Participation in Southern Gold’s Oversubscribed A$10.2 million Fundraise

3 September 2020

Metal Tiger plc

(“Metal Tiger” or the “Company”)

Participation in Southern Gold’s Oversubscribed A$10.2 million Fundraise

Metal Tiger plc (AIM: MTR), the London Stock Exchange AIM listed investor in natural resource opportunities, is pleased to announce that it has participated in Southern Gold Limited’s (“Southern Gold”) significantly oversubscribed, A$10.2 million equity fundraising (the “Fundraise”) announced earlier today. Southern Gold intends to utilise the net proceeds of the Fundraise to, inter alia, execute multiple drilling campaigns on multiple targets in its growing gold-silver project portfolio in South Korea over the next two years.

Southern Gold received commitments significantly over the amount ultimately raised pursuant to the Fundraise. The Fundraise has been cornerstoned by strategic investor, Crescat Capital LLC (“Crescat Capital”), which has agreed to invest A$2.5 million (the “Crescat investment”). Crescat Capital is advised by Dr Quinton Hennigh, who is currently a director of, and technical advisor to, Irving Resources Inc, CEO of Novo Resources Corp. and a director of TriStar Gold Inc., Precipitate Gold Corp. and NV Gold Corp.

As part of the Fundraise, Metal Tiger has conditionally subscribed for 14,569,000 new Southern Gold shares at a price of A$0.12 per share for a total consideration of A$1,748,280 (the “Subscription”). In addition, as part of the Subscription, Metal Tiger will be issued with 7,284,500 2-year warrants with an exercise price of A$0.18 per warrant.

The Fundraise will be settled in two tranches. The first tranche comprises A$3.8 million and is not subject to approval by Southern Gold’s shareholders. The second tranche (which includes the Crescat investment), raising the balance of A$6.4 million, is subject to the approval of Southern Gold’s shareholders at a general meeting, which is proposed to be held in mid-October 2020, with settlement of the second tranche occurring in late October/early November 2020.

Metal Tiger’s Subscription forms part of the second tranche and is therefore conditional on the approval of Southern Gold’s shareholders. Assuming shareholder approval is received for the Subscription, Metal Tiger will be interested in 36,569,000 Southern Gold shares, maintaining its existing equity interest of 17.1%, and 7,284,500 2-year A$0.18 warrants.

Michael McNeilly, Chief Executive Officer of Metal Tiger, commented:

“When Southern Gold was identified as a potential investment opportunity for Metal Tiger, we were particularly excited about the geological potential in South Korea for gold exploration and the significant exploration portfolio the company had already established in-country.

“At the time of the Company’s initial investment in Southern Gold, it was our firm belief that the company would have the potential to attract significant institutional interest, particularly out of North America, given the perceived technical merits of its portfolio and first-mover country presence.

“We consider today’s Fundraise by Southern Gold to not only support Metal Tiger’s investment thesis but to also validate our belief that the company would attract significant international, institutional support. Alongside support from investors in North America and Australia, we are also pleased to note that there was strong interest from investors based in Asia.

“We are pleased to see Southern Gold raise significant firepower and attract, what we consider to be, the type of investors required to support the long-term development of its portfolio and, ultimately, to drill test the geological potential of South Korea. Furthermore, we believe that, with this latest fundraise, the barriers to entry to prospective explorers looking to gain a foothold in South Korea will become even higher as Southern Gold progresses its exploration programmes. As such, should a significant gold discovery be made, we expect Southern Gold to have a strategic market and in-country advantage over potential competitors.

“In addition to this, we are excited to welcome Crescat Capital as a fellow significant shareholder. We believe that Crescat Capital’s investment demonstrates their similar perception of Southern Gold’s strong strategic position in South Korea. We would also note Dr Quinton Hennigh’s involvement with Crescat Capital and his significant track record in identifying high-value gold investments.”

Southern Gold is an ASX-listed mining company seeking to become an internationally recognised high-grade gold-silver project generator in South Korea. For the year ended 30 June 2019, Southern Gold reported a loss before tax of A$10.1 million and, as at 31 December 2019, Southern Gold reported net assets of A$8.6 million. Michael McNeilly, Metal Tiger’s Chief Executive Officer, is a non-executive director of Southern Gold.

Southern Gold’s announcements in respect of the Fundraise can be found via the following links:

https://www.asx.com.au/asxpdf/20200903/pdf/44m939h0tg81h8.pdf

https://www.asx.com.au/asxpdf/20200903/pdf/44m93cd4ffwp4m.pdf

This announcement contains inside information for the purposes of the market abuse regulation (EU No. 596/2014) (“MAR”).

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

Enquiries:

Notes to Editors:

Metal Tiger PLC is admitted to the AIM market of the London Stock Exchange AIM Market (“AIM”) 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.

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