Silver Tiger El Tigre Construction Update

Silver Tiger Metals Inc. (SLVR) issued a routine construction update on October 20, 2026, regarding its El Tigre Stockwork heap-leach project in Sonora, Mexico. The release recaps execution progress and funding status, noting no new economics, studies, or financing. Construction commenced in Q1 2026, with commissioning and first pour still targeted for December 2027, unchanged from the March 2026 construction decision.

The company maintains a total capital budget of US$124 million. Approximately US$24 million has been spent to date, with US$72 million committed, leaving roughly US$100 million remaining. Management states that cash on hand of approximately US$120 million is sufficient to complete construction.

Progress on detailed engineering, managed by KCA/KCN under EPCM, has reached 70%, up from 65% on September 14, 2026. Site preparation is largely finished, with cleared land and flora/fauna management at 100% completion. The 46 km Colonia Morelos–El Tigre road upgrade is also 100% complete, advancing from 85% on September 14 and 25% on July 8.

Infrastructure development includes a permanent man camp that is 72% complete and a contractor camp that is fully operational. Long-lead procurement for the crusher, conveyor/stacking system, and Merrill-Crowe plant/refinery is complete. Earthworks for the heap leach, ponds, and process plant platforms are 14% complete, while crusher and ancillary building platforms are 23% complete.

A 285-person Mexican engineering and construction team is currently on site, having logged 300,000 man-hours. Engineering is underway with vendors for concrete and civil works, with civil and structural steel contractor selection to follow.

Silver Tiger Metals Inc. (SLVR) issued a confirmatory update regarding its project status, providing no new information beyond what was disclosed in the September 14 construction update and the September 21 capital-cost and financing release. The company reported that the project remains on schedule, is fully funded according to management, and has secured all long-lead items. Progress on labor, clearing, road construction, and engineering has advanced since the prior update.

The total capital expenditure figure remains at US$124 million, unchanged from the September 21, 2026 disclosure. That previous figure represented an increase of approximately US$37 million, or roughly 43%, from the prior estimate, driven by industry cost escalation, a near-doubling of earthworks scope, and higher binding equipment pricing. This increase had already been absorbed by the market.

Regarding construction metrics, the September 14 report listed "earthworks… 30% complete" as a single line item. The October 20 update splits this category into 14% for heap leach, ponds, and process plant, and 23% for the crusher and ancillary facilities. This represents a resegmentation of data rather than a regression in progress. However, the lack of like-for-like figures means progress on this critical-path item cannot be precisely tracked from this release. Earthworks remain in the early stages relative to the December 2027 first pour.

Market conditions present a contrast to the operational narrative. The stock is trading at C$0.77, below the C$1.00 unit price of the October 2026 financing and approximately 42% below the C$1.33 peak reached in January 2026. Investors who purchased shares in recent placements are currently underwater, which tempers the positive message regarding the project being on track.

Prior-period context not included in this release indicates that the last reported balance sheet showed a zero-revenue, pre-production developer with C$69.3 million in cash and no debt at the most recent statement period. The US$120 million cash figure cited in the current update reflects the subsequent October 2026 financing.

Silver Tiger Metals Inc. (TSX:SLVR; OTCQX:SLVTF) is a Canadian-listed precious metals developer advancing its 100%-owned El Tigre silver-gold project in Sonora, Mexico. The project covers over 37,000 hectares, though earlier releases have described the scope as 28,414 hectares.

The company’s flagship asset is the El Tigre Stockwork Zone heap-leach project, which is currently under construction and targeting commissioning and first pour in December 2027. The company describes the site as Mexico's next potential silver-gold heap-leach producer.

Prior-period context disclosed on January 20, 2026, includes an updated Stockwork Pre-Feasibility Study (PFS) showing an after-tax net present value (NPV) of US$456 million and an internal rate of return (IRR) of 65.7%. This study assumes a 10-year mine life with average annual production of approximately 4.8 million ounces of silver-equivalent (AgEq). An underground Preliminary Economic Assessment (PEA) indicated an after-tax NPV of US$304 million and an IRR of 42.8% over a 15-year mine life. Both studies were modeled at US$38/oz Ag and US$3,200/oz Au. Management cited spot-price NPVs of roughly US$950 million for the Stockwork project and US$1.20 billion for the underground operation.

Historical production from the district, according to prior releases, totals approximately 353,000 ounces of gold and 67.4 million ounces of silver.

The technical team includes P&E Mining Consultants for the PEA and PFS, SGS Lakefield for metallurgy, WSP for geotechnical work, and D.E.N.M. for plant design. Permitting was handled by CIMA Mexico. Engineering, procurement, construction, and management (EPCM) services are provided by Kappes, Cassiday & Associates (KCA) and Kappes, Cassiday del Norte (KCN). Robert Harris, P.Eng., is the Qualified Person for today's release.