Metal Tiger PLC (LON:MTR, ASX:MTR), a natural resources investor, said it bought 3.0mln shares in Southern Gold Ltd (ASX:SAU) for about A$225,000 (£123,000), taking its stake in the South Korea-focused gold explorer to 19.1%.
Metal Tiger also has 7.28mln 2-year A$0.18 warrants in Southern Gold.
Southern Gold owns a portfolio of high-grade gold projects in South Korea that are largely greenfield epithermal gold-silver targets in the south-west of the country, Metal Tiger said. Southern Gold’s aim is to find tier one epithermal gold-silver deposits in a country that has seen very little modern exploration.
Southern Gold reported a loss before tax of A$1.1mln in the six months to December 30 2020 and has net assets of A$19.1mln.
Metal Tiger’s chief executive, Michael McNeilly, is a non-executive director of Southern Gold.