Equity Investments

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


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 is an ASX listed (ASX:CBE) resource exploration company which is progressing the copper-gold-silver-zinc VHMS exploration stage Perrinvale Project in Western Australia. Cobre holds a 49.99% interest in Kalahari Metals,  as well as an 18.5% interest in Armada.  The Company holds 26,006,963 ordinary shares as of 30 June 2021 representing 16.62% of Cobre's issued ordinary share capital of Cobre.

Metal Tiger is interested in an additional 8,311,765 new ordinary shares at a price of A$0.17 per share, subject to Cobre shareholder approval of Metal Tiger's participation in the fundraise. Following shareholder approval and completion of the fundraise, Metal Tiger will hold 34,318,728 shares, representing 20.72% interest in Cobre. 

In addition, Metal Tiger expects to be issued a further 445,368 shares, subject to obtaining change in control approval from the Minister of Mineral Energy and Water Resources of the Republic of Botswana in respect of the Kalahari Metals. Assuming all further issuances occur, Metal Tiger would be interested in approximately 21% of Cobre.

On 6 April 2021, Cobre announced at an extraordinary general meeting, that its shareholders had approved its investment in Kalahari Metals. The key terms being the acquisition of a 51% interest in Kalahari Metals Limited.

Cobre commenced field exploration at Perrinvale towards the end of April 2021 with a 6 month time-frame with the goal of delineating potential future areas of interest for drill testing or further exploration. Please reference Cobre‘s announcement of 29 April 2021 for further details.

In March 2021 Cobre invested US$750k alongside Metal Tiger and RCF into Armada Exploration Limited for an 18.5% stake.

Michael McNeilly, Executive Director and Chief Executive Officer of Metal Tiger, was appointed to the board of Cobre as a nominee Non-Executive Director representing Metal Tiger.

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 is an ASX listed resource exploration and development company with gold epithermal exploration properties in South Korea. Metal Tiger currently holds 40,794,000 shares as of 30 June 2021 representing 19.1% of the issued share capital of Southern Gold as well as 7,284,500 A$0.18 warrants expiring on 19 October 2022.

Michael McNeilly was appointed on 5 June 2020 as a Non-Executive Director of Southern Gold.  At Southern Gold's annual general meeting held on 26 November 2020, Michael McNeilly, Executive Director and Chief Executive Officer of Metal Tiger was appointed as a Director of Southern Gold.

On 29 June 2021, Southern Gold announced that it had agreed commercial terms for the completion of the sale of Southern Gold’s Gubong and Kochang Joint Venture interests. Up to 200 million shares will be issued in Bluebird Merchant Ventures Ltd (LSE:BMV), of which, 50 million have been issued and 150 million shares will be subject to BMV issuing an approved prospectus. BMV has the flexibility to pay cash in lieu of all or some of the 150million shares on a US$0.05/share basis. The market value of the deal at the deemed issue price of US$0.05/share was a nominal value of US$10 million. Operationally, the primary focus was on field reconnaissance sampling, soil sampling and the commencement of the diamond drill program targeting the northern section of the Golden Surprise trend at the Deokon Project. A total of two HQ3 diamond drill holes for 251.2m was completed in Q2, utilizing one drill rig. The period saw scout drilling at the Geum Mar Project and drilling at the Aphae Project.

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

Armada Exploration Limited

Armada is a Mauritian holding company which owns 100% of Armada Exploration (Gabon) SARL. Armada was established to define new belt-scale discovery opportunities for key commodities (principally nickel and copper) in under-explored regions of Africa. It currently holds two exploration licences, prospective for magmatic Ni-Cu sulphide, in Gabon, covering a total area of nearly 3,000km2. The licence holding is considered to present a frontier district-scale exploration opportunity. In March 2021 Metal Tiger subscribed for 5,000,000 shares for total consideration of US$750,000 via a promissory note with US$350,000 to be invested up front and the remaining consideration to be paid in monthly instalments over a period of 5 months, of which one instalment was paid prior to 30 June 2021. Metal Tiger holds an 18.5% direct interest in the share capital of Armada. Metal Tiger also holds an indirect interest in Armada, via its 16.62% holding in Cobre, which holds an 18.5% interest in Armada. Metal Tiger has received 3,333,333 36-month options issued at US$0.225, which will potentially be repriced as part of the planned ASX IPO. Metal Tiger also has the right to appoint a director to the Board of Armada (or equivalent holding company, in the event of a restructuring as part of a listing). Michael McNeilly has been appointed as a Director to Armada Metals Limited, the planned Australian entity list-company but no restructuring has taken place as at the time of this report.


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


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

Sandfire Resources is an ASX listed (ASX:SFR) mid-tier mining and exploration company. Sandfire Resources operates the high-margin Degrussa Copper-Gold Mine, located 900km north of Perth, Western Australia.

Sandfire Resources also has development and exploration projects in North America and Botswana. The Company holds 6,143,357 ordinary shares in Sandfire Resources as of 30 June 2021 representing a 3.4% shareholding. Metal Tiger has an Equity Option and Loan Facility Master Agreement (Financing Arrangement) with Macquarie bank that allows it to enter into certain covered derivative contracts over its equity holdings.

In aggregate, the financing arrangements entered into by Metal Tiger are secured over 2,842,667 Sandfire shares held by Metal Tiger, representing approximately 1.59% of Sandfire’s issued share capital.

Sandfire concluded H1 with a very strong cash position of A$574m and no debt having produced 35,055 tonnes of copper and 18,116 ounces of gold from its DeGrussa operations. C1 cash costs increased slightly during the period. Sandfire noted that Sandfire Resources America was progressing a Feasibility Study enhancement for the Black Butte copper project as well as conducting an exploration program to identify additional Mineral Resources in close proximity to planned infrastructure.

Sandfire noted that resource definition drilling continued at the Old Highway Gold Prospect as well as studies for the Company’s gold transition strategy. Sandfire noted guidance for FY2022 of 64-68kt Cu and 30-33koz Au; with C1 costs of circa US$1.00 – 1.10/lb.

Sandfire progressed several critical steps for the Motheo Mine to progress including awarding the Mining Contract for the T3 Open Pit to African Mining Services (AMS), a surface mining business of diversified global mining services group Perenti Global Limited.

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

Camino Minerals Corporation

Camino is a discovery and development stage copper exploration company that undertakes exploration in Peru. Its focus is on acquiring a portfolio of advanced copper assets that have the potential to deliver copper into the economy. It is comprised of the Maria Cecilia Project, Los Chapitos Project and Plata Dorada Project. It is listed on the Toronto Stock Exchange (“TSX”). Metal Tiger holds 5,882,353 ordinary shares in Camino, representing circa 3.4% of the issued share capital of the company. Metal Tiger also holds 2,941,176 warrants at an exercise price of C$0.25 expiring on 18 May 2023.


 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

Southern Gold Limited (ASX: SAU)




Camino Minerals Corp. (TSXV: COR)




Pan Global Resources Inc (TSXV: PGZ) 694,444 A$0.28


Avidian Gold Corp (TSXV: AVG) 500,000 C$0.2


Thor Mining plc (ASX: THR) 12,500,000


Aurelius Minerals Inc. (TSXV: AUL) 100,000 C$0.07


Inflection Resources Limited (CSE:AUCU) 234,375 C$0.5


Sable Resources Ltd (TSXV: SAE) 1,166,666 Can$0.20


Armada Exploration Limited (Private) 3,333,333 C$0.225


Anacrotes Mining Corp (Private) 625,000 C$0.55


Apollo Gold and Silver Corp. (CSE: APGO ) 110,000 C$1.25


Cannon Resources Limited (Private) 83,333 A$0.2


Table updated 30 August 2021

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