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Investment Update: Sandfire Resources Limited


26 May 2020

Metal Tiger plc

(“Metal Tiger” or the “Company”)

Investment Update:Sandfire Resources Limited

(AIM:MTR), the London Stock Exchange AIM listed investor in natural resource opportunities, is pleased to provide an update in relation to its investment in (“Sandfire”), which also relates to the Company’s uncapped (with no buyout provision) 2% , which it holds over circa 8,000km of prospective ground, held by Tshukudu Exploration (the “Royalty”).Metal Tiger plcSandfire Resources LimitedNet Smelter Royalty2

Metal Tiger holds 6,351,990 shares in Sandfire representing approximately 3.57% of Sandfire’s issued share capital. As announced on and on , in aggregate, 2,003,923 Sandfire shares held by Metal Tiger, representing approximately 1.125% of Sandfire’s issued share capital are secured under an equity derivative collar financing arrangement with a global investment bank17 December 201920 May 2020

Sandfire yesterday released the following update in relation to exploration work at Tshukudu:


The Company notes that, in respect of the A4 discovery, located 8km away from the T3 project, and over which Metal Tiger has the Royalty, Sandfire provided the following highlight drill results:

MO-A4-045D: 20.5m @ 3.6% Cu and 88g/t Ag from 78.5m down-hole, cut to 15% Cu

MO-A4-047D: 21.8m @ 2.5% Cu and 57g/t Ag from 74.2m down-hole, cut to 15% Cu; and

14.5m @ 1.1% Cu and 23g/t Ag from 99.5m down-hole

MO-A4-048D: 12.7m @ 1.6% Cu and 33g/t Ag from 76.5m down-hole; and

14.2m @ 1.2% Cu and 23g/t Ag from 109m down-hole

MO-A4-049D: 32.8m @ 1.8% Cu and 32g/t Ag from 94.9m down-hole, cut to 15% Cu, including

17.1m @ 2.6% Cu and 58g/t Ag from 94.9m down-hole, cut to 15% Cu; and

9.6m @ 2.5% Cu and 46g/t Ag from 148.8m down-hole

Other highlights from Sandfire’s announcement were:

Metal Tiger also notes that yesterday Sandfire released an operations update which noted that optimisation of the Feasibility Study for the in is continuing, focused on mine design and planning, plant engineering, power supply, site infrastructure and operating costs. Sandfire noted that the decision to mine and any subsequent commencement of development activities at T3 has been delayed due to the impact of COVID-19 on global supply chains, tendering and construction activities. In this update Sandfire also reinstated 2020 production guidance for its DeGrussa Operations.T3 Copper-Silver ProjectBotswana

Details of the operations update announcement can be found at the following link:


, Chief Executive Officer of , commented:Michael McNeillyMetal Tiger plc

“The A4 drilling results continue to impress. We are pleased to note that Sandfire is planning, subject to the relaxation of COVID-19 restrictions, to recommence drilling at the A4 prospect. Should Sandfire obtain a maiden Mineral Resource, as per its objective, this will likely have a material positive impact on the valuation of the Royalty.”

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

  • The Botswana Government has announced a phased easing of COVID-19 restrictions due to the relatively low infection rate, and plans are underway for a staged restart of exploration activity that should see resource drilling at A4 resume by early .June 2020
  • In-fill and extensional drilling within the A4 resource area remains a high priority, with the objective of defining a maiden Mineral Resource. Newly identified targets to the north-east and south of current drilling at A4 have also been interpreted from Airborne Electromagnetic (AEM) data and are also priorities for drilling.
  • Major AEM survey covering 7,750km of Sandfire’s Tshukudu licences in planned to start in the quarter, subject to relaxation of COVID-19 restrictions.2BotswanaSeptember 2020
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 LimitedTel +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: 21.55

Market: AIM
Market Cap: £32.8 m

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