MDA

Extracted Document Text

This is a readable excerpt of the EGM normalized Markdown text. It helps search engines and researchers understand PDF, filing, or company-document content while the original source remains authoritative.

# MDA

Source: https://silvertigermetals.com/files/silver_tiger_metals_inc__annual_report_2020-mda.pdf
Fetched: 2026-09-12T07:08:59.82+00:00
Source artifact: 3c458e2d-cd10-4194-b757-a0b300c7e726
Normalizer input: text

## Content

# MDA
2020 ANNUAL REPORT
Website: www.silvertigermetals.com
Email: info@silvertigermetals.com
MANAGEMENT’S DISCUSSION & ANALYSIS FOR THE YEAR ENDED MARCH 31, 2020
Background
This Management Discussion and Analysis (MD&A) of Silver Tiger Metals Inc. (previously Oceanus Resources
Corporation) (“Silver Tiger” or “the Company”) is dated July 29, 2020 and provides an analysis of the financial
operating results for the year ended March 31, 2020. This MD&A should be read in conjunction with the audited
consolidated financial statements and accompanying notes for the years ended March 31, 2020 and March 31, 2019
which have been prepared in accordance with International Financial Reporting Standards (“IFRS”) for financial
statements. 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.sedar.com under the Company’s name.
The common shares of Silver Tiger are traded on the TSX Venture Exchange under the symbol SLVR and on the
OTCQB 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. Refer to the section titled “Risks and Uncertainties”.
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 Suite 2108, Purdy's Tower Two,1969 Upper Water Street, Halifax, Nova
Scotia B3J 3R7.
MANAGEMENT’S DISCUSSION & ANALYSIS FOR THE YEAR ENDED MARCH 31, 2020
Silver Tiger is a gold and silver exploration company operating in Mexico, with 100-per-cent ownership of the 35-
kilometer-long, royalty-free El Tigre property located in Sonora State. A maiden resource estimate for the El Tigre
property was reported on September 13, 2017, and filed on SEDAR on October 26, 2017, containing indicated
resources of 661,000 gold equivalent ounces at 0.77 gram per tonne (21 g/t silver and 0.51 g/t gold) and inferred
resources of 341,000 gold equivalent ounces at 1.59 g/t (88 g/t silver and 0.52 g/t gold).
July 2020 $11 Million Financing
On July 27, 2020, the Company completed a non-brokered private placement raising gross proceeds of $11,000,000
through the issuance of 36,666,667 units at a price of $0.30 per unit. Each unit consists of one common share and
one-half common share purchase warrant. Each full common share purchase warrant entitles the subscriber to acquire
one common share at a price of $0.50 until July 28, 2023. The common shares issued pursuant to this private placement
are subject to a 4 month hold period that expires on November 29, 2020.
El Tigre Property, Mexico
El Tigre holds eight Mexican Federal mining concessions, located in north-eastern Sonora State and totaling 215
square kilometers, collectively referred to as the El Tigre Silver and Gold Property (“El Tigre Property”). The
concessions are 100% held by El Tigre through its wholly owned subsidiary, Pacemaker Silver Mining SA de CV and
its wholly owned subsidiary, Compãnia Minera Talaman SA de CV. El Tigre also holds one additional 0.32 square
kilometers claim, known as the San Juan Property, separate from the El Tigre Silver Property, also located in Sonora
State, Mexico.
The El Tigre Property is located in the Sierra El Tigre of north‐eastern Sonora State, 90 kilometers south‐southeast of
the border towns of Agua Prieta, Mexico and Douglas, Arizona. The Property covers the historic El Tigre Mine and
tailings as well as additional targets. Discovered in 1900 by the Lucky Tiger Combination Gold Mining Company of
Kansas City, Missouri, the El Tigre Mine originally began as a gold producer but quickly shifted to silver when it was
discovered that the silver was more plentiful than gold. From 1903 to 1938 mine production was estimated at 70 to 75
million ounces of silver and an estimated 325,000 to 350,000 ounces of gold. The El Tigre Mine’s reported production
through 1927 was 1,198,447 tonnes averaging 1,308 grams of silver and 7.54 grams of gold per tonne with 0.4%
copper, 1.1% lead and 1.4% zinc (Craig, 2012). This is equivalent to 50.4 million ounces of silver and 290,543 ounces
of gold. The mine was shut down in 1938, primarily due to low metal prices, and the El Tigre Property remained
dormant until 1981 when Anaconda Minerals Company (“Anaconda”) commenced exploration on the property.
From 1981 to 1984, Anaconda Minerals Company (“Anaconda”) completed an extensive district scale exploration
program including geological mapping, test work on the tailings as well as drilling 7,812 meters in 22 holes. From
2011 to 2013 El Tigre drilled a total of 59 diamond core holes totaling 9,411 meters of drill length.
Silver Tiger carried out an infill gap sampling program on the legacy diamond drill core at the El Tigre Property during
2016 followed by an infill drilling program which was completed in May 2017. Silver Tiger released its’ maiden
resource estimate for El Tigre in September 2017 (see section titled “Mineral Resource Estimate”).
Silver Tiger 2016 Infill Gap Sampling Program
During the first half of calendar 2016 Silver Tiger carried out an infill gap sampling program on the legacy diamond
drill core at the El Tigre Property. Silver Tiger disclosed the results from 53 drill holes over a strike length of 1,675
meters, located between Sections 4975N and 3300N, in press releases dated March 7, 2016, May 16, 2016 and June
28, 2016.
The goals of the sampling program are to “twin” several of the high-grade intersections identified by the original
sampling in 2013 and to assay sections of the core not previously sampled to provide complete assay coverage over
the length of the holes.
2
MANAGEMENT’S DISCUSSION & ANALYSIS FOR THE YEAR ENDED MARCH 31, 2020
These assay results indicate a broader halo of gold and silver mineralization than was previously recognized. Due to
the slope of the hillside, many of the legacy drill holes are collared on the mineralization.
After Silver Tiger included the new assay results for the legacy diamond drill holes, the mineralized intercepts for
select holes are as follows:
 Hole ET-13-051 - 127.0 meters of 2.16 g/t gold equivalent consisting of 1.80 g/t gold and 27.5 g/t silver;
including 33.0 meters of 4.73 g/t gold equivalent consisting of 4.48 g/t gold and 18.5 g/t silver
 Hole ET-13-066 – 97.7 meters of 1.80 g/t gold equivalent consisting of 0.90 g/t gold and 67.5 g/t silver;
including 3.5 meters of 34.33 g/t gold equivalent consisting of 15.99 g/t gold and 1,375.6 g/t silver
 Hole ET-13-075 – 104.0 meters of 1.01 g/t gold equivalent consisting of 0.53 g/t gold and 36.1 g/t silver
 Hole ET-13-077 – 139.1 meters of 1.02 g/t gold equivalent consisting of 0.94 g/t gold and 6.6 g/t silver
 Hole ET-10-031 – 92.9 meters of 0.80 g/t gold equivalent consisting of 0.39 g/t gold and 30.4 g/t silver;
including 7.5 meters of 2.07 g/t gold equivalent consisting of 1.11 g/t gold and 72.6 g/t silver.
 Hole ET-10-033 – 48.6 meters of 1.46 g/t gold equivalent consisting of 0.61 g/t gold and 63.9 g/t silver;
including 9.5 meters of 5.46 g/t gold equivalent consisting of 1.80 g/t gold and 274.5 g/t silver.
Complete assay results for the infill gap sampling program are included in appendices to press releases dated March
7, 2016, May 16, 2016 and June 28, 2016 which are available on SEDAR and the Company’s website.
Silver Tiger 2016-2017 Drill Program
Silver Tiger completed the 2016-17 infill drilling program at El Tigre in May 2017 having drilled a total of 62 diamond
drill holes totalling 11,923.1 meters. The purpose of this drill program was to support a NI 43-101 resource estimation
for the El Tigre Property. The results from the Silver Tiger drilling, prior drilling and other data will be incorporated
into the resource estimation being completed by P&E Mining Consultants Inc.
The initial phase of the drill program consisted of drilling several new holes near drill holes ET-13-051 and ET-13-
064 to cross the entire width of the mineralized zone and end in the barren footwall rock; drilling several holes to test
the extension of the high grade clavos; and completing a fence of drill holes across the entire mineralized zone
consisting of the Sooy Vein in the hanging wall, the central El Tigre Vein and the Seitz-Kelly Vein in the footwall.
Assay results from this drilling program are included in press releases dated September 14, 2016, October 18, 2016,
December 14, 2016, March 6, 2017, May 25, 2017, June 7, 2017 and June 29, 2017. These drill results demonstrated
wide oxidized zones of precious-metals mineralization at El Tigre that outcrop at surface.
Highlight results from drilling at the Main Deposit include the following:
 Hole ET-16-083 – 121.1 meters of 1.38 g/t gold equivalent consisting of 1.02 g/t go

[Excerpt trimmed for readability. Open the original source for the complete filing or document.]