viewMetal Tiger PLC

Kalahari Metals Limited: Project Update


16 June 2020

Metal Tiger plc

("Metal Tiger" or the "Company")

: Project UpdateKalahari Metals Limited

(AIM: MTR), the London Stock Exchange AIM listed investor in natural resource opportunities, is pleased to provide an update in respect of the copper focused explorer, (“KML”), in which Metal Tiger has a 62.2% equity interest.Metal Tiger plcKalahari Metals LimitedBotswana

KML is preparing to recommence drilling at the Kitlanya East (“KIT-E”) Project by the end of June, as is now starting to gradually relax COVID-19 national lockdown restrictions. The KIT-E drilling programme, which is testing geological contacts and structures prospective for hosting copper-silver mineralisation (announced on ), had to be temporarily suspended on in compliance with COVID-19 related emergency legislation.Botswana9 March 20202 April 2020

During the lockdown period, KML has taken the opportunity to re-model and interpret available data over the KIT-E property alongside the preliminary drilling results. Key findings from this assessment have refined follow-on drilling targets and shown there are many similarities with the geological setting of the neighbouring Sandfire Resources T3 and A4 deposits.

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

“We are pleased to report that KML is planning to recommence the diamond drilling programme at their on the Kalahari Copper Belt, by the end of the month, as the government gradually relaxes COVID-19 related lockdown restrictions.Kitlanya East ProjectBotswana

Whilst site work had to go on hold, KML has taken the opportunity to incorporate the preliminary drilling datasets into the geophysical, remote sensing and geochemical models, updating and fine tuning the target interpretation that shows strong geological similarities with the neighbouring Sandfire Resources deposits.”

KIT-E Project Interpretation

During the lockdown period KML has incorporated the preliminary drilling data with the geophysical modelling, resulting in the following key observations:Botswana

which may help visualise the information in this announcement are available to view at the following link:Illustrative figures.http://www.metaltigerplc.com/kml-update-0620

The KML interpretation has highlighted the structural potential for the northern to host similar deposits to neighbouring targets on Sandfire Resources’ licence holding, as well as more conventional anticline limb and hinge mineralisation in a similar setting to Cupric Canyon Capital’s deposit.KIT-E ProjectBanana Zone

Figure 1 (A-B) illustrates the position of the and the neighbouring copper deposits mentioned in this announcement.KIT-E Project

See Figure 1:Locality map illustrating the position of the Area of Interest discussed in the current announcement relative to regional license holding in the Kalahari Copper Belt, . First vertical derivative greyscale total magnetic intensity background. Enlargement of the Area of Interest with the location of model sections, detailed AEM coverage and targets overlain.(A)(B)NW Botswana

KIT-E Project Regional Setting

Reprocessing of regional geophysical datasets illustrates interesting parallels between the Sandfire Resources A4 deposit setting and the northern margin of the KIT-E project:

See Figure 2:High resolution digital elevation model with fold structures of interest highlighted. Although the entire area is covered by sediments, features from the sub-cropping geology are clearly apparent. Heliborne magnetic data with fold structures of interest highlighted. Historical AEM mid-time image with conductors along interpreted fold margins highlighted.(A)(B)(C)Kalahari Group

AEM and Magnetic Modelling

Remodelling of the detailed airborne electromagnetic data, collected over the northern portion of the by New Resolution Geophysics in early 2019, has added considerable value in terms of understanding the structural setting of targets in this area. A variety of different geophysical forward modelling and inversion routines were tested, including ‘traditional plate modelling’, ‘AIRBEO controlled layered earth modelling’, ‘VPem 1D layered earth’ and ‘full 3D modelling’. The results of the modelling appear to favour a local synclinal feature developed above a broader anticline.KIT-E Project

Magnetic modelling of selected traverses across the KIT-E northern targets appears to further corroborate the AEM interpretation. Modelled susceptibilities agree favourably with values expected for mid and lower DKF stratigraphy. Modelling implies that the T3 Deposit stratigraphy may repeat in the KIT-E northern target area and could further suggest that A4, T3 and KIT-E north would see sub-crop of the same folded lower DKF stratigraphy with each target zone connected by synclines.

Figure 3 (A-D) illustrates the results of the AEM and magnetic modelling.

See Figure 3: (A)Section line through the KIT-E northern target area illustrating different AEM modelling and inversion results. Note the trend towards a shallow – moderately dipping synclinal structure defined by weakly conductive plate and inversion results. 3D View of conductivity volumes with selected plate models, looking east, no vertical exaggeration. Magnetic modelling with simple tabular and polygon bodies used to approximate the interpreted structure. 3D view of the magnetic modelling (looking northeast, no vertical exaggeration) with the position of the T3 anticline highlighted (top). Section with inverted AEM regional and detailed results, magnetic model outlines, interpretation and target areas highlighted (below).(B)(C)(D)

Updated Target Generation

Developing targets in the northern part of the cover several mineralisation settings common in the Kalahari Copper Belt. These include: traditional mineralisation along the DKF-NPF contact on anticline limbs (e.g. , Zone 5N, Zeta and Plutus deposits); fold hinge related mineralisation (e.g. fold deposit); and structurally controlled mineralisation in the lower DKF above NPF anticlines (e.g. Sandfire Resources’ T3 and A4 deposits).KIT-E ProjectCupric Canyon NECupric Canyon Capital Zone 5

The remainder of the drill programme will test the structural and stratigraphic position of each target and occurrence of associated Cu-Ag mineralisation.

Figures 4 (A-D) illustrates the results of the updated target interpretation modelling.

See Figure 4: (A)Targets overlain on detailed vertical derivative magnetics. Simple schematic inserts illustrate the ideal setting for Cu-Ag mineralisation. Detailed structural interpretation has identified potential thrust bounded folds in lower DKF stratigraphy which may provide trap-sites for Cu-Ag mineralisation. Detailed structural interpretation on ESRI remote sensing imagery. Note the correlation between priority structures and anomalous Cu results from historical partial leach samples (ppb).(B)(C)

Project Background

, which was incorporated in & on , holds interests in 12 highly prospective exploration licences covering a total area of 8,595km in the Kalahari Copper Belt of , comprising two 100% owned exploration licences, five exploration licences subject to a binding earn-in agreement with (includes the ), and five exploration licences held by 100% owned subsidiary, .Kalahari Metals LimitedTriprop Holdings (Pty) LimitedNgami Copper ProjectKitlanya LimitedEnglandWalesBotswana3 May 20172

As announced on , Metal Tiger holds approximately 62.2% of KML together with a conditional 2% net smelter royalty over all KML’s wholly owned licences, being seven licences covering, in aggregate, 6,650km (together, the “Royalties”). The five exploration licences owned by (in which KML has a 51% interest) do not form part of the Royalties.14 February 20202Triprop Holdings (Pty) Limited

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

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

Qualified Person's Statement

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

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

  • On a regional basis, the northern anticline target in KIT-E shares many similarities with the Sandfire Resources A4 copper deposit.
  • Modelling of the preliminary drill results with the airborne electromagnetic (‘AEM’) and magnetic data favour the development of thrust bounded local synclinal structures in more ductile lower D’Kar Formation (‘DKF’) carbonates, mudstones and siltstones, overlying a broader anticline with more competent Ngwako Pan Formation (‘NPF’) sandstone dominant sequences in the fold core.
  • Follow-on drilling will target the margins of these structures with a view to intersecting mineralisation in a similar setting to neighbouring Sandfire Resources T3 and A4 copper deposits.
  • Detailed remote sensing interpretation along with a review of historical soil sampling has identified further non-conventional targets which may represent thrusted anticlines of prospective lower DKF rocks providing potential trap-sites for copper mineralisation.
  • Positive weathering features in the sub-cropping geology associated with fold structures along strike from both A4 and the KIT-E northern targets are clearly mapped in high resolution terrain data (Figure 2-A). This could be an indication of underlying NPF, which typically weathers positively based on outcrop/subcrop examples elsewhere in the Kalahari Copper Belt.
  • Both A4 and the KIT-E northern targets are situated along a similar fold structure evident in the high-resolution magnetic data (Figure 2-B).
  • Weak conductors have been delineated within the fold structures along strike from A4 and the KIT-E northern targets (Figure 2-C). These conductors are analogous to the marker conductors in the lower DKF units evidenced throughout the Kalahari Copper Belt with providing the most direct comparison.Banana Zone

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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