Metal Tiger plc (MTR.L) Kalahari Metals Limited: Commencement of Drilling

Metal Tiger plc (AIM: MTR), the London Stock Exchange AIM listed investor in natural resource opportunities, is pleased to provide an update in respect of the Botswana copper discovery focussed explorer, Kalahari Metals Limited (“KML”). As announced on 12 April 2021.

Metal Tiger currently holds a 50.01% interest in KML, with Cobre Limited (“Cobre”) holding the remainder of the shareholding.

Further to its announcement of 19 April 2021, Metal Tiger is pleased to announce that drilling has now commenced on the Kitlanya East (“KIT-E”) Project area in Botswana, following the successful mobilisation of both the reverse circulation (“RC”) and diamond core (“DC”) drilling rigs to site. As detailed in the announcement of 19 April 2021, the joint venture board of KML has approved a major new drilling programme focussed on the discovery of copper/silver deposits on the Kalahari Copper Belt (“KCB”).

The drilling programme targets structurally controlled trap-sites for prospective copper/silver deposits, identified in airborne electromagnetic (“AEM”) and detailed magnetic geophysics, soil sampling and stratigraphic drilling, which share commonalities to the Sandfire Resources (ASX:SFR) T3 and A4 deposits located immediately north of the KIT-E Project boundary.

The KIT-E drill programme (see linked figures) will include :

Stratigraphic DC drilling (circa 800m) into the core of the ‘Perseverance Prospect’ (previously named the South Target) designed to test for prospective lower D’Kar Formation stratigraphy, alteration, mineralisation and the potential underlying mineralised reduction–oxidation (“redox”) contact with the Ngwako Pan Formation; and
Focussed RC drilling (circa 4,000m) designed to test for mineralisation associated with several structurally controlled targets starting at the ‘Endurance Prospect’ (previously named the North Target).
The illustrative figures and photographs for viewing in conjunction with this announcement can be viewed on the Company’s website at: https://www.metaltigerplc.com/kml-update-drilling

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

“We are very pleased to report that following the efficient mobilisation of equipment and personnel to the KIT-E Project site, drilling has now commenced at the start of an exciting new drilling programme, focussed on the discovery of new copper/silver deposits, located in close vicinity to existing mine infrastructure, which is currently under construction and commissioning, in the Kalahari Copper Belt.

This drilling program will significantly enhance our understanding of the Kit-E licence area and drive significant value for shareholders.

We are hopeful that this work will continue Metal Tiger’s successful track record investing in copper discoveries in Botswana and we look forward to sharing further updates and results as the programme progresses.”

Project Background:

Kalahari Metals Limited, which was incorporated in England & Wales on 3 May 2017, holds interests in 12 highly prospective exploration licences covering a total area of 8,595km2 in the Kalahari Copper Belt of Botswana, comprising two 100% owned exploration licences, five exploration licences subject to a binding earn-in agreement with Triprop Holdings (Pty) Limited (includes the Ngami Copper Project), and five exploration licences held by 100% owned subsidiary, Kitlanya Limited.

As announced on 15 December 2020, KML signed a Share Purchase Agreement with Cobre, which will, following completion of the transaction and subject to obtaining change in control approval from the Minister of Mineral, Energy and Water Resources of the Republic of Botswana, result in Metal Tiger owning a 59.57% economic interest in KML (comprising a 49% direct interest and a 20.72% interest in Cobre, which, in turn, will have a 51% interest in KML) (the “Cobre Transaction”).

The completion of Cobre’s purchase of 49.99% of KML occurred on 12 April 2021, resulting in Metal Tiger holding a 50.01% interest in KML. As announced on 15 December 2020, subject to obtaining change in control approval from the Minister of Mineral Energy and Water Resources of the Republic of Botswana (the “Botswana Consent”) in respect of the KML group, Metal Tiger’s shareholding in KML will reduce to 49.00%.

Metal Tiger holds a 2% net smelter royalty over all KML’s wholly owned licences, being seven licences covering, in aggregate, 6,650km2 (together, the “Royalties”) and the main areas. The five exploration licences owned by Triprop Holdings (Pty) Limited (in which KML has a 51% interest) do not form part of the Royalties.

Further details are available under the Project Investments section of the Company’s website at: https://www.metaltigerplc.com/portfolio/project-investments/kalahari-metals.

Qualified Person’s Statement

The technical information contained in this announcement has been read and approved by Mr Nick O’Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Qualified Person under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr O’Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Metal Tiger PLC to provide technical support.

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: Equity Investments and Project Investments.

Equity Investments invests in undervalued natural resource companies. The majority of its investments are listed on AIM, the TSX and the ASX, which includes its interest in Sandfire Resources Limited (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 for the Project Investments division.

Project Investments is focused on the development of its key project interests in Botswana, where Metal Tiger has a growing interest in the large and highly prospective Kalahari copper/silver belt through its interest in Kalahari Metals Limited.

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.


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