CREATING VALUE IN GROWTH MINING COMPANIES - FEB 2018 METAL TIGER PLC | AIM : MTR
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
UBUNTU font for Metal Tiger
CREATING VALUE
IN GROWTH
MINING COMPANIES
FEB 2018
METAL TIGER PLC | AIM : MTR
Disclaimer
This presentation (“Presentation”) is being provided to you (the “Recipient”) by Metal Tiger Plc (the intends to restrict any offer and sale of its securities and its business activities to remain in compliance
“Company” or “Metal Tiger”) for information purposes only and does not constitute or form part of, and with exemptions from the requirement to register as an investment company in the United
should not be construed as, an offer or invitation to sell or any solicitation of any offer to purchase or States. However, if the Company is unable to maintain compliance with the aforementioned
subscribe for any securities of the Company. exemptions and it was required to seek registration, it would likely have a material detrimental effect on
The content of this Presentation has not been approved by an authorised person for the purposes of the Company.
Section 21(2)(b) of the Financial Services and Markets Act 2000. Reliance on this Presentation for the The Company is not responsible to the Recipient
UBUNTU fontfor
forproviding regulatory and legal protections afforded
Metal Tiger
purpose of engaging in any investment activity may expose an individual to a significant risk of losing all to customers (as defined in the rules of the Financial Conduct Authority) nor for providing advice in
of the property or other assets invested. relation to the contents of this document on any matter, transaction or arrangement referred to in it.
This Presentation is not an admission document or an advertisement and does not constitute or form Neither of the Company nor any of its respective directors, officers or employees makes any
part of, and should not be construed as, an offer or invitation to sell or any solicitation of any offer to representation or warranty, express or implied, as to the accuracy or completeness of the information or
purchase or subscribe for any ordinary shares of the Company (“Shares”) in the United States or any opinions contained in this Presentation.
other jurisdiction where the sale of Shares is restricted or prohibited. Neither the Presentation, nor any To the fullest extent permitted by law, the Company nor any of their respective members, directors,
part of it nor anything contained or referred to in it, nor the fact of its distribution, should form the basis officers, employees, agents or representatives nor any other person accepts any liability whatsoever for
of or be relied on in connection with or act as an inducement in relation to a decision to purchase or any errors, omissions or inaccuracies in such information or opinions or for any loss, cost or damage
subscribe for or enter into any contract or make any other commitment whatsoever in relation to any suffered or incurred howsoever arising, directly or indirectly, from any use of this Presentation or its
Shares. Whilst the Presentation has been prepared in good faith, no representation or warranty, contents or otherwise in connection with the subject matter of this document. The contents of this
express or implied, is given by or on behalf of the Company, its respective directors and affiliates or any Presentation are not to be construed as legal, financial or tax advice.
other person as to the accuracy or completeness of the information or opinions contained in this Nothing in this Presentation is, or should be relied on as, a promise or representation as to the future.
Presentation and no responsibility or liability whatsoever is or will be accepted by the Company, its This document contains forward-looking statements, which reflect the views of the Company with
respective directors and affiliates or any other person for any loss howsoever arising, directly or respect to, among other things, the Company’s operations. These forward-looking statements are
indirectly, from any use of such information or opinions or otherwise arising in connection therewith. identified by the use of words such as “believe”, “expect”, “potential”, “continue”, “may”, “will”, “should”,
Any such liability is expressly disclaimed. “seek”, “approximately”, “predict”, “intend”, “plan”, “estimate”, “anticipate” or other comparable words.
The promotion of the Shares and the distribution of this Presentation in the United Kingdom are These forward-looking statements are subject to various risks, uncertainties and assumptions.
restricted by law. Accordingly, this Presentation is directed only at (i) persons outside the United Accordingly, there are or will be important factors that could cause actual outcomes or results to differ
Kingdom to whom it is lawful to communicate it, or (ii) persons having professional experience in materially from those indicated in these statements. Should any assumptions underlying the forward-
matters relating to investments who fall within the definition "investment professionals" in Article 19(5) looking statements contained in this Presentation prove to be incorrect, the actual outcome or results
of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the may differ materially from outcomes or results projected in these statements. The Company is under no
"Order"), or (iii) high net worth companies, unincorporated associations and partnerships and trustees obligation to update or review any forward-looking statement, whether as a result of new information,
of high value trusts as described in Article 49(2) of the Order and any other persons who fall within future developments or otherwise, except as required by applicable law or regulation.
other applicable exemptions under the Order, provided that in the case of persons falling into The distribution of this Presentation in certain non-UK jurisdictions may be restricted by law and
categories (ii) and (iii), the communication is directed only at persons who are also "qualified investors" therefore persons into whose possession this document comes should inform themselves about and
as defined in Section 86 of the Financial Services and Markets Act 2000 (together, "Relevant observe any such restrictions. Any such distribution could result in a violation of the law of such
Persons"). Any investment or investment activity to which this Presentation relates is available only to, jurisdictions. Neither this document nor any copy of it may, subject to certain exemptions, be taken or
and will be engaged in only with, Relevant Persons. This Presentation must not be acted on or relied transmitted into Australia, Canada, Japan, South Africa, Singapore, or the US or distributed to these
on by persons who are not Relevant Persons. You represent and agree that you are a Relevant countries or to any national, citizen or resident thereof or any corporation, partnership or other entity
Person. created or organised under the laws thereof. This Presentation does not constitute or form any part of
The Company does not intend to offer its securities into the U.S. through any public means and an offer or invitation to sell or issue or any solicitation of any offer to purchase or subscribe or otherwise
similarly does not intend to register its securities with the U.S. Securities and Exchange Commission acquire, any ordinary shares in the Company in any jurisdiction.
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
Feb-18 METAL TIGER PLC | AIM: MTR 2
Summary
AIM quoted mining Investment Company
focused primarily on a large copper
MetalUBUNTU font for Metal Tiger
Tiger’s JV interest’s include circa
AIM exploration and development project in
Botswana which it’s management believes
has the potential to be developed into a
CU 7,500 km2 of granted exploration
licenses in the Kalahari Copper belt
major copper producing district
Metal Tiger currently holds a 30% stake in
a joint venture with MOD resources in the Strong balance sheet from a sound
T3 Copper and Silver Project in the trading record in its direct equity division,
30% Kalahari Copper Belt in Botswana an
emerging copper region
enabling it to invest portions of capital in
the Botswana JV without shareholder
- Metal Tiger also owns circa 6% of dilution
MOD Resources
Metal Tiger’s primary focus is to work in
Metal Tiger is well funded and has
close partnership with MOD Resources to
T3 fund its stake of the T3 project to develop
the substantial existing resource through
strong shareholder support with its
largest shareholder being Exploration
Capital Partners, a fund of Sprott Global
to production
Feb-18 METAL TIGER PLC | AIM: MTR 3
AIM : MTR
Corporate Snapshot £24.56m
Market Cap.
2.1537p
Board of Directors
VWAP Share Price
Charles Hall Alastair Middleton (01/02/2018)
UBUNTU font for Metal Tiger
Chairman Technical Director
3
Michael McNeilly Mark Potter
Chief Executive Officer Non-Executive Director
2
Keith Springall Terry Grammer
Finance Director Non-Executive Director
Geoff McIntyre For more info on directors 1
Non-Executive Director please refer to appendix.
0
Significant Shareholders Dec-16 Mar-17 Jun-17 Sep-17 Dec-17
% Issued Share
Shareholder Ordinary Shares
Capital
No. of shares outstanding 1,095,332,533
Exploration Capital Partners 100,000,000 9.13% Average Daily Volume 4.72 million shares
Terry Grammer 68,150,667 6.22% 52 week high/low 3.45p/1.33p
Michael Joseph 56,309,940 5.14% Total number of options
223,572,469
Charles Hall 29,853,406 2.73% and warrants outstanding
Feb-18 METAL TIGER PLC | AIM: MTR 4
Key mine discoveries in an emerging
world class Copper Belt
MTR’s copper-silver Exploration and Development
Projects in the Kalahari Copper Belt
UBUNTU font for Metal Tiger
• T3 Open Pit Development Project
• T3 Underground Project
Major Regional Exploration Potential
• 6.6Mt Cu and 262Moz Ag of defined Mineral
Resources ~100km along strike at the
Khoemacau/Boseto mining complex (Cupric
Canyon Capital)
Botswana – A Favourable Mining Jurisdiction
• Long established mining industry
• Skilled workforce
• Excellent infrastructure
• Supportive & stable government
• Favourable tax regime
• Practical environmental policy
• Grid Power available from 2022
Feb-18 METAL TIGER PLC | AIM: MTR 5
Kalahari Copper Belt - JV Holdings Major exploration and expenditure continues on the 18 JV Exploration Licenses over an area of 7,562 km2 UBUNTU font for Metal Tiger JV A$10M exploration budget approved for 12 months from October 2017 Feb-18 METAL TIGER PLC | AIM: MTR 6
T3 Open Pit Development Project
The flagship T3 development project has defined a sediment hosted medium
grade copper-silver deposit which is open along strike and down dip
UBUNTU font for Metal Tiger
Orebody: Development:
Mineral Resource 36MT at 1.14% Cu and 12.79g/t • Pre-Feasibility Study has been completed
Ag (0.5% cutoff grade) and prepared to overall level of accuracy of
±25%
Minerals Reserve 21.43Mt at 1.02% Cu and 10.3g/t • Conventional floatation ore processing
Ag (0.34% cutoff grade) containing 218Kt Cu and • Shovel and truck equipment will be utilised
7.1Moz Ag at an initial processing rate of 2.5Mtpa over
a 9 year LoM
Characterized by a shallow, thick (up to 50m) and
gently dipping multiple copper sulphide veins • Initially diesel power but switching to grid
power in Year 2
• Potential operational expansion in Year 3-4
to 4Mtpa processing rate
• High quality and >30–40% Cu w/w grade
saleable concentrates
Feb-18 METAL TIGER PLC | AIM: MTR 7
T3 Open Pit PFS Economics
UBUNTU font for Metal Tiger
PFS Base Case Model at PFS Expansion Case Model at
USD3.00/lb Cu, USD18.87/oz Ag USD3.00/lb Cu, USD18.87/oz Ag
• Pre-Tax NPV (8%) USD281M with IRR of 39% • Pre-Tax NPV (8%) USD402M with IRR of 37%
• Annual free cashflow of USD77M (pre-tax), from • Annual free cashflow of USD85M (pre-tax), from
production start production start
• CapEx USD155M including USD17M • CapEx USD37M from 2.5Mtpa to 4Mtpa
contingency • OpEx C1 Costs USD1.30/lb including Ag credits
• OpEx C1 Costs USD1.22/lb including Ag credits • All in sustaining unit costs (AISC) of USD1.46/lb
• All in sustaining unit costs (AISC) of USD1.36/lb including silver credits
including silver credits • Payback 3.3 years from production start
• Payback 2.7 years from production start • Includes processing of existing Inferred Minerals
Resources
Feb-18 METAL TIGER PLC | AIM: MTR 8
T3 Open Pit PFS Conclusions
• Royalties
• Royalties copper 3% of sale of price and silver 5% of sale price
UBUNTU font for Metal Tiger
• PFS concludes that T3 offers a low-risk, low capital pathway to copper production supported by improving
confidence in the long-term consensus copper price
• Due to the robust financial outcomes indicated by the PFS, the boards of JV have agreed to proceed with a
Feasibility Study commencing Q1 2018
2017 2018 2019 2020
T3 Open Pit Development
Resource Update
PFS
DFS
Permitting
Design & Construction
9
Production
Feb-18 METAL TIGER PLC | AIM: MTR
T3 Orebody Differences
What makes the T3 orebody different from
other Cu deposits in the region? UBUNTU font for Metal Tiger
• Situated in the western end of the Kalahari
Copper Belt the mineralisation is located
under a thick calcrete layer of 2-3m. The
calcrete protects the sulphides from oxidation
so that there is very little oxide and
transitional material
• Shallow, thick (up to 50m) and is gently
dipping to the north
• Thrusting has remobilized and concentrated
the mineralization into veins increasing the
grade
• Positioned in the hanging wall of the host
mineralised sequence, not on the footwall
contact
Feb-18 METAL TIGER PLC | AIM: MTR 10T3 Expansion Potential
• T3 open pit will be the ‘starter mine’ establishing Tshukudu Metals as a successful mine operator on
the Kalahari Copper Belt
• Once the initial operation is ramped-up there is the potential for throughput expansions
UBUNTU font for Metal Tiger including:
T3 Open Pit Expansion
Upgrading of inferred resources
T3 Underground
Deeper and wider drilling around the T3
open pit is assessing the potential for a
underground mine
T3 Satellite Deposits
Regional mineralized major structures
(domes and thrusts) are being drill tested
at depth and along strike
Feb-18 METAL TIGER PLC | AIM: MTR 11Regional Exploration Potential
• The T3 Project represents only 0.1% of the total JV land holdings
• The highly prospective Central Structural Corridor is the focus of intensive advanced exploration to find
a similar scale or larger economic copper-silver deposits UBUNTU font for Metal Tiger
• The current targets to be tested along a ~ 140km corridor are:
T1
20 AEM targets are currently being drilled
T21 tested across the T3 Dome
T3 DOME
T3
T17
8 drill rigs are currently operating across the T3
T22
Dome (6 diamond core and 2 RC)
2m @ 6.12% Cu & 111g/t Ag
T4
Widespread copper and zinc soil anomalies
occur within the T4 and T20 Dome extending
~60km by 20km.
T20 DOME
A substantial AEM survey is planned to flown
over three T4 + T20 high priority blocks
covering ~787km2
Feb-18 METAL TIGER PLC | AIM: MTR 12Project Timeline H1 2018
January February March April May
T3 Open Pit PFS* completion Commence
UBUNTU font for Metal Tiger
Project Results expected DFS**
end of January
T3 Underground Resource Drilling Mineral Resource
Project & Scoping Study
T-REX Target Ongoing Diamond Drilling of the structure
T3 Dome Regional Results of AEM Drilling programme to test highest-
Programme survey extension ranking AEM targets
flown over T21
expected
DEA Approval
AEM geophysics Drilling
T20 Dome and T4 planned programme to
Regional
test new targets
*pre-feasibility Study DEA approval
**definitive feasibility study
Feb-18 METAL TIGER PLC | AIM: MTR 13MTR’s Exploration and
Development Projects Milestones
Milestones have been achieved on-time and on-budget with minimal delays
Maiden resource just six months after discovery (350kt Cu & >14Moz Ag), with an exceptionally low discovery cost of US$0.22/lb Cu
UBUNTU font for Metal Tiger
2015 2016 2017 2018
Nov : MTR invest Jan: Strategic investment of A$350,000 into MOD Apr: MTR raises Jan: Open Pit Pre-
initial US$100,000 Resources representing 4,92% of issued share capital £4.85m led by feasibility Study due
at 30% project level Feb: Drilling commences Sprott Capital for release
through Tshukudu Mar: Discovery of T3 Aug: T3 Resource
Sept: Maiden T3 Resource announced upgrade
Dec: T3 Open Pit Scoping Study Results released
Feb-18 METAL TIGER PLC | AIM: MTR 14Comparable Companies
Current Market Cap (US$m) Current Enterprise Value (US$m)
Metal Tiger plc 33 Metal Tiger plc 20
UBUNTU font for Metal Tiger
Mod Resources Limited 92 Mod Resources Limited 81
Euromax Resources Ltd. 31 Euromax Resources Ltd. 39
CuDeco Limited 73 CuDeco Limited 133
Nevada Copper Corp. 115 Nevada Copper Corp. 278
Hot Chili Limited 14 Hot Chili Limited 30
EV/Reserves (US$/t) Capital Intensity (US$/t) (1)
Metal Tiger plc 281 Metal Tiger plc 8,247
Mod Resources Limited 491 Mod Resources Limited 8,247
Euromax Resources Ltd. 49 Euromax Resources Ltd. 15,005
CuDeco Limited 528 CuDeco Limited 20,391
Nevada Copper Corp. 102 Nevada Copper Corp. 7,404
Hot Chili Limited 35 Hot Chili Limited 10,242
Source: Company websites;; FactSet as at 30 January 2018 |. Notes: (1) Capital Intensity = Total Capital/Average LOM production
METAL TIGER PLC | AIM: MTR 15MTR Trading
MTR is trading at a significant discount to the attributable intrinsic value of the T3 project. MTR has a strong
balance sheet and liquidity to meet its required medium term funding requirements relating to the T3 project
US$(c)
UBUNTU font for Metal Tiger
10
9 0.472 8.17
7.701
8
7
0.37 MTR is trading at
6 x
NAV
a material discount
5 to NAV
4
3.043
3
2
1
0
MTR Attributable Pre-tax Net Cash MTR NAV per share (T3 MTR Current Share Price
NPV8/Share only)
Funding Required
The current share price does not reflect MTR’s minority stake in T3 and current trading is at a Notes:
significant discount to NAV. MTR has a strong cash position and substantial liquid assets on its 1. Botswana T3 PFS - January 2018
2. Metal Tiger 2017 Interim Report
balance sheet, which will be utilised to fund the development of the T3 Project throughout 2018 3. FactSet as at 30 January 2018
Feb-18 METAL TIGER PLC | AIM: MTR 16Thailand
Well positioned for future upside
• Metal Tiger holds an option to acquire
Mining Lease Applications from two UBUNTU font for Metal Tiger
formerly producing lead-zinc-silver
mines in west Thailand, as well as a
holding a portfolio of country wide
exploration assets
• Majority of technical and permitting
workstreams completed with minimal
further expenditure required
• Corporate and legal work necessary for
IPO/spin-off largely completed
• Low ongoing spending commitments
• Project constitutes significant real
option value in the event of positive
permitting developments
Feb-18 METAL TIGER PLC | AIM: MTR 17Thailand
Song Toh and Boh Yai resource and economics
• NPV (10%) of $US 45.9M (at 01/01/2018)
• IRR of 31%
UBUNTU font for Metal Tiger
• Payback period 4.7 years from 2018
• Mine life scheduled at 14 years with significant potential to extend
Tonnes Pb (%) Zn (%) Ag (g/t)
Indicated
Boh Yai 2.9 Mt 3.7 4.5 68.4
Song Toh 1.1 Mt 5.1 0.8 60.1
Inferred
Boh Yai 0.4 Mt 3.5 4.2 107.2
Song Toh 0.2 Mt 8.1 0.2 76.4
TOTAL 4.6 Mt
Feb-18 METAL TIGER PLC | AIM: MTR 18Metal Tiger 2018 Strategy
UBUNTU font for Metal Tiger
Continue to fund Continue to Continue to Reinvest
30% stake in consider new monitor existing historical and
MOD and global equity prospective
continue to work opportunities as investments and returns from the
closely with MOD they present actively assess asset trading
management in themselves new equity division into
enhancing project investment Botswana to
value opportunities minimise future
dilution
Feb-18 METAL TIGER PLC | AIM: MTR 19Appendices
UBUNTU font for Metal Tiger
Feb-18 METAL TIGER PLC | AIM: MTR 20Board & Management
Experienced International Banker with over 30 years with HSBC in Finance and Insurance
Charles Hall Overseas experience running complex businesses with a focus on strategy and corporate restructuring
Non-Executive Chairman Strong Asian ties and an Associate of the Hong Kong Institute of Bankers
UBUNTU font for Metal Tiger
Fellow of the Royal Geographical Society
Experienced corporate financier spending his early career advising private, Main Market listed, AIM quoted and ISDX
listed companies
Michael McNeilly
Chief Executive Officer Formerly worked for Arden Partners (AIM:ARDN) and with Allenby Capital advising public companies on corporate finance
Michael worked for Coinsilium prior to Metal Tiger (ISDX:COIN) where he worked with early stage blockchain focused start-ups
Chartered Accountant with a wealth of AIM company Director experience
Keith Springall Previously held a number of senior financial positions including that of Commercial and Finance Director of Hi-Tec
Sports International, the £100m turnover footwear & clothing brand and FD of Jardine Matheson Companies in Hong
Finance Director
Kong , the Philippines & Australia division.
Recently a director of World Federation for Mental Health UK and is currently a director of St George’s Hill Lawn Tennis
Club in Surrey
Mining industry executive with more than 28 years of international experience
Qualified geologist who holds a Master of Science Degree in Mineral Exploration from the Royal School of Mines,
Alastair Middleton Imperial College London
Technical Director Four years as a mining geologist with Goldfields of South Africa in the early 1990s before joining Datamine International
(UK) where he worked for 14 years as Mining Consultant
Joined Standard Bank in 2008 as a Technical Advisor, working on project financing
Feb-18 METAL TIGER PLC | AIM: MTR 21Board & Management
Experienced management professional and project developer having advised private and public companies on a variety
of corporate transactions in the mineral development industry in SoutheastUBUNTU
Asia font for Metal Tiger
Geoff McIntyre Specialises in providing strategic advice for project development. Prior to his career in mining project development,
Non-Executive Director Geoff worked in start-up companies and business development
Geoff has completed a BA and an MA in Canada and Australia.
Founder and Partner of Sita Capital Partners LLP, an investment management advisory firm specializing in mining
investments
Mark Potter Former Director and Chief Investment Officer of Anglo Pacific Group plc, London listed natural resources royalty
Non-Executive Director company where Mark successfully led a turnaround of the business through acquisitions and disposals
Founding member and Investment Principal for Audley Capital Advisors LLP, a London based activist hedge fund,
where he was responsible for managing all natural resources investments
40 years’ experience in Australia, Africa, Southeast Asia and New Zealand.
Terry Grammer Discovered the Cosmos Nickel deposit for Jubilee Mines NL and was awarded the AMEC (Association of Mining &
Non-Executive Director Exploration Companies) joint Prospector of the Year Award.
Previously a director of Sirius Resources NL (ASX:SIR).
Feb-18 METAL TIGER PLC | AIM: MTR 22T3 Resource Table
Announced 24 August 2017
JORC Category Cut-off Cu % Quantity (t) Grade Cu (5) Grade Ag (g/t) Contained Cu (Kt) Contained Ag (Moz)
0.25 10,290,000 1.15 11.59 154 3.83
0.5 8,954,000 1.27 12.50 113
UBUNTU font for Metal Tiger 3.60
Measured
1.0 6,548,000 1.45 13.58 95 2.86
1.5 2,179,000 1.90 17.91 41 1.25
0.25 14,161,000 1.01 10.93 143 4.98
0.5 11,202,000 1.19 12.50 133 4.50
Indicated
1.0 7,240,000 1.42 14.07 103 3.28
1.5 2,200,000 1.89 18.07 42 1.28
0.25 25,620,000 0.76 9.98 195 8.22
0.5 15,180,000 1.03 13.09 162 6.65
Inferred
1.0 6,786,000 1.42 16.59 96 3.62
1.5 2,108,000 1.91 20.66 40 1.40
0.25 50,071,000 0.92 10.58 461 17.03
TOTAL
(Measured, 0.5 35,966,000 1.14 12.79 409 14.79
Indicated & 1.0 20,574,000 1.43 14.73 293 9.74
Inferred)
1.5 6,487,000 1.90 18.84 123 3.93
The upgraded Mineral Resource at 0.5% Cu cut-off comprises a total 36Mt containing approximately 409kt of copper (~902Mlbs copper) and 14.79Moz of silver. At 0.25% Cu cut-off it
comprises 50Mt containing approximately 461kt of copper (1,016Mlbs copper) and 17.0Moz of silver.
METAL TIGER PLC | AIM MTR 23T3 Interpreted Long Section
open to west
UBUNTU font for Metal Tiger
METAL TIGER PLC | AIM MTR 24UBUNTU font for Metal Tiger METAL TIGER PLC | AIM MTR 25
PFS Base Case
Key Project Metrics Base Case Production Parameters
Life of Mine 9.6 years
Grade Grade Contained Contained UBUNTU font for Metal Tiger
Ore Quantity Ore Tonnes Mined 21.4Mt
Cu Ag Cu Ag
Reserve (Mt)
(%) (g/t) (Kt) (Moz) Inferred Resource in Mine Schedule 0%
Waste : Ore ratio 4.76
Proved 8.78 1.13 11.1 98.85 3.14
Copper Grade 1.02%
Probable 12.65 0.94 9.7 118.64 3.93 Copper cut-off grade (excluding silver credit) 0.34%
Total Silver Grade 10.3g/t
21.43 1.02 10.3 217.59 7.07
Reserve
Processing Life 8.8 years
Processing Plant Capacity (July 2020 to Sept 2023) 2.5Mpta
Capital Costs PFS Processing Plant Capacity (Oct 2023 onwards) 2.5Mpta
Copper in concentrate – LOM 203kt
Development Capital $155m
Copper in concentrate – LOM 447Mlb
Comprising : CY2018 $9m
Copper in concentrate – Annual average 23kt
CY2019 $101m
Copper in concentrate – Annual average 51Mlb
CY2020 $45m
Silver in concentrate – LOM 6,097koz
Silver in concentrate – Annual average 690koz
Feb-18 METAL TIGER PLC | AIM: MTR 26PFS Base Case
Key Project Metrics
UBUNTU font for Metal Tiger
Base Case Life of Mine Financial Economics
Base Case Copper Price (consensus long term average) US$3.00lb1
Exchange Rate (AUD:USD) (consensus) 0.76
Revenue US$1,410m 1 Copper prices in year 1 and 2 of production averages 3.20
US$/lb after that
C1 Cash Costs2 US$1.22/lb
2 C1 cash costs means operating cash costs including mining,
All in Sustaining Costs3 US$1.36/lb processing, geology, OHSE, site G&A, concentrate transport,
TC and RC costs less by-product credits, divided by copper in
EBITDA US$734m
concentrate produced (100% payable basis).
Net Cash Flow (pre-tax) US$530m 3All-in sustaining cash costs are cash operating costs (C1 cash
Undiscounted Cash Breakeven Copper Price US$1.78/lb cost including royalties) plus sustaining capital.
Pre-tax NPV (8% real) US$281m
Pre-tax NPV (8% real) A$370m
IRR (pre-tax) 39%
Capital Payback Period (from first production) 2.7 years
Feb-18 METAL TIGER PLC | AIM: MTR 27PFS Expansion Case
Key Project Metrics (for 100% of the project) Expansion
Base Case Production Parameters Base Case
Case
Mineral Life of Mine from production start 9.6 years 12.4 years
Grade Grade Contained Contained UBUNTU font for Metal Tiger
Resource Quantity
Cu Ag Cu Ag Ore Reserve – Base Case 21.4Mt
(0.25% Cu (Mt)
(%) (g/t) (Kt) (Moz)
cut-off) Production Target – Expansion Case - 41Mt
Measured 10.29 1.15 11.59 118.34 3.83 Inferred Mineral Resource in Mine Schedule 0% 34%
Indicated 14.16 1.01 10.93 143.02 4.98 Waste : Ore ratio 4.76 4.28
Inferred 25.62 0.76 9.98 194.71 8.22 Copper Grade 1.02% 0.86%
Total Copper cut-off grade (excluding silver credit) 0.34% 0.27%
50.07 0.91 10.58 456.07 17.03
Reserve
Silver Grade 10.3g/t 9.3g/t
Processing Life 8.8 years 11.7 years
Processing Plant Capacity (July 2020 to Sept 2023) 2.5Mpta 2.5Mt
Processing Plant Capacity (Oct 2023 onwards) 2.5Mpta 4.0Mt
Copper in concentrate – LOM 203kt 325kt
Copper in concentrate – LOM 447Mlb 718Mlb
Copper in concentrate – Annual average 23kt 28kt
Copper in concentrate – Annual average 51Mlb 62Mlb
Silver in concentrate – LOM 6,097koz 10,530koz
Silver in concentrate – Annual average 690koz 903koz
Feb-18 METAL TIGER PLC | AIM: MTR 28PFS Expansion Case
Key Project Metrics (for 100% of the project)
UBUNTU font for Metal Tiger
Life of Mine Financial Economics Base Case Expansion Case
Base Case Copper Price (consensus long term
US$3.00lb1 US$3.00/lb1
average)
Exchange Rate (AUD:USD) (consensus) 0.76 0.76 1 Copper prices in year 1 and 2 of production
Revenue US$1,410m US$2,268m averages 3.20 US$/lb after that
2 C1 cash costs means operating cash costs
C1 Cash Costs2 US$1.22/lb US$1.30/lb
including mining, processing, geology, OHSE, site
All in Sustaining Costs3 US$1.36/lb US$1.46/lb G&A, concentrate transport,
TC and RC costs less by-product credits, divided
EBITDA US$734m US$1,103m by copper in concentrate produced (100%
payable basis).
Net Cash Flow (pre-tax) US$530m US$840m 3 All-in sustaining cash costs are cash operating
Undiscounted Cash Breakeven Copper Price US$1.78/lb US$1.77/lb costs (C1 cash cost including royalties) plus
sustaining capital.
Pre-tax NPV (8% real) US$281m US$402m
Pre-tax NPV (8% real) A$370m A$529m
IRR (pre-tax) 39% 38%
Capital Payback Period (from first production) 2.7 years 3.3 years
Feb-18 METAL TIGER PLC | AIM: MTR 29Thailand
Exploration Licence Applications
App. No. Application Holder Square Km Mineral
Kanchanaburi
1/2557 Metal Tiger Exploration 4.84 Lead / Zinc UBUNTU font for Metal Tiger
1/2559 Metal Tiger Exploration 15.85 Lead / Zinc
2/2559 Metal Tiger Exploration 9.42 Lead / Zinc
4/2559 Metal Tiger Exploration 4.80 Lead / Zinc
5/2559 Metal Tiger Exploration 7.97 Lead / Zinc
6/2559 Metal Tiger Exploration 3.32 Lead / Zinc
7/2559 Metal Tiger Exploration 3.99 Lead / Zinc
8/2559 Metal Tiger Exploration 4.90 Lead / Zinc
Prachinburi
1/2559 Metal Tiger Exploration 16.00 Copper
2/2559 Metal Tiger Exploration 16.00 Copper
Mineral Belt
3/2559 Metal Tiger Exploration 16.00 Copper
Lead / Zinc belt
Chanthaburi
1/2559 Metal Tiger Exploration 12.32 Antimony Loei-Phetchabun Copper/Gold belt
Nakhon Sawan Sukhothai Terrain Volcanic belt
1/2558 Metal Tiger Resources 12.82 Gold Tin belt
Lopburi MLA and SPLA Locations
1/2558 Metal Tiger Resources 15.82 Gold
METAL TIGER PLC | AIM MTR 30Metal Tiger Group Structure
UBUNTU font for Metal Tiger
METAL TIGER PLC | AIM MTR 31UBUNTU font for Metal Tiger Contact Details For further information please contact: Michael McNeilly Keith Springall Chief Executive Officer Finance Director T: +44 (0) 7747 020 600 T: +44 (0) 7973 177 095 E: michaelmcneilly@metaltigerplc.com E: keithspringall@metaltigerplc.com METAL TIGER Plc 107 Cheapside, London, EC2V 6DN London Stock Exchange info@metaltigerplc.com AIM Listed (MTR) twitter: @metaltigerplc www.metaltigerplc.com Feb-18 METAL TIGER PLC | AIM: MTR 32
You can also read
