Member Info for taylot

Great post and spot in about the warrants.

In the interest of accuracy. 2.8m of those SFR are part of the collar facility and we have the loan, so SFR equity contribution is a fair bit less. Irregardless MTR is being materially undervalued by the market at present. And it’s not undervalued on hope of an exploration hit but on actual figures. SFR NSR will be producing revenue this time next year, the year after the at we could see a second mine being developed. And if CBE have hit true copper then get ready, ideal scenario as I have always maintained is we get a non SFR entity to take them out and move into the KCB. Pretty much all of it covered by our company making asset the NSR. ATB.

NTA at 31st July was 17.8p. CBE value has gone up around 500% since then. NTA for August will show a big increase.
Our 2% SFR NSR covers a mine which will be producing this time next year, itcovers an insane area that will IMO have multiple mines in the not to distance future. Will KS give us some information on A1? As per Steph sat images they are drilling methodically, they are doing this for a reason.
And then we have a second NSR over the KML land package - ideal scenario of Cobre get taken out by a third party (not Sandfire) and the KCB starts getting seriously explored.

And BOTH these NSRs are currently being valued by the market…. As negative. Hilarious.

They couldn’t take equity, they are already at the max holding as per ASX rulings. It’s why they need to get shareholder approval for the second MTR tranche of the CBE CR.

10%… more like 30%!!!!

***Following these disposals, Metal Tiger is interested in 7,057,057 Sandfire Shares representing approximately 1.72% of Sandfire’s issued share capital. As previously announced, 2,842,667 of the Sandfire Shares held by the Company are subject to an equity derivative financing arrangement with a global investment bank.

Metal Tiger will use the partial proceeds of these sales on settlement to pre-pay circa A$1,370,000 against the outstanding loan principal of A$7.46m owed to a nominee of SC Lowry Primary Investments Ltd (the “Margin Lending Facility”), reducing the principal amounts owed by the Company in respect of the Margin Lending Facility to circa A$6,158,000 (excluding interest accrued).***

MTR current market cap is £27m.
-SFR - 4.2m shares (total holding minus collar facility) at A$5ps and subtracting the loan figure SFR equity is worth A$15m, so approx £9m.
-CBE worth approx £10m
-Various other equity positions - let’s say £5m (total guess)
-Cash.

T3/A4 WILL be in production next year and the royalty will be rolling in. SFR look to be proving up a resource at A1 and lots of rumours of a hit north of Ghanzi (can’t recall the target number) NSR will prove to be worth multiples of current MC IMO. And remember should CBE get taken out MTR retain its NSR over the ground there aswell!!!!

Anyone really think MTR is being valued correctly?? I’ll be buying more today.

How would they distribute the royalties back to shareholders??? That makes zero sense.

I just couldn’t see how it was going to be the good assay results we were hoping for.. sadly I was right on that and wrong on the corporate action. Looks like someone got the whiff of news and made the wrong assumption.. the volume caused ASX to question CBE and as they had some news to report it was halted. Onto the next catalyst we go… frustrated for sure.

Keith, correct on the NSR payments. However it is expected that SFR will mine the higher grade A4 in conjunction with T3, we may find out more in SFRs quarterly update as well as A1 exploration. We will certainly no what’s what come Q3 when we get A4 DFS.

Hi Keith. Could be a farm in to KML? It could well just be assays but if there’s been a leak from drillers etc you would think they’d be some volume in MTR??

CBE didn’t request the halt, ASX are very keen and forced it. They’ve enforced the halt based on volume and price rise, they’ve no doubt asked Cobre if there’s any reason for this and we can see from the ANN that it is related to Botswana. The volume I find more intriguing than the rise tbh. The fact that the volume didn’t translate across to any buying pressure in MTR (like we saw with MOD) to me also suggests it could possibly be something corporate.. we shall see soon enough!!!

TheSki - no. Cobre is the main operator of KML. Again this goes back to the MOD days. MOD had a trading halt but MTR continued to trade and people took advantage. Seems there’s been a few by
It’s today but nothing like 2018, different market I guess.

Yes. This is exactly what happened back in the MOD days.

DP - please don't take this reply as "*****y" this is a good board now we don't have people making idiotic comments and posting blatant lies. I welcome posts like yours and EasyPs as it is a good alternate view which is important.

"I have no idea mate, maybe they need to get to know some richer friends" You have seen who is on the share register haven't you?? Also worth noting the David Wargo has some insane contacts and actually approached MM about being involved with MTR. He was the reason we got such a large allocation in RDT.

"I do think that for an aim company, the bod don't take enough risks." Got to say that is a ridiculous comment IMO, exploration is one of the most capital extensive and riskiest business there is. I WANT my BoD to be conservative with OUR capital. If you knew the costs of KML drilling it would honestly make your eyes water!!! MM is very financially prudent and that is what i want to see personally. Why take stupid risks when you have the (pretty much) guaranteed company making asset in your back pocket and it is only a matter of time before that comes to fruition?? I think it can be argued that BoD are resting on their laurels until this happens but I would argue that isn't true at all. When you look at KML as well as AMM its clear the BoD are looking at sensible ways to progress the company.

I spoke to MM directly last year and put it to him why don't we take on more direct projects, it is quite simple that on a cost basis it would potentially ruin the company. Again, why risk that (or should i say take reckless risks) when we KNOW the NSR will be paying out serious figures in just a few years time?? T3/A4 will start paying next year. T4 exploration is continuing in earnest and A1 drilling has begun - we know there is mineralisation at both these targets from previous MOD drilling. SFR are not messing around here and i think it is entirely plausible to see at least three operating mines ALL covered by MTRs 2% NSR - remember over both copper AND silver.

My frustration with the share price continues but i'm not going to sell a tenner for a quid just because i can't wait a little longer. ATB.

Ha. Appreciate the call out ;-) (bonkers is long gone btw)

'your investment is likely to to shrink a bit over the next few years'. Unless SFR are going to suddenly decide to stop building the T3/A4 mine that is quite clearly not going to happen.

Look im as frustrated as the rest of the LT shareholders, the price action is both poor and tedious. Bu the shares are held I tight hands and that's why when we do get any trades it moves quickly - in both directions. Largest individual shareholder has added and may well be continuing go do so, you think MJ is just throwing money away.. i don't. Could the BoD more, maybe, but they are doing plenty behind the scenes I can assure you. Nothing has changed medium to long term for me personally.

What’s the reason eP? Ticking up quickly on little volume - does the same down tbf. At some point this is going to come on the radar of bigger players and we will see the major volume days and big rises.

Taken from the recent IC article:
"Furthermore, analysts’ estimate that royalties from A4 could be worth US$8.9m (£6.7m) per annum to Metal Tiger (at an annual production rate of 3.2m tonnes and based on a copper price of $9,300 per tonne, or 10 per cent below the spot price)

We can also clearly see from sat images (and SFR's limited reporting) that they are drilling at A1 and T4. And we know from the early MOD exploration that there is copper in the ground. What's the odds a resource is proved up here as well??

If we then extrapolate ST's figures, then the potential medium term revenue for MTR could (will) be transformational.

Are we a little early? Probably. Could you make some money elsewhere in the interim? Maybe - could lose some as well. Is the share price action infuriating? For sure, yes. Does it change anything...

But for me this is a good as a sure think as you are likely to see on AIM and the current MC is pretty much backed up by cash and equity. SFR NSR is and will be the company making asset, SFR are building the mine at T3 and the probability that they prove up and move to build further mines across the belt is very likely. And then in the backdrop we have KML continuing to drill as well as Aramda.

https://acquirersmultiple.com/2021/08/how-to-value-royalty-companies/

"Most mining companies, depending on where you are in the commodity cycle, they’ll trade it between, call it, five to eight times earnings, generally. Royalty companies typically trade at anywhere from 30 to 50 times earnings, which for some people, particularly generalist investors coming into the industry, they sit there scratching their heads and say, “Why the hell would I pay 40 times for this royalty company?” But for all the reasons I mentioned before and the fact that a royalty company say, take Franco Nevada. It’s a $28 billion royalty company. It’s run by 30 people. The operating cost profile and the leverage you’ve got to future investments is just this huge operating leverage. Moreover, every time a new discovery is made, they get all that upside without a single extra dollar out the door.

Going back to your question, how do we value royalties and how royalty company is valued, they typically evaluate on a price to cash flow or price to earnings multiple basis, and then also, the other metric that’s commonly used is price to NAV, because the other quirk about a lot of royalty companies is, they’ll trade at a substantial premium to their intrinsic net asset value. If you run a discounted cash flow model of all their key royalties, it’s sometimes between 1.5 to 3 times that intrinsic value, often, because a lot of these mines just continue to expand over multi decades."

Net tangible asset backing up 16% to 22.3p. A long way from fair value as well IMO. Armada are now drilling so shouldn't be too long before we see visuals.

Excellent support Mike, well done.

Major shareholder increases position, meanwhile we have numpty sellers sub 18p. Copper price is on a tear and commodities will continue to rise, the SFR royalty is going to do very nicely indeed.

Volume is next to nothing. Sellers are being hammered all while those in the know are adding:

Mike Joseph
@benchpressmike
Been adding a lot of @metaltigerplc shares to my already large holding . At some stage this will look ridiculously cheap and investors will wonder how they missed it . Trading at a big discount to NAV right now @IChronicle

MTRs major shareholder is adding while people are selling at a loss and at ridiculous bid price..

If you think volume is thin here you should see CBE!!! One thing is for certain if KML hit anything of significance they’ll be real fireworks!!!