Metal Tiger Plc (LON:MTR) climbed on Wednesday after the natural resources investor’s net asset value (NAV) increased to a premium above its current share price.
In its results for the six months ended 30 June, the AIM-listed group reported an NAV totalling £26.7mln, or 1.71p per share, up from £11.4mln and 0.97p a year ago.
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As a result, Metal Tiger’s share price, which stood at 1.2p at the close on Tuesday, was at a 30% discount to its NAV per share.
Post-period, the company said it had acquired a 15% stake in Cobre, an Australian copper explorer, for around A$500,000 (£272,173), with an agreement to fund a further A$2mln (£1.09mln) as part of a planned initial public offering (IPO) over the next 12 months.
The firm had also continued made further investments in Canadian firm Sable Resources Ltd (CVE:SAE) and Greatland Gold PLC (LON:GGP).
Looking ahead, Metal Tiger’s chairman, Charles Hall, said the group was “exceptionally positive” about its future, adding that despite some negative macro forces they were “generally positive” about the outlook for copper markets, in which it has significant exposure through its investments.
Hall also said that an agreed sale of its 30% stake in a joint venture with Aussie firm MOD Resources Limited (LON:MOD), if completed, would open up a “whole new avenue of possibilities” for both the company’s new and existing investments.
In early trading, Metal Tiger’s shares were 4.2% higher at 1.3p.
