Silver Tiger Metals Inc.
Silver Tiger Metals' 100%-owned, 28,414-hectare El Tigre silver-gold project in Sonora, Mexico has received all approvals to construct the Stockwork Zone heap-leach operation -- underpinned by an updated PFS with a US$456 million after-tax NPV -- and has awarded an EPCM contract to Kappes, Cassiday & Associates, with commissioning and first gold-silver pour targeted for December 2027.
Notable vs. Peers
- Financials score of 10/10 is stronger than the peer average of 6.5/10.
- All-in sustaining cost of $1,238/oz AuEq is 50% lower than the peer producer average of $2,455/oz AuEq.
- Jurisdiction risk score of 6/10 is meaningfully riskier than the peer average of 7.8/10.
Lifecycle Milestones
Construction Milestones
2 of 5 reached- Reached — date not disclosed
- Nov 2025 · Source
- Not yet reached
- Not yet reachedExpected Dec 2027 · Commissioning and first pour at El Tigre · Source
- Not yet reached
Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.
Not in place: mill, tailings facility, grid power.
Jurisdiction (40%)6/10
Mexico has a long mining tradition and an established regulatory framework, but carries moderate security, permitting, and fiscal-policy risk relative to Canada/US/Australia.
Infrastructure (40%)2.9/10
No confirmed mill, confirmed road access, no confirmed grid power, and no confirmed tailings facility at El Tigre Project, Sonora, Mexico.
Nearby producing mine (20%)8.7/10
La Caridad (Southern Copper Corporation) is 40 km away -- within regional-platform range.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score:6/10
Nearest producing mine: La Caridad (Southern Copper Corporation), 40 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:7/10
Stage: Construction
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:6/10
Mexico: jurisdiction score 6/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:10/10
Primary commodity: Gold
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
Executive Chair and Director of Axo Metals Corp.; also President, Chief Executive Officer and a non-independent director of Silver Tiger Metals Inc. Founding shareholder of Silver Tiger Metals; securities lawyer with 25 years of resource-sector capital markets experience; member of the TSXV National Advisory Committee and Corporate Secretary of GoGold Resources. Law degree/MBA, Dalhousie University; science degree, St. Francis Xavier.
Chief Financial Officer of Axo Metals Corp.; also Chief Financial Officer, Corporate Secretary and Non-Independent Director of Silver Tiger Metals Inc. 25 years of senior finance roles at public/venture-backed companies including DHX Media and mining firms, with $1B+ of capital raised; 9 years at PwC. Bachelor of Commerce (Cum Laude), Saint Mary's University.
Vice President Exploration of Silver Tiger Metals Inc. (P.Geo.) Geologist with over 40 years of experience at Algoma Ore, Kidd Creek Mines, Falconbridge, WMC and Etruscan (now Endeavour Mining). A founding shareholder of Silver Tiger. Recent work on GoGold Resources' Santa Gertrudis and Los Ricos projects. Founding Director of the Nova Scotia Chamber of Mineral Resources. B.S. Geology, Acadia University (1979); Registered Professional Geoscientist.
Vice President of Corporate Development and Investor Relations of Silver Tiger Metals Inc. Mining engineer with over 15 years of corporate experience. With Silver Tiger since 2020, previously General Manager of Mexico Operations. Twelve years at Molson Coors Canada as Planning & Execution Manager and Sales Manager. B.Eng. (Honours with Distinction) in Mining & Mineral Resources, Dalhousie University; B.Comm, Mount Allison University.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Franklin Resources discloses a real 8.75% stake -- a sized position, but from a large generalist active manager rather than a named resource-sector specialist, so it does not move this score. Beyond that, no producer, no resource specialist fund, and no insider transactions are on record. Institutional ownership is 18.4%. Silver Tiger is well financed, with a C$50 million bought deal closed in February 2026 and over US$86 million of cash, but a bank-underwritten offering is a financing, not a conviction holder. A 1 here means checked-and-largely-nothing-found, not a judgment about the company or the El Tigre project.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Despite its name, Silver Tiger Metals' value is led by gold: at its 100%-owned, 28,414-hectare El Tigre silver-gold project in Sonora, Mexico, payable gold makes up about 80% of the net revenue in its current pre-feasibility study. El Tigre holds 931,000 oz of gold and 83,415,000 oz of silver in measured and indicated resources, plus 271,000 oz of gold inferred, in an estimate effective 20 June 2025. The January 2026 updated pre-feasibility study for the Stockwork Zone open-pit heap-leach operation shows an after-tax NPV5% of US$456M and a 65.7% IRR at US$3,200/oz gold and US$38/oz silver, with initial capital of US$86.8M, a 10-year mine life and an all-in sustaining cost of US$1,238 per gold-equivalent ounce. The company has received all approvals to build the Stockwork Zone operation, awarded the EPCM contract to Kappes, Cassiday & Associates in March 2026, and targets commissioning and a first gold-silver pour in December 2027.