Silver Tiger Metals – Ongoing Development Work At The Stockwork Zone & Imminent Underground PEA

The KE Report Jan 7, 2026

Summary

Silver Tiger secured Mexico's first permanent mining permit since 2020 in November and is now in active construction at El Tigre.

Engineering with KCA and WSP is roughly 90% complete, with final delivery targeted for the end of January 2026.

An underground PEA covering 113 million ounces AgEq at 800 tonnes per day is set for release later this month.

After a CAD$40M raise, Silver Tiger holds ~$50M in treasury — enough to negotiate favorable debt covenants for the US$85M capex.

Regional drilling north of El Tigre is targeted for this year, with southern work staged for 2027.

Underground PEA on El Tigre (800 tpd permitted, framed as a high-grade mainly silver Mexican underground deposit) is due out in January 2026, with the CEO pointing to the NPV/IRR/payback and sensitivity tables as the catalyst for re-rating and noting in-production peers trade above 1x NPV.
Received Mexico's first bulk-tonnage open-pit mining permit since 2019/2020 in November 2025 for the Stockwork Zone at El Tigre, triggering a multi-workstream build that is now in motion.
Final engineering for the process plant and crusher (KCA) and the leach pad, ponds, and water/mass balance (WSP) is ~90% complete, with deliverables due by the end of January 2026 — well ahead of full construction.
Construction is live across the project: 300-person man camp earthworks started this month (target ~Feb 1 completion), the 47 km Colonial Morales access road is being upgraded, permanent-bridge engineering is underway, and water-well drilling has begun on site.
Treasury sits at ~$50M Canadian after the fall 2025 raise; the CEO says the company has the time, not the clock, on a debt package and will let it come in once the project is further de-risked, while planning to keep drilling north and south on El Tigre for more ounces.

Top takeaway Frames the next ~24 months as the "real return" window, arguing the investment case has shifted from exploration/excitement to pure execution as El Tigre is built and the underground is moved toward PFS.
Lays out three explicit corporate priorities: (1) build the Stockwork Zone bulk-tonnage open pit, (2) deliver the underground PEA and progress it to PFS, and (3) add ounces via brownfield drilling north and greenfield work south of El Tigre.
Positions the November 2025 bulk-tonnage permit — Mexico's first since 2019/2020 — as the inflection point, paired with ~90% complete final engineering by end of January 2026 and concurrent construction on camp, access road, bridge and water wells.
Defends a patient capital strategy — "we have the time, not the clock" — citing ~$50M Canadian in treasury and many financing options, with no rush on a debt package until the project is further de-risked.
Argues the stock is mispriced versus the combined open-pit plus underground NPV at current precious-metals prices, telling investors to read the upcoming PEA's sensitivity tables and benchmark against peers trading above 1x NPV.