Quarterly Activities Report

Metal Tiger Plc

1 November 2016

Metal Tiger Plc

('Metal Tiger' or the 'Company')

QUARTERLY ACTIVITIES REPORT

Metal Tiger plc (LON:MTR) the London Stock Exchange AIM listed investor in strategic natural resource opportunities is pleased to announce its Quarterly Activities Report ('QAR' or the 'Report') covering the period from July to September 2016, and subsequent material activities.

The Report was introduced in Metal Tiger's Strategic and Operational Update announced to market on 25 February 2016 and will align Metal Tiger with normal reporting processes in established resource markets such as the ASX and TSX.

Alex Borrelli Chief Executive Officer of Metal Tiger said 'Metal Tiger has once again seen an ambitious quarter of business development and growth. It is particularly pleasing to see that our investment in Botswana yielded a significant, JORC compliant, maiden copper-silver resource statement after only commencing exploration drilling the first quarter of 2016. It is also pleasing to see our intensive work in Thailand lead to the signing of a commercial agreement to permit two commercially attractive and longstanding silver-lead-zinc mines and refurbish the processing plant located at one of the mine sites.

Metal Tiger's ability to generate considerable investment returns, combined with access to reasonably priced capital has charged our business with the financial liquidity to grow at pace. This has been achieved notwithstanding the difficult sector conditions in quarter 3 2016, and in fact during the couple of years since Metal Tiger commenced activities in mid 2014.

Our work continues as we pursue further rapid growth within our business whilst ensuring we remain diligent and focused on directing Company capital to those resource opportunities offering the most considerable upside potential for shareholders.'

Botswanan Joint Venture ('JV') (30% Metal Tiger):

• Exploration work continued throughout the quarter, with drilling and sampling work conducted by our JV partners MOD Resources helping to enhance the high grade, near surface copper/silver discovery at T3 and highlight further additional targets for high impact drilling including the T3 IP Anomaly and T2 exploration targets.
• The T3 Project maiden JORC compliant Mineral Resource Estimate of 28.36Mt @ 1.24% Cu & 15.7g/t Ag was released 26 September 2016. With 64% of the total Resource tonnes classified as Indicated, remainder Inferred category, it included circa 350,200 tonnes of copper and 14.3 million ounces of silver (at 0.5% Cu cut-off grade). In addition there is further considerable upside potential both at T3 and across multiple exploration targets within the JV licence area in Botswana.
• The JV is now undertaking a Scoping Study examining the potential of the T3 resource for open-pit mining. On 28 October 2016 the JV announced that metallurgical testwork and preliminary environmental and permitting studies have been completed, the open-pit design optimisation is well advanced and the conceptual plant design was nearing completion.
• On 28 October 2016 the JV also announced encouraging infill drilling results at the T3 Resource and details of the T3 deposit down-dip and strike extension testing.
• JV partners continue to receive interest in the Botswanan work from third parties including major mining organisations and investment funds. Recently this has included interest in Metal Tiger's 30% minority position and the Company continues to liaise with third parties in this regard. Shareholders should be aware that there can be no assurance that any such interest will lead to a commercial outcome unless this is confirmed via regulatory market announcement.

Thailand JV (90% Metal Tiger):

Firstly, all members of the Metal Tiger community would like to express our heartfelt condolences to the People of Thailand in the passing of His Majesty, King Bhumibol Adulyadej on 13 October 2016. The Company joins in honouring the ongoing grieving process and will continue to follow government guidance on operations during the grieving period as business continues. Below includes a summary of recent activities.

• Advanced negotiations were undertaken early in the quarter in respect of the Boh Yai and Song Toh Silver-Lead-Zinc mines, which are former operating mines with a full existing processing plant on site. Subject to permitting and some refurbishment work the mines are capable of production in the near term.
• On 23 August 2016 Metal Tiger's Thai Joint Venture announced the signing of a landmark commercial agreement to acquire a material interest in the mine properties. Permitting work and mine restoration planning is now underway with various technical consultants and government agencies including the Department of Primary Industry and Mines. In the ACA Howe 2013 NI 43-101 Compliant Technical Study and Preliminary Economic Assessment (the '2013 PEA') study commissioned by South East Asia Mining (now Metal Tiger Thailand) the project was given a pre-tax US$75.9million net present value (discount rate 10%), with a circa 13.6 years of mine life at projected processing rates. It is significant that the 2013 PEA made no allowance for the potential to increase the Resource through exploration at depth within the mines and along strike from the mines. The team at Metal Tiger's Thai Joint Venture have analysed the underlying model and assumptions on which the 2013 PEA was based and the project remains attractive under base case, worst case and best case scenarios.
• Wider exploration programmes continue country-wide in Thailand with a team of geologists and support staff focused on building our in-country knowledge and extensive database. Whilst the focus remains on gathering and collating data pertaining to the Song Toh and Boh Yai mines, and various local and regional exploration targets in the vicinity.
• Special Prospecting License Applications in Kanchanaburi, Prachinbury and Chanthaburi continue to progress through the licencing process and the Company is optimistic that significant approvals may occur within 2016.
• Reflecting the success of the work in Thailand and the expanding work programmes, Metal Tiger Thailand, moved to a new office in August the opening of which was celebrated with a Buddhist Merit Ceremony.
• The Company remains upbeat on the development of the mineral industry in Thailand given recent statements from the Ministry of Industry.

Other Metal Projects:

• In our Spanish JV (50% Metal Tiger) on 19 July 2016 we confirmed issue of the St Cristobal Exploration Licence. The JV update on 18 August 2016 outlined that on-going exploration by our JV partners MEN (Finland) demonstrated considerable gold potential at the Logrosan and Maria licence package, and most notably a two kilometre long gold in soil anomaly. On 25 August 2016 the JV confirmed a new licence application for San Cristobal Sur had been submitted to secure the southerly extension of the Logrosan south gold in soil anomaly announced on 18 August 2016. Exploration work continues and further updates will be provided in due course.
• Our JV relationship with Kibo Mining (LON:KIBO) continues in respect of the Tanzanian Pinewood Uranium and Morogoro Gold projects and further updates in this regard will be provided as soon as practicable.
• The Company's JV relationship continues with Eurasia Mining (LON:EUA) in respect of the Semenovsky Gold Tailings project and a further update in respect of this interest will be provided as material developments ensue.

Investment Opportunity Pipeline:

• The Metal Tiger project pipeline has advanced significantly. Opportunities exist in relation to existing investments in Botwana, Spain and Thailand where we may be able to augment existing interests to build the inherent value of each country's investing activities.
• In addition, the Company has a number of new opportunities under review in Australia, Cambodia, Finland, Ireland and the United Kingdom. Opportunities under review are being considered for inclusion within the Metal Tiger portfolio.
• The appointment of Paul Johnson (ex-CEO of Metal Tiger plc) in a senior consultancy role will allow Paul to dedicate his time to evaluating new opportunities and assisting with the handling of potential spin-outs.

Asset Trading Division:

• Active investment programme continued in the quarter with an initial strategic investment in the shares/warrants of Kolar Gold (LON:KGLD), additional investments into MOD Resources (ASX:MOD) via that company's Rights Issue and additional Strategic Investment tranches in the shares/warrants of Red Rock Resources (LON:RRR) and Thor Mining (LON:THR).
• Metal Tiger's Asset Trading division now holds material strategic investments Connemara Mining (LON:CON), Conroy Gold (LON:CGNR), Goldstone Resources (LON:GRL), Greatland Gold (LON:GGP), Metal NRG (ISDX:MNRG), Opera Investments (LON:OPRA), Red Rock Resources (LON: RRR) and Thor Mining (LON: THR)
• In addition, the Asset Trading Division holds equity warrants and/or royalties in eleven ASX and AIM listed companies which it expects to yield considerable value for the company in the short to medium term as the resource sector recovery sets in. Most of these warrants were received as part of the strategic financings Metal Tiger has supported across AIM and ASX resource companies in the last two years.

Financial Management, Financial Results and Working Capital:

• Metal Tiger now has a full time Chief Financial Officer engaged on Company business, in line with the demands of a multinational investing company. Consistent systems of accounting and administration are being implemented across the group in line with best practice and the production of streamlined regulatory and internal reporting.
• The Company reported its half year results to 30 June 2016 in the quarter demonstrating an overall profit of £559,400, a net gain on investments of £1,858,200 and overall net assets of £5,199,700.
• In August 2016, Metal Tiger raised a further £1,100,000 at 3.85p in a strategic financing to support its investing activities, principally in respect of Metal Projects activities and following on from the £1,000,000 raised in April 2016.
• Metal Tiger released a current asset update on 22 August 2016 that demonstrated total Current Assets (cash, equities and warrant profit margins only) of £6,526,786 at that time.
• As a proactive resource investing company Metal Tiger has built its working capital position through investment gains in its Asset Trading division, fairly priced secondary financings and through the receipt of additional monies from warrant exercises. The Metal Tiger business retains significant working capital and the Company is fortunate to be in this position in a resource sector where many of our peers are facing extremely difficult conditions.
• Metal Tiger considers that serious resource investment opportunities must be able to stand on their own in respect of corporate management and financing. In respect of the latter and with particular focus on Asian financing for certain Thai activities the Company appointed VSA Capital as Asian focused broker on 5 October 2016.

Corporate Developments:

• On 29 July 2016 the Company held its Annual General Meeting ('AGM') and all resolutions were passed.
• Metal Tiger announced on 9 August 2016 the launch of Metal Tiger Australia ('MTA') to house the Company's internal technical unit and providing a conduit to access and assess new opportunities in Australia and notably Western Australia where the MTA team have considerable experience.
• The Company was pleased to appoint Jordan Luckett as Chief Technical Officer and Executive Director as announced on 19 August 2016. Jordan has extensive experience in the technical mining environment and public company management.
• On 12 September 2016 Metal Tiger announced a Memorandum of Understanding with the Al-Sharif Group based in the Kingdom of Saudi Arabia. The Company is working with the Al-Sharif Group to access mining opportunities and mining capital in the Gulf Cooperation Council region.
• On 10 October 2016 the Company announced a strategic update including details of a Capital Reduction exercise enabling the Company, subject to High Court Approval, to consider and implement financial distributions to shareholders. In this regard the Company has a further General Meeting ('GM') scheduled for 1 November 2016 to approve the Capital Reduction exercise and for the buyback of Company shares by Metal Tiger plc.
• The 10 October 2016 announcement also included details of the management restructuring whereby Alex Borrelli, an existing Non-Executive Director of the Company, became Company CEO. Alex Borrelli, an experienced public company Director, is also Executive Chairman of BMR Group plc and Non-Executive Chairman of Greatland Gold plc. Paul Johnson, former CEO, has moved into a senior consultancy role focused on assisting the Company with new project pipeline, value crystallisation, asset trading and public/investor relations.

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

Alex Borrelli (Chief Executive Officer)				Tel: +44 (0)207 099 0738
Terry Grammer (Non-Executive Chairman)				Tel: +44 (0)207 099 0738
Sean Wyndham-Quin Neil Baldwin		Spark Advisory Partners Limited (Nominated Adviser)		Tel: +44 (0)2033 683 555 www.sparkadvisorypartners.com
Nick Emerson Andy Thacker		SI Capital (Joint Broker)		Tel: +44 (0) 1483 413 500
Andrew Monk Andrew Raca		VSA Capital Limited (Financial Adviser and Joint Broker)		Tel +44 (0) 20 3005 5000

Notes to Editors:

Metal Tiger plc is listed on the London Stock Exchange AIM Market ('AIM') with the trading code MTR and invests in high potential mineral projects with a 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 timed to coincide, where possible, with a cyclical recovery in the exploration and mining markets. The Company's key strategic objective is to ensure the distribution to shareholders of major returns achieved from disposals.

Metal Tiger's Metal Projects Divisionis focused on the development of its key project interests in Botswana, Spain and Thailand. In Botswana Metal Tiger has a growing interest in the large and highly prospective Kalahari copper/silver belt. In Spain Metal Tiger the Company has tungsten and gold interests in the highly mineralised Extremadura region. In Thailand Metal Tiger has expanding interests over licences, applications and critical historical data covering antimony, copper, gold, silver, lead and zinc opportunities.

The Company has access to a diverse pipeline of new opportunities focused on the natural resource sector including physical resource projects, new natural resource centred technologies and resource sector related fintech opportunities. Pipeline projects deemed commercially viable may be undertaken by Metal Tiger or by an ISDX or AIM partner with whom the Company is engaged.

Metal Tiger also has an Asset Trading Divisionthat holds various financial instruments for trading purposes including equities, warrants and royalty income. The aim of the division is to generate profits to reinvest into the Company's project based activities.

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