Silver Tiger files report for El Tigre
Executive Summary
- Silver Tiger Metals Inc. has filed a Preliminary Economic Assessment (PEA) for the underground mining of the El Tigre project and an updated Pre-Feasibility Study (PFS) for the Stockwork zone, both based on new consensus metal prices ($38/oz Ag, $3,200/oz Au).
- The underground PEA highlights a $304-million after-tax NPV (5% discount), a 42.8% after-tax IRR, and a 15-year mine life producing 38 million payable silver equivalent ounces.
- The updated Stockwork PFS highlights a $456-million after-tax NPV (5% discount), a 65.7% after-tax IRR, and a 10-year mine life producing 43 million payable silver equivalent ounces.
Key Details
Underground PEA Highlights (Base Case: $38/oz Ag, $3,200/oz Au) * Financials: After-tax NPV (5%) of $304 million; After-tax IRR of 42.8%; Payback period of 2.6 years. * Production: 15-year mine life; Total recovery of 38 million payable silver equivalent ounces (AgEq) or 453,000 gold equivalent ounces (AuEq). * Composition: 34 million silver ounces and 130,000 gold ounces. * Average annual production: ~2.3 million AgEq oz (2.1 million Ag oz, 8,000 Au oz). * Costs & Capital: * Initial capital costs: $83.5 million (including $10.9 million contingency) over an 18-month build. * Sustaining capital: $213 million over the life of mine. * Average LOM operating cash costs: $1,351/oz AuEq ($16.05/oz AgEq). * Average LOM All-In Sustaining Costs (AISC): $2,019/oz AuEq ($23.98/oz AgEq). * Scope: Focuses on El Tigre, Sulphide, Black Shale, and Seitz Kelly zones. Does not include the 38 million AgEq ounces in the Northern veins. Designed as a stand-alone operation with potential $17 million capital cost overlap with the PFS.
Updated Stockwork PFS Highlights (Base Case: $38/oz Ag, $3,200/oz Au) * Financials: After-tax NPV (5%) of $456 million; After-tax IRR of 65.7%; Payback period of 1.4 years. * Production: 10-year mine life; Total recovery of 43 million payable silver equivalent ounces (AgEq) or 509,000 payable gold equivalent ounces (AuEq). * Composition: 9 million silver ounces and 408,000 gold ounces. * Average annual production: ~4.8 million AgEq oz (56,500 AuEq oz). * Costs & Capital: * Initial capital costs: $86.8 million (including $9.3 million contingency) over an 18-month build. * Expansion capital: $20.1 million in year three. * Sustaining capital: $6.2 million over the life of mine. * Average LOM operating cash costs: $997/oz AuEq ($11.70/oz AgEq). * Average LOM All-In Sustaining Costs (AISC): $1,238/oz AuEq ($14.50/oz AgEq). * Reserve Status: Phase 1 starter pit has three years of production in the proven category, representing 60% of the overall final pit mineral reserve in the proven category.
Administrative & Other Updates * OTCQX Ranking: Company named to the 2026 OTCQX Best 50 based on 2025 performance (equal weighting of 1-year total return and average daily dollar volume growth). * Option Grants: On Jan. 23, 2026, granted 2.64 million stock options at $1.22 exercise price (10-year term, 3-year vesting) and 2,625,000 RSUs (3-year vesting) to directors, officers, employees, and consultants. * Conference Attendance: Attending Mineral Investment Forum (Vancouver, Jan 23-24) and Vancouver Resource Investment Conference (Vancouver, Jan 25-26), including corporate presentations and a silver forecast panel.
Notable Quotes
- None explicitly quoted in the text; however, the release notes that David R. Duncan, PGeo, VP, Exploration, reviewed and approved the scientific and technical information.