Silver Tiger Metals Inc. announced an Updated Mineral Resource Estimate (MRE) for its 100% owned, high-grade silver-gold El Tigre Project (the Project or El Tigre) located in Sonora, Mexico. This Updated MRE was based on information and data supplied by Silver Tiger, and was undertaken by Yungang Wu, P.Geo. and Eugene Puritch, P.Eng., FEC, CET of P&E Mining Consultants Inc. of Brampton, Ontario.

Indicated Mineral Resources are estimated at 46.4 Mt grading 25 g/t silver, 0.39 g/t gold, 0.01% copper, 0.03% lead, and 0.06% zinc (0.77 g/t AuEq). The Updated Mineral Resource Estimate includes Indicated Mineral Resources of 37.2 Moz of silver, 575 koz of gold, 9.4 Mlb of copper, 35.5 Mlb of lead, and 64.3 Mlb of zinc (1.1 Moz AuEq). Inferred Mineral Resources are estimated at 20.9 Mt grading 78.4 g/t silver, 0.56 g/t gold, 0.04% copper, 0.13% lead, and 0.22% zinc (1.79 g/t AuEq).

The Updated Mineral Resource Estimate includes Inferred Mineral Resources of 52.6 Moz of silver, 374 koz of gold, 18.1 Mlb of copper, 59.7 Mlb of lead, and 103.4 Mlb of zinc (1.2 Moz AuEq). A Technical Report is being prepared on the Updated Mineral Resource Estimate in accordance with National Instrument 43-101 ("NI-43-101"), and will be available on the Company's website and SEDAR within 45 days of the date of this release. The effective date of this Updated Mineral Resource Estimate is September 12, 2023.

Mineral Resource Estimate Methodology - El Tigre Project: A total of 482 drill holes (124,851 metres) and 3,160 surface and adit channel samples (6,473 metres) were used in the Mineral Resource Estimate. Historical underground chip samples from the El Tigre Mine, totaling 16,319, were used to define the vein limits only and not grade estimation. P&E Mining Consultants Inc. ("P&E") collaborated with Silver Tiger personnel to develop the mineralization models, estimates, and reporting criteria for the Mineral Resources at El Tigre.

Mineralization models were initially developed by Silver Tiger and were reviewed and modified by P&E. A total of twenty-three individual mineralized domains have been identified through drilling and surface sampling. The outlines of the halos and veins below surface from 0 to 100 m were influenced by the selection of mineralized material above 0.3 g/t AuEq, whereas 1.0 g/t AuEq was applied for the veins >100 m below surface that demonstrated lithological and structural zonal continuity along strike and down-dip. Mineralization wireframes were used as hard boundaries for the purposes of grade estimation.

A 5 m x 5 m x 5 m three-dimensional block model was used for the Mineral Resource Estimate. The block model consists of estimated Au, Ag, Cu, Pb and Zn grades, estimated bulk density, classification criteria, and a block volume inclusion percent factor. Au and Ag equivalent block grades were subsequently calculated from the estimated metal grades.

Sample assays were composited to a 1.5m standard length. Au, Ag, Cu, Pb and Zn grades were estimated using Inverse Distance Cubed weighting of between 1 and 12 composites, with a maximum of 2 composites per drill hole. Composites were capped prior to estimation by mineralization domain.

Composite samples were selected within an anisotropic search ellipse oriented down the plunge of identified high grade trends. A total of 5,699 bulk density analyses were provided in the drill hole database. The bulk density ranged from 1.6 (dump) to 3.02 t/m 3 in the mineralized wireframes.

Classification criteria were determined from observed grade and geological continuity as well as variography. Indicated Mineral Resources are informed by 2 or more drill holes within 50 m; Inferred Mineral Resources are informed by 1 or more drill holes with a search radius sufficient to populate the wireframes. No Measured Mineral Resources were calculated.

P&E is of the opinion that the Mineral Resource Estimates are suitable for public reporting and are a reasonable representation of the mineralization and metal content of the El Tigre Deposit.