Tiger Resource Regulatory News (TIR)

For immediate release 28 September 2021

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

UNAUDITED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2021

Chairman's Report

Dear Shareholder,

Net Asset Value per share - 30 Jun 2021: 0.29p / 31 Dec 2020: 0.22p (30 June 2020: 0.20p)

Total net assets - 30 Jun 2021: £1,314k / 31 Dec 2020: £977k (30 June 2020: £374k)

The six-month period under review has been one of the best periods in the natural resource sector for many years with a resurgence in interest in both the junior explorers and major mining companies. The activity has been contra to the Coronavirus pandemic which has caused economies to suffer and many businesses to collapse. Despite the economic log-jam caused by Covid-19, countries across the world have experienced different recovery dynamics and the outlook for both soft and hard commodities remains upbeat.

We completed the IPO of our investee company, African Pioneer plc and this transaction with the associated fundraise delivered an interesting African metal exploration business to the public market. The Company also made an investment of £100,000 in Caerus Minerals Resources Plc ("Caerus") on 19 March 2021 which has since performed well. Caerus is a copper-gold resource development and exploration company with mineral exploration licences located in Cyprus.

During the period under review, the price of oil has been generally bullish and the juniors in this space have also experienced renewed interest. The increase in overall energy prices has been even more pronounced with huge price changes in gas and electricity feeding inflation and delivering a wake-up call to the cost impact of climate change policies. The period under review saw many IPOs and secondary financings, including some of a significant size which have enabled companies to pursue their missions in a more aggressive way.

As expected, competition for projects has increased and this has led to a scarcity of quality targets and overpricing of potential opportunities. Post the period under review, interest in the junior resource market has softened and almost ground to a halt in August.

Major markets continue to be firm on the basis that limited investment opportunities are available outside equities markets. Despite the huge increase in energy prices being experienced, politicians worldwide deny that inflation is imminent and are looking out towards 2023/24 for the first signs. I do not share that view and feel that the spectre of inflation is just around the corner. This will profoundly affect the balance between equities and bonds with equities likely to be the loser. Fortunately, the junior resource sector does not always perform in tandem with global equity markets and the threat of rising inflation may well work in favour of investment valuations in our industry sector.

In any event the emergence of electric vehicles, alternative energy generation and energy storage will lead to significant price increases in most of the "green" metals. We particularly favour Copper, Nickel, Vanadium, Manganese and Cobalt and will be actively pursuing investment opportunities targeting these metals on an ongoing basis.

We are of the belief that Gold will benefit from the geopolitical uncertainty, inflation and a weaker US Dollar with crypto currencies such as Bitcoin etc. not offering the safe haven that some would like to suggest.

In essence, we see the coming months seeing a renewed interest in the natural resource sector and anticipate valuations in the foreseeable future to be higher than those currently witnessed. The Company intends to strengthen its share purchases and to continue taking strategic positions with management input, in opportunities associated with the commodities identified above.

Colin Bird

Chairman

28 September 2021

Portfolio Holdings as at 30 June 2021

For the six months ended 30 June 2021

All profits are derived from continuing operations.

Statement of Financial Position

As at 30 June 2021

As at 30 June 2021

Cash Flow Statement

For the six months ended 30 June 2021

Selected notes to the financial statements

For the six months ended 30 June 2021

1. Basis of preparation

These interim financial statements for the period ended 30 June 2021 have been prepared by applying the accounting policies adopted in the audited accounts for the year ended 31 December 2020 and should be read in conjunction with the 2020 annual report. As permitted, the Company 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 statutory financial statements for the period ended 31 December 2020, were prepared under International Financial Reporting Standards (IFRS), and 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.

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 30 June 2021 and consequently only Company financial statements have been prepared for the six months period to 30 June 2021. Tiger's currently holds 8,810,056 Ordinary Shares in APP and this investment has been included in the Company's balance sheet at market valuation under investment in financial assets at fair value through profit or loss.

2. Earnings Per Share

3. Current liabilities

The current liability figure of £27,996 includes an accrual of £6,268 relating to Director's salaries/ fees relating to month ended 30 June 2021.

4. Deferred Tax

A deferred tax asset on revaluation of 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 Company. 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 Royalties and Investments 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 £4,500 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.

7. Availability of Interim Report

A copy of these interim results will be available from the Company's registered office during normal business hours on any weekday at 2nd Floor, 7/8 Kendrick Mews, London SW7 3HG, and can also be downloaded from the Company's website at http://www.tiger-rf.com/. Tiger Royalties and Investments Plc is registered in England and Wales with company number 02882601.

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.