Update on Cobre Investment


Metal Tiger plc

("Metal Tiger" or the "Company")

Update on Cobre Investment

Metal Tiger plc (LON:MTR), the London Stock Exchange AIM listed investor in strategic natural resource opportunities, is pleased to announce that Cobre Ltd.

(“Cobre”) will list on the Australian Stock Exchange (“ASX”), in conjunction with an initial public offering (“IPO”), raising, in aggregate, A$10.0m, on or around 31 January 2020.

As per the Company’s announcement on 20 November 2019, Metal Tiger has subscribed for a total of A$2.4m as part of the IPO fundraise and, accordingly, will be interested in 19.99% of Cobre upon listing. Metal Tiger is pleased to note that the Cobre IPO was heavily oversubscribed.

The total value of Metal Tiger’s 19,350,000 shares in Cobre at the IPO price of A$0.20 is equal to A$3.9m (circa £2.0m). Metal Tiger has invested a total cash amount of A$2.9m into Cobre meaning that on IPO, Metal Tiger will have an unrealised paper profit of A$1.0m (circa £0.5m).

Cobre is an Australian based and focused exploration company seeking to create shareholder value through the successful exploration of base metal projects. It is the 80% owner of Toucan Gold Pty Ltd, which holds a group of tenements collectively referred to as the Perrinvale Project in central Western Australia. As announced on 20 November 2019, Michael McNeilly, Chief Executive Officer of Metal Tiger, is a Non-Executive Director on the Board of Cobre.

Cobre is an Australian public company that was incorporated on 18 May 2018. As at 30 June 2019, Cobre reported net assets of A$0.75m. For the period ended 30 June 2019, Cobre reported a loss after tax of A$0.15m.

Further information on Cobre, including its IPO prospectus, can be found at: www.cobre.com.au

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

“We are delighted that Cobre will be listed on the ASX at the end of next week. Metal Tiger has been a key part of this heavily oversubscribed IPO. We made our initial investment in September 2019 and consider it a testament to the team at Cobre and their assets that they will have achieved a listing on the ASX only five months after Metal Tiger’s initial investment. I anticipate that Cobre will commence its drilling and exploration programme at the Perrinvale project on or around the listing date and look forward to seeing the continued progress.”

For further information on the Company, visit: www.metaltigerplc.com:

Michael McNeilly   (Chief Executive Officer)   Tel: +44 (0)20 7099 0738
Mark Potter (Chief Investment Officer)
Richard Tulloch

James Dance

Jack Botros

Strand Hanson Limited (Nominated Adviser) Tel +44 (0)20 7409 3494
Paul Shackleton

Steve Douglas

Arden Partners plc (Broker) Tel: +44 (0)20 7614 5900
Gordon Poole

James Crothers

Monique Perks

Camarco (Financial PR) Tel: +44 (0)20 3757 4980

Notes to Editors:

Metal Tiger plc is admitted to the AIM market of the London Stock Exchange AIM Market ("AIM") with the trading code MTR and invests in high potential mineral projects with a base, precious and strategic metals focus.

The Company's target is to deliver a high return for shareholders by investing in significantly undervalued and/or high potential opportunities in the mineral exploration and development sector. Metal Tiger has two investment divisions: Direct Equities and Direct Projects.

The Direct Equities Division invests in undervalued natural resource companies. The majority of its investments are listed on AIM, the TSX and the ASX, which includes its 3.5% interest in Sandfire Resources NL (ASX: SFR). The Company also considers selective opportunities to invest in private natural resource companies, typically where there is an identifiable path to IPO. Through the trading of equities and warrants, Metal Tiger seeks to generate cash for investment in the Direct Projects Division.

The Direct Projects Division is focused on the development of its key project interests in Botswana, Spain and Thailand. In Botswana, Metal Tiger has a growing interest in the large and highly prospective Kalahari copper/silver belt through its interest in Kalahari Metals Limited. In Spain, the Company has tungsten and gold interests in the highly mineralised Extremadura region. In Thailand, Metal Tiger has interests in two potentially near-production stage lead/zinc/silver mines as well as licences, applications and critical historical data covering antimony, copper, gold, lead, zinc and silver opportunities.

The Company actively assesses new investment opportunities on an on-going basis and has access to a diverse pipeline of new opportunities in the natural resources and mining sectors. For pipeline opportunities deemed sufficiently attractive, Metal Tiger may invest in the project or entity by buying publicly listed shares, by financing privately and/or by entering into a joint venture.

Metal Tiger plc

Source: Metal Tiger plc