We are initiating coverage on Silver Tiger Metals Inc. with a BUY rating and a target price of C$1.20/sh representing 131% upside from the current share price. Silver Tiger is a Mexico focused silver and gold explorer whose only asset is the past-producing El Tigre Project (100%-owned) in Sonora, Mexico. Unlike most high-grade silver explorers, Silver Tiger’s valuation is underpinned by a 81.9M oz AgEq (45% silver) deposit. In our view, this limits downside risk, as the company ramps up drilling on the high-grade vein extensions of the past-producing mine. We believe that ongoing drilling at El Tigre has the potential to deliver high-grade exploration success that could drive Silver Tiger’s shares rapidly towards our target price.