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Sandfire Resources Update


Metal Tiger plc

(“Metal Tiger” or the “Company”)

Sandfire Resources Update

(AIM:MTR), the London Stock Exchange AIM listed investor in natural resource opportunities, is pleased to provide an update in relation to its investment in Sandfire Resources (“Sandfire”), which also relates to the Company’s uncapped (with no buyout provision) 2% , which it holds over circa 8,000km of prospective ground, held by Tshukudu Exploration (the “Royalty”).Metal Tiger plcNet Smelter Royalty2

Metal Tiger holds 6,646,990 shares in Sandfire representing approximately 3.64% of Sandfire’s issued share capital. As announced on , 1,675,125 of the Sandfire shares the Company holds are subject to an equity derivative collar financing arrangement with a global investment bank.17 December 2019

Sandfire has today released the following update in relation to exploration work at Tshukudu:


The Company notes that in respect of the A4 discovery, located 8km away from the T3 project, and over which Metal Tiger has the Royalty, Sandfire provided the following highlight drill results:

MO-A4-035D: 18m @ 5.2% Cu and 124g/t Ag from 77m down-hole (uncut), or

18m @ 3.9% Cu and 124g/t Ag from 77m down-hole (15% top-cut); and

4.4m @ 1.2% Cu and 26g/t Ag from 98m down-hole; and

6.6m @ 1.5% Cu and 39g/t Ag from 112.5m down-hole (15% top-cut).

MO-A4-036D: 21.5m @ 2.4% Cu and 46g/t Ag from 67m down-hole; and

10m @ 0.9% Cu and 20g/t Ag from 102m down-hole; and

3m @ 2.3% Cu and 25g/t Ag from 133m down-hole.

MO-A4-039D: 24m @ 2.1% Cu and 51g/t Ag from 86.6m down-hole; including:

8.1m @ 5.2% Cu and 123g/t Ag from 93m down-hole; and

5m @ 1.0% Cu and 24g/t Ag from 142m down-hole; and

1.8m @ 1.6% Cu and 24g/t Ag from 262m down-hole.

MO-A4-040D: 21m @ 1.1% Cu and 18g/t Ag from 102m down-hole; and

[email protected] 2.0% Cu and 33g/t Ag from 172m down-hole.

MO-A4-043D: 18m @ 2.0% Cu & 38g/t Ag from 105m down-hole; and

6.5m @ 2.1% Cu & 35g/t Ag from 174m down-hole; and

5m @1.7% Cu & 31g/t Ag from 245m down-hole.

MO-A4-046D: 29.2m @ 1.0% Cu and 18g/t Ag from 70.8m down-hole; and

7.8m @ 2.0% Cu and 43g/t Ag from 110m down-hole; and

12m @ 1.1% Cu and 21g/t Ag from 123m down-hole.

The Company is pleased to note that resource drilling is being undertaken by Sandfire at the A4 discovery on a 50m by 50m drill pattern, with good continuity interpreted along strike based on the assays received to date. As set out in the Company’s announcement of 2 in respect of the Company’s investment in , there are currently restrictions in place in due to the Covid-19 pandemic, however, Sandfire has today confirmed that drilling at the A4 discovery is planned to resume once government restrictions have been lifted. The Company is also pleased to note that Airborne Electromagnetic (AEM) data for both the T3 and A4 doubly-plunging anticlines (“domes”) has been re-processed and re-interpreted by Sandfire, resulting in the identification of several new high-priority structural targets for drilling.April 2020Kalahari Metals LimitedBotswana

, Chief Executive Officer of , commented:Michael McNeillyMetal Tiger plc

“Sandfire’s A4 drilling results from Tshukudu are very encouraging and we look forward to drilling resuming in , both for Sandfire and Kalahari Metals.BotswanaKalahari Metals, in which Metal Tiger has a 62.2% interest, has tenements located near T3 and A4 and we believe to be in the right stratigraphy.We note Sandfire is working towards a maiden resource for A4 and, should this be delivered, as well as the results of wider exploration drilling by Sandfire, particularly over tenements which are subject to our Royalty, this would likely have a material impact on the valuation of the Royalty. When looking at the T3 resource and development profile we are very excited about the potential of A4.”

Sandfire has also today released the following updates (links to the announcements below):

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

Notes to Editors:

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.Metal Tiger plc

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: and Direct Projects.Direct Equities

invests in undervalued natural resource companies. The majority of its investments are listed on AIM, the TSX and the ASX, which includes its 3.64% interest in (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 Equities DivisionSandfire Resources NL

is focused on the development of its key project interests in , where Metal Tiger has a growing interest in the large and highly prospective Kalahari copper/silver belt through its interest in .The Direct Projects DivisionBotswanaKalahari 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.

Metal Tiger plc

Source:Metal Tiger plc

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

James Dance

Jack Botros

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

Steve Douglas

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

James Crothers

Hugo Liddy

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

Quick facts: Metal Tiger PLC

Price: 25.11

Market: AIM
Market Cap: £38.22 m

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