Silver Tiger Metals – Visual Construction Update At El Tigre - First Gold/Silver Pour- December 2027

The KE Report Aug 3, 2026

Summary

Silver Tiger's El Tigre heap leach mine is on schedule for a December 2027 first gold and silver pour.

The guest's PEA (Preliminary Economic Assessment) puts the underground mine above 100% IRR with roughly one-year payback.

Capex is low because the 1930s workings already provide development, and no open-pit sterilization delay applies.

Exploration north of the pit targets untested veins, with assays from about 30 holes due in coming months.

Mexico's permitting mood has thawed, with permits landing for Silver Tiger, GoGold and Axo Metals within about a year.

Jessome describes GoGold as the oldest, largest and most established company in the same Halifax-based group, and says it received the next mining permit issued in Mexico after Silver Tiger's, for its underground Los Ricos project.

Glenn Jessome says the El Tigre surface build is on schedule for a first pour of gold and silver in December 2027, after the company won the first Mexican heap leach permit issued since 2019, granted in November.
The PFS-based heap leach model he presented shows after-tax net cash flow close to $100 million a year and an after-tax NPV of roughly US$700 million at the silver and gold prices discussed in early August 2026, which he noted were already down slightly.
Construction progress cited at this August 2026 update: 100% of KCA detailed engineering complete, crusher, conveyor, stacking and Merrill-Crowe long-lead items ordered, the major heap leach and crusher platform earthworks contract awarded, and about 200 people working the site across three shifts.
CFE has granted grid power access and the company now controls the power line build, which Jessome says was shortened from roughly 30 months to 18, with gensets planned to run the first production year and provide redundancy.
Beyond the heap leach, the underground PEA models 4 million tonnes at 435 g/t silver over 15 years with an NPV near US$750 million and an IRR above 100%, and first assay results from exploration drilling north of El Tigre are expected within months.

Jessome says the group's newest company struck a deal with OR Royalties to reduce the royalty and stream sitting on the San Antonio asset.

Top takeaway Argues El Tigre is de-risked and on track: his team delivered a Mexican heap leach permit that many observers said would never be issued, and is now building to a December 2027 first pour on schedule.
Credits the group's roughly 30 years of Mexico operating experience, and specifically the build-out of his Mexican construction team under Francisco Albile, for keeping the project on time with detailed engineering finished and long-lead items already ordered.
Argues the underground can be built cheaply and quickly because existing development, already-mined ore stockpiled at surface and an 800 tonne per day mill are already in place, which he says is why the PEA shows an internal rate of return above 100%.
Makes the case that Mexico's permitting mood has changed and that Mexican miners are out of the penalty box, predicting strong valuation returns for operators that treat their communities and employees well.
Keeps priorities explicit: roughly 75-80% of focus stays on building the heap leach until it pours, with the underground moved from PEA to PFS and district-scale exploration north and south treated as a multi-year treasure hunt.

Top takeaway Frames the investment case as the strength of the shared Halifax team, pointing to Silver Tiger's heap leach permit, GoGold's Los Ricos permit and the newest permit issued to Axo Metals as three successes from the same roughly 30-year Mexico operating group.
Presses on the underground economics, asking why the internal rate of return is so high and pushing Jessome on what synergies exist between running the heap leach and the underground mine at the same time.
Echoes the Mexico re-rating thesis and says he expects alpha valuation returns for companies that operate the right way, crediting the group for valuing its employees and holding good ESG standards.
Promotes the district-scale bull case, asking Jessome to show how Silver Tiger could host multiple mines rather than one, while acknowledging the drilling payoff is years away.