The AIM-listed natutal resources investor sold its interest in the T3 copper project in Botswana during the year, which resulted in it holding a stake in new owner Sandfire and a royalty over future production from the project.
Reflecting that, the group’s equity Investments division reported a profit of £5mln including dividends from Sandfire of £527,000.
Overall, Metal Tiger reported profits for the year before taxation of £4.5mln (2018: loss £4mln). Net current assets at the year-end were £21.7mln including a cash position of £5mln.
Sandfire is now working towards a maiden resource for the A4 Dome in Botswana, said Metal Tiger, which is likely to have a material impact on the valuation of the 2% net smelter royalty it holds.
Metal Tiger also said it is proposing a share consolidation of ten shares into one, as its board believes that a share price quoted in single pence affects investor perception and volatility and a higher share price will improve both of these.