Tiger Resource Regulatory News (TIR)

TIGER RESOURCE FINANCE PLC

INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2014

Operations Review

· Net Asset Value per share at 30 June 2014 - 1.83p (30 June 2013 - 2.40p)

· Total assets of £2.7 million as at 30 June 2014 (30 June 2013 £3.5 million)

Since the previous Operations Review issued with the 2013 financial statements, little has changed with the financing fortunes of "small cap" companies in the resources sector. However, we are seeing some fundraising being completed for projects requiring the equity portion of project financing arrangements. This suggests that near term production is financially supportable and viewed with some interest by the investing community. Early stage exploration and indeed advanced exploration project companies are still finding access to finance extremely difficult. Funding of small resource companies is showing more momentum in Canada and it is not unusual for Toronto to lead financing recovery in the junior sector.

Most base metals prices are performing well whilst gold and platinum continue to show high volatility. Analysts generally agree that platinum prices should firm up in the next six months whilst the price of gold is forecast to decline during the same period. However, if political tensions worsen in Ukraine or in the Middle East, the downturn in gold prices will be more manageable.

The engine for a financing recovery in the small cap resource sector will kick in once investors recognise that the major mining companies are gearing up to a strong earnings recovery which is sustainable over the next few years. Once this phenomenon is recognized and accepted by institutional investors, new resources will have to be discovered relatively quickly to meet demand; as copper demand, for example is expected to double by 2032. This fact alone requires several large discoveries to be made to replace old and declining production located around the world. The copper fundamentals are mirrored by most other base metals in the same way or to a slightly less extent.

Our first proactive investment, Xtract Resources Plc, has been very active in the sector and has met all the challenges previously detailed in the Company's reporting reviews. We remain optimistic that the Xtract management team will grow the company and continue to prepare it for better times. African Pioneer Resources plc is considering a number of advanced opportunities and is confident of concluding a deal before year end.

The retail investment community has prevented a total collapse of the junior resource sector and in our opinion many small investors will recoup considerable returns in the foreseeable future. The adverse financing times have, both in the UK and North America, seen novel financing arrangements emerging where the model involves typically the advance of cash against the ability to draw shares against numerous mathematical formulas. Whilst largely criticized by the traditional financing industry, these models have enabled many companies to progress their business plan and deliver some returns to shareholders.

In essence, the Company's management sees prolonged small resource sector challenges with positive signs around the corner which could take up to a year to materialize, but will slowly develop confidence and generate renewed investment and lead to stronger valuations.

By order of the Board

25 September 2014

Portfolio Holdings as at 30 June 2014

Notes:

1) The Company also holds an investment in Xtract Resources Plc. This Investment has been classified as a Financial Asset at Fair Value through Profit or Loss and is valued at £810,345 on 30 June 2014.

2) The Company incubated a subsidiary company, African Pioneer PLC in 2012. Tiger currently holds 57,000,002 shares in African Pioneer Plc which trades on ISDX and valued at 1 pence per share on 30 June 2014.

3) The Company's investments in Xtract Resources Plc and African Pioneer Plc are not included in the investment table shown above.

For the six months ended 30 June 2014

All profits are derived from continuing operations.

Statement of Financial Position

As at 30 June 2014

As at 30 June 2014

Other components of equity

Cash Flow Statement

For the six months ended 30 June 2014

Selected notes to the consolidated financial statements

For the six months ended 30 June 2014

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 bases 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 2014 have been prepared by applying the accounting policies adopted in the audited accounts for the year ended 31 December 2013. As permitted, the Group has chosen not to adopt IAS 34 "Interim Financial Reporting".

Prior period adjustment: Valuation of available-for-sale Investments

At 31 December 2013, the Group adjusted the criteria it uses in considering whether a decline in the value of its available for sale investments was significant or prolonged to better reflect what the directors consider to be a significant decline in value based on current market conditions.

Such a decline requires previous reductions in fair value recognised in other comprehensive income to be recognised as impairment charges in the income statement.

As the investments are always carried on the balance sheet in accordance with market price, the change in the trigger point for assessing impairment does not alter the balance sheet value. This is, therefore, not deemed a change in estimate. By default, IAS 8 implies that this must be a change in accounting policy and therefore requires a retrospective assessment. Accordingly the comparative figures for the six months period ending 30 June 2013 have been restated. 

A third statement of financial position is not presented as the impact on the statement of financial position is limited to a reallocation between other components of equity and retained earnings reserves.

2. Earnings Per Share

Selected notes to the consolidated financial statements

For the six months ended 30 June 2014

3. Investments in Financial Assets at Fair Value through Profit or Loss

On 10 September 2012, Tiger Resource Finance PLC acquired 14.9 % of the voting rights of Xtract Resources PLC (formally Xtract Energy PLC,) a UK based mining company quoted on AIM (XTR).

The acquisition of the 344,827,584 shares in Xtract Resources PLC was paid for in cash at 0.0435 pence per Ordinary share. The investment has been revalued to fair value at 31 December 2013 to reflect the market value of 0.310 pence per share and at 30 June 2014 to reflect the market value of 0.235 pence.

4. Deferred Tax

A deferred tax asset of £276,960 arose on revaluation of investments held as at 30 June 2014. However, deferred tax assets are not recognized 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.

Selected notes to the consolidated financial statements

For the six months ended 30 June 2014

5. Called Up Share Capital

The share capital of Tiger Resource Finance PLC consists only of fully paid ordinary shares with a nominal value of 1p each. All shares are equally eligible to receive dividends and the repayment of capital and represent one vote at the shareholders' meeting of Tiger Resource Finance PLC.

Included in allotted called and fully paid share capital are 4,500,000 shares with a nominal value of £45,000 held by the company in treasury.

Share options in issue at 30 June 2014

The Company has granted options to subscribe for ordinary 1p shares as follows:

Date granted 21 March 2006

Period exercisable 21 March 2006 to 20 March 2016

Exercise price per share (pence) 3.50p

Number of options 6,000,000

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.