Silver Tiger Metals : Quarterly MD&A - June 30, 2022

MANAGEMENT'S DISCUSSION & ANALYSIS FOR THE PERIOD ENDED JUNE 30, 2022

Background

This Management Discussion and Analysis (MD&A) of Silver Tiger Metals Inc. ("Silver Tiger" or "the Company") is dated August 25, 2022 and provides an analysis of the financial operating results for the three month period ended June 30, 2022. This MD&A should be read in conjunction with the interim unaudited condensed consolidated financial statements and accompanying notes for the period ended June 30, 2022 which have been prepared in accordance with International Financial Reporting Standards ("IFRS") for financial statements. All amounts are in Canadian dollars unless otherwise specified. The financial statements and additional information, including news releases and technical reports referenced herein, are available on the Canadian System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com under the Company's name.

The common shares of Silver Tiger are traded on the TSX Venture Exchange under the symbol SLVR and on the OTCQX under the symbol SLVTF. Additional information can be found on the Company's website at www.silvertigermetals.com.

Forward-Looking Information

Certain statements in this MD&A are forward-looking statements or information (collectively "forward-looking statements"). The Company (as defined herein) is hereby providing cautionary statements identifying important factors that could cause the actual results to differ materially from those projected in the forward-looking statements. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as "may", "is expected to", "anticipates", "estimates", "intends", "plans", "projection", "could", "vision", "goals", "objective" and "outlook") are not historical facts, may be forward-looking, and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements.

By their nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, which contribute to the possibility that the predicted outcomes may not occur or may be delayed. The risks, uncertainties and other factors, many of which are beyond the control of the Company, that could influence actual results include, but are not limited to: limited operating history; exploration, development and operating risks; regulatory risks; substantial capital requirements and liquidity; financing risks and dilution to shareholders; competition; reliance on management and dependence on key personnel; fluctuating mineral and commodity prices and marketability of minerals; title to properties; local residential concerns; no mineral reserves or mineral resources; environmental risks; governmental regulations and processing licenses and permits; management inexperience in developing mines; conflicts of interest of management; uninsurable risks; exposure to potential litigation; no history of paying dividends and no intention of paying dividends in the near future; and other factors beyond the control of the Company.

Further, any forward-looking statement speaks only as of the date on which such statement is made, and, except as required by applicable law, the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for management to predict all such factors and to assess in advance the impact of each such factor on the business of the Company or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statement. Refer to the section titled "Risks and Uncertainties".

MANAGEMENT'S DISCUSSION & ANALYSIS FOR THE PERIOD ENDED JUNE 30, 2022

Company Overview

Silver Tiger was incorporated on June 14, 2010 under the Canada Business Corporations Act (CBCA). The registered and head office of the Company is located at 2446 Purcells Cove Road, Halifax, Nova Scotia.

Silver Tiger is a gold and silver exploration company operating in Mexico, with 100-per-cent ownership of the 35- kilometer-long,royalty-free El Tigre property located in Sonora State. A maiden resource estimate for the El Tigre property was reported on September 13, 2017, and filed on SEDAR on October 26, 2017, containing indicated resources of 661,000 gold equivalent ounces at 0.77 gram per tonne (21 g/t silver and 0.51 g/t gold) and inferred resources of 341,000 gold equivalent ounces at 1.59 g/t (88 g/t silver and 0.52 g/t gold).

March 2022 $23 Million Bought Deal Financing

On March 17, 2022, the Company closed a bought deal offering of common shares of the Company with a syndicate of underwriters. An aggregate of 40,365,000 shares were sold at a price of $0.57 per share for gross proceeds to the Company of $23,008,050, including 5,265,000 shares for gross proceeds of $3,001,050 on the exercise in full of the overallotment option granted by the Company to the syndicate of underwriters. The net proceeds from the offering will be primarily used to finance continued exploration of the El Tigre silver project. A portion of the net proceeds will be used for general working capital and business development purposes.

The syndicate of underwriters was led by Sprott Capital Partners LP, as lead underwriter and sole bookrunner, along with Desjardins Capital Markets as co-lead underwriters, and included Stifel Nicolaus Canada Inc., Echelon Wealth Partners Inc., Eight Capital, BMO Nesbitt Burns Inc., PI Financial Corp., and Beacon Securities Ltd.

The underwriters were paid a commission of 6% on the gross proceeds of the offering. In addition, the Company issued compensation warrants to the underwriters entitling them to purchase 6% of the number of shares sold under the offering at a price of $0.57 per share for a period of 12 months following the closing of the offering.

El Tigre Property, Mexico

El Tigre holds eight Mexican Federal mining concessions, located in north-eastern Sonora State and totaling 215 square kilometers, collectively referred to as the El Tigre Silver and Gold Property ("El Tigre Property"). The concessions are 100% held by El Tigre through its wholly owned subsidiary, Pacemaker Silver Mining SA de CV and its wholly owned subsidiary, Compãnia Minera Talaman SA de CV. El Tigre also holds one additional 0.32 square kilometers claim, known as the San Juan Property, separate from the El Tigre Silver Property, also located in Sonora State, Mexico.

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. As at June 30, 2022, there are 21 monthly payments remaining. The agreement can be terminated by the Company by issuing a written notice to the land-owners and is considered nullified if the Company does not pay the land-owners for three consecutive months. 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.

Pursuant to the land access agreement, at such time as 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 vendor upon establishing commercial production subject to completing the agreement. The monthly payments paid to date have been recorded to resource properties.

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MANAGEMENT'S DISCUSSION & ANALYSIS FOR THE PERIOD ENDED JUNE 30, 2022

The El Tigre Property is located in the Sierra El Tigre of north‐eastern Sonora State, 90 kilometers south‐southeast of the border towns of Agua Prieta, Mexico and Douglas, Arizona. The Property covers the historic El Tigre Mine and tailings as well as additional targets. Discovered in 1900 by the Lucky Tiger Combination Gold Mining Company of Kansas City, Missouri, the El Tigre Mine originally began as a gold producer but quickly shifted to silver when it was discovered that the silver was more plentiful than gold. From 1903 to 1938 mine production was estimated at 70 to 75 million ounces of silver and an estimated 325,000 to 350,000 ounces of gold. The El Tigre Mine's reported production through 1927 was 1,198,447 tonnes averaging 1,308 grams of silver and 7.54 grams of gold per tonne with 0.4% copper, 1.1% lead and 1.4% zinc (Craig, 2012). This is equivalent to 50.4 million ounces of silver and 290,543 ounces of gold. The mine was shut down in 1938 due to low metal prices, and the El Tigre Property remained dormant until 1981 when Anaconda Minerals Company ("Anaconda") commenced exploration on the property.

From 1981 to 1984, Anaconda Minerals Company ("Anaconda") completed an extensive district scale exploration program including geological mapping, test work on the tailings as well as drilling 7,812 meters in 22 holes. From 2011 to 2013 El Tigre drilled a total of 59 diamond core holes totaling 9,411 meters of drill length.

Silver Tiger acquired the El Tigre Property in late 2015 and then carried out an in-fill gap sampling program on the legacy diamond drill core at the El Tigre Property during 2016 followed by a drilling program which was completed in May 2017. This drilling targeted the mineralized halo above the historic mine. Silver Tiger released its' maiden resource estimate for El Tigre in September 2017 (see section titled "Mineral Resource Estimate").

Following the completion of the July 2020 private placement financing, Silver Tiger initiated a drilling program following up the high grade silver channel sampling results from legacy underground exploration tunnels on the three kilometers of vein extensions that outcrop at surface north of the historic El Tigre mine. This drilling initially targeted the Protectora and Caleigh Veins approximately 1.7 kilometers north of the historic El Tigre mine. Highlights from the drilling included the following:

• Hole 163 on the Protectora vein -- 0.5 meter grading 2,049.1 grams per tonne silver equivalent from 16.9 meters to 17.4 meters consisting of 1,782 g/t silver and 3.56 g/t gold and a second intercept of 0.5 meter grading 1,440.6 g/t AgEq from 51.9 meters to 52.4 meters consisting of 1,374 g/t Ag and 0.89 g/t Au;
• Hole 164 on the Protectora vein -- 0.5 meter grading 1,592.5 g/t AgEq from 17 meters to 17.5 meters consisting of 805 g/t Ag and 10.50 g/t Au;
• Hole 158 on the Caleigh vein -- 0.7 meter grading 1,121.6 g/t AgEq from 90 meters to 90.7 meters consisting of 815 g/t Ag and 4.09 g/t Au;
• Hole 156 on the Caleigh vein -- 0.3 meter grading 1,284.0 g/t AgEq from 82 meters to 82.3 meters consisting of 752 g/t Ag and 7.09 g/t Au.

All of these high-grade veins are located within the El Tigre formation, a gold alteration zone that can be up to 150 meters thick. The silver equivalent ratios are based on a silver-to-gold price ratio of 75:1 (Ag:Au).

On January 21, 2021, Silver Tiger announced the discovery of high-grade silver and gold mineralization including 3.0 meters of 1,310 grams per tonne silver equivalent on the newly discovered Benjamin vein located approximately 900 meters north of the historic El Tigre mine workings. Highlights from the initial three drill holes are listed below:

• Hole ET-20-193: 3.0 meters grading 1,310.1 grams per tonne silver equivalent from 116.5 meters to 119.5 meters, consisting of 1,303.2 g/t silver and 0.09 g/t gold, within 5.5 meters grading 732 g/t AgEq, consisting of 726.1 g/t Ag and 0.08 g/t Au;
• Hole ET-20-195: 0.5 meter grading 634.0 g/t AgEq from 170.5 meters to 171.0 meters, consisting of 625.0 g/t Ag and 0.12 g/t Au;
• Hole ET-20-189: 0.5 meter grading 483.9 g/t AgEq from 77.5 meters to 78.0 meters, consisting of 474.0 g/t Ag and 0.13 g/t Au.

The silver equivalent ratios are based on a silver-to-gold price ratio of 75:1 (Ag:Au).

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MANAGEMENT'S DISCUSSION & ANALYSIS FOR THE PERIOD ENDED JUNE 30, 2022

On February 2, 2021, Silver Tiger reported its drilling intersected 11.75 meters grading 667.9 grams per tonne silver equivalent within 22.2 meters grading 381.9 grams per tonne silver equivalent approximately 12 meter beyond the footwall of the Sooy vein. Drill hole 202 was drilled to test the downdip potential of the Sooy vein targeting just under the lowest mine level approximately 150 meters from surface where mining ceased abruptly with the onset of the Great Depression in 1930. Drill hole 202 passed through mine workings on the Sooy vein as it was not targeted deep enough below the workings. The technical team opted to continue drilling beyond the footwall of the Sooy vein and discovered a new style of wide high-grade mineralization in the Flat formation that is not the traditional quartz vein ore that had been previously mined at El Tigre.

Highlights from drill hole ET-20-202 are listed below:

• 22.2 meters grading 381.9 grams per tonne silver equivalent from 234.10 meters to 256.30 meters; o including 6.95 meters grading 787.5 g/t AgEq from 239.90 meters to 246.85 meters;
  o including 1.55 meters grading 1,065.8 g/t AgEq from 241.90 meters to 243.45 meters; o including 1.00 meter grading 1,741.4 g/t AgEq from 245.85 meters to 246.85 meters.

Silver equivalent (AgEq) grades are based on a silver to gold price ratio of 75:1 (Au:Ag). Copper, lead and zinc are converted using $3.66 per pound copper, 90 cents per lb lead and $1.26/lb zinc at 100-per-cent metal recoveries based on a silver price of $26 per ounce.

"The decision by the technical team to continue drilling 50 meters past the targeted Sooy vein has been rewarded by the discovery of a wide zone of high-grade mineralization totally unlike the quartz vein ore previously mined at El Tigre," said Glenn Jessome, president and chief executive officer of Silver Tiger. "We are of the view that we have discovered what may be a significant new style of wide high-grade mineralization to target with our exploration, that was in the past overlooked."

The mineralized intersection in drill hole ET-20-202 is 1.2 kilometers along strike to the south of the newly discovered Benjamin vein, also in the Flat formation. Subsequent drilling tested the downdip potential of the unmined Sooy vein and this new style wide mineralized zone outside the vein in the Flat formation.

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MANAGEMENT'S DISCUSSION & ANALYSIS FOR THE PERIOD ENDED JUNE 30, 2022

On March 9, 2021, Silver Tiger reported the intersection of 2.95 meters grading 1,941.1 grams per tonne silver equivalent within 9.3 meters grading 638.4 grams per tonne silver equivalent in drill hole ET-21-203. This hole was drilled on Section 4875N to test the Footwall zone about 25 meters to the south along strike from discovery hole ET-20-202. Drill hole ET-21-207 has intersected 1.30 meters grading 2,657.8 grams per tonne silver equivalent within

4.55 meters grading 810.2 grams per tonne silver equivalent was collared on Section 4825N to test the Footwall zone about 75 meters to the south along strike from discovery hole ET-20-202.

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