Metal Tiger's mission is to deliver a high return for shareholders by investing in significantly undervalued and/or highly prospective opportunities in the mineral exploration and development sector timed to coincide where possible, with a cyclical recovery in the exploration and mining markets.
Metal Tiger is actively involved in adding value to its investments to ensure they continue to create value for shareholders through successful exploration and progression towards commercial production.
Active investments are typically larger investments where Metal Tiger seeks to positively influence the management of investee companies by providing oversight and guidance at Board level to enhance shareholder value. Usually Metal Tiger takes a greater than 10% and either takes a Board seat as part of the investment and/or obtains formal Board representation rights as long as it maintains a certain percentage holding. As an example, Metal Tiger has had success with this strategy in Greatland Gold plc (AIM: GGP) and MOD Resources Limited (now Sandfire Resources Limited, ASX: SFR). Holding a greater than 10% stake for more than one year can confer certain tax advantages for Metal Tiger upon an eventual profitable exit.
Cobre Limited (“Cobre”) is a base and precious metals exploration company targeting high-grade volcanogenic massive sulphide (“VMS”) and sediment -hosted deposits in Western Australia. Previously a private exploration company, Cobre listed on the Australian Securities Exchange (ticker ASX: CBE) in January 2020.
Southern Gold Limited (“Southern Gold”) is a precious metals exploration and development company targeting high-grade epithermal gold-silver vein systems in the southern part of South Korea.
Metal Tiger's passive investments are typically direct purchases of listed mining equities and warrants, but may include other investment structures. The aim is to make capital gains in the short to medium term. Investments are considered individually based on a variety of criteria. Investments are typically traded on the TSX, ASX, AIM or LSE but can be also be private with a view to obtaining an eventual liquidity event.
As at 12 March 2020, Metal Tiger held 6,566,990 shares in Australian Securities Exchange listed Sandfire Resources Limited (ASX: SFR) (“Sandfire”). Sandfire is a mid-tier mining and exploration company. Sandfire operates the high-margin Degrussa copper-gold mine, located 900km north of Perth, Western Australia. Sandfire also has development and exploration projects in North America and Botswana. Metal Tiger has entered into an equity derivative collar financing arrangement with a global investment bank over 1,675,125 of the ordinary shares in the capital of Sandfire
Trident is a growth-focused diversified mining royalty and streaming company, aiming to provide investors with exposure to a mix of base and precious metals, bulk materials (excluding thermal coal) and battery metals.
The acquisition and aggregation of individual royalties and streams is expected to deliver strong returns for shareholders as assets are acquired on terms reflective of single asset risk compared with the lower risk profile of a diversified, larger scale portfolio. Further value is expected to be delivered by the introduction of conservative levels of leverage through debt. Once scale has been achieved, strong cash generation is expected to support an attractive dividend policy, providing investors with an attractive mix of inflation protection, growth and income.
Pan Asia Metals Limited (“Pan Asia”), is a privately owned, Singapore registered, minerals exploration and development company. Pan Asia is focused on specialty and base metal projects in South East Asia and owns the Reung Kiet and Bang Now Lithium Projects and the Khao Soon Tungsten Project in Thailand as well as the Minter Tungsten Project in New South Wales, Australia. The Company currently holds 7,627,447 shares in Pan Asia for circa 7.5% of the issued share capital in Pan Asia as at 30 March 2020. Pan Asia is currently planning to list on the ASX in 2020.
Kalahari Metals Limited (“KML”) is a Botswana focused exploration company targeting sediment hosted and stratabound copper and silver mineralisation on the Kalahari Copper Belt. The KML tenements are in close proximity to the Sandfire Resources Ltd (“Sandfire”, ASX: SFR) T3 Copper-Silver Project, which was discovered by the previous Metal Tiger/MOD Resources Ltd (“MOD”) (30%/70%) joint venture in March 2016.
Metal Tiger holds the following three Royalties (under four Royalty agreements):
A US$2m capped 2% net smelter royalty over Sandfire Resources T3 project in the Kalahari Copperbelt (within PL190/2008 which is held by Sandfire Resources subsidiary Tshukudu Metals Botswana).
(b) An uncapped 2% net smelter royalty over any future production over Sandfire Resources 100% held subsidiary Tshukudu Exploration Limited’s circa 8,000km2 licence holding in the Kalahari Copperbelt (including the area covered by PL190/2008 that is outside of the T3 project, in which Tshukudu Exploration Limited holds a beneficial (but not legal) interest in).
Metal Tiger’s announcement 17 December 2019
(c) An uncapped conditional 2% net smelter royalty over all Kalahari Metals Group's (“Kalahari Metals”) wholly owned licences, being seven licences covering, in aggregate, 6,650km2. These are structured as two separate royalty agreements based on how the licences are held under Kalahari Metals' corporate structure but the ultimate guarantor is Kalahari Metals.
Areas covered by the royalty
Charles HallNon - Executive Chairman
Charles Hall was appointed Non-Executive Chairman in December 2016 and is an experienced International Banker with over 30 years with HSBC in a variety of finance and insurance roles. His last position was as CEO & MD HSBC Private Bank (Luxembourg) S.A. He has had significant overseas senior management experience as well as that of running complex businesses. His prime focus has been on strategy and corporate restructuring with the emphasis on re-focusing businesses on their core revenue streams. Charles holds a BA (Hons) from the University of Sussex, is an Associate of the Hong Kong Institute of Bankers and is a Fellow of the Royal Geographical Society.
Michael McNeilly - Chief Executive Officer
Michael McNeilly was appointed in December 2016 as Chief Executive Officer. As a nominee non-executive director of MOD Resources Limited, he was actively involved in the Sandfire Resources NL recommended scheme offer for MOD which saw Metal Tiger receive circa 6.3million shares in Sandfire. Michael resigned from the Board of MOD in November 2019 as part of the scheme of arrangement. Michael has formerly been a non-executive director of Greatland Gold plc and a non-executive director at Arkle Resources plc. Michael serves as a director on several Metal Tiger investment and subsidiary entities including notably Kalahari Metals Limited (appointed 24 October 2019), Cobre Limited (appointed 6 November 2019) and Southern Gold Limited (appointed 9 June 2020).
Michael previously worked as a corporate financier with both Allenby Capital and Arden Partners plc (AIM: ARDN) advising on numerous private and public transactions including several IPOs. Michael also worked as a corporate executive at Coinsilium (AQUIS: COIN) where he worked with early stage blockchain focused start-ups. Michael studied biology at Imperial College London and has a BA in economics from the American University of Paris. Michael is fluent in French.
Mark Potter - Chief Investment Officer
Mark Potter who was appointed in January 2017 has over 14 years’ experience in natural resources investments. Mark currently serves as the Chief Investment Officer of the Company and is the founder and a partner of Sita Capital Partners LLP, an investment management and advisory firm specialising in investments in the mining industry.
Mark was formerly a director and chief investment officer of Anglo Pacific Group plc, a London listed natural resources royalty company, where he successfully led a turnaround of the business through the acquisition of new royalties, disposal of non-core assets, and successful equity and debt fund raisings.
Mark invested over US$300m during the period 2005 to 2012 in the mining sector, generating P&L in excess of US$600m and realised proceeds of over US$900m. The Audley European Opportunities Fund was nominated by Eurohedge as a top performing hedge fund in the event-driven space for 2006, 2007 and 2010.
Prior to Anglo Pacific, Mark was a founding member and investment principal for Audley Capital Advisors LLP, a London-based activist hedge fund, where he was responsible for managing all UK listed and natural resources investments.
Terry Grammer - in memoriam - Non-Executive Director
Terry Grammer, who was appointed to the Board in September 2014, was an award-winning geologist with over 40 years’ experience in mining and mineral exploration with extensive experience in Australia, Africa, Southeast Asia and New Zealand and was involved in numerous ASX listed companies that have achieved dramatic growth. As a geologist, Terry discovered the Cosmos Nickel deposit for ASX listed Jubilee Mines NL which went on to be an ASX Top 200 company and for which Terry was awarded the AMEC (Association of Mining & Exploration Companies) joint Prospector of the Year in 2000. As co-founder, Terry listed Western Areas NL (ASX: WSA) in 2000 (and served as Exploration Manager from 2000 to 2004) which became an ASX Top 200 company. Terry was chairman of South Boulder Mines (ASX: STB) from 2008-2013 which grew to be an ASX Top 300 company. From 2010 to 2015, Terry was a director of Sirius Resources NL (ASX: SIR) and helped to guide the company through the discovery, feasibility and development funding of the Nova nickel and copper deposits in Western Australia, that saw the company's share price dramatically rise from A$0.05 in July 2012 to a peak above A$5 per share in early 2013 and become an ASX Top 200 company. Terry was a director of Kalahari Metals Limited from July 2018 until May 2020.
Neville BerginNon - Executive Director
Neville Bergin, who was appointed in March 2018, is a mining engineer with almost four decades of accumulated experience in the mining industry. He has had exposure to a range of commodities and both underground and open pit operational experience. His broad experience base encompasses many operational and executive roles, and almost eight years’ experience as a non-executive director of UK and ASX listed and unlisted companies including Northern Star Resources Limited. Neville was previously vice president of Gold Fields Australia Pty Ltd where he oversaw operational management of that company’s Australian mines.
Malcolm Bacchus - Company Secretary and Head of Finance - In Transition
Malcolm was appointed Company Secretary and Head of Finance in October 2018 having previously advised the Company on accounting and management issues. He has a degree from Oxford in Chemistry and qualified as a chartered accountant in 1981 having trained with an international accountancy firm in London in audit and management consultancy, subsequently moving into industry and becoming finance director of a number of private, OFEX and AIM quoted companies. Most recently he has acted as a consultant to a number of start-up and growing companies, across a wide range of industries, including Metal Tiger, before joining the Company.
Keith Johnston - Managing Director – Metal Tiger Thailand
Keith was Exploration Manager for Southeast Asia Mining (“SEAM”), based in Thailand, upon the acquisition of that company’s Thai assets by Metal Tiger in 2016, becoming Managing Director of Metal Tiger Exploration Company Ltd at the beginning of 2018. In these roles, Keith managed data and field technical aspects of the Kemco historical Pb/Zn/Ag mine restart project as well as conducting an exploration programme for the development of other prospects in Thailand.
Prior to returning to the sector with SEAM in 2015, Keith had a 20-year career in various commercial roles in the metals and mining industry, first in Canada with Noranda and then in Thailand as Trading Manager and Executive Vice President of Sogem/Traxys, where he was engaged in the global trading of copper, lead, and zinc concentrates with focus on development of business with mines and smelters in China.
He has held numerous posts within the Institute of Chartered Accountants in England and Wales and has served on their national Council since 2005, serves as a member of the ICAEW Technical Strategy Board and is a past president of their London branch. He is a Freeman of the City of London and is a Fellow of the Royal Society of Arts.
Adrian Bock - Chief Financial Officer
Adrian was appointed as Chief Financial Officer in September 2020.
He has a Honours degree in Accounting Science from the University of South Africa and having trained with an international accountancy firm in South Africa is a qualified chartered accountant, with memberships at both the Institute of Chartered Accountants of South Africa and the Institute of Chartered Accountants in England and Wales.
He has been CFO at several listed companies and has been instrumental in turning around the fortunes of several companies, both operationally and strategically, across a wide range of industries.
Arden Partners plc
125 Old Broad Street
Strand Hanson Limited
26 Mount Row
As of 23 May 2019 the following shareholders are, as far as the Directors are aware, interested in 3% or more of the issued share capital of the Company.
|Name||Number of Ordinary Shares||% of Issued Share Capital|
|Exploration Capital Partners||206,361,942||13.25%|
(Based on latest declared holding to the Company as a proportion of issued share capital as at 23 May 2019
* Shares in RIBO Trust are beneficially owned by Rick Rule.
|Director||Number of Ordinary Shares||% of Issued Share Capital|
|Terry Grammer (Non-Executive Director)(*)||80,963,426||5.20%|
|Charles Hall (Non-Executive Chairman)||41,394,699||2.66%|
|Michael McNeilly (Chief Executive Officer)||3,997,733||0.26%|
|Mark Potter (Chief Investment Officer)||6,300,000||0.40%|
Strand Hanson Limited
26 Mount Row
Arden Partners plc
125 Old Broad Street
Crowe U.K. LLP
St Bride’s House
10 Salisbury Square
Faegre Drinker Biddle & Reath LLP
7 Pilgrim Street
180 Brompton Road
Link Asset Services
34 Beckenham Road