During 2018, the AIM-listed company continued to reshape its portfolio - selling its 30% stake in the T3 copper project to MOD Resources Limited (LON:MOD) (ASX:MOD) and increasing its investment in the Kalahari Copper Belt.
The company was able to continue funding its portfolio, raising £6.1mln during the period and £3mln since the end of the year.
“The board believes that 2018 was a transformational year for the group with significant progress being achieved across our investment portfolio thanks to the hard work of the Metal Tiger team, as well as the continued support of its shareholders,” McNeilly said.
“Most notably, the sale of the T3 Project has set the group up for potential future success through the group’s increased footprint in the highly prospective Kalahari copper belt, whilst eliminating the cash exposure associated with funding the development of the T3 project.
“We have continued to make good progress in 2019 across both our direct projects and direct equities divisions and look forward to further value realisation across our portfolio., he added.
Metal Tiger reported a £4mln loss before tax as a decline in MOD's share price offset the gain from the T3 sale.
The company separately revealed on Friday that it had invested an additional US$1.1mln into Botswana focused Kalahari Metals Limited (KML).
The equity investment sees the company ‘s stake in KML increase to 59.81% from 50%, though there will subsequently be some dilution as KML completes its acquisition of Kitlanya Limited in a paper deal.
Proceeds from Metal Tiger’s investment will cover the full funding requirement for KML’s planned first round drilling at the Ngami and Okavango copper projects, where a total of 2,100 metres of drilling is planned. Drill rigs are due to be mobilized next week.
“We are delighted that KML is now fully funded to commence the first round of drilling at the Ngami and Okavango Copper Projects and we look forward to initial drill results,” McNeilly said. “This additional funding will also allow KML to plan further work programs over its licence holdings and we will make further updates in due course.”
In early morning trading, shares in Metal Toger were 3.9% higher at 1.32p.
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