METAL TIGER PLC

23 September 2015

Metal Tiger plc

('Metal Tiger' or the 'Company')

Uranium Joint Venture Update

Metal Tiger (LON:MTR), the natural resources investing company is pleased to provide an update with regard to the Company's uranium joint venture ('JV') with Kibo Mining (LON:KIBO) covering the Pinewood Uranium Project ('Pinewood') in Tanzania.

Highlights:

• JV partners Metal Tiger and Kibo Mining recognise a positive shift in Uranium sector dynamics reflecting the anticipated forward demand/supply profile of the commodity.
• The Pinewood JV has now commenced and will initially focus on updating a 2009 study and report on regional prospectivity and exploration potential in Tanzania, including the Pinewood Uranium licence portfolio.
• Further consideration now being given to supplement the existing joint venture with additional Uranium assets under JV partner review.
• Strategic aim of the JV is to build a low cost but highly strategic Uranium portfolio providing JV partner shareholders with considerable potential upside from an anticipated recovery in the Uranium sector.

Cameron Parry CEO of Metal Tiger commented: 'We are pleased to announce the commencement of Uranium focused activities. It is also pleasing to report the JV partners strategic decision to work together to consider the acquisition of additional Uranium interests broadening and deepening both companies Uranium sector exposure.

We believe that a diversified resource asset portfolio should include exposure to highly attractive Uranium interests in readiness for a recovery in the sector.

We will provide a further update to market in respect of the Uranium study update in due course, and we will further report to market in respect of any Uranium asset transactions and related matters as and when material events occur.'

Tanzanian Uranium Project Study

In August 2009 a study and report covering Tanzanian uranium potential was prepared by Mzuri Resources to assist with the identification of attractive uranium prospective licences for acquisition and development in-country. This report provided coverage of the following elements:

• Mineralisation models for uranium deposits;
• Existing uranium focused operational activities in Tanzania;
• Assessment of regional uranium prospectivity concentrating on south-west and central uranium regions;
• Specific assessment of identified uranium targets.

The JV has decided to commence its work together by undertaking an update of the above study report and ensuring operational decision making with regard to the Pinewood project, and any potential new acquisitions, is undertaken with a full understanding of the current status of the Tanzanian Uranium environment.

The updated study report is expected to be completed and delivered during October 2015 and the results of this work will be announced to market as appropriate. In parallel with this work the JV continues to seek uranium acquisition opportunities within Tanzania and other jurisdictions.

Uranium Prospective Joint Venture Areas - Pinewood Portfolio

A wholly owned subsidiary of Kibo Uranium Limited (50% KIBO / 50% MTR), owns a portfolio of Uranium prospective licences for exploration in Tanzania (collectively the 'Pinewood Portfolio').

The Pinewood Portfolio of exploration licences is located in the southern western corner of Tanzania, between the regional capitals of Iranga, Mbeya and Songea. The portfolio consists of 43 licences, offers, applications and tenders with a combined surface area of approximately 9,033 square kilometres.

Terms of the initial Uranium Project Joint Venture

Following completion of due diligence in January 2015, the parties entered into a JV agreement on the following terms as outlined in the MOU announced to market on 21 November 2014:

• Metal Tiger has acquired 50% of Kibo Uranium Limited ('KB Uranium'), previously a 100% wholly owned subsidiary of Kibo Mining plc, that owns the Pinewood Portfolio for a consideration of £1

• Metal Tiger is to meet the expenses in relation to the licence renewal fees and other maintenance costs of the Pinewood Portfolio for a minimum of 1 year (estimated to be approximately $100,000) and up to a maximum of 3 years

• Metal Tiger is to expend the first US$800,000 under the JV in expenses and exploration relating to the Pinewood Portfolio, at which point costs moving forward are shared 50/50 between the parties

• At any time following the first anniversary of the JV, on not less than 90 days notice to Kibo, Metal Tiger may elect to cease sole funding of the JV expenditure

• Should Metal Tiger elect to not continue with the JV after the minimum term of one year, or fail to expend US$100,000 by the first anniversary of the JV, or should Metal Tiger fail to expend the full expenditure by the third anniversary of the JV then:

o if less than US$300,000 of the agreed expenditure, the 50% interest in the JV owned by Metal Tiger shall revert back to KB Uranium subject to them exercising a claw-back option;

o if greater than $300,000 of agreed expenditure, KB Uranium shall have the right to exercise the claw-back option in respect of Metal Tiger's interest in KB Uranium however Metal Tiger shall retain a 10% free carry in the Pinewood Portfolio.

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

Notes to Editors:

Metal Tiger Plc is a natural resources focused investing company quoted on the London Stock Exchange AIM Market ('AIM') with the trading code MTR and two investment divisions, Direct Equities and Direct Projects.

The Direct Equities division invests in quoted natural resource explorers and developers, with a combination of shares and warrants providing a potential non-debt financing instrument and enhanced return potential.

The Direct Projects division invests in operational mineral exploration projects with current investments in Spanish Gold & Tungsten, Thai Gold, Copper & Antimony, and Tanzanian Gold and Uranium. The Direct Projects investment division also has working collaborations to identify new investment opportunities in Russia (platinum focus) and Turkey (gold focus), in association with experienced in-country partners.

Metal Tiger'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.