# STOCKWORK ZONE PRE-FEASIBILITY STUDY AND UNDERGROUND PRELIMINARY ECONOMIC ASSESSMENT OF THE EL TIGRE SILVER-GOLD PROJECT SONORA, MEXICO Source Brief: https://evesgoldminers.com/research/source-briefs/silver-tiger-metals-inc-stockwork-zone-pre-feasibility-study-and-underground-prel-0d00c7f9 Original source: https://silvertigermetals.com/files/Silver_Tiger_El_Tigre_PFS_PEA_by_PE_20260122.pdf EGM generated: 2026-09-27 Company: Silver Tiger Metals Inc. (SLVR) ## Use Note This is the Eve's Gold Miners normalized Markdown copy of an official or regulatory public source. It is provided for readability, search discovery, and research resilience. The original source remains authoritative for legal, regulatory, and investment decisions. ## Extracted Document Text # STOCKWORK ZONE PRE-FEASIBILITY STUDY AND UNDERGROUND PRELIMINARY ECONOMIC ASSESSMENT OF THE EL TIGRE SILVER-GOLD PROJECT SONORA, MEXICO Source: https://silvertigermetals.com/files/Silver_Tiger_El_Tigre_PFS_PEA_by_PE_20260122.pdf Fetched: 2026-09-12T07:08:50.056+00:00 Source artifact: 0d00c7f9-718f-4efe-aeae-044824a5100b Normalizer input: text ## Content # STOCKWORK ZONE PRE-FEASIBILITY STUDY AND UNDERGROUND PRELIMINARY ECONOMIC ASSESSMENT OF THE EL TIGRE SILVER-GOLD PROJECT SONORA, MEXICO STOCKWORK ZONE PRE-FEASIBILITY STUDY AND UNDERGROUND PRELIMINARY ECONOMIC ASSESSMENT OF THE EL TIGRE SILVER-GOLD PROJECT SONORA, MEXICO LATITUDE 30°35’15” N, LONGITUDE 109°13’23” W UTM WGS84 12R 670,380 m E, 3,385,230 m N FOR SILVER TIGER METALS INC. NI-43-101 & 43-101F1 TECHNICAL REPORT 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. William Stone, Ph.D., P.Geo. David Salari, P.Eng., D.E.N.M. Engineering Ltd. James Smith, P.Eng., WSP Canada Inc. P&E Mining Consultants Inc., Report 481 Effective Date: June 20, 2025 Signing Date: January 22, 2026 TABLE OF CONTENTS 1.0 SUMMARY .........................................................................................................................1 1.1 Property, Location, Access ......................................................................................1 1.2 History......................................................................................................................3 1.3 Geology and Mineralization ....................................................................................3 1.4 Exploration and Drilling ..........................................................................................4 1.5 Sampling, Analyses and Data Verification ..............................................................5 1.6 Mineral Processing and Metallurgy .........................................................................5 1.7 Mineral Resource Estimate ......................................................................................7 1.8 Mineral Reserve Estimate ......................................................................................13 1.9 Mining Methods .....................................................................................................14 1.10 Recovery Methods .................................................................................................16 1.11 Project Infrastructure .............................................................................................17 1.12 Market Studies and Contracts ................................................................................19 1.13 Environmental Studies, Permits, and Social or Community Impacts ....................19 1.14 Capital and Operating Costs ..................................................................................20 1.15 Economic Analysis ................................................................................................21 1.16 Risks and Opportunities .........................................................................................23 1.17 Conclusions ............................................................................................................23 1.18 Recommendations ..................................................................................................24 1.19 Preliminary Economic Assessment........................................................................24 1.19.1 Mineral Processing and Metallurgy .....................................................24 1.19.2 Underground Mining Methods ............................................................25 1.19.3 Recovery Methods ...............................................................................26 1.19.4 Project Infrastructure ...........................................................................27 1.19.5 Market Studies and Contracts ..............................................................29 1.19.6 Capital and Operating Costs ................................................................29 1.19.7 Economic Analysis ..............................................................................30 1.19.8 El Tigre North Analysis .......................................................................33 1.19.9 Risks and Opportunities .......................................................................33 1.19.10 Conclusions and Recommendations ....................................................33 2.0 INTRODUCTION AND TERMS OF REFERENCE .......................................................35 2.1 Terms of Reference ................................................................................................35 2.2 Independent Site Visits ..........................................................................................35 2.3 Sources of Information ..........................................................................................36 2.4 Units and Currency ................................................................................................37 3.0 RELIANCE ON OTHER EXPERTS ................................................................................48 4.0 PROPERTY DESCRIPTION AND LOCATION .............................................................49 4.1 Location .................................................................................................................49 4.2 Property Description and Mineral Tenure .............................................................49 4.3 Mexican Mineral Policy .........................................................................................54 4.4 Surface Rights ........................................................................................................55 4.5 Environmental and Permitting ...............................................................................55 4.6 Comments on Section 4 .........................................................................................56 5.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY .............................................................................................................57 P&E Mining Consultants Inc. Page i Silver Tiger Metals Inc., El Tigre Pre-Feasibility and Preliminary Econonmic Assessment, Report No. 481 5.1 Access ....................................................................................................................57 5.2 Climate ...................................................................................................................57 5.3 Local Resources and Infrastructure .......................................................................58 5.4 Physiography..........................................................................................................60 5.5 Comments on Section 5 .........................................................................................60 6.0 HISTORY ..........................................................................................................................61 6.1 Early History of the El Tigre Project Area ............................................................61 6.2 History of El Tigre Ownership ..............................................................................65 6.3 Modern Exploration Programs ...............................................................................65 6.3.1 Anaconda .............................................................................................66 6.3.1.1 Anaconda Mapping ..................................................................66 6.3.1.2 Anaconda Geochemical Data ...................................................66 6.3.1.3 Anaconda Drill Data ................................................................69 6.3.2 Minera de Cordilleras 1995 .................................................................71 6.3.3 El Tigre Silver Exploration 2008 to 2012 ............................................71 6.3.3.1 2008 - 2009 Exploration Programs ..........................................71 6.3.3.2 2010 Exploration Program .......................................................74 6.3.3.3 2011 Exploration Program .......................................................75 6.3.3.4 2012 Exploration Program .......................................................76 6.3.4 El Tigre Silver Drilling Programs 2011 to 2013 ..................................77 6.3.4.1 El Tigre 2011 Drilling ..............................................................77 6.3.4.2 El Tigre 2012 Drilling ..............................................................79 6.3.4.3 El Tigre 2013 Exploration Drilling ..........................................80 6.3.4.4 Tailings Impoundment Drilling 2011 and 2013.......................83 6.3.5 Oceanus Exploration 2016 to 2019 ......................................................83 6.3.5.1 2016 IP Geophysical Survey Program .....................................83 6.3.5.2 2017 Underground Channel Program ......................................86 6.3.5.3 2018 Exploration Program .......................................................86 6.3.5.4 2019 Underground Channel Sample Program .........................90 6.3.6 Oceanus Drilling 2016-2017 ................................................................93 6.4 Historical Resource Estimates .............................................................................101 6.5 Historical Mining .................................................................................................102 7.0 GEOLOGICAL SETTING AND MINERALIZATION .................................................103 7.1 Regional Geology ................................................................................................103 7.2 Local Geology ......................................................................................................104 7.3 Local and Property Geology ................................................................................107 7.3.1 Stratigraphy ........................................................................................107 7.3.1.1 Granite (PCgr) ........................................................................107 7.3.1.2 Nodular Formation (Tn) .........................................................107 7.3.1.3 Fragmental Andesite (Tfa) .....................................................108 7.3.1.4 Flat Formation (Tf) ................................................................108 7.3.1.5 Cliff Formation (Tc) ..............................................................109 7.3.1.6 Tuff Formation (Ttf) ..............................................................109 7.3.1.7 Tigre Formation (Ttg) ............................................................109 7.3.1.8 Quartz Rhyolite Formation (Tgr) ...........................................110 7.3.1.9 Agglomerate Formation .........................................................110 7.3.1.10 Quartz Mica Rhyolite Tuff (Tgmr) ........................................110 P&E Mining Consultants Inc. Page ii Silver Tiger Metals Inc., El Tigre Pre-Feasibility and Preliminary Economic Assessment, Report No. 481 7.3.1.11 Intrusive Rocks ......................................................................111 7.3.1.12 Tabular Formation .................................................................111 7.3.1.13 Andesite .................................................................................111 7.3.2 Structure .............................................................................................112 7.4 Deposit Geology and Mineralization ...................................................................112 7.4.1 Geological Controls ...........................................................................119 7.4.2 Alteration ......................................... [Excerpt trimmed for readability. Open the original source for the complete filing or document.]