Metal Tiger PLC (AIM:MTR, OTC:MRTTF, ASX:MTR) said investee Cobre Ltd (ASX:CBE) has changed its board and fee structure, resulting in an annualised saving of around A$300,000 (£170,000) plus entitlements, effective from the start of July 2022.
The annual fees for executive chairman and managing director Martin Holland and for non-executive directors were all reduced.
Cobre also said Andrew Sissian has transitioned from finance director to non-executive director and it welcomed Greg Hammond as the company’s new chief financial officer.
Hammond has over 20 years’ experience in audit and accounting roles and has been assisting Cobre since its initial public offering in early 2020.
“The board of directors is committed to ensuring that the company has sufficient capital available to accelerate our new exploration programme and maximise shareholder value,” said Holland. “The review was conducted to ensure the board is aligned with this strategy, by ensuring that as much capital as possible flows into the exploration programme in Botswana.”
Metal Tiger has a 21% stake in Cobre.