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Dynamic Investing in Mining Sector | May 2020 May 2020 METAL TIGER - - PowerPoint PPT Presentation

Dynamic Investing in Mining Sector | May 2020 May 2020 METAL TIGER PLC 1 Disclaimer This presentation (Presentation) is being provided to you (the Recipient) by Metal Tiger Plc (the the requirement to register as an investment


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Dynamic Investing in Mining Sector | May 2020

May 2020 METAL TIGER PLC 1

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SLIDE 2

Disclaimer

This presentation (“Presentation”) is being provided to you (the “Recipient”) by Metal Tiger Plc (the “Company” or “Metal Tiger”) for information purposes only and does not constitute or form part of, and should not be construed as, an offer or invitation to sell or any solicitation of any offer to purchase or subscribe for any securities of the Company. The content of this Presentation has not been approved by an authorised person for the purposes of Section 21(2)(b) of the Financial Services and Markets Act 2000. Reliance on this Presentation for the purpose of engaging in any investment activity may expose an individual to a significant risk of losing all

  • f the property or other assets invested.

This Presentation is not an admission document or an advertisement and does not constitute or form part

  • f, and should not be construed as, an offer or invitation to sell or any solicitation of any offer to purchase
  • r subscribe for any ordinary shares of the Company (“Sh

Shares”) in the United States or any other jurisdiction where the sale of Shares is restricted or prohibited. Neither the Presentation, nor any part of it nor anything contained or referred to in it, nor the fact of its distribution, should form the basis of or be relied on in connection with or act as an inducement in relation to a decision to purchase or subscribe for

  • r enter into any contract or make any other commitment whatsoever in relation to any Shares. Whilst the

Presentation has been prepared in good faith, no representation or warranty, express or implied, is given by or on behalf of the Company, its respective directors and affiliates or any other person as to the accuracy or completeness of the information or opinions contained in this Presentation and no responsibility or liability whatsoever is or will be accepted by the Company, its respective directors and affiliates or any other person for any loss howsoever arising, directly or indirectly, from any use of such information or opinions or otherwise arising in connection therewith. Any such liability is expressly disclaimed. The promotion of the Shares and the distribution of this Presentation in the United Kingdom are restricted by law. Accordingly, this Presentation is directed only at (i) persons outside the United Kingdom to whom it is lawful to communicate it, or (ii) persons having professional experience in matters relating to investments who fall within the definition "investment professionals" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Or Order"), or (iii) high net worth companies, unincorporated associations and partnerships and trustees of high value trusts as described in Article 49(2) of the Order and any other persons who fall within other applicable exemptions under the Order, provided that in the case of persons falling into categories (ii) and (iii), the communication is directed only at persons who are also "qualified investors" as defined in Section 86 of the Financial Services and Markets Act 2000 (together, "Releva vant Perso sons"). Any investment or investment activity to which this Presentation relates is available only to, and will be engaged in only with, Relevant

  • Persons. This Presentation must not be acted on or relied on by persons who are not Relevant Persons.

You represent and agree that you are a Relevant Person. The Company does not intend to offer its securities into the U.S. through any public means and similarly does not intend to register its securities with the U.S. Securities and Exchange Commission and therefore any offer and sale into the U.S. will be required to be in compliance with an exemption or exemptions from various state and federal laws regarding securities registration. Further, the Company intends to restrict any offer and sale of its securities and its business activities to remain in compliance with exemptions from the requirement to register as an investment company in the United States. However, if the Company is unable to maintain compliance with the aforementioned exemptions and it was required to seek registration, it would likely have a material detrimental effect on the Company. The Company is not responsible to the Recipient for providing regulatory and legal protections afforded to customers (as defined in the rules of the Financial Conduct Authority) nor for providing advice in relation to the contents of this document on any matter, transaction or arrangement referred to in it. Neither of the Company nor any of its respective directors, officers or employees makes any representation or warranty, express or implied, as to the accuracy or completeness of the information or opinions contained in this Presentation. To the fullest extent permitted by law, the Company nor any of their respective members, directors,

  • fficers, employees, agents or representatives nor any other person accepts any liability whatsoever for

any errors, omissions or inaccuracies in such information or opinions or for any loss, cost or damage suffered or incurred howsoever arising, directly or indirectly, from any use of this Presentation or its contents or otherwise in connection with the subject matter of this document. The contents of this Presentation are not to be construed as legal, financial or tax advice. Nothing in this Presentation is, or should be relied on as, a promise or representation as to the future. This document contains forward-looking statements, which reflect the views of the Company with respect to, among other things, the Company’s operations. These forward-looking statements are identified by the use of words such as “believe”, “expect”, “potential”, “continue”, “may”, “will”, “should”, “seek”, “approximately”, “predict”, “intend”, “plan”, “estimate”, “anticipate” or other comparable words. These forward-looking statements are subject to various risks, uncertainties and assumptions. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Should any assumptions underlying the forward-looking statements contained in this Presentation prove to be incorrect, the actual outcome or results may differ materially from outcomes or results projected in these statements. The Company is under no obligation to update or review any forward-looking statement, whether as a result of new information, future developments or

  • therwise, except as required by applicable law or regulation.

The distribution of this Presentation in certain non-UK jurisdictions may be restricted by law and therefore persons into whose possession this document comes should inform themselves about and observe any such restrictions. Any such distribution could result in a violation of the law of such jurisdictions. Neither this document nor any copy of it may, subject to certain exemptions, be taken or transmitted into Australia, Canada, Japan, South Africa, Singapore, or the US or distributed to these countries or to any national, citizen or resident thereof or any corporation, partnership or other entity created or organised under the laws thereof. This Presentation does not constitute or form any part of an offer or invitation to sell or issue or any solicitation of any offer to purchase or subscribe or otherwise acquire, any ordinary shares in the Company in any jurisdiction.

May 2020 METAL TIGER PLC 2

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SLIDE 3

Corporate Snapshot

May 2020 METAL TIGER PLC 3

AIM : MTR

£25.88m

Market Cap.

1.70p

Share Price

1,522,076,607

Shares outstanding Board of Directors

Charles Hall Chairman Michael McNeilly Chief Executive Officer Mark Potter Chief Investment Officer Neville Bergin Non-Executive Director

For more info on directors please refer to end of presentation

Significant Shareholders

Shareholder Ordinary Shares % Issued Share Capital Exploration Capital Partners 206,361,942 13.56% Michael Joseph 123,766,628 8.13% Estate of Terry Grammer 83,963,426 5.52% RIBO Trust (Rick Rule) 60,000,000 3.94%

  • Av. Daily. Volume:

135,526 52 Wk High/Low: 1.44/1.36p

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SLIDE 4

Background – Investment Approach

Metal Tiger (AIM:MTR) employs a hand hands on

  • n and dyn

ynamic inve vest stment approach and pursues a hyb ybrid pu publ blic and priva vate eq equi uity investing model focused on the mining sector. The Company invests in direct asset level exposure with high return potential and a larger ownership position akin to an exploration and development company as well as primarily active and passive equity investments. Active investments are where Metal Tiger has Board representation and typically over a 10% investment stake. These investments are split into the following categories:

  • Project Investments – always active
  • Equity Investments – active and passive

and are categorised into active or passive investments and can be both public or private. The Company also has a portfolio

  • f pr

pre-pr produ duction Roya yalties. Investments are assessed on se seve ven cor core categories that can help drive value:

  • Significant discovery potential
  • Country/district/first mover advantage
  • Application of improved exploration techniques
  • Exploration value uplift potential/brownfields
  • Financial restructuring opportunity
  • M&A opportunity
  • Macro/Micro economic trading opportunity

Finally, if an opportunity arises that doesn’t fit the above it is categorised as a sp special si situation inve vest stment op

  • ppor
  • rtuni

unity and would primarily be undertaken to balance the Company’s investment portfolio risk profile.

May 2020 METAL TIGER PLC 4

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Background – Investment Origination/Filtering

Phase 1 (initial analysis):

  • Quick review of opportunities depending on six high-level criteria:
  • Commodity
  • Technical merits
  • Jurisdiction
  • Management team
  • Possible investment size (if available)
  • Quality of co-investors/existing investors

Phase 2 (subsequent analysis):

  • Does the opportunity fit any (or several) of the following criteria:
  • Significant discovery potential
  • Country/district/first mover advantage
  • Application of improved exploration techniques
  • Exploration value uplift potential/brownfields
  • Financial restructuring opportunity
  • M&A opportunity
  • Macro/Micro economic trading opportunity
  • Special situation opportunity

May 2020 METAL TIGER PLC 5

Externally Sourced Internally Sourced

Metal Tiger network In-house research 1. Technical contacts/consultants 2. Brokers/Investment Bankers 3. Corporates 4. Co-investors 5. Other industry contacts 1. Desktop research 2. Bloomberg terminal 3. Technical papers 4. Licence checks (where available) 5. Industry publication subscriptions – Mining Journal and Mining News Industry Conferences

Where does the investment sit on the development curve? Is the investment a Project Investment/Equity Investment/Special Sits?

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SLIDE 6

Development Curve

May 2020 METAL TIGER PLC 6

*For demonstration purposes only, actual curve and performance will vary by individual investment

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Main Equity/Project Investments*

May 2020 METAL TIGER PLC 7

Significant discovery potential Country / district / first mover advantage Application of improved exploration techniques Exploration value uplift potential / brownfields Financial restructuring

  • pportunity

M&A

  • pportunity

Macro / Micro trading

  • pportunities

Equity Investments

Public Private Active Cobre Limited X X X X X Southern Gold Limited X X X X X X Thor Mining PLC X X X Passive Sandfire Resources Limited X X X X X X X Pan Asia Metals X X X

Project Investments

Kalahari Metals Limited X X X X X

*Investors should note that the Company holds other passive investments that are smaller in investment size and are held for trading/considered none core or legacy investments and should reference announcements or the Company’s accounts for further information. In addition the Company holds several royalties which are highlighted in this presentation and form a core part of the business.

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SLIDE 8

Royalty Investments

METAL TIGER PLC 8 Metal Tiger holds the following three Royalties (under four Royalty agreements):

  • Roya

yalty 1: a US US$2m cap capped ed 2% net net sm smelter roya yalty over Sandfire Resources’ T3 project in the Kalahari Copperbelt (within PL190/2008 which is held by Sandfire Resources’ subsidiary Tshukudu Metals Botswana).

  • Roya

yalty 2: an uncap uncapped ed 2% net net sm smelter roya yalty over any future production over Sandfire Resources’ 100% held subsidiary Tshukudu Exploration Limited’s circa 8,000km2 licence holding in the Kalahari Copperbelt (including the area covered by PL190/2008 that is outside of the T3 project, in which Tshukudu Exploration Limited holds a beneficial (but not legal) interest).

  • Roya

yalty 3: an uncap uncapped ed cond conditional

  • nal 2% net

net sm smelter roya yalty over all of Kalahari Metals Group's (“Kalahari Metals”) wholly owned licences, being seven licences covering, in aggregate, 6,650km2. These are structured as two separate royalty agreements based on how the licences are held under Kalahari Metals’ corporate structure but the ultimate guarantor is Kalahari Metals. Exciting, recently announced (17 April 2020), results at the A4 prospect located 8km west of the T3 Copper-Silver Project are already starting to add significant value potential to Roya yalty y 2. Sandfire has announced that its resource drill out was >50% complete prior to recent COVID-19 restrictions which suspended drilling. Assays are awaited for a further 12 holes drilled into the A4 resource area and six holes have commenced but not been completed as per their latest announcement. Some highlights s include: MO-A4-035D: 18m @ 5.2% Cu and 124g/t Ag from 77m down-hole (uncut), or 18m @ 3.9% Cu and 124g/t Ag from 77m down-hole (15% top-cut); and 4.4m @ 1.2% Cu and 26g/t Ag from 98m down-hole; and 6.6m @ 1.5% Cu and 39g/t Ag from 112.5m down-hole (15% top-cut) MO-A4-036D: 21.5m @ 2.4% Cu and 46g/t Ag from 67m down-hole; and 10m @ 0.9% Cu and 20g/t Ag from 102m down-hole; and 3m @ 2.3% Cu and 25g/t Ag from 133m down-hole MO-A4-039D: 24m @ 2.1% Cu and 51g/t Ag from 86.6m down-hole; including: 8.1m @ 5.2% Cu and 123g/t Ag from 93m down-hole; and 5m @ 1.0% Cu and 24g/t Ag from 142m down-hole; and 1.8m @ 1.6% Cu and 24g/t Ag from 262m down-hole May 2020

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SLIDE 9

Royalty Investments - continued

May 2020 METAL TIGER PLC 9

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SLIDE 10

Project Investment(s) – Kalahari Metals Limited

  • Classified as an active private investment with Michael McNeilly

and one other Metal Tiger Director as two nominee Board

  • representatives. Metal Tiger is not the operator of the project.
  • Holds interests in 12 highly prospective exploration licences

covering a total area of 8,714km2 in the Kalahari Copper Belt of Botswana, comprising two 100% owned exploration licences, five exploration licences subject to a binding earn-in agreement with Triprop Holdings (Pty) Limited and 51% held by Kalahari Metals (includes the Ngami Copper Project), and five exploration licences held by 100% owned subsidiary, Kitlanya Limited.

  • Initial investment Date: Ju

June 2018

  • Total investment/Commitment to date: US

US$4.2m

  • Latest investment (Feb 2020): US

US$1.5m (in inclu luded in in US US$4.2m)

  • Ownership percentage: 62.

62.2% 2%

  • Four main project areas:
  • OCP – 961m of drilling, 6 holes
  • NCP – 1,383m of drilling, 6 holes
  • KIT-E – drilling started, halted due to COVID-19
  • KIT-W – no drill testing
  • Environmental Management Plan approvals received for all project

areas allowing for drill testing.

  • Varying levels detailed airborne electromagnetic (“AEM”)

geophysics data collected over all project areas and processed.

  • Varying levels of geochemistry (soils) undertaken

May 2020 METAL TIGER PLC 10

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SLIDE 11

Project Investment(s) – Kalahari Metals Limitied – Cont.

  • Phase 1 2020 drill programme suspended in April 2020 due

to COVID-19 restrictions.

  • The Phase 1 Drilling Programme at KIT-E consists of a

planned 1,200m of core drilling over an initial four holes (Figure 1). Drilling will focus on an interpreted northern anticlinal structure where the AEM survey has identified compelling fold structures, possibly related to marker conductor units in the lower D’Kar Formation (“DKF”)

  • stratigraphy. Drilling will aim to confirm the presence of

Ngwako Pan Formation (“NPF”) which will significantly upgrade the potential for shallow mineralisation in this target.

  • Drilling completed to date at Kitlanya East has intersected

shallow lower D’Kar formation units, highlighting the potential for Cu-Ag mineralisation in close proximity to neighbouring Sandfire Resources T3 deposit.

  • During the 2019, field season, work on the KIT-E project

identified a number of interpreted anticlinal structures which have the potential to host Cu-Ag mineralisation along the traditional DKF–NPF redox contact as well as in folded trapsites above the DKF-NPF contact, akin to Sandfire Resources’ T3 project and A4 prospect which are situated directly north of the project.

May 2020 METAL TIGER PLC 11

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SLIDE 12

Equity Investments – Sandfire Resources Limited

  • As at 20 May 2020, Metal Tiger currently holds 6,366,990 shares in Sandfire Resources Limited (ASX:SFR) a mid-tier Australian mining and

exploration company representing approximately 3.58% of Sandfire Resources Limited’s issued share capital. Majority of shares obtained as a result of the acquisition of MOD Resources by Sandfire Resources in 2019 (some purchased on market).

  • The investment is a passive investment.
  • As announced on 17 December 2020, 1,675,125 of the Sandfire shares held by the company are subject to an equity derivative collar

financing arrangement (“Financing Arrangement”) with a global investment bank (the “Lender”) pursuant to an Equity Option and Loan Facility (the “Umbrella Facility”), and as announced on 20 May 2020 a further equity derivative collar financing arrangement has been secured

  • ver,

in aggregate, 328,798 Sandfire shares (read full details

  • f

this latest announcement at: https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/MTR/14546430.html). The combined financing arrangements are secured over, in aggregate 2,003,923 Sandfire shares representing approximately 1.125% of Sandfire’s issued share capital.

  • Under the terms of the initial Financing Arrangement, Metal Tiger has:
  • Entered into a stock lending arrangement with the Lender, pursuant to which the Lender (or an affiliate of the Lender) can borrow up to

1,675,125 Sandfire Shares from Metal Tiger;

  • btained the right (but not the obligation) to sell 1,675,125 Sandfire shares to the Lender in three years’ time at 80% of the reference

price, being A$6.10 (subject to customary adjustments) (the “Reference Price”) (the “Put”);

  • granted the Lender the right (but not the obligation) to buy 1,675,125 Sandfire shares from Metal Tiger in three years’ time at an

agreed premium of 145% of the Reference Price (the “Call”); and

  • borrowed A$8,174,610 (A$7,500,000 net cash out after costs) from the Lender secured on the combination of the above with a

maturity date of 16 December 2022 (the “Loan”).

  • 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 Put and Call at the time.

  • Further additional financing arrangements available on remaining shares to provide financing to Metal Tiger.
  • Dividends received to-date from beginning of investment (Nov-2019): A$1,328,621.50

May 2020 METAL TIGER PLC 12

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SLIDE 13

Equity Investments – Cobre Limited

May 2020 METAL TIGER PLC 13

  • Cobre Limited (ASX: CBE) is an emerging resources exploration growth company with prospective projects in Western
  • Australia. Cobre has discovered a Volcanic-hosted Massive Sulphide (“VHMS”) deposit enriched in high grade copper, gold,

silver and zinc within its Perrinvale Project area in the Panhandle Greenstone Belt of Western Australia.

  • Classified as an active public investment with Michael McNeilly as a Metal Tiger nominee Board representative.
  • Initial investment date: Se

Septe ptembe ber 2 2019 – comme mmenced tra rading on AS ASX on 31 Ja January ry 2020 (h (havi ving ra raise sed A$ A$10m m before re cost sts) s)

  • Total Investment to date: circa A$

A$2.9m m (f (furt rther r A$ A$310,000 commi mmitted su subject to va vari rious s conditions s and appro rova val at AG AGM) M)

  • Ownership percentage: 19.

19.99% 99%

  • Initial drill campaign completed with very encouraging results.
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SLIDE 14

Equity Investments – Cobre Limited – Cont.

May 2020 METAL TIGER PLC 14

  • In its maiden drill campaign at Schwabe Prospect the best hole

intercepted:

  • 5m

5m @ 9. 9.8% 8% Cu, u, 3. 3.2g 2g/t Au, u, 34g 34g/t Ag, 3. 3.1% 1% Zn

  • which includes

s 3m @ 12.6% Cu, 4.7 g/t Au, 43.7 g/t Ag, 3.6% Zn

  • The recently announced (16 April 2020) recent diamond drilling exploration

programme received assays from diamond drilling at three prospect areas within the Perrrinvale Project of Western Australia.

  • At Schwabe Prospect – drilling & assay results confirm the presence of a high-

grade VHMS system containing primary copper, zinc, gold and silver at shallow depth including:

  • 20PVDD003 6m @ 8.39% Cu, 3.52% Zn, 30g/t Ag, 0.14% Co, 3.1g/t Au from

49m

  • 20PVDD004 6m @ 5.39% Cu, 3.89% Zn, 22g/t Ag. 0.1% Co, 1.4g/t Au from

28m

  • At Zinco Lago Prospect – drilling results uncovered disseminated, stringer and

narrow massive base metal sulphide mineralisation.

  • At Monti Prospect – drilling intersected generally low levels of primary sulphides

including disseminated veinlet and blebby/clustered pyrrhotite, pyrite, chalcopyrite and sphalerite.

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SLIDE 15

Equity Investments – Cobre Limited – Cont. 2

May 2020 METAL TIGER PLC 15

  • Downhole electromagnetic surveys have been undertaken on the recently

completed diamond core holes at Schwabe, Zinco Lago and Monti Prospects, plus two of the reverse circulation holes drilled in 2019.

  • A number of promising electromagnetic conductors have been identified within

the Perrinvale Project including: the existing Schwabe drill area, below recent drilling at Zinco Lago; off hole along the Zinco Lago - Lago Rame gossan trend; and adjacent to the recent Monti drilling.

  • Ground electromagnetic surveys commenced on 22 April 2020 and (expected to

take circa three weeks) over several targets (see image) to further refine targets for the next phase of drilling which is anticipated to commence shortly following receipt and interpretation of the results. For most of the conductors being investigated the existing Programme of Works approvals will allow for immediate drilling.

  • On 28 April 2020 Cobre announced that it had agreed to acquire the 20% (free

carried) minority stake in its 80% owned subsidiary Toucan Gold Pty Ltd (“Toucan”), which is the 100% holder of the Perrinvale Project.

  • Consideration to be paid in a combination of cash and shares and the

transaction is project accretive.

  • Metal Tiger to invest a further A$310,000 to maintain its 19.99% stake subject to

completion of the transaction and approval by Cobre shareholders at their AGM anticipated to be held later this year.

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SLIDE 16

Equity Investments – Southern Gold

  • Classified as an active public investment Metal Tiger has the right to appoint

a nominee representative to the Board as a non-executive director. Board representation rights secured if >= 10% shareholding maintained.

  • Southern Gold is an ASX listed gold exploration company (ASX: SAU) with

numerous discovery to drilling stage exploration properties in central and southwestern South Korea.

  • Initial investment date: Ma

Marc rch 2020

  • Total investment to date: A$

A$2.2m m (p (part rt of a A$ A$4m m ra raise se)

  • Ownership percentage: 17.

17.1% 1%

  • Renowned Ex-Ivanhoe Executive Vice President and Exploration Manager

Doug Kirwin (previously an advisor to SAU) appointed as part of investment agreement

  • Excellent project generation team – many ex-Ivanhoe geologists involved
  • Attractive jurisdiction with an under explored and under mapped epithermal

gold exploration industry

  • Enormous new discovery and project generation potential
  • Supportive existing shareholders with significant investment capacity

May 2020 METAL TIGER PLC 16

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SLIDE 17

Equity Investments – Southern Gold – Cont.

May 2020 METAL TIGER PLC 17 Project Ownership Project Status Metallogenesis Historical Mining Completed Exploration Exploration Status Rig Priority

Kochang

50/50 JV with BMV*

Mine Development

Mesothermal 4 mines within 1 km Resource definition

Gubong

50/50 JV with BMV*

Mine Development

Orogenic Many mines w/i 20 km radius, 5 in immediate area Resource definition

Beopseongpo

100% Southern Gold

  • Exp. Permit

Granted

Low sulphidation epithermal multi-phase vein complex Local small mines Field mapping, rock chip sampling, first phase drilling, scout drilling

Drilling completed and ongoing at multiple vein targets**

1

Weolyu

100% Southern Gold

  • Exp. Permit

Granted

Low sulphidation epithermal Weolyu North main mine, small adits at Weolyu South Surface and mine adit channel sampling

1600m deep drill program prep to test 3 vein extensions***

4

Deokon

100% Southern Gold

  • Exp. Permit

Granted

Intermediate sulphidation epithermal vein breccia Main mine and nearby Shin adit (focus) Adit channel sampling, outcrop/float rock chip sampling, scout drilling

Drill ready to test below Shin Hill mine workings

2

Aphae

100% Southern Gold

  • Exp. Permit

Granted

Hybrid high/low sulphidation vein/breccia complex Former open pit and undderground mine Mine waste pile sampling

Drill ready to test down dip and along strike extensions

3

Dokcheon

100% Southern Gold

  • Exp. Permit

Granted

Epithermal Field mapping, surface outcrop/float rock chip sampling

Scout drilling planned

Hampyeong

100% Southern Gold

  • Exp. Permit

Granted

Epithermal Historic mine area included in package First phase drilling

Neungju

100% Southern Gold

  • Exp. Permit

Granted

Low sulphidation epithermal No, but 70km NW of an

  • perating mine

Field mapping, outcrop/float rock chip sampling

Daeam Valley

100% Southern Gold

  • Exp. Permit

Application

Low sulphidation epithermal Local small mines Reconnaissance field mapping, rock chip campling

More detailed field mapping, petrology

Geum Mar

100% Southern Gold

  • Exp. Permit

Application

Epithermal Local small mines Reconnaissance field mapping, rock chip sampling

More detailed field mapping, petrology

*Bluebird Merchant Ventures (operator) ** Target veins/trends: Hand of Faith, Golden Palm, Spider *** Target veins/trends: Mystery, Surprise/Moonlight, Summit

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SLIDE 18

Board and Management

Charles Hall Non-Executive Chairman

Experienced international banker with over 30 years with HSBC in finance and insurance, appointed to Metal Tiger in December 2016.Overseas experience running complex businesses with a focus on strategy and corporate restructuring. Strong Asian ties and an Associate of the Hong Kong Institute of Bankers. Fellow of the Royal Geographic Society, BA (Hons) University of Sussex.

Michael McNeilly Chief Executive Officer

Experienced corporate financier spending his early career advising private, Main Market listed, AIM quoted and ISDX (NEX) listed companies appointed as Metal Tiger CEO in December 2016. Former Non-Executive Director of MOD Resources, Arkle Resources and Greatland Gold. Currently a director on numerous Metal Tiger investment and subsidiary entities – notably Kalahari Metals Limited and Cobre Limited Formerly worked for Arden Partners (AIM: ARDN) and with Allenby Capital advising public companies on corporate finance, BA (Econ) American University of Paris. Worked with early stage blockchain-focused start-ups while a corporate executive at Coinsilium (NEX: COIN).

Mark Potter Chief Investment Officer

With over 14 years’ experience in natural resources investments, is the Founder and Partner of Sita Capital Partners LLP, and investment management advisory firm specialising in mining investments appointed to Metal Tiger in January 2017. Former Director and Chief Investment Officer of Anglo Pacific Group LLP, a London listed resources royalty company where he successfully led a turnaround of the business through acquisitions and disposals. As founding member and Investment Principal for Audley Capital Advisors LLP, a London-based activist hedge fund was responsible for managing all UK listed and natural resources investments. Appointed Non-Executive Chairman of Artemis Resources Limited (ASX: ARV) – February 2020; Non-Executive Director

  • f Trident Resources plc (LON: TRR) – November 2019; Non-Executive Director of Thor Mining plc (AIM: THR) – August
  • 2019. Formerly a director of Kalahari Metals Ltd.

Graduated with an MA degree from Trinity College, University of Cambridge. May 2020 METAL TIGER PLC 18

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SLIDE 19

Board and Management

Neville Bergin Non-Executive Director

Neville is a mining engineer with almost four decades of accumulated experience in the mining industry. He has had exposure to a range of commodities and both underground and open pit operational experience. His broad experience base encompasses many operational and executive roles, and five years’ experience as a non-executive director of both ASX listed and unlisted companies including Northern Star Resources Limited. Neville was previously Vice President of Gold Fields Australia Pty Ltd where he was in charge of operational management of two mines. Neville has extensive experience in technical due diligence having undertaken this type of investigation for several past

  • employers. He is also well versed in study management having managed several feasibility studies. He has a BSc from

the Camborne School of Mines in the UK and currently runs his own mining consultancy business. May 2020 METAL TIGER PLC 19

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SLIDE 20

April 2020 METAL TIGER PLC 20

Head Office Metal Tiger plc 107 Cheapside London EC2V 6DN

Contact

+44 (0)20 7099 0738 info@metaltigerplc.com