MDA

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# MDA

Source: https://silvertigermetals.com/files/Silver_Tiger_MDA_-_June_30%2C_2026_-_Final.pdf
Fetched: 2026-09-12T07:09:03.316+00:00
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## Content

# MDA
MANAGEMENT’S DISCUSSION & ANALYSIS FOR THE THREE-MONTH PERIOD ENDED JUNE 30, 2026
Background
This Management Discussion and Analysis (MD&A) of Silver Tiger Metals Inc. (“Silver Tiger” or “the Company”)
is dated August 13, 2026 and provides an analysis of the financial operating results for the three-month period ended
June 30, 2026. This MD&A should be read in conjunction with the interim unaudited condensed consolidated financial
statements and accompanying notes for the three-month period ended June 30, 2026, which have been prepared in
accordance with International Financial Reporting Standards as issued by the International Accounting Standards
Board (“IFRS Accounting Standards”). All amounts are in Canadian dollars unless otherwise specified. The financial
statements and additional information, including news releases and technical reports referenced herein, are available
on the Canadian System for Electronic Document Analysis and Retrieval (SEDAR+) at www.sedarplus.ca under the
Company’s name.
The common shares of Silver Tiger are traded on the Toronto Stock Exchange under the symbol SLVR and on the
OTCQX under the symbol SLVTF. Additional information can be found on the Company’s website at
www.silvertigermetals.com .
Forward-Looking Information
Certain statements in this MD&A 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, through the use of words or phrases such as “may”, “is expected to”,
“anticipates”, “estimates”, “intends”, “plans”, “projection”, “could”, “vision”, “goals”, “objective” and “outlook”) are
not historical 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.
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; substantial capital requirements and liquidity; financing risks and dilution to shareholders;
competition; reliance on management and dependence on key personnel; fluctuating mineral and commodity prices
and marketability of minerals; title to properties; local residential concerns; no mineral reserves or mineral resources;
environmental risks; governmental regulations and processing licenses and permits; management inexperience in
developing mines; conflicts of interest of management; uninsurable risks; exposure to potential litigation; no history
of paying dividends and no intention of paying dividends in the near future; 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. See “Risk Factors” section of this MD&A for additional details.
Silver Equivalent Used Throughout this MD&A
Unless otherwise noted herein, silver equivalent (Age) grades are based on a silver to gold price ratio of 75:1 (Au:Ag).
Copper, lead and zinc are converted using US$3.66 per pound copper, US$0.90 per lb lead and US$1.26/lb zinc at
100 % metal recoveries based on a silver price of US$26 per ounce.
MANAGEMENT’S DISCUSSION & ANALYSIS FOR THE THREE-MONTH PERIOD ENDED JUNE 30, 2026
Company Overview
Silver Tiger was incorporated on June 14, 2010 under the Canada Business Corporations Act (CBCA). The registered
and head office of the Company is located at 2446 Purcells Cove Road, Halifax, Nova Scotia B3V 1G3.
Silver Tiger is a silver and gold exploration company operating in Mexico, with 100 percent ownership of the rights
to the 35 kilometer long El Tigre Silver-Gold Property (the “El Tigre Property”) located in Sonora State.
Graduation to the Toronto Stock Exchange (“TSX”)
In May 2026, the Toronto Stock Exchange 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 Company's ticker symbol, "SLVR", remains unchanged. Silver Tiger's shareholders are not required to take any
action in connection with the graduation to the TSX.
Receipt of all Required Approvals to Construct The El Tigre Stockwork Zone
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 now granted, Silver Tiger is now ready to advance the El Tigre Stockwork Zone
towards construction.
Construction Decision and an Engineering Procurement and Construction Management Contract (“EPCM”)
On March 18, 2026 the Company announced that the Board of Directors of the Company had approved the
construction decision for the El Tigre Stockwork Zone Project and in March 2026, the Company announced it had
entered into an EPCM with Kappes, Cassiday & Associates (“KCA”) and Kappes, Cassiday del Norte S de RL de CV
(“KCN”) to assist in the construction of the mine and process plant at El Tigre. The Company has also now hired its
own experienced mine construction executive team to work with KCA and KCN. Commissioning and first pour are
targeted for December 2027.
Significant progress has been made to date including:
• Build out of Mexican engineering and construction team is nearing completion with a total of 166 persons
on site and 100,000-man hours logged since start of construction;
• Detailed engineering by Kappes, Cassiday & Associates (“KCA”) and Kappes, Cassiday del Norte S de RL
de CV (“KCN) pursuant to the Engineering Procurement and Construction Management Contract
(“EPCM”) for the Project is proceeding on schedule;
• Procurement on long lead items is complete, including crusher plant, conveyer and stacking system, and the
Merrill-Crowe plant and refinery;
• Land clearing and flora/fauna management for the total construction area is 60% complete;
• Installation of construction offices has been completed; and
• Engineering for improvements to the 46 km road built from Colonia Morelos to El Tigre is complete. The
contract to improve this road has been awarded and work has begun, with 25% of road improvements
complete.
• The major earthworks contract has been awarded for the heap leach, ponds and crusher platforms and these
earthworks have commenced; and
• Comision Federal de Electricidad (“CFE”) has granted access to grid electrical power for the El Tigre
Project.
2
MANAGEMENT’S DISCUSSION & ANALYSIS FOR THE THREE-MONTH PERIOD ENDED JUNE 30, 2026
February 2026 - $57.5 Million Bought Deal Financing
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 the 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 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.
November 2025 - $40.0 Million Bought Deal Financing
On November 26, 2025, Silver Tiger closed a bought deal offering (the “November 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 the “November
Underwriters”). The November Underwriters were paid a cash commission of 5.5% on the gross proceeds of the
November Offering. The Company is using the proceeds of the November 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.
October 2025 - $28.8 Million Bought Deal Financing
On October 7, 2025, Silver Tiger closed a bought deal offering (the “October 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 was led by Stifel Nicolaus Canada Inc. as sole bookrunner, and Desjardins Capital Markets (together
with Stifel, the “October Co-Lead Underwriters”) as co-lead underwriters, and BMO Capital Markets and Ventum
Financial Corp. (together with the October Co-Lead Underwriters, the “October Underwriters”). The October
Underwriters were paid a cash commission of 6% on the gross proceeds of the October 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 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.
April 2025 - $15 Million Bought Deal Financing
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 Offering”) led by a syndicate of underwriters
(“the April Underwriters”) led by Stifel Canada and Desjardins Capital Markers, as co-lead underwriters and joint
bookrunners, and BMO Capital Markets, SCP Resource Finance LP, Ventum Financial Corp., and Canaccord Genuity
Corp. The April Underwriters were paid a cash commission of 6% of the gross proceeds of the Offering. 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.
3
MANAGEMENT’S DISCUSSION & ANALYSIS FOR THE THREE-MONTH PERIOD ENDED JUNE 30, 2026
Continuous Advancement of the El Tigre Property
Silver Tiger acquired the El Tigre Propert

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