Silver Tiger Metals Raises C$28.77M for El Tigre Project Expansion
Silver Tiger Metals Inc. (TSXV: SLVR, OTC: SLVTF) has successfully raised C$28.77 million through a bought deal offering, with proceeds earmarked for exploration and development at the El Tigre Project in Mexico. The company's Preliminary Economic Assessment (PEA) and Pre-Feasibility Study (PFS) have outlined promising prospects for the open pit project.
The El Tigre project boasts a life of mine undiscounted After-Tax Cash Flow of US$318 million, with initial capital costs of US$86.8 million. The PEA projects operating cash costs at US$973/oz AuEq and US$12/oz AgEq, with All-In Sustaining Costs (AISC) at US$1,214/oz AuEq and US$14/oz AgEq. The PFS delivered an After-Tax NPV of US$222 million at a 5% discount rate, an After-Tax IRR of 40.0%, and a payback period of 2.0 years.
The financing was led by Stifel Nicolaus Canada Inc. as sole bookrunner and Desjardins Capital Markets as co-lead underwriters. Stifel Canada, as the sole book underwriter, agreed to purchase 34,750,000 common shares at C$0.72 per share, raising approximately C$25 million, with an option to buy up to an additional 15% of the offering. The company has drilled over 150,000 meters at the El Tigre Project, with 119,000 meters completed since 2020.
The El Tigre Mining District, spanning 28,414 hectares in Sonora, Mexico, is owned 100% by Silver Tiger Metals Inc. With the successful financing, the company is well-positioned to advance the El Tigre Project, building on the positive results from the PEA and PFS.
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