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Sandfire Completion of Institutional Entitlement Offer and Placement

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LONDON, September 27, 2021--(BUSINESS WIRE)--

Metal Tiger plc

("Metal Tiger" or the "Company")

Sandfire Completion of Institutional Entitlement Offer and Placement

Metal Tiger plc (AIM: MTR, ASX: MTR), the AIM and ASX listed investor in natural resource opportunities, is pleased to provide an update in relation to its investment in Sandfire Resources Limited ("Sandfire"). Sandfire has today announced that it has successfully closed its placement to institutional investors and the institutional component of its 1 for 1 pro-rata accelerated non-renounceable entitlement offer of new fully paid ordinary Sandfire shares ("Sandfire Shares"), as announced on 23 September 2021.

Metal Tiger has opted to take up its entitlement rights in respect of 3,300,690 new Sandfire shares for a total cost of A$17,823,726, with settlement occurring on 4 October 2021. Metal Tiger is currently exploring several options to finance the investment, which may include a new margin loan facility or the existing equity derivative financing arrangement with a global investment bank, and will provide further updates in due course. Given its current cash resources and existing liquid equity portfolio, including 3,300,690 unencumbered Sandfire Shares, the Board believes it has adequate cash and short-term realisable assets to meet the Company’s commitment.

Metal Tiger is currently interested in 6,143,357 Sandfire Shares representing approximately 3.4% of Sandfire’s issued share capital. Of this holding, 2,842,667 Sandfire Shares are subject to an equity derivative financing arrangement with a global investment bank.

A link to Sandfire’s announcement can be found below:

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02426408-6A1052209?access_token=83ff96335c2d45a094df02a206a39ff4

This announcement contains inside information as defined in Article 7 of the EU Market Abuse Regulation No 596/2014 and has been announced in accordance with the Company's obligations under Article 17 of that Regulation.

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

Enquiries:

Michael McNeilly

(Chief Executive Officer)

Tel: +44 (0)20 3287 5349

Mark Potter

(Chief Investment Officer)

James Dance

James Harris

Robert Collins

Strand Hanson Limited (Nominated Adviser)

Tel +44 (0)20 7409 3494

Paul Shackleton

Steve Douglas

Arden Partners plc (Broker)

Tel: +44 (0)20 7614 5900

Gordon Poole

James Crothers

Rebecca Waterworth

Camarco (Financial PR)

Tel: +44 (0)20 3757 4980

Notes to Editors:

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

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: Equity Investments and Project Investments.

Equity Investments 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 Sandfire Resources Limited (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 for the Project Investments division.

Project Investments is focused on the development of its key project interests in Botswana, where Metal Tiger has a growing interest in the large and highly prospective Kalahari copper/silver belt through its interest in Kalahari 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210927005364/en/

Contacts

Metal Tiger plc

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