Portfolio

Royalty Investments

Metal Tiger holds the following three Royalties (under four Royalty agreements):

1)

A US$2m capped 2% net smelter royalty over Sandfire Resources Motheo T3 project in the Kalahari Copperbelt (within PL190/2008 which is held by Sandfire Resources subsidiary Tshukudu Metals Botswana).

Please refer to page 13 of the Sandfire December 2021 Quarterly Report for the latest published T3 copper mine development timeline.

2)

(b) An uncapped 2% net smelter royalty over any future production over Sandfire Resources 100% held subsidiary Tshukudu Exploration Limited’s circa 8,000km2 licence holding in the Kalahari Copperbelt (including the area covered by PL190/2008 that is outside of the T3 project, in which Tshukudu Exploration Limited holds a beneficial (but not legal) interest in).

Map of licence area covered by Royalty highlighting A4

A feasibility study is anticipated for the combined T3 and A4 projects.

Latest Resource Statement

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3)

(c) An uncapped conditional 2% net smelter royalty over all Kalahari Metals Group's (“Kalahari Metals”) wholly owned licences, being seven licences covering, in aggregate, 6,650km2. These are structured as two separate royalty agreements based on how the licences are held under Kalahari Metals' corporate structure but the ultimate guarantor is Kalahari Metals.

Areas covered by the royalty

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Background on Net Smelter Royalties

Net Smelter Return means, the gross revenue from the sale of mineral products less allowable deductions. Allowable deductions can include, amongst other items, the reasonable costs of smelting and refining, transportation and security costs, handling costs and expenses, actual sales costs, and any taxes, royalties, duties, levies and charges lawfully imposed by an authority.

They do not include exploration, development, construction, mining, crushing, milling, concentrating, administrative, marketing or corporate costs of the payer of the royalty.

 

Equity Investments

Royalty Investments

Cobre Pty Ltd

Southern Gold

Kalahari Metals Ltd