Investment Highlights
- High-grade silver-gold project in Mexico: 100% owned El Tigre district project in Sonora with proven historical production of 67.4 million ounces of silver and 353,000 ounces of gold.
- Robust economics: After-tax NPV (5%) of US$222 million, IRR of 40% and capital repayment within two years according to PFS (October 2024).
- Advanced development phase: Over 150,000 meters drilled, updated resource estimates (2023 & 2024), PEA and PFS published; underground PEA in preparation (H1 2025).
- Strong management team: Leadership team with decades of experience in building and financing successful mining projects in Mexico.
- Solid financing: More than C$100 million in capital raised, including C$28.8 million in 2025 via Bought Deal Financing.
- ESG focus: Environmental and social responsibility as a central component of the corporate strategy.
Company & Strategy
Silver Tiger Metals Inc. is a Canadian exploration and development company focused on silver and gold deposits in Mexico. The company controls 100% of the historic El Tigre Mining District in the province of Sonora, a traditional mining area at the northern end of the Sierra Madre gold-silver belt.
Since acquiring the El Tigre concessions in 2016, Silver Tiger has consistently worked to modernize the historic deposit, quantify the geological potential and prepare for economic production. With several completed and ongoing studies (MRE, PEA, PFS), the company is pursuing a clearly defined development strategy: the resumption of mining based on modern processes, efficient infrastructure and high ESG standards.
Another focus is on resource expansion through drilling north and south of the known veins as well as in deeper sulphide zones in order to unlock additional upside potential.
Market Environment
Mexico – Established Mining Region with Stable Infrastructure
Mexico is one of the world’s leading producers of silver and is home to numerous successful projects of international mining companies. In particular, the Sierra Madre Belt is considered one of the most productive precious metal belts in the world. The El Tigre project area is located in Sonora, a state with excellent mining infrastructure, good access to energy and transport networks and traditionally mining-friendly legislation.
Silver and Gold Market in a Global Context
Silver remains a key metal for both the precious metals market and industrial applications – particularly in the energy transition due to its importance in photovoltaics and electronics. Gold continues to function as a strategic hedging metal in times of economic uncertainty.
With this dual positioning, Silver Tiger operates in an environment characterized by long-term positive fundamentals.
Project Portfolio
El Tigre Historic Mine District (Sonora, Mexico)
Fig. 1: Location of the El Tigre project in Sonora, Mexico
Overview and History
The El Tigre project covers 28,414 hectares and is located in a historic mining district that was in operation between 1908 and 1938. During this time, records show that approximately 67.4 million ounces of silver and 353,000 ounces of gold were extracted from 1.87 million tons of ore – with an average grade of over 2 kg of silver equivalent per ton.
The ore deposits are concentrated in a series of high-grade, epithermal veins that run through andesitic and rhyolitic tuffs of the Sierra Madre Volcanic Complex. This structure is up to 150 meters wide and hosts both oxidic and sulphidic mineralization.
Silver Tiger Metals has completed more than 150,000 meters of drilling since 2017 – including over 119,000 meters since 2020. In addition to exploration work, extensive infrastructural measures have been implemented, including:
- Rehabilitation of the main adit over approximately 400 meters
- New construction of a 60-person camp (completed in 2020)
- Construction of a 46 km access road to the municipality of Colonia Morelos (completed in 2023)
Economic Key Figures (Prefeasibility Study 2024)
The PFS (Pre-Feasibility Study) from October 2024 confirms the economic attractiveness of the project:
- After-tax NPV (5%): US$222 million
- After-tax IRR: 40%
- Capital repayment: 2 years
- Mine life: 10 years
- Total production: 43 million oz AgEq (510,000 oz AuEq)
- LOM operating costs: US$973/oz AuEq or US$12/oz AgEq
- AISC: US$1,214/oz AuEq or US$14/oz AgEq
- Initial investments: US$86.8 million (incl. US$9.3 million contingency)
- Undiscounted after-tax cash flows: US$318 million
The study is based on conservative assumptions of US$26/oz silver and US$2,150/oz gold and shows a robust project with significant upside potential with rising metal prices.
Fig. 2: Geological map of the El Tigre concessions
Ongoing and Future Work
Silver Tiger plans to continue the work in three phases:
- Expansion of drilling along the El Tigre, Seitz-Kelley and Sooy veins to increase the resource base.
- Completion of an underground PEA (H1 2025), which takes into account additional potential in deeper sulphide zones.
- Preparation of the approval process and the infrastructure for future production.
The results to date suggest that both open pit mining and subsequent underground mining could be economically viable.
Fig. 3: Sensitivity analysis of the El Tigre PFS (silver and gold price variations)
Management
Silver Tiger Metals is led by an experienced team of geologists, engineers and financial experts with in-depth expertise in Mexico and the international capital market.
Glenn Jessome – President & CEO
Founder and main shareholder of the company. More than 25 years of experience in capital market and legal issues in the commodities industry. Formerly co-founder of GoGold Resources (TSX).
Keith Abriel – CFO & Corporate Secretary
Auditor and financial strategist with over 25 years of experience in listed companies. Previously CFO at several exploration and media companies and has raised over US$1 billion in capital.
David Duncan – Vice President Exploration
Geologist with over 40 years of experience in international exploration projects. Leading role in the geological modelling and resource estimation of the El Tigre project.
Francisco Albelais – Vice President Operations
Mining engineer with over 25 years of experience in the construction and operation of mines in Mexico. Previously in a senior position at Argonaut Gold.
Charles Spath – Vice President Technical Services
Professional geologist with extensive experience in resource estimation, modelling and project management. Previously worked for Hecla, Newmont and Vale, among others.
Devin Devarennes – VP Corporate Development & Investor Relations
Mining Engineer with management and marketing experience from corporations such as MolsonCoors. Responsible for strategic corporate development and communication.
The Board of Directors is complemented by experienced professionals such as Richard Gordon (Chairman), Lila Maria Bensojo-Arras (expert in Mexican mining law) and Yleana Leal (General Manager at Brown-Forman Mexico), who bring additional perspectives from law, industry and corporate governance.
Financial Position and Capital Structure
Silver Tiger Metals has a solid financial base:
- >C$100 million raised to date, including C$75 million via four bought-deal financings
- Cash balance (August 31, 2024): C$6.5 million
- Latest financing (October 2025): C$28.8 million at C$0.72 per share
These funds secure the continued exploration and further development of the El Tigre project as well as general corporate expenses.
ESG and Social Responsibility
Sustainability is a central component of the corporate philosophy. Silver Tiger attaches importance to transparent environmental and social practices, works closely with local communities and has its studies reviewed by independent specialist companies – including CIMA for environmental issues and WSP Canada for geotechnical and hydrogeological aspects.
The construction of a new access road and the establishment of a modern camp were carried out taking into account local employment and environmental protection guidelines.
Outlook
With a completed Prefeasibility Study, a planned underground PEA and continued exploration, Silver Tiger Metals is at a turning point: The company has created the essential technical, financial and operational foundations to prepare for the transition from the development to the production phase.
The robust economics, the high-grade resources and the steady expansion of the drilling zones underscore the potential to develop El Tigre into a major silver-gold mine in Mexico.
Conclusion
Silver Tiger Metals combines the advantages of an experienced management, a high-grade deposit and a clearly structured development strategy in a mining-friendly environment.
The El Tigre project offers a rare combination of historical production, modern resource expansion and strong economics, supported by responsible ESG practices.
With a solid financial position, a continuous drilling program and a clear roadmap to the production decision, Silver Tiger Metals is strategically well positioned to benefit from the continued high demand for silver and gold and to create long-term value for its shareholders.
