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Reporting assumptions

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Ownership basis

Show the full project inventory before ownership adjustment.

Display scale

Display contained quantities in millions of ounces or tonnes.

Resource treatment

Normalise Resources to exclude Reserves: where a project is flagged inclusive, net Reserves out of Resources so the figure is additional Resources beyond Reserves. Unknown-convention rows are shown as stated.

Resource total

Total Resource includes Inferred (JORC convention). Totals are re-derived from category rows wherever the document discloses them.

Recovery basis

Show the issuer's headline recoverable figure as reported. Lithium-brine reserves already have the brine-processing recovery factor applied; everything else is shown as stated.

Commodity view

Primary view: each commodity in its own contained unit (oz / t).

El Tigre

Sonora, Mexico · Developing · 100.0% ownedManual entry

Current R&R by category

Whole-project rollup at the latest vintage per category: printed project-level rows are preferred, and mining areas are summed (tonnes-weighted grade) only where the issuer prints no project-level row. Per-area and per-source detail in the Current R&R table below.

Au

Category	Tonnes (Mt)	Grade (g/t Au)	Contained (Moz Au)	As at
Measured	34.92 Mt	0.55 g/t	0.62 Moz	20 June 2025
Indicated	23.71 Mt	0.40 g/t	0.31 Moz	20 June 2025
Inferred	9.11 Mt	0.92 g/t	0.27 Moz	20 June 2025
Total Resources	27.56 Mt	0.77 g/t	0.68 Moz	20 June 2025
Proved	24.22 Mt	0.43 g/t	0.33 Moz	22 Oct 2024
Probable	16.07 Mt	0.37 g/t	0.19 Moz	22 Oct 2024
Total Reserves	40.29 Mt	0.40 g/t	0.52 Moz	22 Oct 2024

Sub-category rows are as disclosed (no Reserves-treatment netting); the Total rows honour the Resources treatment and Inferred-policy toggles, so components may not sum to the Total.

Dotted tonnes/grade are derived under the active Resources treatment: tonnes are netted of (or grossed by) the reserve tonnage alongside contained, and grade is re-derived as netted contained ÷ netted tonnes — not the published figures.

Ag

Category	Tonnes (Mt)	Grade (g/t Ag)	Contained (Moz Ag)	As at
Measured	34.92 Mt	50.00 g/t	56.15 Moz	20 June 2025
Indicated	23.71 Mt	36.00 g/t	27.28 Moz	20 June 2025
Inferred	9.11 Mt	142.00 g/t	41.59 Moz	20 June 2025
Total Resources	27.56 Mt	119.98 g/t	106.32 Moz	20 June 2025
Proved

Cu

Category	Tonnes (Mt)	Grade (% Cu)	Contained (Mt Cu)	As at
Measured	1.01 Mt	0.13%	1.31 kt Cu	20 June 2025
Indicated	1.48 Mt	0.08%	1.12 kt Cu	20 June 2025
Inferred	4.12 Mt	0.32%	0.01 Mt Cu	20 June 2025
Total Resources	6.60 Mt	0.24%	0.02 Mt Cu	20 June 2025
Proved	—	—	—	—
Probable

Zn

Category	Tonnes (Mt)	Grade (% Zn)	Contained (Mt Zn)	As at
Measured	1.01 Mt	0.92%	0.01 Mt Zn	20 June 2025
Indicated	1.48 Mt	0.39%	0.01 Mt Zn	20 June 2025
Inferred	4.12 Mt	0.89%	0.04 Mt Zn	20 June 2025
Total Resources	6.60 Mt	0.78%	0.05 Mt Zn	20 June 2025
Proved	—	—	—	—
Probable

Pb

Category	Tonnes (Mt)	Grade (% Pb)	Contained (Mt Pb)	As at
Measured	1.01 Mt	0.54%	0.01 Mt Pb	20 June 2025
Indicated	1.48 Mt	0.24%	3.53 kt Pb	20 June 2025
Inferred	4.12 Mt	0.75%	0.03 Mt Pb	20 June 2025
Total Resources	6.60 Mt	0.60%	0.04 Mt Pb	20 June 2025
Proved	—	—	—	—
Probable

Cut-off grade

0.1200 g/t Ag · 1.2800 % Zn · 1.2800 g/t Ag · 0.1200 g/t Au · 0.4500 g/t Au · 1.2800 % Cu · 0.0800 g/t Ag · 1.2800 g/t Au · 0.4500 g/t Ag · 1.2800 % Pb · 0.4600 g/t Au · 0.4600 % Pb · 0.4600 % Cu · 0.4600 % Zn · 0.4600 g/t Ag · 0.1100 g/t Ag · 0.1600 g/t Au · 0.1100 g/t Au · 0.1600 g/t Ag

Price assumption

US$1900.00/oz

JORC code year

—

Peer benchmark — developing Ag projects (131 with resources)Resource size P84Resource grade P86View on grade-tonnage chart →

Percentile of this project's current total Resource among covered peers (P100 = largest / highest grade). Basis and Inferred toggles apply.

Data quality

Latest source: Silver Tiger Announces a PEA for the Underground with an After Tax NPV of US$304m and an Updated PFS for the Stockwork Zone with an After Tax NPV of US$456m at the El Tigre Silver-Gold Project, Sonora, Mexico · 20 June 2025
Reporting code: unknown
Convention: inclusive
Currency assumption: US$
Disagreement flags: 14 rows

Current R&R

Resources

Area	Category	Tonnes (Mt)	Au		Ag		Cu		Zn		Pb		As at	Source	Provenance
Area	Category	Tonnes (Mt)	Grade (g/t Au)	Contained (Moz Au)	Grade (g/t Ag)	Contained (Moz Ag)	Grade (% Cu)	Contained (Mt Cu)	Grade (% Zn)	Contained (Mt Zn)	Grade (% Pb)	Contained (Mt Pb)	As at	Source	Provenance
Total	Measured

Table 10: Mineral Resource Estimate - TotalUnverified

notes (5)

Source: Silver Tiger Announces a PEA for the Underground with an After Tax NPV of US$304m and an Updated PFS for the Stockwork Zone with an After Tax NPV of US$456m at the El Tigre Silver-Gold Project, Sonora, Mexico · published 20 Jan 2026

Ref: Table 10: Mineral Resource Estimate - Total

Unknown code — Reporting code not yet captured for this row.
inc — Stated Resources are inclusive of Reserves. Set Resources: Excl. Reserves to net them out.

QA notes:

QA WARN: tonnes/contained equal the SUM of 2 sibling row(s) of the same classification/category/commodity (Pit-Constrained Total, Out-Of-Pit) — likely a printed multi-deposit rollup/subtotal. Policy keeps leaf rows and printed whole-project Totals only; reject mid-level rollups (double-count).
QA note (t91a p1): Sound printed whole-project Total, not a mid-level rollup. Printed Table 10 line: "Total / Measured / NA / 34,920 / 50 / 56,145 / 0.55 / 623 / 0.13 / 0.54 / 0.92 / 142 / 159,193 / 0.96 / 1,082". Printed tonnes 34,920 kt and printed contained 623 koz are canonical (tonnes x grade recompute 617,487 oz, 0.88% low, inside print granularity). The QA WARN naming "Pit-Constrained Total, Out-Of-Pit" siblings is stale: no Pit-Constrained Total row is live in the book (mid-level rollups already rejected per policy). Live measured-Au leaves are Out-Of-Pit 1,010 kt / 34 koz (3f9add15), Pit-Constrained Sulphide 6,031 kt / 105 koz (2cd27965), Tailings 146 kt / 1 koz (0183acde) = 7,187 kt / 140 koz. The single gap is the never-extracted Pit-Constrained Oxide measured Au leaf, printed "Pit-Constrained Oxide / Measured / 0.08 / 27,732 / 39 / 35,034 / 0.54 / 609 / NA / NA / NA / 136 / 120,923 / 0.78 / 693"; adding it closes the total EXACTLY: 7,187 + 27,732 = 34,919 kt (34,920 at print rounding) and 140 + 483 = 623 koz, where 483 = printed Pit-Constrained Total Measured 588 koz minus printed Pit-Constrained Sulphide 105 koz. Capture-spec filed. Caution for capture: the printed Au (koz) cell 609 for Pit-Constrained Oxide Measured is refuted by tonnes x grade (27,732 kt @0.54 = 481 koz) and by the printed Pit-Constrained Total 588 koz; use 483 koz, not 609.
t91a print-round

Total

Indicated

23.71 Mt

0.40 g/t

0.31 Moz

36.00 g/t

27.28 Moz

—

20 June 2025

Table 10: Mineral Resource Estimate - TotalUnverified

notes (5)

Ref: Table 10: Mineral Resource Estimate - Total

Unknown code — Reporting code not yet captured for this row.
inc — Stated Resources are inclusive of Reserves. Set Resources: Excl. Reserves to net them out.

QA notes:

QA WARN: tonnes/contained equal the SUM of 3 sibling row(s) of the same classification/category/commodity (Pit-Constrained Total, Out-Of-Pit, Tailings) — likely a printed multi-deposit rollup/subtotal. Policy keeps leaf rows and printed whole-project Totals only; reject mid-level rollups (double-count). QA INFO: recompute differs 1.01% from the printed contained figure, but the printed tonnes/grade/contained are only good to ±1.41% (rounding granularity) — treated as reconciled.
QA note (t91a p1): Sound printed whole-project Total. Printed Table 10 line: "Total / Indicated / NA / 23,708 / 36 / 27,275 / 0.40 / 308 / 0.07 / 0.24 / 0.39 / 100 / 76,350 / 0.79 / 605". Printed tonnes 23,708 kt and printed contained 308 koz are canonical (recompute 304,892 oz, 1.01% low, matching the existing QA INFO). Live indicated-Au leaves are Out-Of-Pit 1,374 kt / 47 koz (ffbfa64a), Pit-Constrained Sulphide 1,723 kt / 25 koz (2bb70fe8), Stockpile 101 kt / 3 koz (50f89d28), Tailings 706 kt / 6 koz (2eefdd2d) = 3,904 kt / 81 koz. The single gap is the never-extracted Pit-Constrained Oxide indicated Au leaf, printed "Pit-Constrained Oxide / Indicated / 0.08 / 19,804 / 10 / 6,593 / 0.36 / 75 / NA / NA / NA / 74 / 46,979 / 0.42 / 266"; adding it closes the total EXACTLY: 3,904 + 19,804 = 23,708 kt and 81 + 227 = 308 koz, where 227 = printed Pit-Constrained Total Indicated 252 koz minus printed Pit-Constrained Sulphide 25 koz. Capture-spec filed. Caution for capture: the printed Au (koz) cell 75 is refuted by tonnes x grade (19,804 kt @0.36 = 229 koz) and by the printed Pit-Constrained Total 252 koz; use 227 koz, not 75.

Total

Inferred

9.11 Mt

0.92 g/t

0.27 Moz

142.00 g/t

41.59 Moz

—

20 June 2025

Table 10: Mineral Resource Estimate - TotalUnverified

notes (5)

Ref: Table 10: Mineral Resource Estimate - Total

Unknown code — Reporting code not yet captured for this row.
inc — Stated Resources are inclusive of Reserves. Set Resources: Excl. Reserves to net them out.

QA notes:

QA WARN: tonnes/contained equal the SUM of 2 sibling row(s) of the same classification/category/commodity (Pit-Constrained Total, Out-Of-Pit) — likely a printed multi-deposit rollup/subtotal. Policy keeps leaf rows and printed whole-project Totals only; reject mid-level rollups (double-count).
QA note (t91a p1): Sound printed whole-project Total. Printed Table 10 line: "Total / Inferred / NA / 9,108 / 142 / 41,589 / 0.92 / 271 / 0.32 / 0.75 / 0.89 / 269 / 78,911 / 2.99 / 874". Printed tonnes 9,108 kt and printed contained 271 koz are canonical (recompute 269,403 oz, 0.59% low). Live inferred-Au leaves are Out-Of-Pit 4,100 kt / 208 koz (9b161bf8), Pit-Constrained Sulphide 463 kt / 8 koz (08cb10dc), Stockpile 18 kt / 0.3 koz (844c8dc6), Tailings 52 kt / 1 koz (b8966e9d) = 4,633 kt / 217.3 koz. The single gap is the never-extracted Pit-Constrained Oxide inferred Au leaf, printed "Pit-Constrained Oxide / Inferred / 0.08 / 4,475 / 10 / 1,453 / 0.38 / 18 / NA / NA / NA / 77 / 11,045 / 0.44 / 63"; adding it closes the total EXACTLY: 4,633 + 4,475 = 9,108 kt and 217.3 + 54 = 271.3 koz (271 at print rounding), where 54 = printed Pit-Constrained Total Inferred 62 koz minus printed Pit-Constrained Sulphide 8 koz. Capture-spec filed. Caution for capture: the printed Au (koz) cell 18 is refuted by tonnes x grade (4,475 kt @0.38 = 55 koz) and by the printed Pit-Constrained Total 62 koz; use 54 koz, not 18.

Reserves

Area	Category	Tonnes (Mt)	Au		Ag		Cu		Zn		Pb		As at	Source	Provenance
Area	Category	Tonnes (Mt)	Grade (g/t Au)	Contained (Moz Au)	Grade (g/t Ag)	Contained (Moz Ag)	Grade (% Cu)	Contained (Mt Cu)	Grade (% Zn)	Contained (Mt Zn)	Grade (% Pb)	Contained (Mt Pb)	As at	Source	Provenance
Total	Proved	24.22 Mt	0.43 g/t	0.33 Moz	14.70 g/t	11.45 Moz	—	—	—	—	—	—	22 Oct 2024	Table 9: PFS Mineral Reserves Summary - Total ProvenUnverified Evidence record El Tigre Proved · Ag · as at 2024-10-22 Reported figure Area Whole project Basis 100% Ore tonnes (t) 24220000.0000 Grade 14.7000 Contained (oz) 11453000.0000 Classification Reserve Source trail Silver Tiger Announces a PEA for the Underground with an After Tax NPV of US$304m and an Updated PFS for the Stockwork Zone with an After Tax NPV of US$456m at the El Tigre Silver-Gold Project, Sonora, Mexico Table 9: PFS Mineral Reserves Summary - Total Proven Published 2026-01-20 Verification Approved; not independently verified · Model extracted QA WARN: tonnes/contained equal the SUM of 2 sibling row(s) of the same classification/category/commodity (Oxide, Sulphide) — likely a printed multi-deposit rollup/subtotal. Policy keeps leaf rows and printed whole-project Totals only; reject mid-level rollups (double-count). Copies a pre-filled issue record so you can send it through your normal channel.	notes (3) Source: Silver Tiger Announces a PEA for the Underground with an After Tax NPV of US$304m and an Updated PFS for the Stockwork Zone with an After Tax NPV of US$456m at the El Tigre Silver-Gold Project, Sonora, Mexico · published 20 Jan 2026 Ref: Table 9: PFS Mineral Reserves Summary - Total Proven Unknown code — Reporting code not yet captured for this row. @ US$ 1,900/oz — Metal price assumption used to derive this estimate. QA notes: QA WARN: tonnes/contained equal the SUM of 2 sibling row(s) of the same classification/category/commodity (Oxide, Sulphide) — likely a printed multi-deposit rollup/subtotal. Policy keeps leaf rows and printed whole-project Totals only; reject mid-level rollups (double-count).
Total	Probable	16.07 Mt	0.37 g/t	0.19 Moz	15.30 g/t	7.90 Moz	—	—	—	—	—	—	22 Oct 2024	Table 9: PFS Mineral Reserves Summary - Total ProbableUnverified Evidence record El Tigre Probable · Ag · as at 2024-10-22 Reported figure Area Whole project Basis 100% Ore tonnes (t) 16073000.0000 Grade 15.3000 Contained (oz) 7901000.0000 Classification Reserve Source trail Silver Tiger Announces a PEA for the Underground with an After Tax NPV of US$304m and an Updated PFS for the Stockwork Zone with an After Tax NPV of US$456m at the El Tigre Silver-Gold Project, Sonora, Mexico Table 9: PFS Mineral Reserves Summary - Total Probable Published 2026-01-20 Verification Approved; not independently verified · Model extracted QA WARN: tonnes/contained equal the SUM of 2 sibling row(s) of the same classification/category/commodity (Oxide, Sulphide) — likely a printed multi-deposit rollup/subtotal. Policy keeps leaf rows and printed whole-project Totals only; reject mid-level rollups (double-count). Copies a pre-filled issue record so you can send it through your normal channel.
Total	Total Reserves	40.29 Mt	0.40 g/t	0.52 Moz	14.90 g/t	19.35 Moz	—	—	—	—	—	—	22 Oct 2024	Table 9: PFS Mineral Reserves Summary - Total 2PUnverified Evidence record El Tigre Total Reserve · Au · as at 2024-10-22 Reported figure Area Whole project Basis 100% Ore tonnes (t) 40292000.0000 Grade 0.4000 Contained (oz) 523000.0000 Classification Reserve Source trail Silver Tiger Announces a PEA for the Underground with an After Tax NPV of US$304m and an Updated PFS for the Stockwork Zone with an After Tax NPV of US$456m at the El Tigre Silver-Gold Project, Sonora, Mexico Table 9: PFS Mineral Reserves Summary - Total 2P Published 2026-01-20 Verification Approved; not independently verified · Model extracted Copies a pre-filled issue record so you can send it through your normal channel.
Oxide	Proved	19.56 Mt	0.40 g/t	0.25 Moz	16.40 g/t	10.32 Moz	—	—	—	—	—	—	22 Oct 2024	Table 9: PFS Mineral Reserves SummaryUnverified Evidence record El Tigre Proved · Ag · as at 2024-10-22 Reported figure Area Oxide Basis 100% Ore tonnes (t) 19564000.0000 Grade 16.4000 Contained (oz) 10316000.0000 Classification Reserve Source trail Silver Tiger Announces a PEA for the Underground with an After Tax NPV of US$304m and an Updated PFS for the Stockwork Zone with an After Tax NPV of US$456m at the El Tigre Silver-Gold Project, Sonora, Mexico Table 9: PFS Mineral Reserves Summary Published 2026-01-20 Verification Approved; not independently verified · Model extracted Copies a pre-filled issue record so you can send it through your normal channel.	notes (3)
Oxide	Probable	14.80 Mt	0.37 g/t	0.18 Moz	13.70 g/t	6.52 Moz	—	—	—	—	—	—	22 Oct 2024	Table 9: PFS Mineral Reserves SummaryUnverified Evidence record El Tigre Probable · Ag · as at 2024-10-22 Reported figure Area Oxide Basis 100% Ore tonnes (t) 14800000.0000 Grade 13.7000 Contained (oz) 6519000.0000 Classification Reserve Source trail Silver Tiger Announces a PEA for the Underground with an After Tax NPV of US$304m and an Updated PFS for the Stockwork Zone with an After Tax NPV of US$456m at the El Tigre Silver-Gold Project, Sonora, Mexico Table 9: PFS Mineral Reserves Summary Published 2026-01-20 Verification Approved; not independently verified · Model extracted Copies a pre-filled issue record so you can send it through your normal channel.	notes (3)
Sulphide	Proved	4.66 Mt	0.52 g/t	0.08 Moz	7.60 g/t	1.14 Moz	—	—	—	—	—	—	22 Oct 2024	Table 9: PFS Mineral Reserves SummaryUnverified Evidence record El Tigre Proved · Au · as at 2024-10-22 Reported figure Area Sulphide Basis 100% Ore tonnes (t) 4655000.0000 Grade 0.5200 Contained (oz) 78000.0000 Classification Reserve Source trail Silver Tiger Announces a PEA for the Underground with an After Tax NPV of US$304m and an Updated PFS for the Stockwork Zone with an After Tax NPV of US$456m at the El Tigre Silver-Gold Project, Sonora, Mexico Table 9: PFS Mineral Reserves Summary Published 2026-01-20 Verification Approved; not independently verified · Model extracted Copies a pre-filled issue record so you can send it through your normal channel.	notes (3)
Sulphide	Probable	1.27 Mt	0.43 g/t	0.02 Moz	33.80 g/t	1.38 Moz	—	—	—	—	—	—	22 Oct 2024	Table 9: PFS Mineral Reserves SummaryUnverified Evidence record El Tigre Probable · Ag · as at 2024-10-22 Reported figure Area Sulphide Basis 100% Ore tonnes (t) 1272000.0000 Grade 33.8000 Contained (oz) 1382000.0000 Classification Reserve Source trail Silver Tiger Announces a PEA for the Underground with an After Tax NPV of US$304m and an Updated PFS for the Stockwork Zone with an After Tax NPV of US$456m at the El Tigre Silver-Gold Project, Sonora, Mexico Table 9: PFS Mineral Reserves Summary Published 2026-01-20 Verification Approved; not independently verified · Model extracted Copies a pre-filled issue record so you can send it through your normal channel.	notes (3)