26th Jun 2015 08:33
LONDON (Alliance News) - Metal Tiger PLC Friday posted a swing to a pretax profit in 2014, following the change of its name from Brady Exploration and appointment of Cameron Parry as its new chief executive last June.
The natural resources investing company posted a pretax profit of GBP105,876 for 2014, swung from a pretax loss of GBP190,568 a year before, as a result of a GBP706,840 net gain on investments, compared to a GBP16,575 net loss on investments.
Metal Tiger said that since its name change it has been "highly active", building a portfolio of investments under two divisions, direct equities and direct projects.
The company said that its direct equities division has continued to perform well into 2015, which has enabled it to self-finance much of its investing activities and avoid the need to rely on the secondary placing market.
Following the year-end, the company entered into a joint venture with Kibo Mining PLC on its Morogoro South gold-prospective exploration portfolio in Tanzania, inked a memorandum of understanding to begin funding exploration activities for gold and tungsten in Spain under a joint venture, and invested in Ariana Resources PLC.
"The company is robust and healthy and the track record demonstrated during that period should give shareholders great confidence in Metal Tiger's future," said Chief Executive Officer Cameron Parry in a statement.
Shares in Metal Tiger are trading down 1.4% at 0.961 pence Friday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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