by the Company will result in discoveries of commercial quantities of minerals or profitable commercial mining operations. Resource acquisition, exploration, development, and operation involves significant financial and other risks over an extended period of time, which even a combination of careful evaluation, experience, and knowledge may not eliminate. Significant expenses are required to locate and establish economically viable mi neral deposits, to acquire equipment, and to fund construction, exploration and related operations, and few mining properties that are explored are ultimately developed into producing mines. Success in establishing an economically viable project is the re sult of a number of factors, including the quantity and quality of minerals discovered, proximity to infrastructure, metal and mineral prices, which are highly cyclical, costs and efficiencies of the recovery methods that can be employed, the quality of ma nagement, available technical expertise, taxes, royalties, environmental matters, government regulation (including land tenure, land use and import/export regulations) and other factors. Even in the event that mineralization is discovered on a given property, it may take several years in the initial phases of drilling until production is possible, during which time the economic feasibility of production may change as a result of such factors. The effect of these factors cannot be accurately predicted, but the combination of these factors may result in the Company not receiving an adequate return on its invested capital, and no assurance can be given that any exploration program of the Company will result in the establishment or expansion of resources or reserves. The Company’s operations are subject to all the hazards and risks normally encountered in the exploration and development of mineral resource properties, including hazards relating to the discharge of pollutants or hazardous chemicals, unusual or unexpecte d adverse geological or geotechnical formations, unusual or unexpected adverse operating conditions, seismic activity, climate change, public health outbreaks, fire, explosions and natural phenomena and ‘acts of God’ such as inclement weather conditions, f loods, earthquakes or other conditions, any of which could result in damage to, or destruction of, mineral properties, personal injury or death, damage to property, environmental damage, unexpected delays, monetary payments and possible legal liability, wh ich could have a material adverse impact upon the Company. In addition, any future mining operations will be subject to the risks inherent in mining, including adverse fluctuations in fuel prices, commodity prices, exchange rates and metal prices, increases in the costs
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43 of constructing and operating mining and processing facilities, availability of energy and water supplies, access and transportation costs, delays and repair costs resulting from equipment failure, changes in the regulatory environment, and industrial accidents and labour actions or unrest. The occurrence of any of these risks could materially and adversely affect the development of a project or the operations of a facility, which could have a material adverse impact upon the Company. Title to Properties Acquisition of title to mineral properties is a very detailed and time -consuming process. Title to, and the area of, mineral properties may be disputed. The Company cannot give any assurance that title to its exploration properties will not be challenged or impugned. Mineral properties sometimes contain claims or transfer histories that examiners cannot verify. A successful claim that Silver Tiger does not have title to its exploration properties could cause the Company to lose any rights to explore, develop and mine any minerals on that property, without compensation for its prior expenditures relating to such property , which could have a material adverse effect on the Company’s business, financial condition and operations, including a significant decline in the Company’s share price. Mineral Resource Estimates The Company’s Mineral Resources are based on estimates of mineral content and quantity derived from limited information acquired through drilling and other sampling methods, and require judgmental interpretations of geology, structure, grade distributions and trends, and other factors that may be beyond the Company’s control. No assurance can be given that the estimates are accurate or that the indicated level of mineral will be produced. Actual mineralization or formations may be different from those predi cted. Furthermore, it may take many years from the initial phase of drilling before production is possible, and during that time the economic feasibility of exploiting a discovery may change. Mineral Resources that are not Mineral Reserves do not demonstra te economic viability. Estimates are inherently based on assumptions, including certain operational modifications such as the implementation of different mining methods and extraction processes and assurances cannot be provided that such estimates will not be revised in light of additional challenges encountered as such modifications are made or the decision not to proceed with such modifications. It cannot be assumed that all or any part of the Company’s Mineral Resources will be converted into Mineral Reserves Dependence on a Single Project The Company is currently allocating substantially all of its financial resources and efforts to the El Tigre Property . While the Company may acquire additional mining and exploration projects in the future, the El Tigre Property is currently the Company’s only mineral project. Therefore, any adverse conditions or events affecting the El Tigre Property could materially and adversely affect the Company’s potential profitability, financial performance and operational results. Limited Operating History The Company has no history of an operating business or mining operations, revenue generation or production history. The Company was incorporated on June 14, 2010 and has yet to generate a profit from its activities . The Company will be subject to all of the business risks and uncertainties associated with any new business enterprise, including the risk that it will not achieve its growth objective. The Company anticipates that it will take several years to achieve any cash flow from operations. Capital Requirements, Liquidity and Risks to Shareholders Additional funds for the establishment of the Company’s current and planned exploration and development operations will be required. The failure to raise or procure such additional funds may result in the delay or postponement of the Company’s business objectives. No assurances can be given that the Company will be able to raise the additional funding that may be required for such activities. Mineral prices, environmental rehabilitation or restitution, revenues, taxes, transportation costs, capital expendit ures, operating expenses and geological results are all factors which will have an impact on the amount of additional capital that may be required. To meet such funding requirements, the
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44 Company may be required to undertake additional equity financing, which would be dilutive to shareholders. Debt financing, if available, may also involve restrictions on financing and operating activities. There can be no assurance that additional financing will be available if needed or that, if available, will be on terms acceptable to the Company. If the Company is unable to obtain additional financing as needed, it may be required to reduce the scope of its operations or anticipated expansion. Trading Price and Volatility of the Common Shares The market price of the Shares may be volatile and subject to wide fluctuations in response to numerous factors, many of which are beyond the Company’s control and which may not necessarily be related to the financial condition, operating performance, underlying asset values or prospects of the Company. This volatility may affect the ability of holders of Shares to sell their securities at an advantageous price. Market price fluctuations in the Shares may be due to the Company’s operating results failing to meet expectations of securities analysts or inv estors in any period, downward revision in securities analysts’ estimates, adverse changes in general market conditions or economic trends, acquisitions, dispositions or other material public announcements by government and regulatory authorities, the Company or its competitors, along with a variety of additional factors. These broad market fluctuations may adversely affect the market price of the Shares. It may be anticipated that any market for the Shares wil l be subject to market trends generally, and the value of the Shares on the TSX or such other stock exchange as the Shares may be listed from time to time, may be negatively affected by such volatility. Financial markets have at times historically experienced significant price and volume fluctuations that have particularly affected the market prices of equity securities of companies and that have often been unrelated to the operating performance, underlying asset values or prospects of such companies. Accordingly, the market price of the Shares may decline even if the Company’s operating results, underlying asset values or prospects have not changed. There can be no assurance that continuing fluctuations in price and volume will not occur. If such increased levels of volatility and market turmoil continue, the Company’s operations could be adversely impacted and the trading price of the Shares may be materially and adversely affected. Global Financial Volatility Global financial conditions are volatile from time to time. Global economic volatility may impact domestic markets and the ability of the Company to obtain equity or debt financing to continue its operations and, if obtained, on terms favourable to the Com pany. A slowdown in the financial markets or other economic conditions, including but not limited to consumer spending, employment rates, business conditions, inflation, fuel and energy costs, consumer debt levels, lack of available credit, the state of th e financial markets, interest rates, tax rates and foreign exchange rates, may adversely affect the Company’s growth and profitability. Market volatility and turmoil could adversely impact the Company’s operations and the value and the trading price of the Shares. Commodity Prices Factors beyond the control of the Company may affect the marketability and price of minerals discovered, if any. Commodity and metal prices have fluctuated widely in recent years and months and are affected by numerous factors beyond the control of the Com pany, including international, economic and political trends, market intervention by state actors, expectations of inflation, currency exchange fluctuations, interest rates, global or regional consumptive patterns, speculative activities and increased production due to new extraction developments and improved extraction and production methods. The effect of these factors cannot be accurately predicted. Periods of depressed metal prices may negatively affect the ability of the Company to obtain required fina ncing, and have a material adverse effect on the Company. Permitting, Environmental and Reclamation Costs The Company’s activities are subject to laws and regulations controlling not only the mining of and exploration for mineral properties, but also the possible effects of such activities upon the environment. Environmental legislation may change and make min ing operations uneconomic, or result in significant environmental or reclamation costs.
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45 Environmental legislation provides for restrictions and prohibitions on spills, releases, or emissions of various substances produced in association with certain mining industry operations, such as seepage from tailings disposal areas which could result in environmental pollution. A breach of such legislation may result in the imposition of fines and penalties or the suspension or closure of mining operations. In addition, certain types of operations require the submission of environmental impact statements and approval thereof by government authorities. Environmental legislation is evolving in a manner which may mean stricter standards and enforcement, increased fines and penalties for non -compliance, more stringent environmental assessments of proposed pro jects, and a heightened degree of responsibility for companies and their officers, directors and employees. Permits from a variety of regulatory authorities are required for many aspects of mine development, operation and reclamation. Any unexpected delays or costs or failures to obtain such licenses or permits associated with the permitting process could delay or prevent exploration activities, which could have a material adverse effect on the Company’s business, financial condition and results of operatio ns. Future legislation and regulations could cause additional expense, capital expenditures, restrictions, liabilities and delays in the development of the Company’s properties, the extent of which cannot be predicted. In the context of environmental permi ts, including the approval of reclamation plans, the Company must comply with standards and laws and regulations which may entail costs and delays depending on the nature of the activity to be permitted and how stringently the regulations are implemented by the permitting authority. The Company does not maintain environmental liability insurance. Changes to Mining Laws and Regulations On May 8, 2023, the Mexican Government enacted a decree amending several provisions of the Mining Law, the Law on National Waters, the Law on Ecological Equilibrium and Environmental Protection and the General Law for the Prevention and Integral Management of Waste (the “Decree”), which became effective on May 9, 2023. The Decree amends the mining and water laws, including: (i) the duration of the mining concession titles, (ii) the process to obtain new mining concessions (through a public tender), (iii) im posing conditions on water use and availability for the mining concessions, (iv) the elimination of “free land and first applicant” scheme, (v) new social and environmental requirements in order to obtain and keep mining concessions, (vi) the authorization by the Ministry of Economy of any mining concession’s transfer, (vii) new penalties and cancellation of mining concessions grounds due to non - compliance with the applicable laws, (viii) the automatic dismissal of any application for new concessions, and ( ix) new financial instruments or collaterals that should be provided to guarantee the preventive, mitigation and compensation plans resulting from the social impact assessments, among other amendments. These amendments, and any future developments related thereto or other changes to mining laws and regulations in Mexico, could have an impact on the Company’s current and future exploration activities and operations in Mexico. However, the likelihood and extent of such impact is yet to be determined. Macroeconomic Developments Political and economic instability, global or regional adverse conditions, such as pandemics or other disease outbreaks or natural disasters, currency exchange rates, trade tariff developments, transport availability and cost, including import-related taxe s, transport security, inflation and other factors are beyond the Company’s control. The macroeconomic environment remains challenging, and the Company’s results of operations could be materially affected by such macroeconomic conditions. Foreign Operations The Company’s principal assets are located in Mexico and the Company’s operations are therefore subject to Mexican federal and state laws and regulations. The risks normally associated with the conduct of business in foreign countries include various levels of political, regulatory, economic, social and oth er risks and uncertainties. Such risks may include, but are not limited to: local economic instability, high rates of inflation, emerging resource nationalism, restrictions on foreign ownership and activities, expropriation and nationalization, renegotiati on or nullification of existing concessions, licenses, permits and contracts, limitations on repatriation of earnings or other currency controls, limitations on commodity exports, labour unrest, invalidation of governmental orders and permits, corruption, sovereign risk, war (including neighbouring states), military repression, civil disturbances, terrorist activity, hostage taking, unanticipated changes in laws or policies, the failure of foreign parties to honour contractual relations, foreign
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46 taxation, delays or inability to obtain necessary governmental permits, and opposition to mining from environmental or other non-governmental organizations (“NGOs”). The Company believes the attitude of the current Mexican government toward mineral resource development activities and foreign investment to be favourable, however, any deterioration in economic conditions or other factors could result in a change in gover nment policies at either the national or state level. In addition, no assurance can be given that new rules and regulations will not be enacted or that existing laws, rules and regulations will not be applied in a manner which could limit or curtail the Company’s activities. Mexico’s legal and regulatory requirements in connection with companies conducting mineral exploration and mining activities, banking system and controls as well as local business culture and practices are, in particular, different from those in Canada. While the Company believes its exploration and development activities are currently carried out in material compliance with all applicable rules and regulations, the officers and directors of the Company must rely, to a great extent, on the Company’s Mexican legal counsel and local consultants retained by the Company in order to keep abreast of material legal, regulatory and governmental developments as they pertain to and affect the Company’s operations. The Company also relies, to some extent, on those members of management and directors of the Company who have previous experience working and conducting business in Mexico in order to enhance its understanding of and appreciation for the local business culture and practices in Mexico. Any developments or chan ges in such legal, regulatory or governmental requirements or in local business practices in Mexico are beyond the control of the Company and may adversely affect its business. Limited Market for Securities The Shares are currently listed on the TSX and the OTCQX® Best Market , however there can be no assurance that an active and liquid market for the Shares will be maintained and an investor may find it difficult to resell securities of the Company. Dilution The Company’s articles of incorporation and by -laws allow it to issue an unlimited number of Shares for such consideration and on such terms and conditions as established by the Board of Directors, in many cases, without the approval of the Company’s shareholders. The Company may issue additional Shares in subsequent offerings (including through the sale of securities convertible into or exchangeable for Shares) and on the exercise of stock options or other securities exercisable for Shares. The Company can not predict the size of future issuances of Shares or the effect that future issuances and sales of Shares will have on the market price of the Shares. Issuances of a substantial number of additional Shares, or the perception that such issuances could occu r, may adversely affect prevailing market prices for the Shares. With any additional issuance of Shares, investors will suffer dilution to their voting power and the Company may experience dilution in its earnings per share. Sales by Existing Shareholders Sales of a substantial number of Shares in the public market could occur at any time. These sales, or the market perception that the holders of a large number of Shares intend to sell Shares, could reduce the market price of the Shares. If this occurs and continues, it could impair the Company’s ability to raise additional capital through the sale of securities.
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47 Conflicts of Interest Certain directors and officers of the Company are or may become associated with other mineral resource exploration companies which may give rise to conflicts of interest. In accordance with applicable Canadian corporate law, directors who have a material interest in any person who is a party to a material contract or a proposed material contract with the Company are required, subject to certain exceptions, to disclose that interest and generally abstain from voting on any resolution to approve the contract. In addition, the directors and the officers are required to act honestly and in good faith with a view to the best interests of the Company. Certain of the directors and officers of the Company have either other full-time employment or other business or time restrictions placed on them and, accordingly, the Company will not be the only business enterprise of these directors and officers. Safety and Security The Company’s property interests are located in the central portion of the Sierra Madre Occidental province, Mexico. Criminal activities in the region, or the perception that activities are likely, may disrupt the Company’s operations, hamper the Company’s ability to hire and keep qualified personnel and impair the Company’s access to sources of capital. Risks a ssociated with conducting business in the region include risks related to personnel safety and asset security. Risks may include, but are not limited to: kidnappings of employees and contractors, exposure of employees and contractors to local crime related activity and disturbances, exposure of employees and contractors to drug trade activity, and damage or theft of the Company’s or personal assets. These risks may result in serious adverse consequences including personal injuries or death, property damage or theft, limiting or disrupting operations, restricting the movement of funds, impairing contractual rights and causing the Company to shut down operations, all of which may expose the Company to costs as well as potential liability. Such events could hav e a material adverse impact on the Company and make it more difficult for the Company to obtain required financing. Although the Company actively attempts to mitigate such risks, there is no assurance that the Company’s efforts will be effective in safeguarding personnel and the Company’s property effectively. Cybersecurity Information technology failure pertaining to availability, access or system security could result in disruption for personnel and could adversely affect the reputation, operations or financial performance of the Company. The Company’s IT systems can be com promised by unauthorized parties attempting to extract business sensitive, confidential or personal information, denial of access extortion, corrupting information or disrupting business processes or by inadvertent or intentional actions by the Company’s e mployees or vendors. A cyber security incident resulting in a security breach or a failure to identify a security threat could disrupt business and could result in the loss of business sensitive, confidential or personal information or other assets, as well as litigation, regulatory enforcement, violation of privacy or securities laws and regulations, and remediation costs, which could materially impact the Company’s business or reputation. The Company’s risk and exposure to these matters cannot be fully mitigated because of, among other things, the evolving nature of these threats. As cyber threats continue to evolve, the Company may be required to expend additional resources to continue to modify or enhance protective measures or to investigate and remediate any security vulnerabilities or breaches. As the regulatory environment related to information security, data collection and use, and privacy becomes increasingly rigorous, with new and constantly changing requirements applicable to the business, compliance with these requirements could also result in additional costs. The Company could incur substantial costs in complying with various regulations as a result of having to make changes to prior business practices in a manner adverse to the business. Such developments may also require the Company to make system changes and develop new processes, further affecting its compliance costs. In addition, violations of privacy related regulations can result in significant penalties and reputational harm, which in turn could adversely impact the Company’s busi ness and results of operations.
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48 Competition The Company will compete with many exploration companies that may have substantially greater financial and technical resources than the Company, as well as, for the recruitment and retention of qualified personnel. Reliance on Key Individuals The Company’s success depends to a certain degree upon certain key members of the management. It is expected that these individuals will be a significant factor in its growth and success. The loss of the service of members of the management and certain key employees could have a material adverse effect on the Company. Third-Party Contractors The Company is subject to a number of risks associated with the use of such contractors, including the following: the Company having reduced control over the aspects of the operations that are the responsibility of a contractor; failure of the contractor t o perform work properly or at a satisfactory level of quality and safety; failure of a contractor to perform under its agreement(s), including but not limited to inability to meet the contractual timelines and inability to deliver in accordance with the te rms of the contract; inability to replace the contractor if either the Company or the contractor terminates the contractual relationship; interruption of operations in the event the contractor ceases operations as a result of a contractual dispute with the Company or as a result of insolvency or other unforeseen events (including events of force majeure); failure of the contractor to comply with applicable legal and regulatory requirements; failure of the contractor to properly manage its workforce resultin g in labour unrest, strikes or other employment issues, any of which may have a material adverse effect on the Company’s business, financial condition and results of operations; inadequate contractor cybersecurity program or customer data management and pr ivacy, exposing the Company to external attacks. In addition, unauthorized disclosures on internal commercial practices could provide a non-competitive advantage to third-parties in future negotiations. Infrastructure Mineral resource development and exploration activities depend on adequate infrastructure. Reliable roads, bridges, power sources and water supply are important requirements, which affect capital and operating costs. Unusual or infrequent weather, phenomena, sabotage, government or other interference in the maintenance or provision of such infrastructure could have a material adverse impact on the Company and its operations. Anti-Corruption and Anti-Bribery Laws The Company’s operations are governed by, and involve interactions with, various levels of governments and agencies in numerous countries, and the Company is required to comply with anti -corruption and anti-bribery laws, including, but not limited to, the Canadian Corruption of Foreign Public Officials Act , by virtue of the Company operating in jurisdictions that may be vulnerable to the possibility of bribery, collusion, kickbacks, theft, improper commissions, facilitation payments, conflicts of interest and related party transactions. There has been a general increase in the frequency of enforcement and the severity of penalties under such laws, resulting in greater scrutiny and punishment of companies convicted of violating anti-corruption and anti-bribery laws. If the Company is subje ct to an enforcement action or is found to be in violation of such laws, this may result in significant penalties, fines or sanctions imposed on the Company which could have a material adverse effect on the Company’s business, financial condition and resul ts of operations. If the Company chooses to operate in additional foreign jurisdictions in the future, it may become subject to additional anti -corruption and anti-bribery laws in such jurisdictions. Litigation Defense and settlement costs of legal claims can be substantial, even with respect to claims that have no merit. At any time, the Company is subject to the threat of litigation and may be involved in disputes with other parties in the future which may resu lt in litigation or other proceedings. The results of litigation or any other proceedings cannot be
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49 predicted with certainty. If the Company is unable to resolve these disputes favourably, it could have a material adverse effect on the Company and its financial position, operations or development. Enforcement of Judgements The majority of the Company’s assets are located outside of Canada. Accordingly, it may be difficult for investors to enforce within Canada any judgments obtained against the Company or its subsidiaries, including judgments predicated upon the civil liability provisions of applicable Canadian securities laws. Consequently, investors may be effectively prevented from pursuing remedies against the Company or its subsidiaries under Canadian securities laws. Additionally, it may be difficult for an investor, or any other person or entity, to assert Canadian securities law claims in original actions instituted in other jurisdictions. Courts in these jurisdictions may refuse to hear a claim based on a violation of Canadian securities laws on the grounds that such jurisdiction is not the most appropriate forum to bring such a claim. Even if a foreign court agrees to hear a claim, it may determine that the local law, and not Canadian law, is applicable to the claim. If Canadian law is found to be applicable, the cont ent of applicable Canadian law must be proven as a fact, which can be a time -consuming and costly process. Certain matters of procedure may also be governed by foreign law. Compliance with Public Company Obligations As a publicly traded company listed on stock exchanges in Canada, the Company is subject to numerous laws, including, without limitation, corporate, securities and environmental laws, compliance with which can be time consuming and costly. The failure to c omply with any of these laws, individually or in the aggregate, could have a material adverse effect on the Company’s business, financial condition and results of operations, including a negative impact on the market price of the Company’s securities. The fact that the Company and its local operations must comply with laws of a number of different jurisdictions on multiple continents increases the risks of non-compliance. Furthermore, laws applicable to the Company constantly change and the Company’s continued compliance with such changing requirements is both time-consuming and costly. Adding to the significant costs of compliance with laws is the Company’s desire to meet a high standard of corporate governance. The Company’s continued efforts to comply with numerous changing laws and adhere to a high standard of corporate governance have resulted in, and are likely to continue to result in, increased general and administra tive expenses and a diversion of management time and attention from revenue-generating activities to compliance activities. Insurance and Uninsurable Risks While the Company has obtained insurance to address certain risks in such amounts as it considers being reasonable, such insurance has limitations on liability and the insurance may not continue to be available. Moreover, such risks may not be insurable in all instances or, in certain instances, the Company may elect not to insure against certain risks because of high premiums associated with such insurance or other reasons. The payment of such uninsured liabilities would reduce the funds available to the C ompany and the occurrence of an event in which the Company is not fully insured against, could have a material adverse effect upon its business, operating results and financial condition. Community Relations The Company’s relationship with the communit y in which it operates is critical to ensure the future success of its existing operations and the construction and development of its project. There is an increasing level of public interest relating to the perceived effect of mining activities on the environment and on communiti es impacted by such activities. Certain NGOs, some of which oppose globalization and resource development, are often vocal critics and attempt to interfere with the mining industry and it s practices, including the use of cyanide and other hazardous substances in processing activities. Adverse publicity generated by such NGOs or others related to extractive industries generally, or their operations specifically, could have an adverse effect on the Company’s reputation or financial condition and may impact its relationship with the communities in which it operates. While the Company believes that it operates in a socially responsible manner, there is no guarantee that the Company’s efforts in this respect will mitigate this potential risk.
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50 Shareholder Activism The Company’s relationships with stakeholders are critical to ensure the future success of its existing operations and the development of its projects. In recent years, publicly -traded companies in the mining industry have been increasingly subject to demands from NGOs and activist shareholders advocating for changes to corporate governance practices, such as executive compensation practices, social issues, or for certain corporate actions (such as greenhouse gas emissions reduction commitments and adoption of responsible water use and management practices) or reorganizations. There is an increasing level of public concern relating to the perceived effect of mining activities on the environment and on communities impacted by such activities. Activist shareho lder activity could cause a disruption to the Company’s strategy, operations, and leadership, resulting in a material unfavourable impact on its operational and financial performance and longer-term value creation strategy. Responding to challenges from activist shareholders, such as proxy contests, media campaigns or other activities, could be costly and time consuming and could have an adverse effect on the Company’s reputation and divert the attention and resources of the management and Board. Reputation loss may result in decreased investor confidence, increased challenges in developing and maintaining community relations and impede the Company’s overall ability to advance its projects, obtain permits and licenses or continue its operations, which could have a material adverse impact on the Company’s business, operations and financial condition. Currency Our financials are reported in Canadian dollars. However due to our operations in foreign jurisdictions, expenditures may be incurred in foreign currencies. Thus the Company may be exposed to financial risk arising from fluctuations in exchange rates betwe en the Canadian dollar and foreign currencies, which may, from time to time, impact our financial position and results. Dividend Policy No dividends on the Shares have been declared or paid to date. The Company anticipates that, for the foreseeable future, it will retain its cash resources for the operation and development of its business. Payment of any future dividends will be at the dis cretion of the Board after taking into account many factors, including earnings, operating results, financial condition, current and anticipated cash needs and any restrictions in financing agreements, and the Company may never pay dividends. Forward-Looking Statements Investors should not place undue reliance on forward-looking statements. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, of both general and specific nature, that could cause actual results to differ materially from those suggested by the forward-looking statements or contribute to the possibility that predictions, forecasts or projections will prove to be materially inaccurate. Additional information on such risks, assumptions and uncerta inties can be found in this AIF under the heading “ Forward-Looking Statements”.
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51 DIVIDENDS AND DISTRIBUTIONS Silver Tiger intends to retain its earnings, if any, to finance the growth and development of business and no dividends have been paid by Silver Tiger, nor will dividends be paid by Silver Tiger in the foreseeable future. Any return on an investment in Silver Tiger’s securities will come from the appreciation, if any, in the value of the Shares. The payment of future dividends, if any, will be reviewed periodically by Silver Tiger’s directors and will depend upon, among other things conditions then existing , including earnings, financial condition and capital requirements, restrictions in financing agreements, business opportunities and conditions and other factors. DESCRIPTION OF CAPITAL STRUCTURE Silver Tiger is authorized to issue an unlimited number of Shares without nominal or par value, of which 558,373,838 and 558,573,873 common shares were issued and outstanding as fully paid and non-assessable as of March 31, 2026, and as the date of this AIF , respectively. The holders of Shares are entitled to: (a) one vote per Share at all meetings of shareholders, except meetings at which only holders of a specified class of shares are entitled to vote; (b) receive dividends, if, as and when declared by the Board; and (c) subject to the rights, privileges, restrictions and conditions attaching to any other class of shares of Silver Tiger, receive the remaining property of Silver Tiger upon dissolution, liquidation or winding-up of Silver Tiger as is distributable to the holders of the Shares. At March 31, 2026 and as of the date of this AIF, the Company had 23,046,250 options and 22,846,250 options outstanding, respectively, to acquire Shares at prices ranging from $0.10 to $1.27 per common share, the latest of which expire on January 22, 2036. At March 31, 2026 and as of the date of this AIF, the Company had no warrants outstanding. Additionally, at March 31, 2026 and as of the date of this AIF, the Company had 9,995,000 deferred share units outstanding and 2,625,000 restricted share units outstanding. As at March 31, 2026 and the date of this AIF, assuming the exercise of all outstanding stock options and the redemption of all deferred share units and restricted share units, the number of Shares outstanding would have been 594,040,088.
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52 MARKET FOR SECURITIES Trading Volume and Price The Shares have been listed on the TSX Venture since December 17, 2010 and commenced trading on the TSX on May 21, 2026. The Shares trade under the symbol “SLVR”. The following table sets out the high and low trading price, and volume of trading on a monthly basis , of the Shares on the TSX Venture from April 1, 2025 to March 31, 2026, the most recently completed financial year: Month High ($) Low ($) Volume April 2025 0.350 0.245 11,466,690 May 2025 0.350 0.245 12,365,886 June 2025 0.375 0.285 20,641,225 July 2025 0.530 0.360 16,998,425 August 2025 0.680 0.430 11,067,873 September 2025 0.725 0.540 36,224,708 October 2025 0.850 0.660 48,865,024 November 2025 0.850 0.630 35,237,442 December 2025 0.920 0.640 51,711,814 January 2026 0.990 0.680 178,660,344 February 2026 1.420 0.660 63,083,191 March 2026 1.420 0.860 39,600,098 Prior Sales Silver Tiger does not have any class of securities that is outstanding but not listed or quoted on an exchange, other than options to acquire Shares , deferred share units , and restricted share units, as described in this AIF under the heading “Description of Capital Structure”. ESCROWED SECURITIES To the knowledge of Silver Tiger, there are no securities of Silver Tiger that are held in escrow or are subject to a contractual restriction on transfer.
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53 DIRECTORS AND OFFICERS Name, Occupation and Security Holdings The following table sets out, as of the date of this AIF, the names of the directors and officers of Silver Tiger, the province or state, and country of residence of each such director and officer, their respective positions and offices held with Silver Tiger and their principal occupations during the last five years. Name, Province and Country of Residence and Position Held Date Elected or Appointed Principal Occupations During Last Five Years Keith Abriel Chief Financial Officer Nova Scotia, Canada September 28, 2012 Mr. Abriel is a Chartered Professional Accountant, a CFA Charterholder, and holds a Bachelor of Commerce (Cum Laude) from Saint Mary’s University in Halifax, Nova Scotia. An experienced financial executive, Mr. Abriel is currently serving as the Chief Fina ncial Officer of the Company, having been appointed to the role effective January 1, 2022 after having served on the Board of Directors since September 28, 2012. From February 2018 to December 2021, Mr. Abriel served, amongst other short term executive roles, as the Interim Chief Financial Officer of CarbonCure Technologies Inc. and from July 2014 to February 2018 he served as the Chief Financial Officer of DHX Media Ltd. (TSX:DHX.B and NASDAQ:DHXM). He has served as the Chief Financial Officer of a number of public and venture backed private companies, including significant mining industry experience. Mr. Abriel is a Past President of the Atlantic Canada CFA Society. He also spent nine years with PricewaterhouseCoopers, LLP. David Duncan VP Exploration Nova Scotia, Canada September 29, 2016 Mr. Duncan is a Professional Geologist with more than 35 years’ experience. His career has taken him to numerous exploration environments around the globe, searching for and developing deposits of gold, tin, copper, diamonds and uranium. He is the principa l of D.R. Duncan and Associates Limited, a company that provides geological consulting services to the minerals sector. For the past 5 years, Mr. Duncan has worked in the Sierra Madre developing precious metal deposits with GoGold Resources, including the Parral Mine, the Santa Gertrudis gold mine and the San Diego deposits. Previously he was Chief Geologist for Etruscan Resources and developed three new gold mines in West Africa and diamond mines in South Africa. Mr. Duncan received a Bachelor of Science D egree in Geology from Acadia University in 1979. He is a Registered Professional Geoscientist with the Professional Engineers and Geoscientists of Newfoundland and Labrador. Mr. Duncan’s principal occupation over the last five years has been as an independ ent consultant with D.R. Duncan & Associates Ltd.
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54 Name, Province and Country of Residence and Position Held Date Elected or Appointed Principal Occupations During Last Five Years Devin Devarennes VP Corporate Development and Investor Relations Ontario, Canada January 1, 2025 Mr. Devarennes is a Mining Engineer with over 15 years of corporate experience. Mr. Devarennes has been with Silver Tiger Metals since 2020, previously serving as GM Mexico Operations. Experienced in project management & development, exploration, logistics, and budgeting & planning. Previously, Mr. Devarennes held several senior level corporate roles with MolsonCoors Canada for 12 years. These roles included Planning & Execution Manager, Channel Marketing Manager, and Sales Manager. Expertise in budget management, strateg ic marketing, and annual business plans while establishing and maintaining relationships with key strategic partners. He holds a Bachelor of Engineering Degree (Honours with Distinction) in Mining & Mineral Resource from Dalhousie University in Halifax, No va Scotia and a Bachelor of Commerce Degree from Mount Allison University in Sackville, New Brunswick. Mr. Devarennes is an active member of the Institute of Corporate Directors, Association of Mine Engineers Mexico, and Canadian Institute of Mining. Richard Gordon (1)(2)(4)(7) Director Nova Scotia, Canada June 14, 2010 Mr. Gordon is a mining executive with more than 20 years industry experience having worked on exploration and development stage mineral projects internationally and in his home province of Nova Scotia. Mr. Gordon is currently retired. Previously, he was President and CEO of Silver Tiger from June 14, 2010 to September 1, 2014. He has extensive experience with equity financings and investor relations. Mr. Gordon was previously Director of Investor Relations for Etruscan Resources Inc. where he was res ponsible for implementing the company’s promotion strategy. Mr. Gordon received a Bachelor of Commerce degree from Saint Mary’s University in 1977. Glenn Jessome(8) President, Chief Executive Officer and Director Nova Scotia, Canada September 28, 2019 Glenn Jessome, JD, MBA is a founding shareholder of Silver Tiger and oversaw the successful listing of the Company on the TSX Venture in December 2010. Mr. Jessome has been CEO and President of Silver Tiger since September 1, 2014. Currently and over the last five years his principal occupation has been his role at the Company. Mr. Jessome has spent his career working as a securities lawyer in Halifax with extensive experience in the capital markets. Mr. Jessome is a member of the National Advisory Committee for the TSX Venture. Mr. Jessome is a member of the Institute of Corporate Directors. Lila Maria Bensojo- Arras(3) (5)(6)(8) Director Chihuahua, Mexico September 30, 2021 Ms. Bensojo is a partner with the Mexican law firm EC Rubio specializing in corporate law and representing many mining companies working in Mexico. EC Rubio is one of the largest law firms in Mexico and its clients include Fortune 500 companies including mining companies. Ms. Bensojo is based in Chihuahua, Mexico and received her law degree in 2007 from the Monterrey Institute of Technology and Higher Education. As a corporate lawyer in Mexico, Ms. Bensojo has extensive experience in mining law, environmental regulations, social issues and governance.
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55 Name, Province and Country of Residence and Position Held Date Elected or Appointed Principal Occupations During Last Five Years Yleana Leal (3) (5)(7)(9) Director Mexico City, Mexico January 9, 2024 Ms. Leal 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 Mexi co as General Manager in 2023. Ms. Leal 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, Ms. Leal gained extensive sales experience in the consumer packaged goods ind ustry at Grupo Bimbo, working in the USA, Mexico, Chile, and India. Ms. Leal 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 Competi tiveness Leadership at Georgetown University-McDonough School of Business, and has a Bachelors Degree in International Business from Tecnológico de Monterrey. Ms. Leal is also a visible and vocal champion on Diversity and Inclusion initiatives. Notes: (1) Chair of the Board. (2) Chair of the Audit Committee (3) Member of the Audit Committee. (4) Chair of the Compensation Committee (5) Member of the Compensation Committee. (6) Chair of the Corporate Governance and Nominating Committee. (7) Member of the Corporate Governance and Nominating Committee. (8) Chair of the Safety, Environmental and Social Sustainability Committee (9) Member of the Safety, Environmental and Social Sustainability Committee Each director elected or appointed will hold office until the next annual general meeting of the shareholders of Silver Tiger or until his or her successor is elected or appointed, unless his or her office is earlier vacated in accordance with the articles of Silver Tiger or with the provisions of the CBCA. As of the date of this AIF, all directors and executive officers of Silver Tiger, as a group, beneficially own, directly or indirectly, or exercise control or direction over, 15,406,856 Shares, representing 2.76% of all outstanding Shares. Cease Trade Orders, Bankruptcies, Penalties or Sanctions None of the directors or officers of the Company or a shareholder holding a sufficient number of securities of the company to affect materially the control of the company is, or has been within the ten (10) years prior to the date hereof, a director, chief executive officer or chief financial officer of any company (including the Company) that (i) while such person was acting in that capacity, was the subject of a cease trade or similar order or an order that denied the relevant Company access to any exemption under securities legislation, which such order was in effect for a period of more than thirty (30) consecutive days; (ii), was subject to a cease trade or similar order or an order that denied the relevant company access to any exemption under securities legislation, which such order was in effect for a p eriod of more than thirty (30) consecutive days as a result of an event that occurred while that person was acting in the capacity as director, chief executive officer or chief financial officer; or (iii) while such person was acting in that capacity or within a year of that person ceasing to act in that capacity, became bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency or was subject to or instituted any proceedings, arrangement or compromise with creditors or had a receiver, receiver manager or trustee appointed to hold its assets. None of the directors or officers of the Company or a shareholder holding a sufficient number of securities of the company to affect materially the control of the Company have, within the ten (10) years prior to the date hereof, become bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency, or become subject to or instituted any proceedings, arrangement or compromise with creditors, or had a receiver, receiver manager or trustee appointed to hold the assets of the director or officer.
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56 There have been no penalties or sanctions imposed against any proposed director by a court relating to securities legislation or a securities regulatory authority or any other penalties or sanctions imposed against any proposed director by a court or regulatory body that would likely be considered important to a reasonable shareholder in making a decision with respect to voting for any proposed director. There have been no settlement agreements that any proposed director has entered into with a securities regulatory authority. Conflicts of Interest Directors and officers of Silver Tiger may also serve as directors and/or officers of other companies engaged in similar businesses and may be presented from time to time with situations or opportunities which give rise to apparent conflicts of interest which cannot be resolved by arm’s length negotiations but only through exercise by the officers and directors of such judgment as is consistent with their fiduciary duties to Silver Tiger which arise under applicable corporate law, especially insofar as taki ng advantage, directly or indirectly, of information or opportunities acquired in their capacities as directors or officers of Silver Tiger. It is expected that all conflicts of interest will be resolved in accordance with the provisions of the CBCA. It is expected that any transactions with officers and directors will be on terms consistent with industry standards and sound business practice in accordance with the fiduciary duties of those persons to Silver Tiger, and, depending upon the magnitude of the t ransactions and the absence of any disinterested board members, may be submitted to the shareholders for their approval. LEGAL PROCEEDINGS AND REGULATORY ACTIONS There are no legal proceedings material to Silver Tiger to which Silver Tiger is or was a party or of which any of Silver Tiger’s property is or was the subject matter during the financial year ended March 31, 202 6, and to Silver Tiger’s knowledge, no such proceedings are contemplated. There were no: (a) penalties or sanctions imposed against Silver Tiger by a court relating to securities legislation or by a securities regulatory authority during the financial year ended March 31, 202 6; (b) other penalties or sanctions imposed by a court or regulatory body against Silver Tiger that would likely be considered important to a reasonable investor in making an investment decision; and (c) settlement agreements which Silver Tiger entered into before a court relating to securities legislation or with a securities authority during the financial year ended March 31, 202 6. INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS Except as otherwise disclosed herein, to the knowledge of Silver Tiger, no director or executive officer of Silver Tiger, or any person or company that beneficially owns, or controls or directs, directly or indirectly, more than 10% of the Shares, or associates or affiliates of any of those persons or companies, has had any material interest, direct or indirect, in any transaction within the three most recently completed financial years or during the current financial year that has materially affected or is reasonably expected to materially affect Silver Tiger. MATERIAL CONTRACTS There are no material contracts that were entered into within the last financial year or before the last financial year but still in effect that are required to be filed under section 12.2 of National Instrument 51 -102 - Continuous Disclosure Obligations (“NI 51-102”) or that would be required to be filed under section 12.2 of NI 51 -102 but for the fact that they have been previously filed.
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57 INTERESTS OF EXPERTS Names of Experts The following are the persons or companies who were named as having prepared or certified a report, valuation, statement or opinion described or included in a filing, or referred to in a filing, made by Silver Tiger during or relating to the financial year ended March 31, 2026 and whose profession or business gives authority to the report, valuation, statement or opinion made by the person or company: • The technical information in this AIF regarding the El Tigre Property is extracted from the technical report titled “Stockwork Zone Pre-Feasibility Study and Underground Preliminary Economic Assessment of the El Tigre Silver-Gold Project, Sonora, Mexico ” effective as of June 20, 2025 and dated January 22, 2026 (the "El Tigre Technical Report") prepared by Andrew Bradfield, P.Eng., Jarita Barry, P.Geo., Fred H. Brown, P.Geo., David Burga, P.Geo., D. Grant Feasby, P.Eng., Eugene Puritch, P.Eng., FEC, CET, D . Gregory Robinson, P.Eng., and William Stone, Ph.D., P.Geo. of P&E Mining Consultants Inc.; David Salari, P.Eng., of D.E.N.M. Engineering Ltd.; and James Smith, P.Eng., of WSP Canada Inc. • David Duncan, P.Geo., of D.R. Duncan & Associates Ltd. who is responsible for and who reviewed the scientific and technical information in this AIF and in the Company’s public filings during the year ended March 31, 2026; and • PricewaterhouseCoopers LLP who provided an opinion on the Company’s consolidated financial statements for the year ended March 31, 2026. Interests of Experts As of the date hereof, the El Tigre Technical Report authors and Mr. Duncan each beneficially own, directly or indirectly, less than 1% of the outstanding securities of the Company. AUDITOR The auditor of the Company is PricewaterhouseCoopers LLP, Chartered Professional Accountants, Halifax, Nova Scotia. In connection with the audit of Silver Tiger’s consolidated financial statements for the year ended March 31, 2026, PricewaterhouseCoopers LLP has reported to Silver Tiger’s Audit Committee that they are independent of Silver Tiger in accordance with the ethical requirements that are relevant to our audit of the consolidated financial statements in Canada. TRANSFER AGENT AND REGISTRAR The transfer agent and registrar for the Shares is Computershare Investor Services Inc. at its principal office in Montreal, Quebec.
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58 AUDIT COMMITTEE Audit Committee Charter The charter of Silver Tiger’s Audit Committee is attached to this AIF as Schedule “A” Composition of Audit Committee & Relevant Education and Experience The members of the Audit Committee are Richard Gordon, Lila Maria Bensojo-Arras, and Yleana Leal. All members are financially literate and independent within the meaning of National Instrument 52 -110 – Audit Committees (“NI 52-110”). The education and experience of each Audit Committee member is described in this AIF in the section entitled “Directors and Officers”. Audit Committee Oversight At no time since the commencement of Silver Tiger’ s most recently completed financial year have any recommendations by the Audit Committee respecting the nomination or compensation of Silver Tiger’ s external auditor not been adopted by the Board. Pre-Approval Policies and Procedures The Audit Committee’s charter requires it to pre-approve all non-audit services to be provided to the Company by its external auditors. However, the Audit Committee has not adopted any specific procedures for assessing whether or not such pre-approval should be granted in any particular case. The Audit Committee does, however, consider on an ad hoc basis the potential impact of any such non -audit services on the independence of the Company’s external auditors in light of the circumstances as they exist at that time. External Auditor Service Fees Fiscal Year Ended March 31, 2026 Fiscal Year Ended March 31, 2025 Audit Fees $65,000 $62,250 Audit-Related Fees (1) $40,000 $40,000 Tax Fees $35,750 $34,310 All Other Fees (2) $165,000 $70,000 (1) Fees related to two quarterly reviews each year. (2) Fees related to involvement with four public offerings. ADDITIONAL INFORMATION Additional information relating to Silver Tiger is available on SEDAR+ at www.sedarplus.ca. Additional information, including directors’ and officers’ remuneration and indebtedness, principal holders of Silver Tiger securities and securities authorized for issuance under equity compensation plans, is contained in Silver Tiger’s information circular dated August 25, 2025 and additional financial information is provided in Silver Tiger’s financial statements and management’s discussion and analysis for the year ended March 31, 202 6, all of which are available on SEDAR+.