CBE invest US$ 750,000 alongside MTR and RCF in a 3000km2...

CBE invest US$ 750,000 alongside MTR and RCF in a 3000km2 magmatic Nickel Copper Sulphide zone in **on, West Africa

19 March 2021

Metal Tiger plc

("Metal Tiger" or the "Company")

Investment into Armada Exploration Limited

Metal Tiger plc (AIM: MTR), the London Stock Exchange AIM listed investor in natural resource opportunities, is pleased to announce that it has signed an investment agreement with Armada Exploration Limited, a Mauritian holding company (“Armada” or the “Company”) which owns 100% of Armada Exploration (**on) SARL. Armada holds two exploration licences, prospective for magmatic Ni-Cu sulphide, in **on, covering a total area of nearly 3,000km². The licence holding is considered to present a frontier district-scale exploration opportunity.

Metal Tiger has subscribed for 5,000,000 new ordinary shares at a price of US$0.15 in Armada for total consideration of US$750,000 via a promissory note with US$350,000 to be invested up-front and with the $400,000 to be paid in monthly instalments of US$80,000 over the next five months. In the event of a public listing Metal Tiger will need to settle any outstanding amounts under the promissory note in full at the time of the public listing. Following completion, Metal Tiger will own 18.5% of the issued ordinary share capital of Armada. Metal Tiger will be given the right to appoint a director to the Board of Armada (or equivalent top co, in the event of a restructuring as part of a listing); Metal Tiger has not yet opted to take up this right. Metal Tiger will also receive 3,333,333 36-month options issued at US$0.225 within 5 business days following completion.

Highlights:

• US$750,000 invested for 18.5% of the Company alongside RCF Opportunities Fund L.P. (“RCF”) and Cobre Limited (“Cobre”).
  • Cobre is investing US$750,000 for an 18.5% interest. Metal Tiger has a 19.99% equity interest in Cobre.
  • Both Metal Tiger and Cobre will receive 3,333,333 36-month options issued at US$0.225 within 5 business days following completion.
• Compelling geology at the district scale: the location along the Congo Craton margin with a complex regional-scale fault network has permitted extensive volumes of mafic melt to intrude into sulphide-bearing country rocks (“basement”) assisting the potential formation of magmatic Ni-Cu sulphide deposits.
• Using a combination of regional soil surveys and mapping, existing airborne magnetic, radiometric and electromagnetic (versatile time domain electro-magnetic or “VTEM”) geophysical survey data, Armada has delineated an initial 18 named targets, situated along this distinct basement corridor.
• Copper and nickel sulphide occurrences have been mapped at surface at three top ranked targets (Libonga North, Matchiti Central and Doumvou).
• The results from detailed whole rock geochemical studies have proven peridotite to **bro fractionation suites at the Libonga North and Matchiti Central targets.
• The 20km-long Libonga-Matchiti Trend (“LMT”) is drill ready.
• A new high resolution 707-line km time domain electromagnetic (“HTDEM”) survey is in progress, using New Resolution Geophysics (“NRG™”) Xcite™ airborne electromagnetic system¹ at the Libonga North, Matchiti Central and Doumvou targets.
• A drilling programme of 3,000m is planned to commence in the second half of 2021.
• An IPO is targeted for 2021 coinciding with drill rig mobilisation.
• Experienced leadership team with a serially successful track record of involvement in major discoveries as well as extensive operational experience in Central and Southern Africa.

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

“We are pleased to invest in Armada, which presents a district scale opportunity with compelling geology. This frontier is significantly under-explored, which makes it so exciting, and we welcome the longer-term proposal for Armada to undertake an IPO.”

“Armada has completed significant work to create a compelling geological model that has delineated multiple drill-ready projects. Should the initial work programme prove successful it has the potential to create significant value uplift across all of the untested targets and increase the overall attractiveness of the district.”

“Given its experienced leadership team, who have a successful track record of involvement in major discoveries and operational experience in Central and Southern Africa, we look forward to the results of Armada’s upcoming operational phase.”

Background on Armada

Armada was established to define new belt-scale discovery opportunities for key commodities (principally nickel and copper) in under-explored regions of Africa. With >US$10m spent targeting an area of >16,000km²,Armada ispreparing to drill a multi-target project opportunity for magmatic Ni-Cu sulphides in the Nyanga area, southern **on. Armada is supported by a Board and Africa-based technical team both with a track record of successful African projects. Key members of the Armada targeting team were part of the team awarded the 2015 PDAC Thayer Lindsley Award for an International Mineral Discovery (as members of the Kamoa/DRC discovery team with Ivanhoe Mines).

For the year ended 31 December 2020, Armada recorded a net loss of US$89,369 and, as at 31 December 2020, reported net assets of US$9,288,843.

Technical Summary

Armada presents a first-mover advantage in the exploration for magmatic nickel-copper sulphide deposits in **on. Through its two exploration licences (G5-150 and G5-555 – see Table 1 below) the company holds rights to 2,991 km² of ground associated with the Congo Craton margin. The basement within the licence areas have been intruded by a suite of mafic and ultramafic intrusions which represent the primary target for magmatic Ni-Cu mineralisation in this area.

The craton margin setting of the Armada project area is considered to represent a region of relatively thin lithosphere which became the focus of strain during successive regional tectonic events resulting in the continued reactivation of potential crustal-scale fault networks which facilitated the emplacement of, potentially metal-sulphide rich, magmatic melts into the crust.

Using a combination of existing airborne magnetic, radiometric and electromagnetic geophysical survey data interpretations and regional soil surveys Armada has delineated an initial 18 named targets, situated within this distinct basement corridor.

The three highest ranking targets coincide with two parallel structural trends. The Libonga North and Matchiti Central targets sit along a 20km long north to northwest striking feature defined as the Libonga-Matchiti Trend (“LMT”). The LMT has been delineated from magnetic and radiometric datasets and is characterised by a series of mafic and ultramafic intrusive bodies.

The top three ranked targets, Libonga North and Matchiti Central (the LMT) and Doumvou were subject to field mapping, soil and whole-rock geochemical sampling and ground gravity geophysical surveys. The ground gravity surveys outlined gravity anomalies interpreted as dense bodies, whilst detailed Cr, Ni and Cu soil geochemistry further defined and confirmed areas underlain by mafic-ultramafic lithologies.

The Libonga North target sits at the northern end of the LMT and is coincident with a gravity anomaly (a dense body), a VTEM conductor, and regional Ni-Cu (Cr) anomalism identified from geochemical soil sampling. The Libonga North target has been investigated by detailed field mapping with visible chalcopyrite occurrences identified in a number of field localities within the confines of the intrusion boundaries. Rock samples collected during the mapping programs were submitted for detailed whole rock geochemical assessment with results, interpreted independently, suggesting peridotite to **bro fractionation suites, with the conclusion that the intrusions resulted from potentially multiple pulses of magma, bearing the potential for development of a mineralising system.

Preliminary geological modelling of the Libonga intrusion points to a sill-like body which plunges gently to the northwest. Initially, two high priority drill holes are planned to intersect the highest conductors interpreted from the existing VTEM data where there is spatial overlap with dense bodies mapped from the gravity data.

Plate modelling using Maxwell software and layered earth inversions of the NRG™ Xcite™ airborne electromagnetic data will be used to plan the drilling programmes.

Planned Follow-up Work Streams

Detailed Geophysics and Drilling Programme

• A 707-line km Xcite™ helicopter-borne time domain electromagnetic ‘HTDEM’ survey at 200m line spacing along the LMT and the Doumvou target is due for completion in March 2021. Layered earth inversions using Geoscience Australia code, inversions of magnetic data using Fullagar’s VPmg code and plate modelling using Maxwell software is planned.

• A minimum of 3,000m of drilling is planned across three targets, with holes planned to a depth of approximately 350m to the interpreted base of the intrusion. The drilling programme will be supported by helicopter.

• Priority 1 Drill Target: Libonga North. NRG™ Xcite™ airborne electromagnetic survey and data modelling with a minimum of 1,000m of core drilling to test for potential sulphide trap sites.

• Priority 2 Drill Target: Matchiti Central. NRG™ Xcite™ airborne electromagnetic survey and data modelling with a minimum of 1,000m of core drilling to test the denser and more conductive units interpreted from the data modelling.

• Priority 3 Drill Target: Doumvou Target. NRG™ Xcite™ airborne electromagnetic survey and data modelling with a minimum of 1,000m of core drilling to test the potential prospectivity of an interpreted northeast- southwest trending fault suture.

Regional Programme

• Detailed mapping and rock grab sampling.
• The NRG™ Xcite™ airborne electromagnetic survey may be extended out on a regional belt scale (dependant on drilling results).
• Priority targets identified by the regional programme will be escalated for follow-on investigation.

Table 1 Exploration Permit Details^{1, 2}

Exploration Permit Number	Licence Name	Commodity Groups	Award / Renewal Date	Term	In good standing and renewable
G5-150	Malounga	Base Metals including nickel, copper, zinc & lead	10 July 2019	3 years	Yes, renewable for another 3-year term.in July 2022
G5-555	Mayombe	Base and Precious Metals	25 April 2018	3 years	Yes, renewable for two further 3-year terms in April 2021 and 2024

Table 1 Notes:

¹: Exploration Permit translates from French ‘Permis de Recherche Minière’.

² : Licences are subject to a 1.5% royalty granted to Denham Capital and a 0.5% NSR royalty held by RCF. In addition, Denham Capital hold a US$10.5m deferred payment obligation which is to be repaid if a mine is developed within the current licences.

Further details are available under the Portfolio section of the Company’s website at: https://www.metaltigerplc.com/portfolio/project-investments/Armada-Exploration

Reference Note:

1. Xcite™ is a new generation of helicopter-borne time-domain electromagnetic (HTDEM) systems, developed by New Resolution Geophysics (NRG™) who are an airborne geophysical company specialising in the collection of ultra-high resolution airborne data. Further details are available at https://www.airbornegeophysics.com/our-services/xcite-%E2%84%A2-helicopter-time-domain-electromagnetics-and-magnetics.html