Tiger Resource Regulatory News (TIR)

For immediate release 25 May 2022

TIGER ROYALTIES AND INVESTMENTS PLC

(FORMERLY TIGER RESOURCE PLC)

("Tiger" or the "Company")

FINAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2021

AND

NOTICE OF ANNUAL GENERAL MEETING

The Company is pleased to announce its audited results for the year ended 31 December 2021 and to confirm that the 2022 Annual Report and Financial Statements ("Annual Report"), together with a Notice of AGM ("Notice") will be posted to shareholders on 1 June 2022. Pursuant to Rule 20 of the AIM Rules for Companies, copies of both the Annual Report and the Notice will thereafter be available for inspection at www.tiger-rf.com.

The AGM will be convened at the Company's registered address being 2nd Floor, 7/8 Kendrick Mews, London SW7 3HG on Monday 27 June 2022 at 12:00 pm.

Notes:

Extracts from the Annual Report are set out below. The financial information set out below does not constitute the Company's statutory accounts for the periods ended 31 December 2020 or 31 December 2021 but it is derived from those accounts. Statutory accounts for 31 December 2020 have been delivered to the Registrar of Companies and those for 31 December 2021 will be delivered following the Company's Annual General Meeting. The auditors have reported on those accounts, their reports were unqualified and did not contain statements under section 498(2) or (3) of the Companies Act 2006.

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

For further information please contact:

Novum Securities Ltd Jon Belliss +44 (0)20 7399 9425

(Broker)

Dear Shareholder

The year under review has seen Tiger's net asset value per share (NPV) decrease by 26% to 0.17 from 0.23 pence per share as at 31 December 2021. 

During the period under review, the natural resource market was buoyant predominantly for the larger cap producers in the sector. However, this trend did not fully migrate to smaller cap businesses and junior exploration companies in the natural resource industry. Smaller company stocks were generally volatile and share prices of some companies in this class of investment declined over the year. This trend stabilised towards the year-end and has shown some improvement in the first quarter of 2022.

Tiger sold its balancing holding in WisdomTree Copper (ETFS Copper) and 2,700 shares in Royal Dutch Shell Plc. Additionally, the Company made an investment of £100,603 in Caerus Minerals Resources Plc, a copper-gold resource development and exploration company with mineral exploration licences located in Cyprus. However, the major "value add" to the Company's portfolio during the year was the re-listing of African Pioneer plc and this transaction along with the cash funds raised by the company delivered an opportunistic African metal exploration business to the public markets.

It is our view that the somewhat subdued mood in the junior resource sector in recent months resulted mainly from an excess of IPO's and secondary placings during the first half of 2021. The Covid pandemic was also partly to blame but did not have a negative impact commensurate to the sector's performance. However, the prognosis has probably never been better for commodities, particularly for metals relevant to the renewable energy sector and used in the production of Electric Vehicle ("EV") batteries. This scenario would normally result in smaller companies being a "call option" for such commodities. However, this was not the case despite the number of record prices seen in various commodities during the year, and junior explorers have not yet experienced the full might of the commodities super cycle being talked about in the investment community.

Global markets have been under pressure in recent months mainly due to geopolitical uncertainty caused by the war in Ukraine and excess global inflationary pressures currently slowing down economic performance. This trend is forecast to persist for the foreseeable future. Despite of and to some extent because of these events, there exists a compelling case for the emerging resource sector to enjoy share price increases seen mainly by the major mining and oil and gas companies during 2021 and, which have extended into 2022 (particularly in the energy sector given the supply issues and the West's dilemma with Russian supply). This is further supported by the fact that shortages exist in almost every commodity as the conglomerates in the industry have largely scrapped their exploration departments in recent years.

We firmly believe that a "perfect storm" is brewing in the supply chain and this can only be addressed by major investment from all sources (capital markets, central Governments and end-users) into the explorers and developers. The EV targets for 2030 will only be realised if Governments worldwide support entrepreneurs and promoters of innovative solutions in their quest to discover and extract the so called "green metals". A favourable regulatory environment will help reduce investment pressures and support frontliners in our industry who are chasing the prized assets, which are needed to effect the change to net zero carbon footprint that is being heralded worldwide.

We anticipate a resolution of the Ukraine War in the medium term, which will probably result into a divided Ukraine, and we also believe that ongoing sanctions will continue to disrupt the supply of materials and commodities resulting in further imbalances in the availability of certain key commodities. Demand is also forecast to soar following commitments made by global governments to invest in infrastructure post the pandemic as well as the rising popularity of low carbon emission energy sources. Tiger's investment portfolio is made up of companies which have exposure to such commodities and the re-listing of African Pioneer plc will further add our exposure to investment in copper.

We remain focussed to use our expertise in the sector to add interesting and innovative deals to Tiger's portfolio to rebuild shareholder value. I would like to thank both my colleagues and shareholders for their patience and support in what has been an uncertain year with a major disconnect between actuality and expectations.

Colin Bird

Chairman

24 May 2022

The table below includes investments held by the Company, and are disclosed in note 6 to the financial statements.

· African Pioneer Plc's ("APP") shares comprising 189,459,550 ordinary shares of zero par value each in the capital of the company ("Ordinary Shares") were admitted to the Official List (Standard Segment) and to trading on the Main Market for listed securities of the London Stock Exchange on 1 June 2021. Tiger's current holding in APP is 8,810,056 Ordinary Shares representing a 4.65% interest in APP following Admission. APP ceased to be a subsidiary of the Company effective from 1 June 2021.

· The Company acquired 1,000,000 Caerus Minerals Resources Plc shares in the current financial year.

· Kendrick Resources Plc has now acquired projects in Sweden and Finland and an option to acquire three nickel projects in Norway and the company's shares were admitted to the Official List (Standard Segment) on 6 May 2022.

· The Company sold 760 WisdomTree Copper shares and 2,700 Royal Dutch Shell shares during the current financial year.

· Reabold Resources Plc ("Reabold") acquired Corallian Energy limited ("Corallian") shares from existing Corallian shareholders in exchange for Reabold shares, at a ratio of 474 Reabold shares for 1 Corallian share on 10 May 2021. As part of this offer, the Company disposed 6,382 Corallian shares in exchange for 3,025,068 shares in Reabold Resources Plc.

· The investment in AustralGold Corp. was written off in the current financial year.

Details of changes in the fair value of investments are shown in note 6 of the Financial Statements.

African Pioneer Plc (LSE: AFP) www.africanpioneerplc.com

African Pioneer Plc's (APP's) principal business is to explore opportunities within the natural resources sector in Sub-Saharan Africa with a focus on base and precious metals including but not limited to copper, nickel, lead and zinc. APP shares comprising 189,459,550 ordinary shares of zero par value each in the capital of the company ("Ordinary Shares") were admitted to the Official List (Standard Segment) and to trading on the Main Market for listed securities of the London Stock Exchange on 1 June 2021. Tiger's current holding in APP is 8,810,056 Ordinary Shares representing a 4.65% interest in APP following Admission.

Bezant Resources Plc (AIM - BZT: LN) www.bezantresources.com

Bezant Resources Plc ("Bezant") is a mineral exploration and development company quoted on AIM and focused on developing a pipeline of copper-gold projects to provide a new generation of economically and socially sustainable mines. The company's portfolio of assets includes the Hope Copper-Gold project in Namibia which covers a significant portion of the highly prospective Matchless Copper Belt. On 11 November 2021 Bezant entered into a joint venture agreement with Caerus Mineral Resources focused on the Troulli Mine Development Project and various other copper-gold JV targets in Cyprus. Bezant also has a 30% stake in the Kalengwa copper and silver project. The company has an interest in the Mankayan Project in the Philippines which is a porphyry system via its 27.5% shareholding in IDM, a company incorporated in Australia with the balancing 72.5% owned by established investors in the mining sector. The company's Kanye Manganese Project in Botswana comprises a collection of prospecting licenses covering a total area of approximately 4,043km2, located in south-central Botswana south of the town of Jwaneng. Kanye has the potential for the discovery of high-quality manganese deposits suitable for supplying the valuable battery market.

Block Energy Plc (AIM - BLOE: LN) www.blockenergy.co.uk

Block Energy Plc ("Block Energy") is an AIM-listed exploration and production company which has a strategy of applying innovative technology to realise the full potential of previously discovered fields in Georgia. In November 2020, Block Energy concluded a sale and purchase agreement with Schlumberger to acquire its subsidiary Schlumberger Rustaveli Company Limited (SRCL) representing a major milestone towards its objective of becoming the leading independent oil and gas producer in Georgia. Recent production results demonstrate that the company is delivering operationally, which combined with improved commodity prices, is producing robust financial result. This gives Block Energy a strong platform to deliver on the inherent value of its assets and monetise the wider reserves and resources within the company's portfolio.

Caerus Mineral Resources Plc (LSE: CMRS) www.caerusmineralresources.com

Caerus Mineral Resources Plc ("Caerus") is a European-focused exploration and development company targeting mineral resources to supply the global Clean Energy Transition whose shares were admitted to the main market of the London Stock Exchange under the Standard Segment of the Official List on 19 March 2021. The company was established to target Mineral Resources in Europe in response to the transition and drive towards Clean Energy economies globally with the current focus being on copper-gold opportunities in Cyprus, a region with a long mining history and significant untapped value. Caerus recently announced the results of an independent Initial Mineral Resource Estimate in accordance with JORC (2012) in respect of the Troulli Cu-Au project ("Troulli""). This resource estimate has been prepared by Addison Mining Services Limited and at a selected cut-off grade of 0.5% Cu comprises of a hard rock resource estimate of approximately 2.7 million tonnes at a Cu equivalent grade of 0.74% CuEq (0.51% Cu and 0.26 g/t Au). The company plans to focus on a number of priorities including the upgrading and expansion of this mineral resource, completion of metallurgical test work, environmental baseline studies and the Environmental and Social Impact Assessment, continuing development of a mine plan and submission of a Mining Licence application

Corallian Energy Limited www.corallian.co.uk

Corallian Energy Limited ("Corallian") is a private UK oil and gas exploration and appraisal company. The Company holds interests in 4 basins in the UK; West of Shetland, Central Graben, Inner Moray Firth and Viking Graben. A proportion of the Corallian investment was been exchanged in 2021 for a direct equity interest in Reabold Resources plc, an AIM listed investment company.

Galileo Resources Plc (AIM - GLR - LN) www.galileoresources.com

Galileo Resources PLC ("Galileo") is an AIM quoted natural resource exploration company specializing in the acquisition and development of base metal projects with a focus on copper. The company announced on 30 December 2021 that it has entered into a Joint Venture Agreement with Statunga Investments Limited covering the Luansobe Copper Project, Zambia comprising of a small-scale exploration Licence. Galileo has appointed consultants Addison Mining Services who are currently progressing with modelling the historic drill data at Luansobe which comprises of drill data for 154 holes (drilled in the period 1921 to 2007). Two concurrent development options are being considered by Galileo for this project including the potential for a small open pit mine of circa 3 - 5 million tonnes to exploit the up-dip portion of the copper deposit in the northwest of the licence area as well as the prospect for a larger mine by developing the resource down-dip and along strike to the southeast where drill data is more limited. More recently, the company has entered into an assignment agreement which assigned an option to Galileo to acquire a 51% interest in B.C. Ventures Limited which is the owner of the highly prospective lithium Kamativi Project in Southwest Zimbabwe and two gold licenses close to Bulawayo owned through its wholly owned Zimbabwe subsidiary Sinamatella Investments (Private) Limited.

Jubilee Metals Group Plc (AIM - JLP: LN) www.jubileemetalsgroup.com

Jubilee Metals Group Plc ("Jubilee") is a diversified metal recovery business with a world-class portfolio of projects in South Africa and Zambia. Jubilee's shares are traded on the AIM Market of the London Stock Exchange (JLP) and the South African Alt-X of JSE Limited (JBL). The company's business model focuses on the retreatment and metals recovery from mine tailings, waste, slag, slurry and other secondary materials generated from mining operations. Effectively, whilst extracting maximum financial returns from its operations, Jubilee responsibly rehabilitates environments scarred by the surface footprint of historical mining operations and solving air and water pollution issues associated with those installations. The company's expanding multi-project portfolio across South Africa and Zambia provides exposure to a broad commodity basket including Platinum Group Metals ('PGMs'), chrome, lead, zinc, vanadium, copper and cobalt.

STATEMENT OF COMPREHENSIVE INCOME YEAR ENDED 31 DECEMBER 2021

All profits are derived from continuing operations.

The notes on pages 28 to 41 are an integral part of these financial statements.

STATEMENT OF CHANGES IN EQUITY YEAR ENDED 31 DECEMBER 2021

Other components of equity

The notes on pages 28 to 41 are an integral part of these financial statements.

STATEMENTS OF FINANCIAL POSITION AS AT 31 DECEMBER 2021

The notes on pages 28 to 41 are an integral part of these financial statements.

The financial statements of Tiger Royalties and Investments Plc (registered number 02882601) were approved by the Board on 24 May 2022 and signed on its behalf by:

Colin Bird - Executive Chairman R Samtani - Finance Director

CASH FLOW STATEMENTS YEAR ENDED 31 DECEMBER 2021

The notes on pages 28 to 41 are an integral part of these financial statements.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

1. ACCOUNTING POLICIES

Basis of preparation

Tiger Royalties and Investments Plc ("Tiger" or the "Company") is a public investment company limited by shares incorporated and domiciled in England and Wales. Tiger's principal activities are discussed in the Strategic Report and the address of the registered office is included on page 1 of the annual report. The functional currency for the Company is Sterling as that is the currency of the primary economic market in which the Company operates. The financial statements have been prepared under the historical cost convention except for the measurement of certain non-current asset investments at fair value. The measurement bases and principal accounting policies of the Company are set out below. The financial statements have been prepared using International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and endorsed by the European Union.

The Company held a 50.75% equity stake in African Pioneer Plc ("APP" or "the subsidiary") on 31 December 2020, and prepared consolidated financial statements incorporating the subsidiary's financial statements for the year ended 31 December 2020. On 1 June 2021, the subsidiary's shares comprising 189,459,550 Ordinary shares of zero par value each ("Ordinary Shares") were admitted to the Official List (Standard Segment), and to trading on the Main Market for listed securities of the London Stock Exchange. Consequently, the Company's shareholding in the subsidiary company was reduced to 4.65% and APP is no longer a subsidiary of the Company as at 31 December 2021. Hence, only company financial statements have been prepared for the year ended 31 December 2021. Tiger's current holding in APP is 8,810,056 Ordinary Shares, which have been included in the Company's balance sheet at market valuation under investment in financial assets at fair value through profit or loss.

New and amended IFRS Standards that are effective for the current year

A number of new standards and interpretations have been adopted by the Company for the first time in line with their mandatory adoption dates, but none are applicable to the Company and hence there would be no impact on the financial statements.

New and revised IFRS Standards in issue but not yet effective

At the date of approval of these financial statements, the Company has not applied the following new and revised IFRS Standards that have been issued but are not yet effective:

The directors do not expect that the adoption of the Standards listed above will have a material impact on the financial statements of the Company in future periods.

Going concern

The operations of the Company have been financed mainly through operating cash flows. As at 31 December 2021, the Company held cash balances of £34,394 (2020: £420,699) and an operating loss has been reported. Historically, the Company has generated cash flow from the appreciation and subsequent sale of investments in quoted natural resource companies. The Directors anticipate net operating cash flows to be neutral for the Company in the next twelve months from the date of signing these financial statements.

The Directors have assessed the working capital requirements for the forthcoming twelve months and have undertaken assessments which to consider cash forecasts until June 2023. Upon reviewing those cash flow projections for the forthcoming twelve months, the Directors consider that the Company should not require additional financial resources in the twelve-month period from the date of approval of these financial statements to enable the Company to fund its current operations and to meet its commitments.

Notwithstanding the above and given the ongoing geopolitical uncertainties, the Directors may require to raise some funds through equity fund raising depending on economic circumstances and on opportunities available to the Company for acquiring additional investments. To this end, the Board has substantial experience with capital markets within the smaller cap space and would be in a position to access markets in such a scenario. Nevertheless, after making enquiries and considering the uncertainties described above, the Directors have a reasonable expectation that the Company has adequate ability to manage its portfolio and raise resources, if necessary, to continue in operational existence for the foreseeable future. The Directors therefore continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Valuation of available-for-sale Investments and adoption of IFRS9

Available-for-sale investments under both IFRS9 and IAS39 are initially measured at fair value plus incidental acquisition costs. Subsequently, they are measured at fair value in accordance with IFRS 13. This is either the bid price or the last traded price, depending on the convention of the exchange on which the investment is quoted.

All gains and losses are taken to profit and loss. In proceeding periods gains and losses on available-for-sale investments were recognised in other comprehensive income and accumulated in the available-for-sale assets reserve except for impairment losses, until the assets are derecognised, at which time the cumulative gains and losses previously recognised in other comprehensive income are recognised in profit or loss.

Revenue

Dividends receivable from equity shares are taken to profit or loss on an ex-dividend basis. Income from bank interest received is recognised on a time-apportionment basis. Dividends are stated net of related tax credits.

Expenses

All expenses are accounted for on accruals basis.

Cash and cash equivalents

This consists of cash held in the Company's bank accounts.

Foreign currency

Assets and liabilities denominated in foreign currency are translated into sterling at the rates of exchange ruling at balance sheet date. Exchange gains or losses on monetary items are recorded in profit or loss. Exchange gains or losses on investments in financial assets are recorded in other comprehensive income.

Treasury shares

The cost of purchasing treasury shares and the proceeds from the sale of treasury shares up to the original price is taken to the retained earnings reserve; any surplus on the disposal of treasury shares (measured against the weighted average purchase price) is taken to the share premium account.

Reserves

Share premium account

The share premium account is used to record the aggregate amount or value of premiums paid in excess of the nominal value of share capital issued, less deductions for issuance costs.

Capital Redemption Reserve

The Capital redemption reserve is used to redeem or purchase of Company's own shares.

Geographical segments

The internal management reporting used by the chief operating decision maker consists of one segment. Hence in the opinion of the Directors, no separate disclosures are required under IFRS 8. The Company's revenue in the year is not material and consequently no geographical segment information has been disclosed.

Deferred tax

Deferred tax liabilities are generally recognised for taxable temporary differences and deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised except for differences arising on investments in subsidiaries where the Company is able to control the timing of the reversal of the difference and it is probable that the difference will not reverse in the foreseeable future.

Deferred tax is also based on rates enacted or substantively enacted at the reporting date and expected to apply when the related deferred tax asset is realised or liability settled.

Deferred tax is charged or credited in the statement of comprehensive income, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt within equity.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the income statement because it excludes items or expenses that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Significant management judgement in applying accounting policies and estimation uncertainty

When preparing the financial statements, management makes a number of judgements, estimates and assumptions about the recognition and measurement of assets, liabilities, income and expenses.

Fair value of financial assets

Establishing the fair value of financial assets may involve inputs other than quoted prices. As is further disclosed in note 6, all of the Company's financial assets which are measured at fair value are based on level 1 inputs, which reduces the level of estimation involved in their valuation.

Recognition of deferred tax assets

The extent to which deferred tax assets can be recognised is based on an assessment of the probability of the Company's future taxable income against which the deductible temporary differences can be utilised. In addition, significant judgement is required in assessing the impact of any legal or economic limits or uncertainties in various tax jurisdictions. In the opinion of the directors a deferred tax asset has not been recognised as future profits cannot be forecasted with reasonable certainty.

2. OPERATING EXPENSES

Operating profit is stated after charging:

3. DIRECTORS' EMOLUMENTS

Other than directors, there were no employees in the current or prior year. No pensions or other benefits were paid to the Directors in the current or prior period.

4. TAXATION

5. EARNINGS PER SHARE

There were no share options outstanding at 31 December 2021 or 31 December 2020. 

6. INVESTMENTS IN FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS

*Includes write off of AustralGold

Financial instruments measured at fair value

The following table presents financial assets and liabilities measured at fair value in the statement of financial position in accordance with the fair value hierarchy. This hierarchy groups financial assets and liabilities into three levels based on the significance of inputs used in measuring the fair value of the financial assets and liabilities. The fair value hierarchy has the following levels:

- Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities;

- Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices); and

- Level 3: inputs for the asset or liability that are not based on observable market data (unobserved inputs).

The level within which the financial asset or liability is classified is determined based on the lowest level of significant input to the fair value measurement.

The financial assets and liabilities measured at fair value in the statement of financial position are grouped into the fair value hierarchy as follows:

There have been no significant transfers between levels in the reporting period.

Reconciliation of Level 3 fair value measurements of financial instruments

Measurement of fair value

The methods and valuation techniques used for the purpose of measuring fair value are outlined in note 1 and remain unchanged compared to the previous reporting period. The fair values of short-term receivables, cash and short-term payables do not differ from their carrying values due to their short maturity profiles.

Listed / quoted securities

Equity securities held by the Company are denominated in GBP and CAD$, and are publicly traded on the main London Stock Exchange, the Alternative Investment Market of the London Stock Exchange and the Toronto Venture Exchange. Fair values have been determined by reference to their quoted bid prices at the reporting date.

7. TRADE AND OTHER RECEIVABLES

An expected credit loss impact assessment under IFRS 9 is not required, as the Company does not hold any trade or intercompany debtors as at the balance sheet date.

8. DEFERRED TAX LIABILITIES

The Company has tax losses carried forward in respect of excess management charges, non-trade deficits and capital losses of £3,272,059 (2019: £2,965,014). Tax capital losses on the Company's financial assets are at £92,648 (2020: £204,805). The resulting potential deferred tax asset is £17,603 (2020: £38,913). However, deferred tax assets are not recognised due to the unpredictability of future profit streams arising from the disposal of investments held by the Company. Tax losses may be carried forward indefinitely and will only be recoverable if suitable profits arise in the future. Deferred tax positions arising from unrealised gains and losses on the company's financial assets will vary depending on changes in the fair values of those assets up until the date of disposal.

9. TRADE AND OTHER PAYABLES

10. CALLED UP SHARE CAPITAL

The share capital of Tiger consists of fully paid ordinary shares with a nominal value of 0.1p each and deferred shares with a nominal value of 0.9p each. Ordinary shares of 0.1p are eligible to receive dividends and the repayment of capital and represent one vote at the shareholders' meeting of The Company. The deferred shares carry no dividend or voting rights.

The Deferred shares have no income or voting rights.

Included in allotted called and fully paid share capital are 4,500,000 shares with a nominal value of £4,500 held by the company in treasury.

(i) On 15 March 2021, The Company issued 8.5 million shares of 0.1 p each at an issue price of 0.53p each share each to settle a corporate creditor, totalling £45,050.

11. RELATED PARTY TRANSACTIONS

(1) Lion Mining Finance Limited, a company in which Colin Bird is director and shareholder, has provided administrative and technical services to the Company amounting to £60,000 plus VAT in the year (2020 - £60,000). There was an amount of £6,000 outstanding at 31 December 2021 (2020- nil). The Board considers this transaction to be on an arms' length basis.

(2) The emoluments of the Directors are disclosed in note 3.

(3) Directors' shareholdings are disclosed in the Report of the Directors.

(4) On 18 February 2021, the Company received 28,314,815 shares in Bezant Resources Plc (Mr Colin Bird and Mr Raju Samtani are executive directors of the Company and also executive directors and shareholders of Bezant. In addition, Mr Colin Bird held 2.7% interest in Metrock), as settlement of outstanding loans of £46,250 which the Company had advanced to Metrock Resources Ltd during Q4 2020 and fee due of £30,200 from Metrock. Initially, on 12 October 2020, the Company negotiated an exclusive mandate to facilitate an IPO for Metrock. However, subsequently on 22 December 2020, under a revised mandate, both parties mutually agreed not to proceed with an IPO. Metrock was then acquired by Bezant. As part of Bezant's Shareholders Purchase Agreement (SPA) with the shareholders of Metrock, it was agreed that outstanding loans in Metrock's books will be acquired by Bezant and settled in newly issued Bezant ordinary shares of 0.002p each at a price of 0.27 pence per share on completion of the SPA ("Bezant Shares"). Accordingly, Tiger was issued 28,314,815 Bezant Shares on completion of the SPA to settle loans of £46,250 which it has made to Metrock and the £30,200 fee referred to above. Upon issue of the 28,314,815 Bezant Shares, Tiger's total shareholding in Bezant increased to 83,870,371 shares representing 2.37% of the Bezant's enlarged issued share capital on completion.

(5) The Company held a 50.75% equity stake in African Pioneer Plc ("APP"). On 1 June 2021, APP's shares comprising 189,459,550 Ordinary shares of zero par value each ("Ordinary Shares") were admitted to the Official List (Standard Segment), and to trading on the Main Market for listed securities of the London Stock Exchange. Consequently, the Company's shareholding in APP was reduced to 4.65% and APP is no longer a subsidiary of the Company. Tiger's current holding in APP is 8,810,056 Ordinary Shares, which have been included in the Company's balance sheet at market valuation under investment in financial assets at fair value through profit or loss. Mr Colin Bird and Mr Raju Samtani, who are both Directors of Tiger and African Pioneer Plc and co-vendors of African Pioneer Zambia to APP, each received 15,000,000 APP Shares on Standard Listing. Campden Park Trading, a company owned and controlled by Mr Colin Bird, received 5,000,000 APP Shares on Standard Listing carrying a total value of £700,000 attributable to Colin Bird and related companies and £525,000 to Raju Samtani upon Standard Listing.

(6) On 31 March 2021, African Pioneer Plc (Mr Colin Bird and Mr Raju Samtani, are both Executive Directors & shareholders of the Company and African Pioneer Plc) repaid £18,385 due to the Company as at 31 December 2020 plus an interest amount of £760.71. Under a loan agreement dated 28 January 2021, Tiger advanced an unsecured loan of £112,981 to African Pioneer plc at a coupon rate of 10%. African Pioneer Plc repaid this balance plus an interest amount of £1,903.78 on 31 March 2021.

(7) On 1 June 2021, an amount of £100,000 due from African Pioneer Plc to the Company (Mr Colin Bird and Mr Raju Samtani, are both Executive Directors & shareholders of the Company and African Pioneer Plc), was converted to 2,857,143 (zero nominal value) shares of African Pioneer Plc.

12. POST-REPORTING DATE EVENTS

There are no events after the balance sheet date that may warrant disclosure or may require adjustments to these financial statements.

13. CONTINGENT LIABILITIES

There were no contingent liabilities at 31 December 2021 (2020 - None).

There were no operating or financial commitments or contracts for capital expenditure in place for the Company as at the reporting date (2020: £nil).

14. FINANCIAL INSTRUMENTS

Management of Risk

The Company's financial instruments comprise:

§ Investments held at fair value through profit or loss

§ Cash, short-term receivables and payables

Throughout the period under review, it was the Company's policy that no trading in derivatives shall be undertaken.

The main financial risks arising from the Company's financial instruments are market price risk and liquidity risk.

Liquidity risk arises principally from cash and cash equivalents, which comprise cash at bank (repayable on demand). The Company has no overdraft facilities. The carrying amount of these assets are approximately equal to their fair value.

Credit risk is not significant, but is monitored. The Board regularly reviews and agrees policies for managing each of these risks and they are summarised below. These policies have remained constant throughout the period.

Market risk

Market risk consists of interest rate risk, foreign currency risk and other price risk. It is the Board's policy to maintain an appropriate spread of investments in the portfolio whilst maintaining the investment policy and aims of the Company. The Investment Committee actively monitors market prices and other relevant information throughout the year and reports to the Board, who is ultimately responsible for the Company's investment policy.

Interest rate risk

Changes in interest rates would affect the Company returns from its cash balances. A floating rate of interest, which is linked to bank base rates, is earned on cash deposits. The exposure to cash flow interest rate risk at 31 December 2021 for the Company was £34,394 (2020: £420,699).

A sensitivity analysis based on a movement of 1% on interest rates would have a £344 effect on the Company's' profit (2020: £4,207).

As the Company does not have any borrowings and finances its operations through its share capital and retained revenues, it does not have any interest rate risk except in relation to cash balances.

Foreign currency risk

The Company's total return and net assets can be affected by currency translation movements as part of the investments held by the Company are denominated in currencies other than £ Sterling. The Directors mitigate the individual currency risks through the international spread of investments. Hedging transactions may be used but none have been employed during the period under review (2020: none).

The fair values of the Company's investments that have foreign currency exposure at 31 December 2021 are shown below.

The Company accounts for movements in fair value of its financial assets in other comprehensive income. The following table illustrates the sensitivity of the equity in regard to the Company's financial assets and the exchange rates for £/ Canadian Dollar.

It assumes the following changes in exchanges rates:

- £/CAD +/- 20% - (2020: +/- 20%)

These percentages used reflect the high level of market volatility experienced in exchange rates in recent years.

The sensitivity analysis is based on the Company's foreign currency financial instruments held at each balance sheet date.

If £ Sterling had weakened against the currencies shows, this would have had the following effect:

If £ Sterling had strengthened against the currencies shows, this would have had the following effect:

Other price risk

Other price risk which comprises changes in market prices other than those arising from interest rate risk or currency risk may affect the value of quoted and unquoted equity investments. The Board of directors manages the market price risks inherent in the investment portfolio by regularly monitoring price movements and other relevant market information.

The Company accounts for movements in the fair value of investments in financial assets in other comprehensive income and assets designated at fair value through profit or loss in comprehensive income. The following table illustrates the sensitivity to equity of an increase / decrease of 50% in market prices. This level of change is considered to be reasonable based on observation of current market conditions, in particular resource stocks and junior mining companies. The sensitivity is based on the Company's equities at each balance sheet date, with all other variables held constant.

Liquidity risk

The Company maintains appropriate cash reserves and the majority of the Company's assets comprise realisable securities, most of which can be sold to meet funding requirements if necessary. Given the Company's cash reserves, it has been able to settle all liabilities on average within 1 month.

Credit risk

The risk of counterparty's failure to discharge its obligations under a transaction that could result in the Company suffering a loss is minimal. The Company holds its cash balances with a reputable bank and only transacts with regulated institutions on normal market terms. 

Included in total amounts receivable at 31 December 2021 is the sum of £1,844 (2020 - £859) which was lodged with the Company's brokers in relation to future investments.

Financial liabilities

There are no currency or interest rate risk exposures on financial liabilities as they are denominated in £ Sterling and settled on average within one month.

Capital management

The Company actively reviews its issued share capital and reserves and manages its capital requirements in order to maintain an efficient overall financing structure whilst avoiding any leverage. The capital structure of the Company consists of only equity (comprising issued capital, reserves, and retained earnings as disclosed below and the Statements of Changes in Equity) and no debt.

The Board monitors the discount level of its issued shares, which is the difference between its Net Asset Value (NAV) and its actual share price. To improve NAV, the Company may purchase its own shares in the market. During the current year, the Company has not purchased any of its own shares (2020: Nil).