Borelli left after another company at which he is CEO, BMR Group (LON:BM), failed with a takeover bid of Metal back in November.
Johnson is now back on the board but as a non-executive director, while former chairman Terry Grammer has also taken up the same position.
Michael McNeilly is now the man in the driving seat as chief executive, with the rest of the board comprising Charles Hall as chairman and Keith Springall as finance director.
Metal’s “core projects”, as management refers to them, are its two joint ventures: a copper project in Botswana and a lead-zinc-silver project in Thailand.
The two have worked together to rapidly develop the T3 deposit at the project, and has already had a scoping study released for it despite only being found in March.
VSA Capital estimates that the deposit has a net present value of US$170mln on a 100% basses, following an initial outlay of US$135mln.
The low-cost (VSA estimates an average US$2,690 per tonne over the nine year mine life) open pit mine at T3 will exploit an initial 28mln tonne resource with a grade of 1.24% copper.
There are also satellite deposits at the project, which could lead to future exploration and expansion potential.
In Thailand, Metal Tiger has an effective 78% interest in a silver-lead-zinc project, which has become more attractive given the surge in lead and zinc prices this year.
VSA reckons the project has “strong cash flow potential” and attractive returns with a net present value of US$44mln.
A lot of the mine’s original underground infrastructure and processing plant remains in good order, which should mean that starting the project back up again is a relatively low-cost affair.
The firm is currently going through the permitting process in the country to try and get a mining licence as well as exploration licenses on some of the surrounding areas.
While these two represent the company’s primary focus at the moment, it also has interests in Spain, Russia and Tanzania.
To try and generate some cash flow, Metal Tiger also has an Asset Trading division and has a stake in several natural resources companies, the returns from which are put straight back into its own projects.
What the boss says
“The board believes that these projects [Botswana and Thailand] hold significant value which is considerably in excess of the current market capitalisation,” chief executive Michael McNeilly said recently.
“Metal Tiger now has the business model and cash resources to push ahead with key projects and the board is committed to growing the inherent value in the company’s portfolio and demonstrate the significant value that can be added by careful dedicated investment into the Metal Projects division.”
What the brokers are saying
“Given the strong cash flow generative potential of both core assets in Thailand and Botswana, which on a 100% basis have post–tax net present values ofUS$44m and US$170m respectively, we believe that Metal Tiger, is currently trading significantly below its net asset value,” say analysts at VSA Capital.
“Despite a strong turnaround in commodity prices - particularly base metals - during 2016, little credit has been reflected for the development of what are, in our view, attractive assets."
The broker has the shares as a ‘buy’, with a price target of 5.68p.
The share price
It’s been a bit of a rollercoaster year for Metal Tiger shareholders. The stock came into 2016 valued at less than a penny a share, before rising sharply in March and April.
At one point in spring, shares were exchanging hands for almost 6p, but they've fallen from those highs since.
It now trades at around 1.5p per share, which gives the company a market cap of £10mln.