viewMetal Tiger PLC

Completion of Third Financing Arrangement



Metal Tiger plc

(“Metal Tiger” or the “Company”)

Completion of Third Financing Arrangement

(AIM:MTR), the London Stock Exchange AIM listed investor in natural resource opportunities, is pleased to announce that, further to the Company’s announcements of and , it has entered into a further equity derivative collar financing arrangement (the “”) with the Lender pursuant to the Umbrella Facility.Metal Tiger plc17 December 201920 May 2020Third Financing Arrangement

The Third Financing Arrangement is secured over, in aggregate 289,109 Sandfire Shares held by Metal Tiger, representing approximately 0.16% of Sandfire’s issued share capital.

Under the terms of the Third Financing Arrangement, Metal Tiger has:

Metal Tiger has the right to elect to settle the Put and the Call by way of physical delivery of Sandfire Shares or by way of a cash payment reflecting the value of the respective Put and Call at the time.

Costs of approximately associated with the Third Financing Arrangement (inclusive of all interest obligations and the net cost of the equity derivative collar for the term of the Third Financing Arrangement) have been deducted from the aggregate Further Loan proceeds, resulting in Metal Tiger receiving of cash proceeds. The net proceeds will be used to fund potential investment opportunities, possibly including the acquisition of several put options over a selection of companies in the mineral resources sector.A$0.168mA$1.0m

Metal Tiger can agree with the Lender to utilise the balance of Sandfire Shares held by it to increase the size of the financing arrangement at a later date. Following the Third Financing Arrangement, and together with the Initial Financing Arrangement and the Second Financing Arrangement (as announced on and respectively) (together the “”), (which has been adjusted accordingly for Sandfire’s 2020 half year dividend) is outstanding pursuant to the Umbrella Facility.17 December 201920 May 2020ArrangementsA$10.427m

The Lender has agreed to extend the date on which the Commitment Fee is payable (in the event the total balance outstanding is under ) to from . Following the Third Financing Arrangement, the maximum Commitment Fee payable by Metal Tiger is approximately .A$20mA$95k30 September 202030 June 2020

The Arrangements are secured over, in aggregate, 2,293,032 Sandfire Shares held by Metal Tiger, representing approximately 1.29% of Sandfire’s issued share capital. Metal Tiger currently holds 6,296,990 Sandfire Shares.

Unless otherwise defined in this announcement, capitalised terms shall have the same meanings as set out in the announcement of .17 December 2019

Commenting on today’s financing arrangement, Mr , Chief Executive Officer of Metal Tiger, said:Michael McNeilly

The Board has taken the proactive and prudent step of increasing the Company’s cash position in order to have additional firepower and flexibility going into Q2 earnings reporting season and is actively analysing a number of potential investment opportunities, including potentially a basket of put options that could help the Company through what may prove to be a difficult period in the financial markets. We look forward to providing shareholders updates on future investment opportunities as appropriate.”

This announcement contains inside information for the purposes of the market abuse regulation (EU No. 596/2014) (“MAR”).

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: Equity Investments and Project 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 (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.Equity InvestmentsSandfire Resources Limited

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 .Project InvestmentsBotswanaKalahari 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

  1. entered into a stock lending arrangement with the Lender, pursuant to which the Lender (or an affiliate of the Lender) can borrow up to, in aggregate 289,109 Sandfire Shares from Metal Tiger;
  2. obtained the right (but not the obligation) to sell 289,109 Sandfire Shares to the Lender in three years’ time at 80% of the reference price, being (subject to customary adjustments) (the “”) (a “”);A$5.05Reference PricePut
  3. granted the Lender the right (but not the obligation) to buy 289,109 Sandfire Shares from Metal Tiger in three years’ time at an agreed premium of 145% of the respective Reference Price (a “”)Call
  4. borrowed, in aggregate, from the Lender, secured on a combination of the above with a maturity date of (the “”).A$1.168m9 June 2023Further Loan

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 Limited

Tel +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: 21.5

Market: AIM
Market Cap: £32.95 m

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