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#21

Audited results for the year ended 31 December 2018 and Notice of Annual General Meeting

Metal Tiger plc (LON: MTR), the London Stock Exchange AIM listed investor in strategic natural resource opportunities, is pleased to announce its audited results for the year ended 31 December 2018.

Highlights:

Sale of the Group’s 30 per cent. interest in the T3 Copper Project in Botswana to MOD Resources Limited (“MOD”) for shares, options and royalty interests amounting to £16.8million, generating a profit of £12.5 million.
Increased interest in the Kalahari Copper Belt through a £859,000 investment into Kalahari Metals Limited (“KML”) in exchange for a 34 per cent. interest in KML, with an option to increase its interest to 50 per cent. for a further US$500,000 which was exercised post the year end.
In August 2018, successfully raised £6.1million, including £2.6million from the Sprott Group of Companies.
Significant progress achieved in our joint ventures with our partners, MOD and KML, through exploration workflows around the Kalahari Copper Belt, leading to the identification of multiple potential high-grade exploration targets.
Thai Government’s Minerals Management Master Plan completed in December 2018, giving clarity for forward planning for the Group’s interests in the Boh Yai lead-zinc-silver mine.
Continued investment across both Direct Projects and Direct Equites, creating a balanced portfolio of opportunities with varied exposure to several strong management teams and commodity classes, with the potential for significant returns.
The Group recorded a loss for 2018 of approximately £4.0million before tax despite the recorded gain on the sale of its interest in T3, partially due to the decline in the MOD share price between the recorded gain and the financial year end.
Net asset value of the Company increased to £18,951,000 (2017: £15,443,000) equating to 1.40p per share on a fully diluted basis (2017: 1.33p per share).

More via link:
https://www.metaltigerplc.com/index.php/news/1318-audited-results-for-the-year-ended-31-december-2018-and-notice-of-annual-general-meeting-2019-05-31-070000


#22

Metal Tiger plc

Posting of Annual Report and Notice of AGM

Metal Tiger plc (AIM:MTR), the London Stock Exchange AIM listed investor in strategic natural resource opportunities, announces that it has today posted its Annual Report and Accounts for the year ended 31 December 2018 to shareholders, together with the notice of Annual General Meeting (“AGM”).

Further to the Company’s announcement of 31 May 2019, the Company confirms that its AGM will be held on Thursday 27 June 2019 (revised date) at the Oriental Club, Stratford House, Stratford Place, London WC1 1ES at 10.00am.

https://www.metaltigerplc.com/index.php/news/1320-posting-of-annual-report-and-notice-of-agm-2019-06-05-161600


#23

25 June 2019
Metal Tiger plc

MOD Resources - Offer from Sandfire Resources

Metal Tiger plc (AIM:MTR), the London Stock Exchange AIM listed investor in strategic natural resource opportunities, is pleased to note the announcement made by MOD Resources Ltd (“MOD”) (ASX/LSE: MOD) today (the “MOD Announcement”), which sets out the terms of a conditional recommended offer from Sandfire Resources NL (“Sandfire”) (ASX: SFR) for the outstanding shares of MOD (the “Offer”). The Offer will be made on a share-for-share (scrip) basis (with a mix and match facility to elect for up to 25% cash) with an exchange ratio of 0.0664 new Sandfire ordinary shares (“Sandfire Shares”) for every MOD ordinary share (“MOD Shares”) held at the record time, representing an effective offer price of A$0.45 per share based on the five day VWAP of Sandfire Shares (the “Offer Price”).

Highlights:
· MOD and Sandfire have executed a binding Scheme Implementation Deed in relation to a conditional recommended share-for-share Offer for MOD from ASX listed Sandfire, at the Offer Price of A$0.45 per share, to be affected by way of a scheme of arrangement in Australia;
· 0.0664 Sandfire Shares will be offered in exchange for every MOD Share held, with MOD shareholders also being offered up to 25% of the consideration in cash, as part of a mix and match facility;
· Offer Price represents a premium of approximately 45% to the closing price per MOD Share on 24 June 2019 (being the last practicable business day prior to this announcement) and values MOD’s current issued share capital at A$137m (approximately £74m);
· Pursuant to the Offer, MOD will exercise its option over Metal Tiger’s 30% interest in Tshukudu Exploration, with an exercise price of A$10.045m (approximately £5.45m) due to Metal Tiger, to be settled in MOD Shares at the Offer Price, which, subject to MOD shareholder approval, will be issued prior to the Scheme becoming effective and acquired by Sandfire pursuant to the Offer (if not approved by MOD shareholders, the amount due will be paid in cash);
· Metal Tiger will retain its right to a 2% net smelter royalty over the Tshukudu exploration properties (which cover approximately 8,000km2 of prospective land in the Kalahari Copper Belt) and which will come into effect following MOD exercising its Tshukudu Option;
· Metal Tiger’s aggregate interest in MOD (including the consideration for its 30% interest in Tshukudu, its MOD Shares and its MOD Options) is valued at A$42.7m (approximately £23.2m) at the Offer Price, compared to an aggregate investment of £7.7m in MOD (including JV expenses and net MOD share purchases since inception);
· Subject to there being no superior proposal, Metal Tiger has committed to vote in favour of the Offer and to elect to receive all Sandfire Shares as consideration for its interests in MOD, which, should the Offer complete, is expected to result in Metal Tiger owning approximately 3.5% of Sandfire’s then enlarged share capital; and
· Subject to the Offer completing before 15 November 2019, Sandfire has agreed to use reasonable endeavours to set a record date for the payment of its full year dividend following completion of the Offer, thereby allowing MOD shareholders to benefit from such a dividend.

The full announcement made by MOD today (with the Scheme Implementation Deed appended in full) can be seen using the following link:
https://www.modresources.com.au/sites/default/files/asx-announcements/6934645.pdf

Michael McNeilly, Chief Executive Officer of Metal Tiger, commented:
"We are delighted by today’s news which could be transformational for the Kalahari Copper Belt as well as MTR. MTR has invested a total of approximately £7.7m which means that, should the Offer complete, MTR will have generated a total return on investment cost of 3.0x. This is of course excluding the value of our capped US$2m net smelter royalty over T3, as well as the 2% uncapped net smelter royalty over the Tshukudu Exploration properties. We believe that Sandfire has the market position and means to progress T3 and its surrounding targets, thereby enabling the release of long-term value in these projects.

"Metal Tiger has long believed that the Kalahari Copper Belt has the potential to deliver substantial returns on investment and see significant long-term potential for copper production in the area. Furthermore, we are delighted to continue to deliver on our strategy of investing in early stage assets and realising value from our investments.

“Along with our other investments in the area, we look forward to becoming a shareholder in Sandfire, where we see significant potential for value accretion in the Sandfire Share price, and to potentially receiving meaningful future cash flows from our royalty interest over the Tshukudu exploration properties.”

The Offer will be made by way of a scheme of arrangement under s411 of the Australian Corporations Act 2001 (Cth) (the “Scheme”), which is expected to be held in October 2019. The directors of MOD have unanimously recommended that MOD shareholders vote in favour of the Scheme (and they have confirmed their present intention to vote in favour of the Scheme in respect of the approximate 7.02% of MOD Shares owned by them) in the absence of a superior proposal (as is defined in the Scheme Implementation Deed) and subject to an Independent Expert concluding (and continuing to conclude) that the Scheme is in the best interests of MOD shareholders.

The Offer will be also conditional on, inter alia, MOD shareholders voting on the terms of the Offer at a court meeting and general meeting (both to be convened when the Scheme Document is released, which is expected to be by the end of August 2019), the resolutions being passed at a MOD Extraordinary General Meeting (the “MOD EGM”), to be convened in due course, in order to allow new MOD Shares to be issued to satisfy the exercise of the Tshukudu Option (including a resolution to allow Metal Tiger to increase its shareholding in MOD to above the 20% limit for listed companies in Australia) and receipt of the necessary change of control and regulatory approvals from the Botswanan Government.

The Scheme Implementation Deed contains standard Australian provisions, such as “no shop”, “no talk”, “notification” and “matching rights” provisions, with a break fee being payable in certain circumstances. MOD has agreed it will not solicit any competing proposal or participate in any discussions or negotiations in relation to any competing proposal (unless failure to do so would involve a breach of the fiduciary duties of its Directors).

Metal Tiger currently holds 31,838,393 MOD Shares, representing approximately 10.48% of MOD’s issued share capital and 40,673,566 unquoted options with a nil exercise price (the “MOD Options”). Any unexercised MOD Options will, as part of the Scheme, be exercised in full and acquired by Sandfire at the Offer Price pursuant to the terms of the Scheme.

As announced on 18 July 2018, Metal Tiger entered into an agreement with MOD to sell its 30% interest in the T3 Project (the “T3 Sale Agreement”) along with a side agreement with MOD in respect of the new MOD shares issued as consideration (the “Share and Voting Deed”), pursuant to which Metal Tiger committed, inter alia, to support MOD board recommendations, including a MOD board endorsed change of control.

Metal Tiger has entered into an amendment to the Share and Voting Deed (the “Share and Voting Deed Amendment”), whereby this commitment has been removed and Metal Tiger is able to vote its MOD Shares as the Board of Metal Tiger wishes. The Share and Voting Deed Amendment also removes all other restrictions in terms of Metal Tiger’s holding in MOD that were originally in the deed, save for, if the Offer is terminated, Metal Tiger is released from its voting obligations with Sandfire or the exclusivity period in the Scheme Implementation Deed expires, then for a period of 12 months Metal Tiger will be subject to an amended version of the clause relating to disposal of its MOD Shares, whereby Metal Tiger would be prevented from selling its holding to certain restricted investors, including private equity and competitors to MOD.

The Board of Metal Tiger is in favour of the Offer and sees significant value in Sandfire Shares at the exchange ratio being offered, therefore it has entered into a support agreement with Sandfire in relation to the Offer (the “Support Agreement”), whereby it has committed to vote in favour of the Offer in respect of its entire beneficial holding of MOD Shares and committed to elect to receive Sandfire Shares (i.e. not elect to receive cash pursuant to the mix and match facility). In addition, pursuant to the Support Agreement, Metal Tiger has committed to exercise sufficient MOD Options such that its shareholding in MOD for the purposes of voting on the Scheme is 19.9% at the record date.

MOD to exercise its option over Metal Tiger’s 30% interest in the Tshukudu JV
Metal Tiger and MOD have entered into an amendment to the T3 Sale Agreement (the “T3 Sale Agreement Amendment”), which amends certain terms of the agreement and pursuant to which MOD has committed to exercise its option over Metal Tiger’s 30% interest in Metal Capital Exploration Limited (“Metal Capital”) (the “Tshukudu Option”), which wholly owns Tshukudu Exploration (Pty) Ltd (“Tshukudu Exploration”) in Botswana, with a calculated value of A$10.045m (approximately £5.45m) (the “Tshukudu Consideration”).

Pursuant to the Scheme Implementation Deed, MOD has committed to exercise the Tshukudu Option prior to the record date for the Scheme. Pursuant to the terms of the T3 Sale Agreement Amendment, Metal Tiger’s 12.5% maximum shareholding restriction has been removed and MOD and Metal Tiger have agreed that Metal Tiger will be issued 22,322,222 MOD Shares (the “Tshukudu Consideration Shares”), in full settlement of the amount due from MOD to acquire its 30% interest in Tshukudu Exploration. The ability for MOD to pay Metal Tiger by way of the Tshukudu Consideration Shares will fall away if the Scheme is not implemented within six months.

The issue of the Tshukudu Consideration Shares will be subject to a separate vote of MOD shareholders at the MOD EGM, which MOD has committed to convene in due course. The resolutions to be voted on by MOD shareholders at the MOD EGM will include a vote on whether Metal Tiger’s shareholding in MOD can increase to over the 20% prescribed shareholding limit for listed companies in Australia. Should the resolutions at the MOD EGM not be passed, the Tshukudu Consideration would be settled in cash, which is in-line with the original agreement. Subject to obtaining MOD shareholder approval for them to be issued, the Tshukudu Consideration Shares would be acquired by Sandfire at the Offer Price pursuant to the terms of the Scheme.

MOD and Metal Tiger have also entered into an addendum to the JV Agreement in respect of Tshukudu, whereby MOD has agreed to fund Tshukudu through to completion of the Offer. However, should the Offer not complete, Metal Tiger will be required to contribute its pro rata share of costs between now and the date that the Scheme Implementation Deed is terminated, in order to avoid any dilution to Metal Tiger’s interest in Metal Capital. In addition, if the Tshukudu Option is exercised and the Offer does not complete for any reason, the T3 Sale Agreement Amendment contains provisions whereby the exercise would be unwound and each party would revert to its current state with respect to the Tshukudu JV.

The terms of the T3 Sale Agreement remain unchanged in respect of Metal Tiger’s 2% net smelter royalty over the Tshukudu exploration properties, which will come into effect on exercise of the Tshukudu Option.

Metal Tiger’s election to receive all Sandfire Shares
Metal Tiger has committed to elect to receive Sandfire Shares (and not to elect to receive cash pursuant to the mix and match facility) in respect of its holding of MOD Shares at the record time for the Scheme, the balance of the MOD Options held and the Tshukudu Consideration (subject to the relevant resolutions being passed at the MOD EGM). Accordingly, should the Offer be successful and the resolutions are passed at the MOD EGM, Metal Tiger is expected to receive Sandfire Shares with an aggregate value of A$42.7m (approximately £23.2m) at the Offer Price, which would represent approximately 3.5% of Sandfire’s then enlarged share capital.

Sandfire is a Tier 1, high-grade, Australian copper miner, with a market capitalisation of approximately A$1.1bn as at 24 June 2019 (further information on Sandfire is set out below). Should the Offer be successful, the Board of Metal Tiger believes that its resultant shareholding in Sandfire’s enlarged share capital will bring the following benefits:

· the enlarged Sandfire Group will have a stronger financial position and the merger is expected to facilitate the accelerated development of the T3 Project and the exploration potential of MOD’s extensive land interests, where Metal Tiger will retain a 2% net smelter royalty over any future production from the Tshukudu exploration projects;

· Metal Tiger would maintain exposure to the value created to date in the development of the T3 Project towards commercial production. It is expected that the enlarged Sandfire Group would be in a better position to raise the requisite funding to finalise the development of the T3 Project, thereby reducing the financing risk associated with the project;

· The enlarged Sandfire Group will have a more diverse asset base than MOD and Metal Tiger will gain exposure to the potential for substantial value creation from Sandfire’s high grade copper development and exploration projects, both in Australia and overseas;

· Sandfire has historically paid dividends to its shareholders and, whilst there can be no guarantee this will continue in the future, should the Offer be successful, this is expected to represent a new source of income for Metal Tiger. In addition, provided the Offer completes before 15 November 2019, Sandfire has agreed to use reasonable endeavours to set a record date for the payment of its full year dividend following completion of the Offer, thereby allowing MOD shareholders to benefit from this dividend; and

· Sandfire Shares are more liquid than MOD Shares (the average daily value traded over the last 90 days was A$5.4m for Sandfire and A$0.2m for MOD) and the combined group is expected to have increased media and broking coverage.

https://www.ii.co.uk/news/mod-resources-offer-from-sandfire-resources-rnsLSE20190625070013_14122695


#24

26 July 2019
Metal Tiger plc

Term Sheet signed with Cobre Pty Ltd and Issue of Equity

Metal Tiger plc (AIM:MTR), the London Stock Exchange AIM listed investor in strategic natural resource opportunities, is pleased to announce that it has entered into a binding term sheet (the “Term Sheet”) with privately-owned Australian copper exploration company, Cobre Pty Ltd (“Cobre”), which recently successfully acquired 80% of Toucan Gold Pty Ltd (“Toucan”), which holds 100% of the Perrinvale Copper Project (“Perrinvale” or the “Project”) in central Western Australia.

Highlights:

· MTR has executed the Term Sheet, which, subject to the satisfaction of certain conditions precedent, will allow MTR to invest an initial A$500,000 for approximately 15% of Cobre and a further A$2,000,000 as part of an IPO fundraise, expected to complete within the next 12 months, to achieve an approximate aggregate 19.99% shareholding upon listing.
· MTR has issued Cobre 1,658,720 new ordinary shares of 0.01 pence each in the capital of the Company (“Ordinary Shares”) at a price of 1.45 pence per share (the “MTR Shares”) in consideration for Cobre granting MTR an exclusivity period of 30 days in which to complete due diligence and implement formal documentation;
o MTR has already completed a substantial amount of due diligence and is pleased to obtain exclusivity given the strong level of interest in the market to invest in the Project.
· On completion of an IPO, MTR will obtain a right to appoint a nominee director to the Board of the Cobre IPO entity.
· Circa 1,000m RC drilling programme at Perrivale intersected very high grade volcanogenic massive sulphide (VMS) base metal and gold mineralisation at shallow depth;
o The best assayed result was 5m @9.8% Cu, 3.2g/t Au, 34g/t Ag, 3.1% Zn.
· Preliminary ground EM survey completed at Perrinvale.

A link to the Cobre Investor Memorandum can be found at the following link:

https://bit.ly/2Yqc7g4

Michael McNeilly, Chief Executive Officer of Metal Tiger, commented:
"We are delighted to enter into this term sheet with Cobre that provides the framework for a near-term investment in Cobre. As a Board, we are truly excited by the encouraging results achieved by Cobre to date as well as by the strong interest that has been shown in the Project. Discovering a potential high-grade VMS system is a major credit to the team at Cobre. Furthermore, the potential exists on the tenement package for an extended VMS system across a large proportion of the tenements. Such deposits are rare globally, so to encounter one in a stable jurisdiction like Australia is significant.

It is a testament to the Metal Tiger team and investment approach that we have managed to secure this term sheet and we look forward to working hard to complete our due diligence, agree definitive documents and complete the investment."

Project Background -via link below:

https://www.ii.co.uk/news/term-sheet-signed-with-cobre-and-issue-of-equity-rnsLSE20190726090546_14164708


#25

1 August 2019
Metal Tiger plc

Kalahari Metals Limited – Exploration Update

Metal Tiger plc (AIM:MTR), the London Stock Exchange AIM listed investor in strategic natural resource opportunities, is pleased to provide an exploration update for Kalahari Metals Limited (“KML”), in which Metal Tiger currently holds 59.81% of the issued share capital.

As announced on 31 May 2019, Metal Tiger invested a further US$1.1m in KML in order to fund KML’s first round drilling at both the Okavango Copper Project (“OCP”) and Ngami Copper Project (“NCP”). Following approval of the Environmental Management Plan (“EMP”) for the OCP by the Botswana Department of Environmental Affairs (“DEA”), drilling rigs are able to mobilise to priority targets within the OCP licence area following completion of the current diamond drill programme, which is in progress at the NCP (as announced on 23 May 2019).

With regard to Kitlanya West (“KIT-W”) and Kitlanya East (“KIT-E”), an airborne electromagnetic (“AEM”) geophysical survey is currently being flown over the project areas. The airborne work is nearing completion with the processed data and interpretation expected in September 2019.

A soil geochemical sampling programme is currently underway at KIT-W, which consists of a number of focussed traverses over interpreted anticline targets, with approximately 1,200 of a planned 3,300 samples having been collected to date. The samples will be analysed using both X-ray fluorescence (XRF) spectroscopy and low concentration TerraleachTM partial digest methods, in order to detect more subtle anomalies associated with mineralisation under thicker Kalahari Group cover.

KML has also submitted EMPs to the DEA for both the KIT-W and KIT-E project areas, when approved they will allow work to progress to drilling where warranted, subject to funding.

Michael McNeilly, Chief Executive Officer of Metal Tiger plc, commented:
“We are delighted to provide an update on KML’s exploration progress in Botswana.The authorisation of the environmental impact statement for the Okavango Copper Project will allow the drill rigs to mobilise over from the Ngami Copper Project upon completion of the current diamond drilling programme, which is progressing well.The concurrent airborne geophysics and soil sampling programmes within KML’s Kitlanya West and Kitlanya East project areas should help build the pipeline of copper targets further, with permitting underway to allow follow-on drill testing of prospective new copper targets within these areas in due course.”

Airborne Electromagnetic Survey Details
The AEM geophysics programme which includes both detailed and regional scale survey work is being flown by experienced South Africa based contractors, New Resolution Geophysics, which is utilising its XCiteTM system to target conductive geological marker units in the lower D’Kar Formation above the potentially mineralised contact with the underlying Ngwako Pan Formation.
The detailed survey is being flown at 200m line spacing over the northern priority target in KIT-E and has been designed to map conductive marker units in the lower D’Kar Formation. Results will be used to site drill holes into this prospective target situated 6km south of the MOD Resources’ T3 copper deposit.

The regional survey flown at 2km line spacing over the KIT-W project area has been designed to assist with mapping of Kalahari Group cover thickness and interpretation of anticline structures identified in magnetic data. Results will be combined with the current soil geochemical sampling programme results and historical airborne geophysical data to prioritise potentially mineralised fold hinge targets.

Project Background-Via link below

https://www.metaltigerplc.com/index.php/news/1329-kalahari-metals-limited-exploration-update-2019-08-01-122400


#26

21 August 2019
Metal Tiger plc

MOD Resources - Progress Update on the Proposed Sandfire Transaction

Metal Tiger plc (AIM:MTR), the London Stock Exchange AIM listed investor in strategic natural resource opportunities, is pleased to note the announcement made by MOD Resources Ltd (“MOD”) (ASX/LSE: MOD) today (the “MOD Announcement”), which provides an update on the proposal from Sandfire Resources NL (“Sandfire”) (ASX:SFR) to acquire 100% of MOD shares by way of a Scheme of Arrangement.

Please see link to the MOD Announcement below:

https://www.asx.com.au/asxpdf/20190821/pdf/447p2fplvm8nd9.pdf

https://www.metaltigerplc.com/index.php/news/1330-mod-resources-progress-update-on-the-proposed-sandfire-transaction-2019-08-21-070100


#27

22 August 2019
Metal Tiger plc

MOD Resources - Progress Update on the Proposed Sandfire Transaction

Metal Tiger plc (AIM:MTR), the London Stock Exchange AIM listed investor in strategic natural resource opportunities, is pleased to note the announcements made by MOD Resources Ltd (“MOD”) (ASX/LSE: MOD) today (the “MOD Announcements”).

The MOD Announcements, links to which are set out below, note that MOD has published a Scheme Booklet and Notice of General Meeting to be held on 1 October 2019, in relation to the proposal from Sandfire Resources NL (“Sandfire”) (ASX:SFR) to acquire 100% of MOD shares by way of a Scheme of Arrangement.

The full text of each announcement can be read using the following links:
Scheme Booklet:
https://www.asx.com.au/asxpdf/20190822/pdf/447qqf60yl4qws.pdf

Notice of General Meeting:
https://www.asx.com.au/asxpdf/20190822/pdf/447qvs5grmfyvc.pdf

https://www.metaltigerplc.com/index.php/news/1331-mod-resources-update-on-proposed-transaction-2019-08-22-070020


#28

6 September 2019
Metal Tiger Plc

CEO Interview

Metal Tiger plc (LON:MTR), the London Stock Exchange AIM listed investor in strategic natural resource opportunities, is pleased to announce that B-TV’s CEO Clips, a series of short video profiles on innovative publicly traded companies, will feature Metal Tiger’s CEO, Michael McNeilly, on the BNN Bloomberg Channel, throughout 7 and 8 September 2019.

View link: https://www.b-tv.com/metal-tiger-investing-in-natural-resources-ceo-clip-90sec/

The clip can also be viewed on the Company’s website, using the following link: https://www.metaltigerplc.com/index.php/investors/press-media/1335-metal-tiger-pouncing-on-natural-resource-investments

https://www.metaltigerplc.com/index.php/news/1336-ceo-interview-2019-09-06-105214


#29

Kalahari Metals Limited – Approval of EMP and Identification of Future Drilling Targets
23rd September 2019

Metal Tiger plc (AIM:MTR), the London Stock Exchange AIM listed investor in strategic natural resource opportunities, is pleased to provide an operational update on its investment in Kalahari Metals Limited (“KML”), in which Metal Tiger currently holds 59.81% of the issued share capital.

Highlights
Environmental management plans (“EMP”) for both Kitlanya East (“KIT-E”) and Kitlanya West (“KIT-W”) licence packages approved for gazetting by the Botswana Department of Environmental Affairs (“DEA”). Following gazetting, the approval of the EMP provides a green light to drill test targets.
In KIT-E area recently completed Airborne Electromagnetic Geophysics (AEM) survey has identified folded conductors interpreted to relate to Lower D’Kar formation and possible Cu-Ag hosting redox contacts with the Ngwako Pan formation.
Two targets, in close proximity to the MOD T3 deposit, identified as a priority for drill testing:
Target KIT-E-1A, a tightly folded conductor located in a fold nose mapped from high-resolution magnetic data, supported by anomalous Zn soil sample geochemistry.
Target KIT-E-2A, an open, easterly plunging interpreted anticlinal structure, whose proximity to the neighbouring T3 deposit (approximately 5km) is considered significant for potential Cu-Ag mineralisation.
Targets are supported by magnetic data interpretation, soil geochemistry results and stratigraphy intersected in historical drilling.

Michael McNeilly, Chief Executive Officer of Metal Tiger plc, commented:
“We are delighted by the continued support of the Government of Botswana as we look to realise further potential in the Kalahari Copper Belt. The results of the airborne geophysics survey over the Kitlanya East project area are very encouraging, with clear structural drill targets supported by soil geochemistry and close proximity to the MOD T3 deposit. The completion of the environmental management plan gazetting will allow Kalahari to progress the Kitlanya East area to, what we hope will be, an exciting period of drill testing.”

More via link below:

https://www.metaltigerplc.com/index.php/news/1338-kalahari-metals-limited-approval-of-emp-and-identification-of-future-drilling-targets-2019-09-23-070000


#30

Metal Tiger Plc

**2019 Interim Report **
Unaudited interim results for the six months ended 30 June 2019

Metal Tiger plc (“Metal Tiger” or the “Company”), the London Stock Exchange AIM listed investor in strategic natural resource opportunities, is pleased to announce its unaudited interim results for the six months ended 30 June 2019.

Key Highlights:
Six months to 30 June 2019
Agreed sale of Metal Tiger’s 30% interest in its joint venture with MOD Resources Limited (“MOD”) and to support the offer by Sandfire Resources NL for MOD, subject to MOD shareholder approval.
£2.8m (net) raised through two placings at 1.45p per share.
Additional funding of US$1.1m contributed to our Kalahari Metals Limited joint venture in Botswana.
The Direct Equities Division recorded a gain of £6.3m before administrative costs in the period, principally as a result of the unrealised gain of £6.9m on the Company’s holding in MOD, as a result of the offer from Sandfire Resources NL.
Three new minority listed equity investments made for a total investment cost of £0.2m together with further investments in MOD and Arkle Resources Limited.

Post period end
15% equity investment in Cobre Pty Ltd (“Cobre”), an Australian copper exploration company, for approximately A$0.5m, with an agreement to fund a further A$2.0m as part of a planned IPO over the next 12 months.
Continued activity in the Company’s Direct Equities Division, including further investments in Sable Resources Ltd and Greatland Gold plc.

More via link below:
https://www.metaltigerplc.com/index.php/news/1339-unaudited-interim-results-for-the-six-months-ended-30-june-2019-2019-09-25-070000


#31

1 October 2019
Metal Tiger plc

MOD Resources Update - Results of Meetings

Metal Tiger plc (AIM:MTR), the London Stock Exchange AIM listed investor in strategic natural resource opportunities, is pleased to note the announcements made today by MOD Resources Ltd (“MOD”) (ASX/LSE: MOD), in which Metal Tiger has a 19.9% interest.

The MOD announcements, links to which are set out below, note that, at both the General Meeting and the Scheme Meeting held earlier today, MOD shareholders have approved, by the requisite majorities, the scheme of arrangement by which Sandfire Resources NL will acquire all of the ordinary shares of MOD.

The Scheme remains subject to a number of conditions as set out in the Scheme Implementation Deed (a full copy of which is disclosed within the Scheme Booklet, which is available on the ASX website at www.asx.com.au and on MOD’s website at www.modresources.com.au), including:

• the Supreme Court of Western Australia approving the Scheme (Second Court Hearing);
• the independent expert continuing to conclude that the Scheme is in the best interests of shareholders; and
• the satisfaction or waiver of any remaining conditions prior to the Second Court Hearing.
Subject to these remaining conditions being satisfied or waived, implementation of the transaction is expected to occur towards the end of October 2019.

The full text of the MOD announcements can be read using the following link:
https://www.asx.com.au/asxpdf/20191001/pdf/44938cn7ypgzbv.pdf
https://www.asx.com.au/asxpdf/20191001/pdf/449389s7wmwfj9.pdf

Subject to the condition of the Supreme Court of Western Australia approving the Scheme (Second Court Hearing), it is the intention of the Metal Tiger Board to send out a notice of a general meeting of shareholders to seek approval from Metal Tiger shareholders for a share buyback facility shortly after such date.

Michael McNeilly, Chief Executive Officer of Metal Tiger commented:

“The closing of the acquisition of MOD shares by Sandfire resources is an important point in Metal Tiger’s history and allows the Company to retain its unique interest in the Kalahari Copper Belt, which should drive further share price growth in addition to the rest of its portfolio, whilst also allowing the Company to consider future cash deployment. With this in mind, the Company is considering future investments and believes that investing in itself, via a share buyback, could be the best use of capital for the Company. Eliminating discount to the net asset value of the business is a key focus of the Board and we look forward to updating the market on this workflow and the closing of the deal in due course.”

https://www.ii.co.uk/news/mod-resources-update-results-of-meetings-rnsLSE20191001071933_14248456


#32

7 October 2019
Metal Tiger plc

Kalahari Metals Limited - Drilling Progress Update

Metal Tiger plc (AIM:MTR), the London Stock Exchange AIM listed investor in strategic natural resource opportunities, is pleased to provide an update on the ongoing drilling campaign at the Ngami Copper Project (“NCP”) and Okavango Copper Project (“OCP”), in which the Company holds an interest in via its 59.81 per cent. investment in Kalahari Metals Limited (“KML”).

These inaugural diamond core drilling works at the NCP and OCP are testing geological contacts within fold-hinges identified by airborne electromagnetic (“AEM”) geophysics, which are thought to be prospective for hosting upgraded Copper-Silver (Cu-Ag) mineralisation.

Highlights

· Drill intersections into the priority Fold Nose Target at OCP have identified veinlet and disseminated sulphide dominant Cu mineralisation over a broad 25m zone on the northern side of the fold-hinge. Drilling has started along strike from this hole.

· To date, nine drill holes totalling 2,008m have been completed across both projects:

o NCP: Seven holes (NCP01 to NCP07), totalling 1,381m drilled;

o OCP: Two holes (OCP01 and OCP02), totalling 627m drilled.

· Drilling at both the NCP and OCP has successfully intersected the D’Kar formation (“DKF”) - Ngwako Pan formation (“NPF”) contact in fold-hinge settings with associated Cu mineralisation.

· AEM modelling of Kalahari cover thickness and the position of the DKF-NPF contact has been verified by the drilling to date, thus confirming the AEM data as a tool for targeting Cu-Ag mineralisation.

Michael McNeilly, Chief Executive Officer of Metal Tiger plc, commented:

“This is a very positive start to KML’s inaugural drilling campaign, and we are delighted that the airborne geophysics modelling and the technical team’s iterative interpretation of this in conjunction with magnetics and other factors is proving a reliable methodology for targeting the D’Kar - Ngwako Pan geological contact which is often associated with copper and silver mineralisation on Botswana’s Kalahari Copper Belt. We are very encouraged by the visible copper mineralisation seen in the core and look forward to testing for further mineralisation along strike. This bodes well for future drilling campaigns, especially at the Kit-East project which is proximal to the T3 Project. I am encouraged by the thoroughness and professionalism that goes into the geological interpretation that has allowed for such early success.”


#33

8 October 2019
Metal Tiger plc

MOD Resources Update - Court Approves Scheme of Arrangement

Metal Tiger plc (AIM:MTR), the London Stock Exchange AIM listed investor in strategic natural resource opportunities, is pleased note the announcement made by MOD Resources Ltd (“MOD”)(ASX/LSE:MOD), which notes that the Supreme Court of Western Australia has made orders approving the scheme of arrangement by which Sandfire Resources NL (“Sandfire”) will acquire all of the issued shares of MOD.

Pursuant to Section 411(10) of the Corporations Act 2001, the Scheme will become legally effective upon lodgment of the Court orders with the Australian Securities and Investments Commission (ASIC).

It is expected that a copy of the Court orders will be lodged with ASIC tomorrow, at which time the Scheme will become legally effective. If this occurs, MOD’s shares will be suspended from trading on the ASX at the close of trade tomorrow.

Metal Tiger’s MOD shares which upon completion will equate to 94,834,181 MOD shareswill therefore be exchanged for 0.0664 Sandfire shares for every MOD share held, equivalent to 6,296,990 new shares in Sandfire. It is expected that Sandfire shares will be issued to Metal Tiger and other MOD shareholders on 23 October 2019. Metal Tiger will also be granted its 2% Net Smelter Royalty over the exploration joint venture area.

The full text of the MOD announcement can be read using the following link:

https://www.asx.com.au/asxpdf/20191008/pdf/4499cw4xj1smbl.pdf


#34

09 October 2019, 09:15Source - BUS
Metal Tiger plc

MOD Resources Update - Scheme of Arrangement Becomes Effective

Metal Tiger plc (AIM:MTR), the London Stock Exchange AIM listed investor in strategic natural resource opportunities, is pleased to note the announcement made by MOD Resources Ltd (“MOD”) (ASX/LSE:MOD), which advises that a copy of the orders of the Supreme Court of Western Australia approving the scheme of arrangement, pursuant to which Sandfire Resources NL (“Sandfire”) will acquire all of the issued shares of MOD (the “Scheme”), has been lodged with the Australian Securities and Investments Commission. Accordingly, the Scheme has become legally effective.

MOD’s securities will be suspended from trading on the Australian Securities Exchange (ASX) at the close of trade today, 9 October 2019.

The admission of MOD’s ordinary shares to the Official List of the Financial Conduct Authority and to trading on the London Stock Exchange’s Main Market has been suspended with effect from 7.30 a.m. in London today, 9 October 2019.

Michael McNeilly, Chief Executive Officer of Metal Tiger commented:

“The completion of the acquisition of MOD by Sandfire is a key milestone in Metal Tiger’s history and, in our view, a transformational deal for the Kalahari Copper Belt. Since our initial investment in MOD, Metal Tiger has generated a total return on investment cost of circa 3.0x. This is, of course, excluding the future potential value of our capped US$2m net smelter royalty over T3 and the 2% uncapped net smelter royalty over the Tshukudu Exploration properties.

“We believe that the completion of this deal underlines the value of the Kalahari Copper Belt and are confident that, with royalties in place, a significant equity interest in Sandfire and our interest in Kalahari Metals Limited, Metal Tiger is extremely well placed to unlock this value for shareholders.”

The full text of the MOD announcement can be read using the following link:

https://www.asx.com.au/asxpdf/20191009/pdf/449bsyg5fz7zpj.pdf