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Cobre Update: Acquisition of remaining 20% of Toucan and Further Investment by Metal Tiger


Metal Tiger plc

(“Metal Tiger” or the “Company”)

Cobre Update: Acquisition of remaining 20% of Toucan and by Metal TigerFurther Investment

(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 (ASX: CBE) (“Cobre”).Metal Tiger plcCobre Limited

has today announced that it has entered into a legally binding Letter of Intent (“LOI”) with the two minority shareholders (the “Vendors”) of Cobre’s 80% owned subsidiary, (“Toucan”), to acquire the remaining 20% of shares in Toucan that does not already own (the “Transaction”).CobreToucan Gold Pty LtdCobre

Metal Tiger has also conditionally agreed to invest an additional into (the “MTR Investment”), by way of a subscription for new ordinary shares in (“Cobre Shares”), subject to certain conditions being met, to maintain its pro-rata shareholding in .A$310,000CobreCobreCobre

Highlights and Key Transaction Terms:

Conditions Precedent:

The Transaction is subject to a number of Conditions Precedent (“CPs”) including:

The MTR Investment

Metal Tiger has conditionally agreed to invest a further , at Cobre’s IPO price of per share, resulting in the issue of 1,550,000 new Cobre Shares. is conditional on completion of the Transaction and, as Metal Tiger is a substantial shareholder and has Board representation, also requires the approval of shareholders, with such approval to be sought at the Company’s Annual General Meeting to be held later this year. Assuming completion of the Transaction and shareholder approval of the , Metal Tiger will be interested in 20,900,000 Cobre Shares, which, assuming no further shares are issued by , would result in Metal Tiger maintaining its 19.99% interest in the company.A$310,000A$0.20The MTR InvestmentCobreMTR InvestmentCobre

Further details of the Transaction can be found in Cobre’s release at the following link:


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

“It is pleasing to see move to 100% ownership of Perrinvale through this accretive transaction. We believe Perrinvale has the potential to represent a highly strategic asset in the future copper market and, through this deal, we will have an increased effective interest in the project and maintain our significant shareholding in . We look forward to seeing future developments.”CobreCobre

Background information onCobre

, an Australian public company that was incorporated on , is seeking to create shareholder value through the successful exploration of base metal projects.Cobre18 May 2018

Cobre’s subsidiary, Toucan, holds a group of tenements collectively referred to as the in central . , Chief Executive Officer of Metal Tiger, is a Non-Executive Director on the Board of .Perrinvale ProjectCobreWestern AustraliaMichael McNeilly

As at , reported net assets of . For the period ended , reported a loss after tax of .31 December 201931 December 2019CobreCobreA$1.1mA$1.2m

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

  • Following completion of the Transaction, will hold 100% of the shares in Toucan;Cobre
  • Toucan is the 100% owner of the nine tenements comprising Cobre’s flagship Perrinvale project in (“Perrinvale”);Western Australia
  • Consideration for the remaining Toucan shares will be satisfied by way of a cash payment of and 6,160,000 new Cobre Shares at a deemed consideration price of per share; andA$527,900A$0.20
  • 100% ownership of Toucan provides with complete control over Perrinvale and the ability to make key strategic decisions independently.Cobre
  • and the Vendors (together, the “Parties”) negotiating and executing a share purchase agreement to more fully record the terms of the Transaction;Cobre
  • Any other conditions that or ASX deems necessary being satisfied in order to ensure compliance with ASX listing rules or the ;CobreCorporations Act 2001 (Cth)
  • The Parties agreeing to work in good faith and use their best endeavours to satisfy the CPs as soon as possible but by no later than ; and30 June 2020
  • If any CP has not been satisfied by , may elect to terminate the agreement and not proceed with the Transaction.30 June 2020Cobre
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: 26

Market: AIM
Market Cap: £39.57 m

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