(Alliance News) - Tiger Royalties & Investments PLC on Tuesday said its net asset value decreased throughout last year along with its profit, with the chair noting various headwinds and expressing hope that the future would be "more upbeat and vibrant".
The London-based mining investor said its NAV at December 31 was 0.09 pence per share, down 47% from 0.17p at the same time one year prior.
In London on Tuesday afternoon, shares in Tiger Royalties were down 29% at 0.13p each.
Chair Colin Bird said the drop was disappointing, and said that throughout 2022 "the emerging resource sector remained in the doldrums of uncertainty."
"The headwinds against confidence completely surmounted the optimism which has been universally generated for new age metals over recent years," Bird commented. He cited high inflation and "the spectre of 5-6% borrowing rates" as key factors, saying the excess inflation was most likely due to "erratic supply chains".
Tiger Royalties also reported a GBP456,962 pretax loss for 2022, compared with a GBP252,045 loss the previous year.
Bird said that the resources currently available to Tiger Royalties are limited, both for new investments and working capital. The company will, he said, keep targeting potential mineral opportunities to reverse in existing shells or package as new listings.
However, since fewer new deals are coming to market in the current climate the company is more likely to focus on adding value to potential assets by reversing them in target companies. Bird said he looked forward to "enjoying a more upbeat and vibrant environment" in the future.
"We remain committed to proactive investment opportunities, and we believe that the day of the small miner and explorer is re-emerging and that Tiger's shareholders will benefit from the changing dynamics in the industry," Bird commented.
"We look forward to opportunities arising from the emergence of electric vehicles and the climate change revolution which will no doubt result in a rapidly changing and very different commodity and investment environment."
By Emma Curzon, Alliance News reporter
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