The junior received shares in the London and Aussie-quoted MOD while a new joint venture, Tshukudu, has been set up to continue exploration in 18 other licences in the Kalahari Copper Belt.
Metal Tiger has invested around £3.8mln into T3 and the restructuring allows it to maintain its interest without having to contribute to mine construction costs.
Consolidation of T3 under MOD's sole ownership should also make development financing easier to arrange.
Metal Tiger became MOD’s largest shareholder following the transfer with a 12.5% stake and has a net smelter royalty over T3 up to a value of US$2mln.
Exploration in Botswana
Metal Tiger’s exploration activity in Botswana is now focused through two investment vehicles.
Tshukudu, the 30/70 venture with MOD, and Kalahari Metals, a JV with Resource Exploration and Development (RED).
At Kalahari Metals, Metal Tiger has the option to take a 50% stake for US$1.6mln. Currently its stake is 34%.
In total, the two ventures have licences that cover an area of 16,000 sq km or roughly three-quarters the size of Wales.
Among the Tshukudu licences is the T20 exploration target, within which is the T23 Dome, a prospect that lies 100km west of the T3 Project.
If confirmed, T23 will be the sixth significant copper mineralisation found on the joint venture licences over the last 3 years.
In addition, exploration has started on the T2 and T4 prospects.
Metal Tiger said it has invested around £3.8mln into the T3 joint venture and this deal will allow it to maintain its interest without having to contribute to mine construction costs while also benefiting from further exploration.
The Kalahari copper belt extends from northern Botswana into Namibia.
Thailand back on the agenda
The firm has revived its plans in Thailand following the recruitment of the final six members of the country’s new Mineral Committee.
Exploration effectively came to a halt in 2017 while a new Minerals Act was introduced, but Metal Tiger believes the recruitment of the Mineral Committee has cleared the last major legislative hurdle to the resumption of the permitting process in Thailand.
Applications for licences at the Song Toh and Boh Yai silver, lead and zinc mines can now move forward, it believes.
In addition to its direct investments, the company also has an asset trading division.
Broker ses exploration upside
RFC Ambrian believes the significant exploration programme underway might see the value of the portfolio change significantly in the future.
The broker has a 'buy' rating with a target price of 3.6p.
At 1.30p, shares were £18.2mln.