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Metal Tiger highlights “a year of great progress”

“We closed the year concentrating on advancing our core projects with a stronger working capital position,” said Michael McNeilly, Metal Tiger chief executive

mining
Net assets amounted to £12.6mln

Mining and natural resources investor Metal Tiger PLC (LON:MTR) has released results for what it described as “a year of great progress”.

In the statement, for the 12 months ended December 31, the company highlighted investment gains of £5.45mln (including both realised and unrealised), and, it increased net cash by £1.45mln.

READ: Metal Tiger completes infill and extension programme drilling at T3

Net current assets amounted to £12.6mln, up from £5.6mln at the end of the preceding year.

“We closed the year concentrating on advancing our core projects with a stronger working capital position,” said Michael McNeilly, Metal Tiger chief executive.

“Progress in the first half of 2018 has been encouraging with the publication by the Botswanan Joint Venture of a PFS that supports the decision to progress towards a Definitive Feasibility Study which is expected to be completed in early 2019.

“Several drill results have also been published and these will be fundamental to the generation of a robust DFS.

“Furthermore, environmental permissions have recently been obtained to drill at the T3 Dome and a Phase 1 drill campaign of circa 60 planned diamond drill holes is already underway on several key AEM targets.”

McNeilly added: “There is real industry interest in the potential of the Kalahari Copper Belt following MOD/MTR’s success with T3 and the recommencement of exploration. We also await with much anticipation the environmental approvals to drill at T20.

“There is significant industry interest that the Kalahari Copper Belt could develop into a copper district which could support significant amounts of economic copper production in the future. It is of course still very early days in terms of exploration.”

Quick facts: Metal Tiger PLC

Price: 1.32 GBX

AIM:MTR
Market: AIM
Market Cap: £20.2 m
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