viewMetal Tiger PLC

Completion of Further Financing Arrangement


20 May 2020

Metal Tiger plc

(“Metal Tiger” or the “Company”)

Completion of Further Financing Arrangement

(AIM:MTR), the London Stock Exchange AIM listed investor in natural resource opportunities, is pleased to announce that, further to the Company’s announcement of , it has entered into a further equity derivative collar financing arrangement (the “”) with the Lender pursuant to the Umbrella Facility.Metal Tiger plc17 December 2019Further Financing Arrangement

The Further Financing Arrangement is secured over, in aggregate, 328,798 Sandfire Shares held by Metal Tiger, representing approximately 0.18% of Sandfire’s issued share capital.

Under the terms of the Further Financing Agreement Metal Tiger has:

Metal Tiger has the right to elect to settle the Put and the Call by way of physical delivery of Sandfire Shares or by way of a cash payment reflecting the value of the respective Put and Call at the time.

Costs of approximately associated with the Further Financing Arrangement (inclusive of all interest obligations and the net cost of the equity derivative collar for the term of the Further Financing Arrangement) have been deducted from the aggregate Further Loan proceeds, resulting in Metal Tiger receiving, in aggregate, of cash proceeds to fund:A$0.168mA$1.0m

Metal Tiger can agree with the Lender to utilise the balance of Sandfire Shares held by it to increase the size of the financing arrangement at a later date. Following the Further Financing Arrangement, and together with the initial financing arrangement of announced on (the “”), is outstanding pursuant to the Umbrella Facility. If the total balance outstanding on is less than , Metal Tiger will be required to pay a commitment fee to the Lender. The maximum Commitment Fee payable by Metal Tiger is .A$8.175mA$9.343mA$20mA$118,25417 December 201930 June 2020Initial Financing Arrangement

The Further Financing Arrangement and the Initial Financing Arrangement, are secured over, in aggregate, 2,003,923 Sandfire Shares held by Metal Tiger, representing approximately 1.125% of Sandfire’s issued share capital. Metal Tiger currently holds 6,366,990 Sandfire Shares.

Unless otherwise defined in this announcement, capitalised terms shall have the same meanings as set out in the announcement of .17 December 2019

Commenting on today’s financing arrangements, Mr , Chief Executive Officer of Metal Tiger, said:Michael McNeilly

“Recognising the recent rise in Sandfire’s share price, the Board has taken the proactive step of seeking to raise further funds through the existing Umbrella Facility, in order to have the flexibility to pursue high potential opportunities in current market conditions that the Board believes have the potential to outperform over the period of the financing arrangement. We look forward to providing shareholders updates on future investments opportunities as appropriate.”

This announcement contains inside information for the purposes of the market abuse regulation (EU No. 596/2014) (“”).MAR

For further information on the Company, visit: :www.metaltigerplc.com

Notes to Editors:

is admitted to the AIM market of the London Stock Exchange AIM Market (“AIM”) with the trading code MTR and invests in high potential mineral projects with a base, precious and strategic metals focus.Metal Tiger plc

The Company's target is to deliver a high return for shareholders by investing in significantly undervalued and/or high potential opportunities in the mineral exploration and development sector. Metal Tiger has two investment divisions: and Direct Projects.Direct Equities

invests in undervalued natural resource companies. The majority of its investments are listed on AIM, the TSX and the ASX, which includes its interest in (ASX: SFR). The Company also considers selective opportunities to invest in private natural resource companies, typically where there is an identifiable path to IPO. Through the trading of equities and warrants, Metal Tiger seeks to generate cash for investment in the Direct Projects Division.The Direct Equities DivisionSandfire Resources Limited

is focused on the development of its key project interests in , where Metal Tiger has a growing interest in the large and highly prospective Kalahari copper/silver belt through its interest in .The Direct Projects DivisionBotswanaKalahari Metals Limited

The Company actively assesses new investment opportunities on an on-going basis and has access to a diverse pipeline of new opportunities in the natural resources and mining sectors. For pipeline opportunities deemed sufficiently attractive, Metal Tiger may invest in the project or entity by buying publicly listed shares, by financing privately and/or by entering into a joint venture.

Metal Tiger plc

Source:Metal Tiger plc

  1. entered into a stock lending arrangement with the Lender, pursuant to which the Lender (or an affiliate of the Lender) can borrow up to, in aggregate, 328,798 Sandfire Shares from Metal Tiger;
  2. obtained the right (but not the obligation) to sell 63,045 and/or 265,753 Sandfire Shares to the Lender in three years’ time at 80% of the reference price, being and respectively (subject to customary adjustments) (the “”) (each a “”);A$4.40A$4.45Reference PricesPut
  3. granted the Lender the right (but not the obligation) to buy 63,045 and/or 265,753 Sandfire Shares from Metal Tiger in three years’ time at an agreed premium of 145% of the respective Reference Price (each a “”); andCall
  4. borrowed, in aggregate, from the Lender secured on the combination of the above with a maturity date of (the “”).A$1,168,00018 May 2023Further Loan
  • A near term substantial investment opportunity; and
  • Other potential investment opportunities.

Michael McNeilly

(Chief Executive Officer)

Tel: +44 (0)20 7099 0738

Mark Potter

(Chief Investment Officer)


Richard Tulloch

James Dance

Jack Botros

Strand (Nominated Adviser)Hanson Limited

Tel +44 (0)20 7409 3494


Paul Shackleton

Steve Douglas

Arden Partners plc (Broker)

Tel: +44 (0)20 7614 5900


Gordon Poole

James Crothers

Hugo Liddy

Camarco (Financial PR)

Tel: +44 (0)20 3757 4980

Quick facts: Metal Tiger PLC

Price: 21.125

Market: AIM
Market Cap: £32.15 m

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