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    Silver Tiger Announces Filing of a PEA for the Underground and an Updated Pre-Feasibility Study Technical Report for the El Tigre Silver-Gold Project

    HALIFAX, NS / ACCESS Newswire / January 23, 2026 / Silver Tiger Metals Inc. (TSXV:SLVR) and (OTCQX:SLVTF) ("Silver Tiger" or the "Corporation") is pleased to announce the filing of a Preliminary Economic Assessment ("PEA") on the underground at El …

    HALIFAX, NS / ACCESS Newswire / January 23, 2026 / Silver Tiger Metals Inc. (TSXV:SLVR) and (OTCQX:SLVTF) ("Silver Tiger" or the "Corporation") is pleased to announce the filing of a Preliminary Economic Assessment ("PEA") on the underground at El Tigre and an updated Pre-Feasibility Study ("PFS") on the Stockwork Zone for its 100% owned, silver-gold El Tigre Project (the "Project" or "El Tigre") located in Sonora, Mexico. The Technical Report supports the scientific and technical disclosure in the Company's news release dated January 20, 2026, announcing the results of an updated Pre-Feasibility Study and new underground Preliminary Economic Assessment. The Technical Report is available at www.sedarplus.ca under the Company's profile.

    The bolt-on PEA is centred on the underground mining economics of the high-grade El Tigre, Sulphide, Black Shale and Seitz Kelly zones. The underground PEA and updated PFS is based on new Consensus Economics metal prices of $38 per ounce silver and $3,200 per ounce gold. The PEA mine design can be constructed independently of the Stockwork Zone development and is focused on the underground Mineral Resource. Prospective areas exist outside of the areas defined by the PEA and PFS with the historic "El Tigre North Mine" Mineral Resource located 700 metres to the North.

    Highlights of the PEA, with a base case silver price of $38/oz and gold price of $3,200/oz are as follows (all figures in US dollars unless otherwise stated):

    • After-Tax net present value ("NPV") (using a discount rate of 5%) of $304 million with an After-Tax IRR of 42.8% and Payback Period of 2.6 years (Base Case);

    • 15-year UG mine life with 3-year historical tailings processing recovering a total of 38 million payable silver equivalent ounces ("AgEq") or 453 thousand gold equivalent ounces ("AuEq"), consisting of 34 million silver ounces and 130 thousand gold ounces;

    • Total Project undiscounted after-tax cash flow of $496 million;

    • Initial capital costs of $83.5 million, including $10.9 million in contingency costs, over an expected 18-month build, and sustaining capital costs of $213 million over the life of mine ("LOM");

    • The 2026 PEA mine plan is designed as stand-alone to the PFS, with a potential overlap of initial capital cost of $17M (e.g., grid power, offices);

    • Average LOM operating cash costs of $1,351/oz AuEq, and all in sustaining costs ("AISC") of $2,019/oz AuEq or Average LOM operating cash costs of $16.05/oz AgEq, and AISC of $23.98/oz AgEq;

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    Silver Tiger Announces Filing of a PEA for the Underground and an Updated Pre-Feasibility Study Technical Report for the El Tigre Silver-Gold Project HALIFAX, NS / ACCESS Newswire / January 23, 2026 / Silver Tiger Metals Inc. (TSXV:SLVR) and (OTCQX:SLVTF) ("Silver Tiger" or the "Corporation") is pleased to announce the filing of a Preliminary Economic Assessment ("PEA") on the underground at El …

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