Silver Tiger Metals Inc. — Capital/Financing Update 2021

Feb 8, 2021

SILVER TIGER METALS INC. TERM SHEET FEBRUARY 8, 2021

A preliminary short form prospectus containing important information relating to the securities described in this document has not yet been filed with the applicable Canadian securities regulatory authorities. A copy of the preliminary short form prospectus is required to be delivered to any investor that received this document and expressed an interest in acquiring the offered securities.

There will not be any sale or any acceptance of an offer to buy the securities until a receipt for the final short form prospectus has been issued.

This document does not provide full disclosure of all material facts relating to the securities offered. Investors should read the preliminary short form prospectus, the final short form prospectus and any amendment, for disclosure of those facts, especially risk factors relating to the securities offered, before making an investment decision.

• Issuer: Silver Tiger Metals Inc. (the "Company").
• Offering: 33,333,334 common shares of the Company ("Shares" or "Offered Securities") for gross proceeds of $20,000,000.40 (the "Offering").
• Offering Price: $0.60 per Offered Security (the "Issue Price").
• Over-Allotment Option: The Company will grant to the Underwriters an option to cover over-allotments and for market stabilization purposes (the "Over-Allotment Option") to purchase up to that number of additional Offered Securities which equal to 15% of the Offered Securities purchased in the Offering. The Over-Allotment Option will be exercisable in whole or in part, at any time and from time to time, for a period of 30 days from and including the Closing Date (as defined herein).
• Offering Basis: The Offered Securities will be offered on a bought deal public offering (the "Offering") by way of short-form prospectus to be filed in all of the Provinces of Canada other than Quebec, subject to a formal underwriting agreement with conventional termination provisions.

The Offered Securities may be (i) offered and sold in the United States by the Underwriters, through their United States registered broker-dealer affiliates (the "U.S. Affiliates"), to "qualified institutional buyers" (as such term is defined in Rule 144A ("Rule 144A") under the United States Securities Act of 1933, as amended (the "U.S. Securities Act")) in compliance with Rule 144A and (ii) offered by the Underwriters through their U.S. Affiliates and sold by the Company to substituted purchasers who are "accredited investors" (as defined in Rule 501(a) of Regulation D ("Regulation D") under the U.S. Securities Act) pursuant to Rule 506(b) of Regulation D and, in both cases, in compliance with applicable state securities laws, and, with the consent of the Company, to eligible investors in foreign jurisdictions (other than Canada and the United States) pursuant to applicable securities laws in such jurisdictions provided that a placement therein does not give rise to any registration or continuous disclosure obligations on the part of the Company.

The securities issued pursuant to the Offering are not, and will not be, registered under the U.S. Securities Act or applicable state securities laws, and will be "restricted securities" under applicable United States federal and state securities laws.

Use of Proceeds: The net proceeds from the sale of the Offered Securities will be used for exploration and general corporate and working capital purposes.

Lead Underwriter: Sprott Capital Partners LP 1 1. Lead Underwriter and sole bookrunner to receive 5% step-up fee

Underwriters' Fee: On the Closing Date (as defined herein), the Company shall pay to the Underwriters a cash commission of 6% of the gross proceeds raised under the Offering (including in connection with the exercise of the Over-Allotment Option). In addition, on the Closing Date, the Company shall issue to the Underwriters warrants of the Company (the "Broker Warrants"), exercisable for a period of 12 months following the Closing Date, to acquire in aggregate that number of Shares which is equal to 6% of the number of

	Offered Securities sold under the Offering (including Offered Securities issued inconnection with the exercise of the Over-Allotment Option) at an exercise price equal tothe Offering Price.
Listing:	The Shares are currently listed on the TSX Venture Exchange (the "Exchange") underthe symbol "SLVR". The Company will make an application to the Exchange to list theOffered Securities, which listing must be conditionally approved prior to the Closing Date,subject only to customary listing conditions.
Eligibility:	The Offered Securities shall be eligible for RRSPs, RRIFs, RDSPs, RESPs, TFSAs andDPSPs.
Closing:	Closing will occur on or about March 2, 2021 (the "Closing Date"), or on such date asmay be agreed upon by the Company and the Lead Underwriter.