Silver Production: Mexico Leads the Way, a New Mine Is Being Developed

Third-Party Recommendation (Art. 8 DelVO 2016/958): Unmodified reproduction of a promotional article created by a third party · Original author: SRC swiss resource capital AG · Initial publication (original): November 13, 2026, 5:30 a.m. Berlin/Zurich · Link to the original publication ·

Advertisement – On behalf of Silver Tiger Metals Inc., SRC swiss resource capital AG has a paid investor relations consulting agreement with the company. Prepared by: SRC swiss resource capital AG · Author: Ingrid Heinritzi · First published: November 12, 2026, 5:30 a.m. Berlin/Zurich ·

Where the Silver Comes From

Dear Readers,

In 2025, Mexico was the largest silver producer. According to the World Silver Survey, the country produced 172.9 million ounces, about one-fifth of the 846.6 million ounces produced worldwide. Only slightly more than one-quarter of global mine production came from primary silver mines. The remainder came primarily from lead-zinc, copper, and gold mines.

According to Metals Focus, Bolivia’s San Cristóbal open-pit mine and Mexico’s Juanicipio each produced approximately 17.6 million ounces in 2025. Zgounder in Morocco reached 4.83 million ounces following its expansion. For Lucky Friday in Idaho, Hecla raised its 2026 annual forecast to 5.0 to 5.2 million ounces.

According to Metals Focus, the industry consumed 657.4 million ounces of silver in 2025, three percent less than the previous year. The April study projects 639.6 million ounces for 2026. The study indicates that demand from power grids, automotive manufacturing, and AI infrastructure is growing, while silver demand from the photovoltaic sector is declining.

Silver Tiger Develops El Tigre

Silver Tiger Metals - https://www.commodity-tv.com/ondemand/companies/profil/silver-tiger-metals-inc/ - is developing the wholly owned El Tigre Stockwork in Sonora. Silver Tiger announced in November 2025 that it had obtained the necessary environmental permits from the Mexican federal agency SEMARNAT. In the northern exploration area, the company reported on September 11 that drill hole ET-24-649 returned 7,715.1 g/t silver equivalent over a 2.1-meter interval starting at 39.9 meters.

A bought deal financing raised CAD 100.05 million gross on October 13. According to Silver Tiger, the estimated construction costs rose from 86.8 to approximately 124 million U.S. dollars. In an update on October 20, the company confirmed December 2027 as the target date for commissioning and the first doré pour.

Conclusion: Project Approaching Commissioning

Silver projects such as El Tigre can supplement the supply of silver. Silver Tiger is working toward the first doré pour. Construction progress, costs, and ramp-up will determine when the project begins contributing to the silver supply.

Current company information and press releases:

https://www.resource-capital.ch/de/unternehmen/silver-tiger-metals-inc/

For further information, see our Precious Metals Report:

https://www.resource-capital.ch/de/reports/ansicht/edelmetall-report-2026-03/

Best of luck and warm regards from Switzerland,
Yours,
Marc Ollinger
Swiss Resource Capital AG

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Sources: Silver Institute and Metals Focus, World Silver Survey, April 15, 2026 · Aya Gold & Silver, 2025 Annual Results, March 31, 2026 · Hecla, Quarterly Report and Outlook, November 3, 2026 · Silver Tiger, SEMARNAT Construction Permits, November 7, 2025 · Silver Tiger, Caleigh Drilling, September 11, 2026 · Silver Tiger, Financing and Construction Costs, September 21, 2026 · Silver Tiger, Financing Closing, October 13, 2026 · Silver Tiger, El Tigre Construction Status, October 20, 2026. Cover image: AI-generated stock illustration.

Transparency and Conflicts of Interest

Creator and Publisher: SRC swiss resource capital AG, Poststrasse 1, 9100 Herisau, Switzerland. Author: Ingrid Heinritzi. Issuer: Silver Tiger Metals Inc. (TSX: SLVR, OTCQX: SLVTF, WKN: A2P4YL, ISIN: CA82831T1093). SRC publishes this article on behalf of the issuer and receives compensation under a paid IR advisory agreement. This compensation constitutes a financial interest in a positive portrayal.

The author and SRC do not hold any positions in the issuer discussed. Issuer’s stake in SRC of at least 5 percent: no. Market-making, lead/co-lead manager, and investment banking relationships: no. Other relevant interests: none. Prior review by the issuer: The issuer did not receive the article in advance for review and/or approval. Applicability of Section 18(2) MStV / responsible person: Marc Ollinger, CEO of SRC.

Methodology and Risks

Date of publication and source cutoff date: November 11, 2026, 10:32 a.m. CET. The information is based on public market studies, regulatory documents, and announcements by the issuer. The editorial team has verified the original data. This article did not include an independent geological or economic review of the projects.

Silver Tiger credits Charles Spath, P.Geo., M.Sc., Vice President of Technical Services, for the drilling announcement dated September 11, and Robert Harris, P.Eng., for the construction update dated October 20. Newton and Spath work for the issuer. Harris’s independence status remains unclear following the construction update. The QP approvals refer to the original announcements.

The silver equivalent for the Caleigh drill hole is a calculated value based on a gold-to-silver price ratio of 75 to 1. The reported grades were 5,061.1 g/t silver and 35.39 g/t gold. The interval is located in the northern exploration area. No production grade for the Stockwork Zone, which is currently under construction, can be derived from this single interval.

Construction and production targets depend on costs, supplies, regulatory requirements, commissioning, and metallurgical recovery. At El Tigre, factors include heap leaching, water availability, and actual construction costs. The issuance of new shares and the exercise of subscription rights may have a dilutive effect. A total loss of invested capital is possible.

Disclosures and Liability

This article is a paid marketing communication. It does not constitute individual investment advice, an offer of securities, or a solicitation to buy. Project goals and market forecasts are forward-looking statements. Liability is governed by applicable legal provisions. Mandatory claims remain unaffected.

The intended target markets are Germany, Austria, and Switzerland. No claim is made that distribution is actually limited to these countries. AI was used for research, text editing, and the cover image. The image shows a fictional mine. Editorial responsibility and final human review rest with SRC. © 2026 SRC swiss resource capital AG. Redistribution requires consent or legal authorization.