Mr. David Duncan reports

SILVER TIGER ANNOUNCES FILING OF A PEA FOR THE UNDERGROUND AND AN UPDATED PRE-FEASIBILITY STUDY TECHNICAL REPORT FOR THE EL TIGRE SILVER-GOLD PROJECT

Silver Tiger Metals Inc. has filed a preliminary economic assessment on the underground at El Tigre and an updated prefeasibility study on the Stockwork zone for its 100-per-cent-owned, silver-gold El Tigre project located in Sonora, Mexico. The technical report supports the scientific and technical disclosure in the company's news release dated Jan. 20, 2026, announcing the results of an updated prefeasibility study and new underground preliminary economic assessment. The technical report is available at SEDAR+ under the company's profile.

The bolt-on PEA is centred on the underground mining economics of the high-grade El Tigre, Sulphide, Black Shale and Seitz Kelly zones. The underground PEA and updated PFS is based on new consensus economics metal prices of $38 per ounce silver and $3,200 per ounce gold. The PEA mine design can be constructed independently of the Stockwork zone development and is focused on the underground mineral resource. Prospective areas exist outside of the areas defined by the PEA and PFS with the historic El Tigre North mine mineral resource located 700 metres to the north.

Highlights of the PEA, with a base-case silver price of $38 per ounce and gold price of $3,200 per oz, are as follows (all figures in U.S. dollars unless otherwise stated):

• After-tax net present value (using a discount rate of 5 per cent) of $304-million with an after-tax internal rate of return of 42.8 per cent and a payback period of 2.6 years (base case);
• 15-year underground mine life with three-year historical tailings processing, recovering a total of 38 million payable silver equivalent ounces or 453,000 gold equivalent ounces, consisting of 34 million silver ounces and 130,000 gold ounces;
• Total project undiscounted after-tax cash flow of $496-million;
• Initial capital costs of $83.5-million, including $10.9-million in contingency costs, over an expected 18-month build, and sustaining capital costs of $213-million over the life of mine;
• The 2026 PEA mine plan is designed as stand-alone to the PFS, with a potential overlap of initial capital cost of $17-million (for example, grid power and offices);
• Average LOM operating cash costs of $1,351 per oz AuEq, and all-in sustaining costs of $2,019 per oz AuEq or average LOM operating cash costs of $16.05 per oz AgEq, and AISC of $23.98 per oz AgEq;
• Average annual production of approximately 2.3 million AgEq oz or 27,800 AuEq oz, consisting of 2.1 million silver ounces and 8,000 gold ounces; and
• PEA study of the Southern veins does not include the 38 million ounces AgEq contained in the Northern veins.

Highlights of the updated PFS, with new base-case silver price of $38 per oz and gold price of $3,200 per oz are as follows (all figures in U.S. dollars unless otherwise stated):

• After-tax net present value (using a discount rate of 5 per cent) of $456-million with an after-tax IRR of 65.7 per cent and a payback period of 1.4 years;
• 10-year mine life recovering a total of 43 million payable silver equivalent ounces or 509,000 payable gold equivalent ounces, consisting of nine million silver ounces and 408,000 gold ounces;
• Total project undiscounted after-tax cash flow of $625-million;
• Initial capital costs of $86.8-million, which includes $9.3-million of contingency costs, over an expected 18-month build, expansion capital of $20.1-million in year three and sustaining capital costs of $6.2-million over the life of mine;
• Average LOM operating cash costs of $997 per oz AuEq, and all-in sustaining costs of $1,238 per oz AuEq or average LOM operating costs of $11.70 per oz AgEq, and all-in sustaining costs of $14.50 per oz AgEq;
• Average annual production of approximately 4.8 million AgEq oz or 56,500 AuEq oz; and
• Three years of production in the proven category in the phase 1 starter pit with 60 per cent of overall final pit mineral reserve in proven category.

Qualified persons

The technical report was prepared by the following:

• Mineral resource estimate: Dave Duncan, PGeo, vice-president, exploration, of Silver Tiger, Charles Spath, PGeo, VP of technical services of Silver Tiger, Fred Brown, PGeo, RM-SME senior associate geologist of P&E Mining Consultants, and Eugene Puritch, PEng, FEC, CET, president of P&E Mining Consultants, are the qualified persons as defined under National Instrument 43-101.
• PEA and PFS: Andrew Bradfield, PEng, chief operating officer of P&E Mining Consultants, Eugene Puritch, PEng, FEC, CET, president of P&E Mining Consultants, David J. Salari, PEng, president of DENM Engineering Ltd., and James Smith, PEng, senior geotechnical engineer at WSP, are the qualified persons as defined under National Instrument 43-101.
• David R. Duncan, PGeo, VP, exploration, of the corporation, is the qualified person for Silver Tiger as defined under National Instrument 43-101. Mr. Duncan has reviewed and approved the scientific and technical information in this press release.

Silver Tiger Metals named to 2026 OTCQX Best 50

Silver Tiger Metals is pleased to announce it has been named to the 2026 OTCQX Best 50, a ranking of top-performing companies traded on the OTCQX Best Market last year.

The OTCQX Best 50 is an annual ranking of the top 50 U.S. and international companies traded on the OTCQX market. The ranking is calculated based on an equal weighting of one-year total return and average daily dollar volume growth in the previous calendar year. Companies in the 2026 OTCQX Best 50 were ranked based on their performance in 2025.

Stock option and restricted stock unit grant

On Jan. 23, 2026, the corporation granted 2.64 million stock options at an exercise price of $1.22 with a term of 10 years and vesting over three years and 2,625,000 RSUs vesting over three years to directors, officers, employees and consultants of the corporation.

January, 2026, coming mining conference attendance

In January, 2026, Silver Tiger will be attending the following conference:

• Mineral Investment Forum MIF -- Vancouver (Jan. 23 and Jan. 24).

Corporate presentation, Saturday, Jan. 24, at 5 p.m. PST:

• Vancouver Resource Investment Conference VRIC -- Vancouver (Jan. 25 and Jan. 26).

Booth No. 432:

• 2026 silver forecast panel, Monday, Jan. 26, at 9 a.m. PST;
• Corporate presentation, Monday, Jan. 26, at 10:50 a.m. PST.

About Silver Tiger Metals Inc.

Silver Tiger is constructing El Tigre stockwork zone project, a silver and gold surface mining heap leach project located in Sonora, Mexico. The project is 100 per cent owned by Silver Tiger and covers over 28,000 hectares. The previous technical report titled "Pre-Feasibility Study of the El Tigre Silver-Gold Project, Sonora, Mexico," dated Oct. 22, 2024, is available on SEDAR+ and under the corporation's profile, as well as on the Silver Tiger website.

Procedure, quality assurance/quality control and data verification

The diamond drill core (HQ size) is geologically logged, photographed and marked for sampling. When the sample lengths are determined, the full drill core is sawn with a diamond blade drill core saw with one-half of the drill core being bagged and tagged for assay. The remaining half portion is returned to the drill core trays for storage and/or for metallurgical testwork.

The sealed and tagged sample bags are transported to the Bureau Veritas facility in Hermosillo, Mexico. Bureau Veritas crushes the samples (Code PRP70-250) and prepares 200- to 300-gram pulp samples with 90 per cent passing Tyler 200 mesh (Code PUL85). The pulps are assayed for gold using a 30-gram charge by fire assay (Code FA430), and overlimits greater than 10 grams per tonne are reassayed using a gravimetric finish (Code FA530). Silver and multielement analysis is completed using total digestion (Code MA200 total digestion ICP). Overlimits greater than 100 grams per tonne silver are reassayed using a gravimetric finish (Code FA530).

Quality assurance and quality control procedures monitor the chain of custody of the samples, and include the systematic insertion and monitoring of appropriate control materials (certified reference materials, blanks and duplicates) into the sample strings. The results of the assaying of the QA/QC material included in each batch are tracked to ensure the integrity of the assay data. All results stated in this announcement have passed Silver Tiger's QA/QC protocols.

We seek Safe Harbor.