RNS29 May 2020 12:59
Friday 29 May, 2020
Metal Tiger plc
Posting of Annual Report and Notice of Annual General Meeting (“AGM”)
Metal Tiger plc
(“Metal Tiger”, the “Company” or the “Group”)
Audited results for the year ended 31 December 2019
Posting of Annual Report and Notice of Annual General Meeting (“AGM”)
Proposed Share Consolidation
Metal Tiger plc (LON: MTR), the London Stock Exchange AIM listed investor in natural resource opportunities, is pleased to announce its audited results for the year ended 31 December 2019.
Highlights:
Sale of the Group’s 30% interest in Botswana joint venture with MOD Resources Limited (“MOD”) to MOD, for shares and royalty interests generating a profit of £3.3million, pursuant to Sandfire Resources Limited’s (“Sandfire") takeover of MOD.
Received 6,296,990 shares in Sandfire, representing a 3.5% stake in Sandfire, in exchange for the Company’s shares in MOD.
Within the Project Investments division, in Botswana, the Company’s joint venture, Kalahari Metals Limited (“KML”), intersected wide zones of copper mineralisation from diamond drilling at its Okavango Copper Project.
Strong performance from Equity Investments division, reporting a profit of £5.0million (before administration and interest costs), including dividends from Sandfire of £527,000.
Equity Investments division investments during the year included an initial A$0.5million investment in Cobre Limited (“Cobre”), an Australian copper exploration company, with a further A$2.4million investment at the year end into Cobre's IPO on the ASX.
Raised £2.8million (net) through two placings at a price of 1.45p per share.
Draw down of £4.2million of new financing under an equity derivative collar financing arrangement with a global investment bank.
Net current assets at the year end of £21.7million including a cash position of £5.0million.
Profit for the year before taxation of £4.5million (2018: loss £4.0million).
Post Period:
Initial drilling programme at Cobre’s Perrinvale Project commenced, confirming high grade VHMS mineralisation. Subsequent studies have identified further drill targets that will be the subject of Cobre’s ongoing 6,000m drilling campaign.
Completed investment of A$2.2million into ASX listed South Korean gold explorer, Southern Gold Limited, resulting in a 17.1% stake in the company.
KML commenced drilling at Kitlanya East but exploration activities were suspended due to government restrictions related to COVID-19.
Sandfire, of which the Company currently owns 3.6%, completed an A4 Dome exploration drilling campaign, demonstrating encouraging results in a location near to KML’s licences. Sandfire is now working towards a maiden resource for the A4 Dome, which is likely to have a mate
https://www.investegate.co.uk/metal-tiger-plc--mtr-/bus/posting-of-annual-report-and-notice-of-annual-general-meeting---agm--/20200529114200Z0628/
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