FS

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# FS

Source: https://silvertigermetals.com/files/Silver_Tiger_FS_Mar-31-2026_-_Final.pdf
Fetched: 2026-09-12T07:09:04.997+00:00
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## Content

# FS
Consolidated Financial Statements
March 31, 2026 and 2025
(expressed in Canadian dollars)
June 29, 2026
Management’s Report
The accompanying consolidated financial statements of Silver Tiger Metals Inc. (the “Company”) are
the responsibility of management and have been approved by the Board of Directors. The consolidated
financial statements have been prepared by management in accordance with International Financial
Reporting Standards as issued by the International Accounting Standards Board (“IFRS Accounting
Standard”). The consolidated financial statements include certain amounts and assumptions that are
based on management’s best estimates and have been derived with careful judgment.
In fulfilling its responsibilities, management has developed and maintains a system of internal accounting
controls. These controls are designed to provide reasonable assurance that the financial records are
reliable for the preparation of the consolidated financial statements. The Audit Committee of the Board of
Directors reviewed and approved the Company’s consolidated financial statements and recommended
their approval by the Board of Directors.
(signed) “Glenn Jessome” (signed) “Keith Abriel”
President and Chief Executive Officer Chief Financial Officer
Halifax, Nova Scotia Halifax, Nova Scotia
Independent auditor’s report
To the Shareholders of Silver Tiger Metals Inc.
Our opinion
In our opinion, the accompanying consolidated financial statements present fairly, in all material respects,
the financial position of Silver Tiger Metals Inc. and its subsidiaries (together, the Company) as at
March 31, 2026 and 2025, and its financial performance and its cash flows for the years then ended in
accordance with International Financial Reporting Standards as issued by the International Accounting
Standards Board (IFRS Accounting Standards).
What we have audited
The Company’s consolidated financial statements comprise:
• the consolidated statements of financial position as at March 31, 2026 and 2025;
• the consolidated statements of changes in equity for the years then ended;
• the consolidated statements of net loss and comprehensive loss for the years then ended;
• the consolidated statements of cash flows for the years then ended; and
• the notes to the consolidated financial statements, comprising material accounting policy information and
other explanatory information.
Basis for opinion
We conducted our audit in accordance with Canadian generally accepted auditing standards. Our
responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of
the consolidated financial statements section of our report.
PricewaterhouseCoopers LLP
Cogswell Tower, 2000 Barrington Street, Suite 1101
Halifax, Nova Scotia, Canada B3J 3K1
T.: +1 902 491 7400, F.: +1 902 422 1166
Fax to mail: ca_halifax_main_fax@pwc.com
“PwC” refers to PricewaterhouseCoopers LLP, an Ontario limited liability partnership.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.
Independence
We are independent of the Company in accordance with the ethical requirements that are relevant to our
audit of the consolidated financial statements in Canada. We have fulfilled our other ethical responsibilities
in accordance with these requirements.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our
audit of the consolidated financial statements for the year ended March 31, 2026. These matters were
addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our
opinion thereon, and we do not provide a separate opinion on these matters.
Key audit matter How our audit addressed the key audit matter
Assessment of indicators of impairment of resource Our approach to addressing the matter included the following
properties procedures, among others:
Refer to note 2 – Basis of presentation, note 3 – Material • Assessed the judgment applied by management in
accounting policies and note 7 – Resource properties to the determining the indicators of impairment, which included
consolidated financial statements. the following:
The carrying amount of resource properties was $90,691,258 − Obtained, for all claims, by reference to government
as at March 31, 2026. At the end of each reporting period, registries, evidence to support (i) the right to explore
management assesses whether there are any indicators of the area and (ii) claim expiration dates.
impairment related to resource properties. Management
− Read board minutes and obtained budget approvals
applies judgment in determining whether indicators of
to evidence continued and planned substantive
impairment exist, including factors such as the period for which
expenditures on further exploration and evaluation
the Company has the right to explore, whether substantive
activities, which included evaluating the results of
expenditures on further exploration and evaluation of resource
the current year work programs.
properties are budgeted and whether results of exploration and
evaluation and exploration activities on the resource properties − Assessed whether results of exploration and
indicate that the carrying amount of the asset is unlikely to be evaluation activities, or other facts and
recovered in full from successful development or by sale. If any circumstances, suggest that the carrying amount
such indicator exists, then an impairment test is performed by may not be recoverable, based on evidence
obtained in other areas of the audit.
Key audit matter How our audit addressed the key audit matter
management. No indicators of impairment were identified by
management as at March 31, 2026.
We considered this a key audit matter due to the significance of
the resource properties and the judgments made by
management in its assessment of indicators of impairment,
which have resulted in a high degree of subjectivity in
performing procedures related to these judgments applied by
management.
Other information
Management is responsible for the other information. The other information comprises the Management’s
Discussion and Analysis.
Our opinion on the consolidated financial statements does not cover the other information and we do not
express any form of assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is to read the other
information identified above and, in doing so, consider whether the other information is materially
inconsistent with the consolidated financial statements or our knowledge obtained in the audit, or otherwise
appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of management and those charged with governance for the
consolidated financial statements
Management is responsible for the preparation and fair presentation of the consolidated financial
statements in accordance with IFRS Accounting Standards, and for such internal control as management
determines is necessary to enable the preparation of consolidated financial statements that are free from
material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, management is responsible for assessing the Company’s
ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using
the going concern basis of accounting unless management either intends to liquidate the Company or to
cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Company’s financial reporting process.
Auditor’s responsibilities for the audit of the consolidated financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report
that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with Canadian generally accepted auditing standards will always detect a
material misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these consolidated financial statements.
As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise
professional judgment and maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the consolidated financial statements, whether
due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness
of the Company’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by management.
• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based
on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that
may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a
material uncertainty exists, we are required to draw attention in our auditor’s report to the related
disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our
opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report.
However, future events or conditions may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the consolidated financial statements,
including the disclosures, and whether the consolidated financial statements represent the underlying
transactions and events in a manner that achieves fair presentation.
• Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial
information of the entities or business units within the Company as a basis for forming an opinion on the
consolidated financial statements. We are responsible for the direction, supervision and review of the
audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, including any significant deficiencies in internal
control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters
that may reasonably be thought to bear on our independence, and where applicabl

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