Metal Tiger Plc (LON:MTR), the natural resources investing company has announced today its audited results for the year ended 31 December 2017.
Highlights:
- Investment gains, both realised and unrealised total £5,457,399 for 2017
- Reinvestment focused on Botswana and Thai IPO
- Increase in net cash in year of £1,455,224 (after net proceeds from share issues of £7,642,604, proceeds of investment sales of £5,402,007, reinvestment in Joint Ventures and Associates of £1,750,325 and further Direct Equity investments of £5,939,179)
- Net Asset Value up 107% and Net Assets per fully diluted share up 39%
- Net Current Assets of £12,616,117 up from £5,675,276 in the Group in prior year
- Overheads before share based payments, Thai IPO costs and increased activity in subsidiaries remained flat year on year at £1,272,000.
Michael McNeilly CEO of Metal Tiger stated: “2017 was a year of great progress for Metal Tiger, with the value of the Company’s interests in Botswana growing substantially and our investments in Direct Equities yielded strong results.
We closed the year concentrating on advancing our core projects with a stronger working capital position.
Progress in the first half of 2018 has been encouraging with the publication by the Botswanan Joint Venture of a PFS that supports the decision to progress towards a Definitive Feasibility Study which is expected to be completed in early 2019. Several drill results have also been published and these will be fundamental to the generation of a robust DFS. Furthermore, environmental permissions have recently been obtained to drill at the T3 Dome and a Phase 1 drill campaign of circa 60 planned diamond drill holes is already underway on several key AEM targets. There is real industry interest in the potential of the Kalahari Copper Belt following MOD/MTR’s success with T3 and the recommencement of exploration. We also await with much anticipation the environmental approvals to drill at T20.
There is significant industry interest that the Kalahari Copper Belt could develop into a copper district which could support significant amounts of economic copper production in the future. It is of course still very early days in terms of exploration.
Metal Tiger continues to actively assess new opportunities which are in line with its investing policy and will continue to actively assess opportunities to crystallise value from its existing investments.
The Board believes that Metal Tiger is in a strong position to take advantage of continued recovery in the natural resource sector.”
The Annual Report and Accounts for the year ended 31 December 2017, along with an explanatory note for shareholders, will be available shortly to view and download from Metal Tiger’s website (www.metaltigerplc.com) in accordance with rule 26 of the AIM Rules for Companies along with a notice of Annual General Meeting and form of Proxy. The AGM is scheduled to take place at 10am on 28 June 2018 at the Oriental Club, Stratford House, Stratford Place, London, W1C 1ES.
