Interview with Glenn Jessome, President & CEO of Silver Tiger Metals Inc. Recording date: 28th November 2025 Silver Tiger Metals presents investors with a rare opportunity to gain exposure to a near-term silver production scenario backed by exceptional project economics, secured financing, and an experienced development team. The company has achieved a significant milestone in obtaining Mexico's first new mining permit since 2020, enabling development of the El Tigre bulk tonnage stockwork deposit in Sonora state with an 18-24 month construction timeline beginning January 2026. The project's pre-feasibility study demonstrates compelling financial metrics: an after-tax NPV of $750 million, a 92% internal rate of return, one-year capital payback, and projected annual cash flow exceeding $100 million once in production. These economics reflect current precious metals prices of approximately $31-32 per ounce silver and $2,700 per ounce gold, with sensitivity analysis showing substantial upside to higher metal prices. At $35 silver and US$3,000 gold, annual after-tax cash flow increases to $60 million. Silver Tiger's capital position differentiates the company from typical development-stage mining projects. With US$60 million in treasury against US$186 million total capital requirements, the company has deliberately avoided the constraints associated with debt-heavy financing structures. Management has secured debt financing options with favourable terms to be finalised in 2025, whilst maintaining sufficient cash reserves to pursue parallel objectives including underground mine advancement, regional exploration programmes, and early-stage work at satellite deposits. The execution risk profile benefits significantly from the appointment of Francisco Albelais, a Mexican mining engineer with 25 years of experience building and operating bulk tonnage mines in Sonora. From 2010 to 2023, Francisco built two 55,000 tonnes-per-day mines for Argonaut Gold, managing teams of 400 personnel through complete project lifecycles. He brings established contractor relationships and access to a 200-person construction team based in Hermosillo, approximately two hours from site. Critical preparatory work already completed includes final engineering scheduled for completion on December 2025, construction of a 53-kilometre all-weather access road capable of transporting mill components, and securing long-term power supply arrangements with Mexico's federal electricity regulator. The company will operate on generator sets during the 18-month construction period, transitioning to grid power within two years. Beyond the initial bulk tonnage operation, Silver Tiger will release a preliminary economic assessment in January 2026 for an 800 tonnes-per-day underground mine targeting high-grade silver mineralization. The underground resource contains 113 million silver-equivalent ounces, representing a 31-year mine life before considering exploration upside. The company has already purchased and delivered the processing mill to site. The broader investment case encompasses significant exploration potential across a 30-kilometre mineralized trend. Current resources of approximately 213 million silver-equivalent ounces (100 million bulk tonnage, 113 million underground) exist within only 2-3 kilometres of explored territory, with independent consultants identifying near-term potential for an additional 73-100 million ounces through infill drilling. Historical mines to the north and south offer district-scale discovery opportunities. At a current market capitalization of approximately $350 million versus $750 million NPV for the initial operation alone, Silver Tiger offers investors substantial re-rating potential as construction progresses and production de-risking occurs. View Silver Tiger Metals' company profile: https://www.cruxinvestor.com/companies/silver-tiger-metals Sign up for Crux Investor: https://cruxinvestor.com
