SEDAR Interim Financial Statements

Interim Unaudited Condensed Consolidated Financial Statements December 31, 2025 February 26, 2026 Management’s Report The accompanying interim unaudited condensed 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 interim unaudited condensed 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 interim unaudited condensed 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 interim unaudited condensed consolidated financial statements. The Audit Committee of the Board of Directors reviewed and approved the Company’s interim unaudited condensed consolidated financial statements and recommended their approval by the Board of Directors. These interim condensed consolidated financial statements have not been reviewed by the external auditors of the Company. (signed) “Glenn Jessome” (signed) “Keith Abriel” President and Chief Executive Officer Chief Financial Officer Halifax, Nova Scotia Halifax, Nova Scotia Unaudited Interim Condensed Consolidated Statements of Financial Position As at December 31, 2025 and March 31, 2025 Approved by the Board of Directors Signed “Richard Gordon”, Director Signed “Lila Maria Bensojo-Arras”, Director The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements. December 31, 2025 $ March 31, 2025 $ Assets Current assets Cash 69,265,751 3,191,662 Sales tax recoverable 216,450 111,807 Deposits and prepaid expenses 198,958 281,657 69,681,159 3,585,126 Property and equipment (note 5) 518,932 519,727 Resource properties (note 6) 86,295,895 76,647,260 156,495,986 80,752,113 Liabilities Current liabilities Accounts payable and accrued liabilities (note 7) 2,221,558 1,049,583 Equity (note 9) 154,274,428 79,702,530 156,495,986 80,752,113 Subsequent events (note 12) Unaudited Interim Condensed Consolidated Statements of Changes in Equity For the periods ended December 31, 2025 and 2024 The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements. Number of shares Share capital $ Contributed surplus $ Deficit $ Total $ Balance – March 31, 2024 365,047,833 105,498,250 9,392,237 (32,112,743) 82,777,744 Net loss and comprehensive loss for the period - - - (3,106,458) (3,106,458) Stock-based compensation (note 9) - - 879,000 - 879,000 Balance – December 31, 2024 365,047,833 105,498,250 10,271,237 (35,219,201) 80,550,286 Balance – March 31, 2025 365,047,833 105,498,250 10,565,237 (36,360,957) 79,702,530 Net loss and comprehensive loss for the period - - - (3,664,298) (3,664,298) Shares issued for cash via prospectus offering in April 2025, net of issue costs (note 9) 45,455,000 13,547,543 - - 13,547,543 Shares issued for cash via prospectus offering in October 2025 (note 9) 39,962,500 26,735,030 - - 26,735,030 Shares issued for cash via prospectus offering in November 2025 (note 9) 54,800, --- 000 37,378,532 - - 37,378,532 Shares issued, exercise of stock options (note 9) 3,332,808 912,740 (1,165,649) - (252,909) Stock-based compensation (note 9) - - 828,000 - 828,000 Balance – December 31, 2025 508,598,141 184,072,095 10,227,588 (40,025,255) 154,274,428 Unaudited Interim Condensed Consolidated Statements of Net Loss and Comprehensive Loss For the periods ended December 31, 2025 and 2024 The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements. Three Months ended December 31, 2025 $ Three Months ended December 31, 2024 $ Nine Months ended December 31, 2025 $ Nine Months ended December 31, 2024 $ Operating expenses Consulting fees (note 8) 627,500 383,750 877,500 633,750 Depreciation (note 5) 261 384 795 1,155 Dues and fees 34,176 6,232 65,893 16,376 Insurance 52,701 35,157 126,169 117,614 Office and other 75,041 32,164 146,790 65,155 Professional fees 190,735 351,297 377,157 1,134,526 Shareholder communication 559,443 361,386 1,040,849 648,248 Stock-based compensation (note 9) 268,000 252,000 828,000 879,000 Travel 159,784 76,213 257,799 151,153 Wages and benefits 204,346 54,340 362,547 124,602 2,171,987 1,552,923 4,083,499 3,771,579 Other expenses (income) Interest income (270,279) (164,355) (463,992) (778,489) Foreign exchange loss 31,018 (39,702) 44,791 113,368 Net loss and comprehensive loss for the periods 1,932,726 1,348,866 3,664,298 3,106,458 Net loss per share – Basic and diluted 0.00 0.00 0.01 0.01 Weighted average outstanding common shares – Basic and diluted 470,632,684 365,047,833 428,734,840 365,047,833 Unaudited Interim Condensed Consolidated Statements of Cash Flows For the periods ended December 31, 2025 and 2024 The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements. December 31, 2025 $ December 31, 2024 $ Cash provided by (used in) Operating activities Net loss and comprehensive loss for the periods (3,664,298) (3,106,458) Charges to net and comprehensive loss not affecting cash Stock-based compensation (note 9) 828,000 879,000 Interest income - (29,000) Depreciation expense (note 5) 795 1,155 (2,835,503) (2,255,303) Net changes in non-cash working capital balances related to operations Decrease (increase) in sales tax recoverable (104,643) 10,278 Decrease (increase) in prepaid expenses 82,699 119,842 Increase (decrease) in accounts payable and accrued liabilities (note 10) 1,037,110 394,157 (1,820,337) (1,731,026) Investing activity Expenditures on resource properties (notes 6 and 10) (9,513,770) (1,877,976) Financing activities Proceeds from issuance of common shares (note 9) 83,777,150 - Share issue costs paid (note 9) (6,116,045) - Proceeds from exercise of stock options (note 9) 222,288 - Payroll withholding taxes paid on exercise of stock options (note 9) (475,197) - 77,408,196 - Net change in cash during the periods 66,074,089 (3,609,002) Cash – Beginning of periods 3,191,662 9,223,376 Cash – End of periods 69,265,751 5,614,374 Notes to Unaudited Interim Condensed Consolidated Financial Statements For the period ended December 31, 2025 (1) 1 Nature of operations Silver Tiger Metals Inc. (the “Company”) was incorporated under the Canada Business Corporations Act on June 14, 2010. Its common shares are listed on the TSX Venture Exchange (the “Exchange”) under the trading symbol SLVR and on the OTCQX under the trading symbol SLVTF. The Company’s registered office is located at 2446 Purce --- lls Cove Road, Halifax, Nova Scotia. The Company has one reportable and one geographic segment. The Company is a mineral exploration company engaged in locating and acquiring high quality projects and exploring for silver and gold. To date, the Company has not generated any revenue and is considered to be in the exploration stage. The Company is in the process of exploring and evaluating its resource properties in Mexico. The recoverability of amounts spent for the acquisition, exploration and development of the resource properties is dependent upon the discovery of economically recoverable reserves, the ability of the Company to obtain the necessary financing to complete the exploration and development of its properties, and upon future profitable production or proceeds from the disposition of the properties. The operations of the Company will require various licenses and permits from governmental authorities which are or may be granted subject to various conditions and may be subject to renewal from time to time. There can be no assurance that the Company will be able to comply with such conditions and obtain or retain all necessary licenses and permits that may be required to carry out exploration, development and mining operations at its projects. Failure to comply with these conditions may render the licenses liable to forfeiture. 2 Basis of presentation Statement of compliance These unaudited interim condensed consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS Accounting Standards”), as applicable to interim financial statements including International Accounting Standard 34, Interim Financial Reporting (“IAS 34”). Accordingly, certain information normally included in annual financial statements prepared in accordance with IFRS Accounting Standards have been omitted or condensed. The preparation of financial statements in accordance with IFRS Accounting Standards requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements have been set out in note 2 of the Company’s consolidated annual financial statements for the year ended March 31, 2025. These financial statements should be read in conjunction with the Company’s consolidated annual financial statements for the year ended March 31, 2025. The Board of Directors approved the consolidated financial statements for issue on February 26, 2026. Notes to Unaudited Interim Condensed Consolidated Financial Statements For the period ended December 31, 2025 (2) 3 Material accounting policies These financial statements have been prepared using the same accounting policies and methods of computation as the annual financial statements of the Company for the year ended March 31, 2025. Refer to note 3 – Material accounting policies and note 4– Changes in accounting policies and disclosures and future accounting policy changes, of the Company’s annual consolidated financial statements for the year ended March 31, 2025, for information on accounting policies and new accounting standards not yet effective. 4 Capital management The Company manages its capital structure and makes adjustments to it, based on the funds available to th --- e Company. The Company considers capital to be total equity, which as at December 31, 2025, totaled $154,274,428 (March 31, 2025 – $79,702,530). The Board of Directors does not establish quantitative return on capital criteria for management, but rather relies on the expertise of the Company’s management to sustain future development of the business. The Company is not subject to externally imposed capital requirements. Notes to Unaudited Interim Condensed Consolidated Financial Statements For the period ended December 31, 2025 (3) 5 Property and equipment The following tables summarized property and equipment for the period ended December 31, 2025: Cost Beginning $ Additions $ Ending $ Computer equipment 4,753 - 4,753 Furniture and equipment 4,812 - 4,812 Processing equipment 514,976 - 514,976 524,541 - 524,541 Accumulated deprecation Beginning $ Additions $ Ending $ Computer equipment 2,774 441 3,215 Furniture and equipment 2,040 354 2,394 Processing equipment - - - 4,814 795 5,609 Net Cost $ Accumulated depreciation $ Total $ Computer equipment 4,753 3,215 1,538 Furniture and equipment 4,812 2,394 2,418 Processing equipment 514,976 - 514,976 524,541 5,609 518,932 Notes to Unaudited Interim Condensed Consolidated Financial Statements For the period ended December 31, 2025 (4) 6 Resource properties $ Balance – March 31, 2024 73,117,087 Exploration and property costs incurred 5,896,513 Recovery of VAT receivable (4,344,791) Balance – December 31, 2024 74,668,809 Balance – March 31, 2025 76,647,260 Exploration and property costs incurred 9,648,635 Balance – December 31, 2025 86,295,895 On September 15, 2015, the Company entered into an arrangement agreement with El Tigre Silver Corp. (“El Tigre”) to combine the respective companies by way of a statutory plan of arrangement pursuant to the Business Corporations Act (British Columbia), under which the Company acquired all of the outstanding common shares of El Tigre in exchange for common shares of the Company on the basis of 0.2839 of one Company share for every one El Tigre share (the “Transaction”). The Transaction was completed on November 13, 2015. El Tigre holds nine Mexican Federal mining concessions, located in north-eastern Sonora State, of which eight are collectively referred to as the El Tigre Property (“El Tigre Property”). The concessions are 100% held by El Tigre through its wholly-owned subsidiaries, Silver Tiger México S.A. de C.V. and Compãnia Minera Talaman S.A. de C.V. In 2016, the Company entered into a land access agreement with the land-owners of the El Tigre Property. Under the agreement, the Company is required to pay the land-owners USD$1,030,000, of which USD$110,000 was payable on the date of the agreement, with the remaining to be paid over an 84-month period in equal monthly instalments of USD$10,952. The Company will acquire 6,283 hectares of land within the boundaries of the El Tigre Property at the end of the 84-month period if all required payments were made according to the agreement. The monthly payments paid have been recorded to resource properties. As at December 31, 2025, all required monthly payments have been made and on June 12, 2024, the Company provided the landowners with written notice of intention to exercise its right to acquire the El Tigre Property. The process of transferring ownership of the El Tigre Property has commenced but has not yet been completed as of the date of these interim condensed consolidated financial statements. Pursuant --- to the land access agreement, at such time as the tailings portion of the EL Tigre Property is put into production, the Company is required to make the following additional payments to the land-owners; US$3 per ounce of gold produced if the gold price is below US$1,200, US$5 per ounce of gold produced if the gold price is between US$1,201 and US$1,500 and US$7 per ounce of gold produced if the gold price is above US$1,501. Additionally, the Company is required to make a payment of US$500,000 to the land-owners upon establishing commercial production. Notes to Unaudited Interim Condensed Consolidated Financial Statements For the period ended December 31, 2025 (5) 7 Accounts payable and accrued liabilities December 31, 2025 $ March 31, 2025 $ Accounts payable 1,463,354 765,129 Accrued liabilities 758,204 284,454 2,221,558 1,049,583 As at December 31, 2025, $11,464 (March 31, 2025 – $16,496) of accounts payable and accrued liabilities is due to companies owned by the Chief Executive Officer, Chief Financial Officer and Vice President Exploration. 8 Related party transactions Consulting services were provided during the period ended December 31, 2025 by a corporation owned by the Chief Executive Officer of the Company. The cost of these consulting services during the period was $406,250 (December 31, 2024 – $281,250). The Company recorded these costs to consulting fees. Consulting services were provided during the period ended December 31, 2025 by a corporation owned by the Chief Financial Officer of the Company. The cost of these consulting services during the period was $133,750 (December 31, 2024 – $93,750). The Company recorded these costs to consulting fees. Geological consulting services were provided during the period by a corporation owned by the Vice President Exploration of the Company. The cost of these consulting services during the period was $49,500 (December 31, 2024 –$49,500). The Company recorded these costs to resource properties. Notes to Unaudited Interim Condensed Consolidated Financial Statements For the period ended December 31, 2025 (6) 9 Shareholders’ equity Capital stock Authorized Unlimited number of common shares, without nominal or par value Issued and outstanding Number of shares # Amount $ Balance – March 31, 2024, December 31, 2024 and March 31, 2025 365,047,833 105,498,250 Shares issued for cash via prospectus offering in April 2025, net of issue costs 45,455,000 13,547,543 Shares issued for cash via prospectus offering in October 2025, net of issue costs 39,962,500 26,735,030 Shares issued for cash via prospectus offering in November 2025, net of issue costs 54,800,000 37,378,532 Shares issued for cash, exercise of stock options 3,332,808 912,740 Balance – December 31, 2025 508,598,141 184,072,095 On April 14, 2025, the Company closed a bought deal offering of common shares (the “Offering”) whereby 45,455,000 common shares of the Company were issued at a price of $0.33 per common share for gross proceeds of $15,000,150 by a syndicate of underwriters (the “Underwriters”). The Underwriters were paid a cash commission of 6% of the gross proceeds of the Offering. The capital stock value of the common shares issued is presented net of share issue costs of $1,452,607. On October 7, 2025, the Company closed a bought deal offering of common shares (the “Offering”) whereby 39,962,500 common shares of the Company were issued at a price of $0.72 per common share for gross proceeds of $28,773,000 by a syndicate of und --- erwriters (the “Underwriters”). The Underwriters were paid a cash commission of 6% of the gross proceeds of the Offering. The capital stock value of the common shares issued is presented net of share issue costs of $2,037,970. On November 26, 2025, the Company closed a bought deal offering of common shares (the “Offering”) whereby 54,800,000 common shares of the Company were issued at a price of $0.73 per common share for gross proceeds of $40,004,000 by a syndicate of underwriters (the “Underwriters”). The Underwriters were paid a cash commission of 6% of the gross proceeds of the Offering. The capital stock value of the common shares issued is presented net of share issue costs of $2,625,468. During the period ended December 31, 2025, 4,673,750 stock options were exercised and settled on a net basis, resulting in the issuance of 3,332,808 common shares after withholding for income taxes, resulting in the payment of income taxes of $475,198. Notes to Unaudited Interim Condensed Consolidated Financial Statements For the period ended December 31, 2025 (7) 9 Shareholders’ equity (continued) Stock options The Company has a common share purchase option plan (the “Plan”) for directors, officers, employees and consultants. The total number of options issued and outstanding at any time cannot exceed 10% of the issued and outstanding common shares of the Company unless shareholder and regulatory approvals are obtained. Options granted under the Plan have a ten-year term. Options are granted at a price no lower than the market price of the common shares less any discounts allowed by the Exchange at the time of the grant. In determining the stock-based compensation expense, the fair value of options issued is estimated using the Black-Scholes option pricing model. Expected volatility is based on actual volatility of similar companies. The following table summarizes the changes in the Company’s stock options during the periods ended December 31, 2025 and 2024: Weighted average exercise price $ Number of options # Weighted average remaining life (years) Balance – March 31, 2024 0.28 23,055,000 5.8 Expired during the period 0.42 (1,275,000) Balance – December 31, 2024 0.27 21,780,000 5.4 Balance – March 31, 2025 0.27 25,805,000 5.9 Exercised during the period 0.17 (4,673,750) Balance – December 31, 2025 0.29 21,131,250 6.2 As at December 31, 2025, 29,728,564 options remained available for future grants under the Plan. Options vested and exercisable as at December 31, 2025 totaled 15,948,433 with an average exercise price of $0.31 per share. The Company charged $480,000 in stock-based compensation related to stock options to the consolidated statements of net loss and comprehensive loss for the period ended December 31, 2025 (December 31, 2024 – $469,000). Notes to Unaudited Interim Condensed Consolidated Financial Statements For the period ended December 31, 2025 (8) 9 Shareholders’ equity (continued) Contributed surplus $ Balance – March 31, 2024 9,392,237 Stock-based compensation related to stock options 469,000 Stock-based compensation related to DSUs 410,000 Balance – December 31, 2024 10,271,237 Balance – March 31, 2025 10,565,237 Exercise of stock options (1,165,649) Stock-based compensation related to stock options 480,000 Stock-based compensation related to DSUs 348,000 Balance – December 31, 2025 10,227,588 Deferred share units The Company has a deferred share unit plan (the “DSU Plan”) whereby Participants may elect to receive all or a por --- tion of their annual compensation or bonus compensation, if any, in deferred share units (“DSUs”). The election, if it is made, must be for a minimum of 10%, or a multiple thereof, of such compensation in DSUs. The number of DSUs received is equal to the amount of compensation elected to be received in DSUs, divided by the volume-weighted average trading price of the common shares on the TSX for the 5 trading days immediately prior to the payment date. DSUs awarded under the DSU Plan in lieu of annual or bonus compensation will vest immediately. In addition, the Board of Directors has the authority to make discretionary awards of DSU’s to Participants under the DSU Plan. DSUs granted pursuant to discretionary awards will vest in accordance with the vesting schedule determined by the Board of Directors. Generally, DSUs will vest equally over three years, with one- third of the awarded DSUs vesting on each of the first, second and third anniversaries of the date of the award. All unvested DSUs will vest immediately in the case of a change of control of the Company. In addition, in the event of the death or termination without cause of a Participant that received DSUs, the Participant’s DSUs will vest immediately. The Board of Directors may at any time shorten the vesting period of any or all DSUs. The maximum number of common shares issuable under the DSU Plan is 15,000,000. Each DSU held by a Participant must be redeemed by the Company within 10 years of the grant for DSU Plan shares issued from treasury. Each vested DSU held by a Participant who ceases to be an eligible employee, director or officer shall be redeemed by the Company effective as at the separation date for DSU Plan shares issued from treasury. The fair value of the DSU’s is determined based on the Company’s trading price of its common shares on the day of the grant. Notes to Unaudited Interim Condensed Consolidated Financial Statements For the period ended December 31, 2025 (9) 9 Shareholders’ equity (continued) The Company recognized $348,000 (December 31, 2024 - $410,000) in stock-based compensation expense to the consolidated statements of net loss and comprehensive loss for the period ended December 31, 2025 in relation to the outstanding DSUs. The following table summaries the changes in the Company’s DSUs for the periods ended December 31, 2025 and 2024: Number # Balance – March 31, 2024 and December 31, 2024 8,045,000 Balance – March 31, 2025 and December 31, 2025 9,995,000 Exercisable at December 31, 2025 5,695,000 10 Supplemental cash flow information As at December 31, 2025, the Company’s accounts payable included expenditures on resource properties of $507,150 (March 31, 2025 – $372,285). 11 Financial instruments and other Credit risk The Company manages credit risk by holding its cash and cash equivalents with high quality financial institutions in Canada, where management believes the risk of loss to be low. The Company also has approximately $3.7 million of Mexican VAT receivable as at December 31, 2025 (March 31, 2025 - $3.0 million). While the Company is still pursuing collection, with the delay in processing and collection, management determined that it was appropriate to continue to recognize the VAT receivable, other than known collections, to resource properties as a cost of exploration. The timing and amount of the VAT ultimately collectible could be materially different from the amount recorded in the interim unaudited condensed consolidated financia --- l statements. Liquidity risk Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company’s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions. Notes to Unaudited Interim Condensed Consolidated Financial Statements For the period ended December 31, 2025 (10) 11 Financial instruments and other (continued) Management concluded that the Company has sufficient cash on hand to meet its obligations as they become due for the next twelve months, considering the Company’s planned exploration and development activities on its resource properties. The Company has the ability to scale its exploration and development activities, and will do so as necessary, based on cash availability. The Company will need to raise further financing to fund future additional exploration and development activities. Market risk Market risk is the risk of loss that may arise from changes in market factors such as interest rates, foreign exchange rates and commodity and equity prices. a) Interest rate risk The Company has no interest-bearing debt and aside from the interest earned on its cash balances is not exposed to any significant interest rate risk. b) Foreign currency risk The Company operates in Mexico, giving rise to foreign currency risk. To limit the Company’s exposure to this risk, cash is primarily held with high quality financial institutions in Canada. As at December 31, 2025, the Company held the following financial instruments in foreign currencies: US$ Pesos Cash 63,621 105,029 Accounts payable and accrued liabilities 231,910 2,263,021 c) Price risk The Company is not exposed to any direct price risk other than that associated with commodities and how fluctuations impact companies in the mineral exploration and mining industries as the Company has no significant revenues. Notes to Unaudited Interim Condensed Consolidated Financial Statements For the period ended December 31, 2025 (11) 12 Subsequent events a) On February 18, 2026, the Company closed a bought deal 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, which includes the exercise in full of the underwriters’ 15% over-allotment. b) Subsequent to December 31, 2025, the Company granted 2,640,000 stock options at an exercise price of $1.27 and vesting over 3 years and 2,625,000 restricted share units vesting over 3 years to directors, officers and consultants of the Company. c) Subsequent to December 31, 2025, 450,000 stock options were exercised at a price of $0.17 per option and settled on a net basis, resulting in the issuance of 354,297 common shares.