Portfolio

Equity Investments

The Equity investment categories consists of two parts: Active; and Passive.

Active

Active investments are typically larger investments where Metal Tiger seeks to positively influence the management of investee companies by providing oversight and guidance at Board level to enhance shareholder value.  Usually Metal Tiger takes a greater than 10% and either takes a Board seat as part of the investment and/or obtains formal Board representation rights as long as it maintains a certain percentage holding. As an example, Metal Tiger has had success with this strategy in Greatland Gold plc (AIM: GGP) and MOD Resources Limited (now Sandfire Resources Limited, ASX: SFR). Holding a greater than 10% stake for more than one year can confer certain tax advantages for Metal Tiger upon an eventual profitable exit.

Cobre Limited

Cobre Limited (“Cobre”) listed on the Australian Securities Exchange is a base and precious metals exploration company (ASX: CBE) targeting high-grade volcanogenic massive sulphide (“VMS”) and sediment-hosted deposits in Western Australia. Metal Tiger invested an initial A$500,280 for approximately 15% of Cobre’s enlarged issued share capital in September 2019 and invested a further A$2,400,000 as part of Cobre’s initial public offering (“IPO”) which completed on 31 January 2020 and raised a total of A$10million. Metal Tiger’s CEO, Michael McNeilly was appointed as a Non-Executive Director of Cobre as Metal Tiger’s nominee representative as part of the investment. Metal Tiger holds a 19.99% stake in Cobre. On 28 April 2020, Metal Tiger committed to a further conditional investment of A$310,000 to maintain its pro-rata percentage pursuant to Cobre’s proposed acquisition of its 20% minority project partners in its Perrinvale project for newly issued shares and cash.

Further information on Cobre can be found on Metal Tiger’s website at: Cobre Limited

For additional information investors should reference Cobre’s website at the following link: cobre.com.au

Southern Gold Limited

Southern Gold Limited (“Southern Gold”) is an Australian Securities Exchange listed precious metals exploration and development company (ASX: SAU) targeting high-grade epithermal gold-silver vein systems in the southern part of South Korea.  Metal Tiger committed to invest A$2.2million at A$0.10 a share into Southern Gold to be completed in two tranches for a 17.1% stake in the company and at the Extraordinary General Meeting held on 7 May 2020, Southern Gold shareholders approved the issue of the placement shares to Metal Tiger which now holds 22,000,000 shares (17.1%) in Southern Gold.

Further information on Southern Gold can be found on Metal Tiger’s website at: Southern Gold Limited 

For additional information investors should reference Southern Gold’s website at the following link: southerngold.com.au

Thor Mining plc

Thor Mining plc (“Thor Mining”) is an AIM listed (AIM: THR) mining company with tungsten and copper projects in Australia and the USA.  Metal Tiger has an investment of 96,550,000  ordinary shares representing circa 9% of the issued ordinary share capital of Thor Mining. Metal Tiger’s Chief Investment Officer, Mark Potter is Metal Tiger’s nominee Director on the Board of Thor and acts as a Non-Executive Director of Thor Mining. Metal Tiger has no formal Board representation rights with Thor Mining.

Further information on Thor Mining can be found on Thor Mining’s website at the following link: thormining.com

Cobre Limited

  • Public
  • Significant discovery potential
  • Country / district / first mover advantage
  • M&A opportunity

Southern Gold

  • Public
  • Significant discovery potential
  • Country / district / first mover advantage
  • Application of improved exploration techniques
  • Exploration value uplift potential / brownfields
  • M&A opportunity

Passive

Metal Tiger's passive investments are typically direct purchases of listed mining equities and warrants, but may include other investment structures.  The aim is to make capital gains in the short to medium term. Investments are considered individually based on a variety of criteria. Investments are typically traded on the TSX, ASX, AIM or LSE but can be also be private with a view to obtaining an eventual liquidity event.   

Significant Public investment(s)

Sandfire Resources Limited

As at 12 March 2020, Metal Tiger held 6,566,990 shares in Australian Securities Exchange listed Sandfire Resources Limited (ASX: SFR) (“Sandfire”). Sandfire is a mid-tier mining and exploration company. Sandfire operates the high-margin Degrussa copper-gold mine, located 900km north of Perth, Western Australia. Sandfire also has development and exploration projects in North America and Botswana. Metal Tiger has entered into an equity derivative collar financing arrangement with a global investment bank over 1,675,125 of the ordinary shares in the capital of Sandfire (the “Financing Arrangement”). Further details of the Financing Arrangement can be found in the announcement of 17 December 2019 here: London Stock Exchange.

Since acquiring the shares Metal Tiger has received circa A$1.33million in dividends from Sandfire as at 30 March 2020.

Dividends that would otherwise have been received on the shares subject to the Financing Arrangement are received by the investment bank and lower the loan repayment amount and adjust the strike prices of the put and call options.

For additional information investors should reference Sandfire’s website at the following link: sandfire.com.au

Trident Resources plc

Trident is a growth-focused diversified mining royalty and streaming company, aiming to provide investors with exposure to a mix of base and precious metals, bulk materials (excluding thermal coal) and battery metals.

The acquisition and aggregation of individual royalties and streams is expected to deliver strong returns for shareholders as assets are acquired on terms reflective of single asset risk compared with the lower risk profile of a diversified, larger scale portfolio. Further value is expected to be delivered by the introduction of conservative levels of leverage through debt. Once scale has been achieved, strong cash generation is expected to support an attractive dividend policy, providing investors with an attractive mix of inflation protection, growth and income.

Metal Tiger has an investment of 2,850,000 ordinary shares representing circa 2.75% of the issued ordinary share capital of Trident.

For additional information investors should reference Trident's website at the following link: tridentresources.co.uk.

Significant Private investment(s)

Pan Asia Metals Limited

Pan Asia Metals Limited (“Pan Asia”), is a privately owned, Singapore registered, minerals exploration and development company.  Pan Asia is focused on specialty and base metal projects in South East Asia and owns the Reung Kiet and Bang Now Lithium Projects and the Khao Soon Tungsten Project in Thailand as well as the Minter Tungsten Project in New South Wales, Australia.  The Company currently holds 7,627,447 shares in Pan Asia for circa 7.5% of the issued share capital in Pan Asia as at 30 March 2020. Pan Asia is currently planning to list on the ASX in 2020.

Investors should note that certain investments and indeed disposals of investments are not required to be disclosed because of materiality thresholds and they should therefore reference the accounts for further details.

Metal Tiger’s historical financials can be found at the following link: Financial Reports & Accounts

 

Investment Criteria

When evaluating strategic and on-market investments, Metal Tiger considers the following factors:

  • favourable commodity price outlook
  • track record of management
  • ability for the Metal Tiger management team to “add value” through corporate governance, financial and technical expertise
  • potential to substantially increase the value of a mining asset through exploration and development, regardless of commodity price performance
  • low and medium risk geographic jurisdictions
  • ability to exit

Current Warrant or Option Holdings



Company No. of Warrants or Options Exercise Price Exercise Period Ending

Arkle Resources plc  (AIM:ARK) 

4,800,000

1.8p

11 Sep 2020

iMetal Resources Inc (TSX: IMR.V)

670,000

Can$0.20

18 Mar 2021

Aurelius Minerals Inc (TSX: AUL) 2,000,000 Can$0.20

16 April 2021

Los Cerros Limited (ASX: LCL) 1,250,000 A$0.10

6 April 2022

Los Cerros Limited (ASX: LCL) 1,250,000 A$0.02

18 May 2022

Table updated 30 June 2020

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