Metal Tiger plc (LON: MTR), the London Stock Exchange AIM listed investor in strategic natural resource opportunities, has today announced 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 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 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).
Post Period
- Raised £1million through a private placing conducted by SI Capital Limited.
- Raised £2million through a non-brokered private placement conducted by Sprott Capital Partners LP and one of its affiliates, Sprott Global Resource Investments Ltd.
- Definitive Feasibility Study for the T3 Copper Project completed in March 2019. MOD expects to update the T3 Resource Model during the third quarter of 2019, following the completion of the ongoing T3 infill drilling programme and ongoing metallurgical recovery test work. MOD expects these workstreams will also permit the upgrading of part of production within the first two stages of the T3 open pit into the higher confidence JORC compliant Measured Resource category.
- Significant operational progress achieved by KML at the Okavanago and Ngami Copper Projects, with several potentially high-value targets identified by airborne electromagnetic surveys and diamond drilling of 2,100m planned to commence shortly.
- Exploration work began at the Logrosán Project, Spain, with encouraging results that could significantly add value to the project, with five high grade tungsten intersections averaging 3m @ 0.3% WO3, plus associated tin credits, confirmed at depth. Logrosán also yielded three high grade, one metre wide, gold intersections (ranging between 9.7g/t and 96.2g/t Au), across two separate targets, delineating subsurface gold for the first time in the Logrosán area.
Michael McNeilly CEO of Metal Tiger plc stated:
“The Board believes that 2018 was a transformational year for the Group with significant progress being achieved across our investment portfolio thanks to the hard work of the Metal Tiger team, as well as the continued support of its shareholders. Most notably, the sale of the T3 Project has set the Group up for potential future success through the Group’s increased footprint in the highly prospective Kalahari Copper Belt, whilst eliminating the cash exposure associated with funding the development of the T3 project. We have continued to make good progress in 2019 across both our Direct Projects and Direct Equities Divisions and look forward to further value realisation across our portfolio.”
The Annual Report and Accounts for the year ended 31 December 2018 will be available shortly to view and download from Metal Tiger’s website (www.metaltigerplc.com), along with a notice of Annual General Meeting. The Company has implemented electronic voting and full instructions, including how to request a paper proxy form, are set out in the notice of AGM. The AGM is scheduled to take place at 10.00 a.m. on 28 June 2019 at the Oriental Club, Stratford House, Stratford Place, London, W1C 1ES. Copies of the abovementioned documents will be posted next week to shareholders.
