viewMetal Tiger PLC

Pan Asia Metals – Planned IPO and Corporate Update


13 July 2020

Metal Tiger plc

(“Metal Tiger” or the “Company”)

Pan Asia Metals – Planned IPO and Corporate Update

(LON:MTR), the London Stock Exchange AIM listed investor in natural resource opportunities, is pleased to provide an update in respect of (“PAM”). PAM is a privately owned, South East Asian focused metals exploration and development company, with a focus on lithium and tungsten, in which Metal Tiger currently has a 7.29%.Metal Tiger plcPan Asia Metals Ltd


:, Chief Executive Officer of Metal Tiger, commentedMichael McNeilly

“We are pleased to report that PAM has now lodged its prospectus for an IPO on the ASX. With lead brokers appointed, it is anticipated that PAM’s IPO will complete in late .September 2020

“Following an early and effective governmental response to the COVID-19 pandemic, business in is returning to normal, the Khao Soon Tungsten Project Special Prospecting Licence TSPL1/2563 has now been granted andThailandPAM is actively progressing both office and field based exploration activities.

“We look forward to supporting PAM as it continues to progress the IPO and will announce further updates as appropriate .”


The Company is pleased to announce that PAM has lodged its IPO prospectus with ASIC following in-principal approval received from the ASX on . PAM has engaged and as Co-lead Managers of the IPO. An indicative timetable for the IPO process has been published, targeting a listing date in late . Metal Tiger currently intends to participate in the IPO offering.8 July 2020September 2020Baker YoungMaqro Capital

– TSPL1/2563 Special Prospecting Licence GrantedKhao Soon Tungsten Project

Special Prospecting Licence TSPL1/2563, covering the western part of the (“KSTP”) area, has now been granted to PAM by the DPIM. A second licence for the north and eastern part of the project area (TSPLA1/2562) is currently progressing through the application process and PAM expects to receive this licence before completion of the IPO.Khao Soon Tungsten Project

The TSPL1/2563 licence area contains the Target 2 tungsten prospect, which PAM categorises as a high priority drill target based on PAM’s recent induced polarisation (“IP”) geophysics programme. Target 2 consists of a strong tungsten in soil anomaly with proximal tungsten mineralisation in laterite. Shallow air-core scout drilling has confirmed local tungsten mineralisation in bedrock confirming the high priority status. The licence area also contains several other tungsten prospects.

Subject to funding, PAM is currently preparing to drill at Target 2 with the aim of commencing drilling around the time of its IPO.

Further information on PAM

PAM is a private registered specialty metals exploration and development company focused on the exploration and development of specialty and base metal projects in South East Asia’s tin tungsten belt. PAM has four wholly owned projects: (“RKLP”); KSTP, (“BNLP”); and the (“MTP”). RKLP, KSTP and BNLP are located in southern , whilst MTP is located in the Lachlan Fold Belt, NSW, .SingaporeThailandAustraliaReung Kiet Lithium ProjectBang Now Lithium ProjectMinter Tungsten Project

Metal Tiger currently holds 7,627,447 ordinary shares in PAM, representing 7.29% of PAM’s issued share capital.

For more information on PAM please visit their website .www.panasiametals.com

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


Notes to Editors:

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.Metal Tiger PLC

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.

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 (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.Equity InvestmentsSandfire Resources Limited

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

Metal Tiger plc

Source:Metal Tiger plc

  • PAM initial public offering (“IPO”) prospectus lodged with the (“ASIC”), following in-principal approval received from the (“ASX”) on .Australian Securities and Investment CommissionAustralian Securities Exchange8 July 2020
  • Indicative IPO timetable established, with anticipated listing date set for late .September 2020
  • Metal Tiger intending to participate in the IPO offering.
  • Special Prospecting Licence TSPL1/2563, for the , granted to PAM by (“DPIM”). Application TSPLA1/2562, is progressing and is currently expected to be awarded to PAM before completion of the IPO.Khao Soon Tungsten ProjectThailand Department of Primary Industry and Mines

Michael McNeilly

Mark Potter

(Chief Executive Officer)

(Chief Investment Officer)

Tel: +44 (0)20 7099 0738

Richard Tulloch

James Dance

Jack Botros

Strand (Nominated Adviser)Hanson Limited

Tel +44 (0)20 7409 3494

Paul Shackleton

Steve Douglas

Arden Partners plc (Broker)

Tel: +44 (0)20 7614 5900

Gordon Poole

James Crothers

Hugo Liddy

Camarco (Financial PR)

Tel: +44 (0)20 3757 4980

Quick facts: Metal Tiger PLC

Price: 23

Market: AIM
Market Cap: £35.26 m

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