Tiger Resource Regulatory News (TIR)

For immediate release 4 September 2020

TIGER ROYALTIES AND INVESTMENTS PLC ("Tiger" or the "Company")

UNAUDITED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2020

Chairman's Report

Dear Shareholders,

Net Asset Value per share - 30 Jun 2020 - 0.19p / 31 Dec 2019 - 0.32p (30 June 2019 - 0.39p)

Total assets - 30 Jun 2020 - £361k / 31 Dec 2019 - £598k (30 June 2018 - £728k)

The period under review has been volatile for "small cap" stocks in the resource sector and despite the recovery in markets post the "low point" in late March 2020, share valuations of junior natural resource stocks did not fully recover by the end of the current reporting period resulting in a fall in NAV as at 30 June 2020 to 0.19 pence per share. The investment table included in this report demonstrates further share price appreciation to the end of August 2020.

The last six months have been unprecedented in modern times with the outbreak of Covid-19 leading to major business disruption and individual suffering. The virus has affected all nations globally and at the time of writing considerable uncertainty exists as to the progression or reduction in the number of cases being experienced and therefore ultimate economic recovery. I am convinced that we will see "stop-start" activity on the economic front over the next 12 months, with a real danger of the banking system suffering yet another credit freeze.

It would appear that the investors are seeing a much quicker return to normality and consequent business prosperity with anomalies in many commodities including base metals, particularly with copper which is currently priced some 20% higher than when the pandemic first commenced. Longer term investors and institutional investors, whilst alarmed by the pandemic are taking the longer view, realising that a new emerging world, post Covid-19 will have not lost its appetite for modern technology and lifestyle improvements.

The growing concern relating to global pollution experienced a major reality check, when only after two months post lockdown, satellite photographs showed considerably reduced pollution levels in the planet. The build-up of electric vehicles has been moving apace with the realisation of what can be achieved over a short period of time increasing momentum. The accelerated emergence of electric vehicles can only benefit metals including copper, cobalt, nickel, lithium and vanadium. The interesting question is, which metals will gain dominance in the new generation of batteries and much controversy exists on this subject. Each metal has its own advantages and limitations and the next year will see more science and funding directed towards the optimum solution. It is our opinion, that there will be no optimum position since supply fundamentals will demand that no one metal acquires overall dominance.

The gold price has been quite spectacular during this period and the current weight of geo-political tension and uncertainty continues to support higher gold prices. The US election result may adversely affect gold prices as a result of lessening tension but conversely competing fiscal factors may well maintain a gold price in excess of US$1,800 per ounce for the foreseeable future.

I am pleased to say that at last, the world appears to have woken up to the fact that the junior resource companies are the pioneers of the industry and new discoveries will probably emanate from their continued efforts. Consequently, we have seen a flurry of activity including secondary financing and IPOs over the last few months.

We have historically communicated to shareholders that Tiger intends to move from being a passive investor to a pro-active corporate investor actively involved in project management as well as being a royalty holder in natural resource projects. The Board is currently considering a number of projects along these lines in various commodities located in diverse geographical regions which will enable Tiger to re-capitalise and meet its longer term objective. The Company will differ from most other royalty companies, in that its business model will involve some corporate structuring, retention of equity, participation in project management and an expectation of a royalty once mines are built or sold.

We look forward to advising our shareholders of progress over the coming months, with the expectation of new deals being consummated which will contribute significantly towards our overall portfolio.

Colin Bird

Chairman

4 September 2020

Portfolio Holdings as at 30 June 2020

For the six months ended 30 June 2020

All profits are derived from continuing operations. 

Consolidated Statement of Financial Position

As at 30 June 2020

As at 30 June 2020

Other components of equity

Cash Flow Statement

For the six months ended 30 June 2020

Selected notes to the consolidated financial statements

For the six months ended 30 June 2020

1. Basis of preparation

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 basis and principal accounting policies of the Group are set out below. The financial statements have been prepared using policies based on International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and endorsed by the European Union. These interim financial statements for the period ended 30 June 2020 have been prepared by applying the accounting policies adopted in the audited accounts for the year ended 31 December 2019. As permitted, the Group has chosen not to adopt IAS 34 "Interim Financial Reporting".

The financial information set out in this interim report does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. The group's statutory financial statements for the period ended 31 December 2019, prepared under International Financial Reporting Standards (IFRS), have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified and did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.

2. Earnings Per Share

3. Current liabilities

The current liability figure of £44,202 includes an accrual of £30,000 relating to unpaid Director's salaries/ fees relating to the 3 months ended 30 June 2020. These outstanding fees will be settled either in cash or Ordinary shares of 0.1 pence in the Company at the discretion of the Board. The conversion price, if settled in shares will be equal to the volume weighted average share price applicable for each month during which the relevant Director salary/ fees were accrued. If settled in shares, the issue of new Ordinary shares will be subject to regulatory and statutory regulations.

4. Deferred Tax

A deferred tax asset on revaluation of AFS investments arose during the period. However, deferred tax assets are not recognised due to the unpredictability of future profit streams arising from the disposal of investments held by the Group. Losses may be carried forward indefinitely and will only be recoverable if suitable profits arise in the future.

5. Called Up Share Capital

The share capital of Tiger Resource Plc consists only of fully paid ordinary shares with a nominal value of 0.1p each. All Ordinary shares are equally eligible to receive dividends and the repayment of capital and represent one vote at the shareholders' meeting of the Company.

Included in allotted called and fully paid share capital are 4,500,000 shares with a nominal value of £450 held by the company in treasury.

6. Post-reporting date

No adjusting or significant non-adjusting events have occurred between the reporting date and the date of release of the Company interim financials.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.