Metal Tiger PLC (AIM:MTR), a natural resources investor, reported a 35% increase in its net asset value for the six months to end June 2021 and said it was "very confident" about its future.
Its net asset value grew to £31.3mln, or 20.1p per share, from £23.1mln, or 15.1p, at the end of June 2020.
"The board is very confident about the company’s future as it continues to implement its investment strategy,” said chairman Charles Hall.
“The period saw the conclusion of the Cobre/Kalahari Metals transaction and the commencement of drilling across two project areas. The board is also pleased with the addition of Armada to the Active portfolio and is confident that a successful ASX IPO will be delivered this calendar year,” he said.
Metal Tiger’s interim pretax losses narrowed to £567,000 from £3.37mln in the year-earlier period.
“The first half of 2021 continued to be a challenging environment in which to operate. Many countries were hit by a further wave of the COVID-19 delta variant and resulted in complete or partial lockdowns,” said Hall.
“The effects to the world economy have to some extent been mitigated by the implementation of aggressive vaccination programmes to many countries’ adult populations. As a result, there has not been the hard shock to the world markets that we saw in the first half of 2020.
“The commodities market remains very resilient and has built on the gains registered in 2020. The majority of the commodities that Metal Tiger is exposed to through its project and equity investments saw new cyclical highs during the first half of 2021,” he said.