Tiger Royalties and investments : Annual Report and Financial Statements for the year ended 31 December 2023

TIGER ROYALTIES

and INVESTMENTS PLC

ANNUAL REPORT and FINANCIAL STATEMENTS

for the year ended 31 December 2023

Contents

BUSINESS OVERVIEW

	Officers and Professional Advisers	2
	Chairman's Statement	3
	Portfolio Review	4
	Strategic Report	7
FINANCIAL STATEMENTS
	Report of the Directors	10
	Directors' Remuneration Report	14
	Corporate Governance Statement	15
	Statement of Directors' Responsibilities	20
	Independent Auditors' Report	21
	Statement of Comprehensive Income	24
	Statement of Changes in Equity	25
	Statement of Financial Position	26
	Cash Flow Statement	27
	Notes to the Financial Statements	29

1

Officers and Professional Advisers

DIRECTORS

C Bird (Chairman)

M H Nolan

1. Samtani A Borrelli

SECRETARY

R Samtani

REGISTERED OFFICE

7-8 Kendrick Mews

London

SW7 3HG

NOMINATED ADVISER

Beaumont Cornish Limited

Building 3

566 Chiswick High Road

London

W4 5YA

BROKER

Novum Securities Ltd

8-10 Grosvenor Gardens

London

SW1W 0DH

REGISTERED NUMBER

02882601

AUDITORS

Shipleys LLP

10 Orange Street

Haymarket

London

WC2H 7DQ

BANKERS

National Westminster Bank Plc

186 Brompton Road

London

SW3 1XJ

SOLICITORS

Fladgate LLP

16 Great Queen Street

London

WC2B 5DG

REGISTRARS

Computershare Investor Services (Ireland) Limited

3100 Lake Drive

Citywest Business Campus

Dublin 24

D24 AK82

Ireland

WEBSITE

www.tiger-rf.com

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TIGER ROYALTIES and INVESTMENTS plc  Annual Report 2023

Chairman's Statement

BUSINESS OVERVIEW

Dear Shareholder,

The year under review has dis- appointingly seen Tiger's net asset value per share decrease by 78% to 0.02 pence from 0.09 pence per share as at 31 December 2023.

During the year under review, the sector has continued to suffer from under investment and a lack of interest by the investment community. Retail shareholders have become less prominent and institutional shareholders in the junior resource sector have all but disappeared. The main reasons for the continuing head winds against the sector have been resilient inflation and geopolitical tension.

Unexpectedly, against this negative scenario, major stock markets and mining conglomerates have performed better with some indices trading at their highest levels which is somewhat unprecedented.

Bonds high, equities high, dollar high, gold high is an unusual mix of "highs", since history says that gains in one sector often results in the demise of another. There has been talk about hard landings, soft landings and no landings at all; but economic forecasting can sometimes be politically driven and thus unreliable. Both the UK and the US are in election mode and we seem to be experiencing massive swings in the momentum of the underlying voting population. However, it is our belief that toward year-end, there could well be a return to more normal fiscal conditions, although the spectre of further geopolitical risk in the form of a possible Chinese intervention in Taiwan could further unsettle the outlook.

We intend to advance our proactive portfolio of investments and also

directing further acquisitions specifically in copper assets predominantly in southern Africa. There are several opportunities available in this region and your board has spent the last few years progressing potential involvement in highly prospective areas in this region. Whilst Tiger has had difficulties in the last few years resulting mainly from tough prevailing conditions in the junior natural resource sector, we remain convinced that our turn to enter the arena is close. Whilst investment activity has been limited during the period under review, we have not missed the chance to plant seeds throughout southern Africa and we are getting much closer to being in a position of making a well informed and competent decision for the benefit of our shareholders in the near future.

We have absolutely no doubt that abandoning a more passive investment policy was the right choice for Tiger and we firmly believe that heading towards the end of the current financial period, we will have a meaningful portfolio in Tiger with "the right projects in the right places" in sought after commodities and these projects being well-managed.

The nature of the natural resource business has changed dramatically and without family offices and specialist institutions the few mines that have been developed in recent years would not have been in production today. The Majors in the mining sector are reluctant to invest adequately in early stage exploration to target new mines, because of the

political risk involved and the quantum of resources and management time required for social engineering.

Until 2008, there was an active investment community supporting smaller natural resource projects and it is reality that this investment support group has disappeared; nonetheless it is apparent that the day of the "small miner" is back. Copper supply fundamentals are dire and industrial end users are tending to move upstream towards exploration and production as supply is becoming almost more important than price. This applies to lithium, nickel, cobalt hence putting the traders in a position that they are reconsidering their own business model, which I believe will result in closer collaboration between the miner and trader.

All of the aforementioned, in my opinion leads to a whole new world of investment activity, creating numerous opportunities for those in a position to take advantage. Fortune always favours the brave and Tiger intends to be brave.

I would like to thank my colleagues for their patience and dedication during the frustrating times we have endured, remembering that it does not always get dark at 6 p.m. in the evening and tomorrow is another day.

Colin Bird - Chairman

26 June 2024

FINANCIAL STATEMENTS

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TIGER ROYALTIES and INVESTMENTS plc  Annual Report 2023

Portfolio Review

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

		Number	Cost	Valuation	Valuation	Valuation
		31/12/23	31/12/23	31/12/23	31/12/22	31/03/24
INVESTMENTS:		£	£	£	£
	African Pioneer Plc	8,810,056	100,000	207,036	202,631	162,986
	Bezant Resources Plc	83,870,371	326,885	16,774	71,290	16,774
	Caerus Mineral Resources Plc	1,000,000	100,603	27,500	45,000	5,650
	Galileo Resources Plc	6,516,667	78,335	68,425	84,717	68,425
	Goldquest Mining Corporation	173,500	30,259	9,289	14,796	15,476
	Jubilee Metals Group Plc	869,600	74,513	56,089	88,264	48,698
	Kendrick Resources Plc	83,333	50,217	400	812	400
	TOTAL		760,812	385,513	507,510	318,409

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

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TIGER ROYALTIES and INVESTMENTS plc  Annual Report 2023

Portfolio Review

Selected Investment Commentaries

BUSINESS OVERVIEW

African Pioneer Plc

(LSE: AFP)

www.africanpioneerplc.com

African Pioneer Plc's ("APP") principal business is to explore for opportunities in the natural resources sector in Sub-Saharan Africa with a focus on base metals including copper, nickel, lead and zinc.Tiger's current holding in APP is 8,810,056 ordinary shares in the company. APP has four exploration licences located in north west Zambia which are under option to First Quantum Mineral Ltd ("First Quantum") who have now exercised their option on all four licences. The exploration programmes carried out by First Quantum to date have produced numerous intersections of copper mineralisation close to surface and the deeper holes have intersected all the pre-cursors necessary for the Kamoa Kakula and western Foreland style mineralisation, evidenced by Ivanhoe Resources. At APP's Omgombo project in Namibia, the company carried out a near surface drilling programme and extended the previously identified open-pittable mineralisation. In addition, APP has remodelled the population of boreholes and announced an increased gross Indicated Mineral Resource Estimate (MRE) in their 85% owned Ongombo project of 5.7Mt at 1.1% Cu Equivalent (CuEq), 0.94% Cu and 0.23g/t Au and a very substantial Inferred underground potential Resource of 23Mt at 1.1% CuEq, 0.95% Cu and 0.24g/t Au. The project has the benefit of a 20-year mining licence and an environmental clearance certificate, which makes it a valuable asset within APP's portfolio of copper projects.

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 their flagship Hope and Gorob Copper-Gold project in Namibia which covers a significant portion of the highly prospective Matchless Copper Belt. The

company also has an interest in the Mankayan Project in the Philippines which is a porphyry system via its 22.96% shareholding in IDM International Limited ("IDM International") which owns 100% of the Mankayan copper-gold project in the Philippines. The company's Kanye Manganese Project in Botswana comprises a collection of prospecting licenses covering a total area of approximately 4,043km2 and is 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.

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 in southern Africa. Galileo recently released its phase 1 drill assay results for the company's 80% owned Kamativi Lithium-Tin Project in Zimbabwe. Full assay results for the 10-hole Phase 1 drilling programme at Kamativi showed extensive lithium enhancement focussed on cross-cutting pegmatites/aplites and within mica-schist host rock. The first borehole, KSDD001 included a zone of 4m @ 1.03% Li2O from 35m depth in a discordant pegmatite within a wide 63.94m zone assaying 0.26% Li2O across both pegmatites and mica-schist host rock. The company plans to target further exploration to focus specifically on cross-cutting pegmatite/aplite dykes as well as the source of the widespread lithium occurrences both within the current Target 1 and at four other identified target zones on the property. Galileo also recently announced the award of a small-scale mining licence for the Luansobe copper project ("Luansobe") which covers 354 hectares located in Zambia. The mining licence covers an area for which Galileo has previously reported an Inferred Mineral Resources reported in accordance with the JORC code 2012.

FINANCIAL STATEMENTS

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TIGER ROYALTIES and INVESTMENTS plc  Annual Report 2023

Portfolio Review

Selected Investment Commentaries

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.

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TIGER ROYALTIES and INVESTMENTS plc  Annual Report 2023

Strategic Report

BUSINESS OVERVIEW

INTRODUCTION

The Directors are pleased to present the Company's Strategic Report. This includes an overview of our strategy, our investment policy, a summary on how the business has performed including our financial position at the year end and the principal risks to which the Company is exposed, as well as comments on prospects for the business.

Tiger Royalties and Investments Plc ("Tiger" or the "Company") makes investments mainly in public quoted companies focused in the natural resource sector. The Company's mission is to make investments in well-managed and well-researched opportunities mainly in the metals, mining and oil and gas sectors. Tiger, is listed on AIM, the London Stock Exchange's Alternative Investment Market.

The Company's goal is to be a unique player in the mineral resource and the energy sector.

STATUS OF THE COMPANY

Tiger Royalties and Investments Plc is an investment company incorporated and domiciled in England and Wales with limited liability under the Companies Act, 2006.

Its shares are admitted to trading on the London Stock Exchange's AIM Market. As at 31 December 2023, the Company had 539,628,554 Ordinary shares in issue. The Company also held 4,500,000 Ordinary shares as Treasury shares at 31 December 2023.

OUR STRATEGY

There are three pillars to the Group's strategy:

1)  Implement a clear investment policy to enhance net asset value per share and maximise shareholder returns.

2)  Make investments	across a broad spectrum
of companies in the natural resource sector
predominantly in	early-stage projects but

also in some more mature, dividend yielding opportunities representing good value.

3)  Participate in "proactive style" investments where the Company participates in formulating the strategy of the underlying investments.

REVIEW OF THE BUSINESS

Principal activities:

The report represents the affairs of the Company.

The Company has an objective to invest across a spectrum of resource companies from exploration and early-stage development through to production. Investments are usually made in both public and private companies which can demonstrate sound management ability. It is envisaged that finance will be provided primarily via equity investment. The Board usually makes new investments for varying amounts and usually in the range of £30,000 - £250,000. Exit strategies are considered by the investment committee prior to making an investment.

The portfolio is actively managed and a degree of technical expertise may be provided to companies. As part of its overall investment strategy, the Company will consider companies that have developed, or are applying new technologies that are becoming available to the natural resource sector.

FINANCIAL STATEMENTS

Business review:

The results for the year are summarised below

	2023	2022
	£
Loss on ordinary activities before taxation	(403,242)	(456,962)
Tax on loss on ordinary activities	-	-
Loss on ordinary activities after taxation	(403,242)	(456,962)
Total comprehensive loss for the year	(403,242)	(456,962)

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TIGER ROYALTIES and INVESTMENTS plc  Annual Report 2023

Strategic Report

The Company considers its Key Performance Indicator to be its Net Asset Value (NAV).

At year-end, the Company held 7 investments valued at £385,513 and had a cash balance of £53,876.

The net asset value per share as at 31 December 2023 was 0.02 p per share (2022 - 0.09p) and the basic and diluted loss per share were (0.07)p and (0.07)p respectively (2022 - (0.10)p and (0.10)p per share). The investments held by the Company produced an unrealised loss of £ (121,997) in the year and this coupled with other income of £17,703 booked to the profit and loss less administrative costs of £298,948 resulted in a loss of £ (403,242) for the year.

During the period under review, the emerging natural resource sector continued to face challenges arising from economic uncertainty caused mainly by ongoing global geopolitical issues including the Israeli-Palestinian conflict in the Gaza region. Businesses and individuals with debt faced higher interest rates which have been put in place by central banks to combat economic threats arising from inflationary pressures.

After many years of very low interest rates, the spectre of 5-6% base rates is adversely affecting individuals and corporations as a large proportion of the population have not experienced periods of high interest rates and the resulting effect on spending power. Higher interest rates have been partially effective and the broad direction of travel for inflation has been downward in recent months, but still remains at higher levels than targeted rates of 2%. Commodity prices have generally been subdued during the period under review and access to financing for junior resource companies has been limited.

These factors have resulted in share prices of smaller resource companies coming under pressure and resulting in a fall in the Company's NAV as at 31 December 2023.

The Directors have not paid or declared a dividend in the current or prior year.

Additional details relating to the current year operations are included in the Chairman's Statement and in the Portfolio Review sections.

PRINCIPAL RISKS

This business carries a high level of risk and uncertainty, although the rewards can be outstanding. The key risks are as follows:

• Investment in mining and exploration is inherently speculative, and consequently involves a high degree of financial risk. The exploration and development of mineral deposits requires substantial investment and no assurances can be given that the investee companies will be able to raise the entire funding required to fully develop their exploration acreage. Such investment involves a high degree of risk and results cannot be predicted.
• No assurances can be given that minerals will be discovered in economically viable quantities by any of the investee companies, nor that if discovered such reserves can be brought into profitable production. The speculative nature of mineral exploration is such that no assurance can be given that funds invested in the Company will be recoverable, or that any dividends will be paid on the Company's shares.
• The Company makes investments in currency other than its reporting currency (Sterling) and there is a risk from exchange rate fluctuations.
• Any investments made by the Company in the natural resource sector may be subject to fluctuations in the value of metals and minerals and changes in commodity prices can make this sector particularly volatile from an investment perspective.
• The market perception of securities related to the mining and exploration sector may change and, accordingly, the value of the ordinary shares and of any investments made by the Company may decline.
• The Company is listed on AIM a market operated by the London Stock Exchange and is required to abide with applicable listing rules and regulations. Any non- compliance may result in the Company losing its listing on AIM.

The Company mitigates against the above risks by ensuring that its investment portfolio covers a broad spectrum of commodities ranging from base metals to precious metals and in the oil and gas sector.

Investments are mainly made in Sterling denominated equities. However, when investments are made in foreign currency stocks, the investment committee assesses the currency risk arising from foreign currency denominated stocks to ensure that it is manageable relative to the overall portfolio. The Company also has a policy ensuring that a buffer of cash and liquid stocks is maintained in the portfolio on an ongoing basis to ensure that there are sufficient liquid resources to meet its liabilities during any downturns in the resource cycle. The Directors monitor compliance with listing rules and regulations periodically and consult with

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TIGER ROYALTIES and INVESTMENTS plc  Annual Report 2023

Strategic Report

their professional advisors when further assistance is required.

Furthermore, a commitment to invest is only made after thorough research into both the management and the business of the target, both of which are closely monitored thereafter. Furthermore, the Company limits the amount of each commitment, both as to the absolute amount and percentage of the target company.

OTHER DISCLOSURES

The Directors of the Company, as those of all UK companies, must act in accordance with a set of general duties which are detailed in S172 of the Companies Act 2006. Company directors must act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its shareholders as a whole.

The following paragraphs summarise how the Directors' fulfil their duties:

Risk Management

The Company is in the business of making investments in natural resource companies often in a regulated environment. It is therefore important that we effectively identify, evaluate, manage and mitigate the risks we face and that we continue to evolve our approach to risk management. The key risks faced by the Company are set out above in the Strategic Report. The Company operates an internal system of reviewing and authorising the purchase and sale of investments and given that the volume of transactions is low in any given year, are all factors which help in mitigating risks against potential fraud, bribery and corruption issues.

Employees

The Company is committed to being a responsible business. There were no employees in the Company other than the four Directors in the current and the previous financial period and therefore effectiveness of employee policies is not relevant for the Company.

Business Relationships

Our strategy prioritises organic growth, driven by nurturing and developing strong and long-lasting relationships with investee and potential target companies in which we may make investments. We value all of our suppliers and maintain long term relationships with our key suppliers.

Community and Environment

The Company's approach is to use its position to promote positive change for the people with whom it interacts. We leverage our expertise and promote the

support of the communities around us. Being in the investment business, we did not have any direct impact on the environment through the emission of harmful gases such as CO2.

EVENTS AFTER THE REPORTING PERIOD

Post balance sheet events are disclosed in note 13 of these financial statements.

OUTLOOK

We believe it is probable that current inflationary issues and therefore higher interest rates may continue to prevail for the foreseeable future, but there is talk of interest rates having peaked and some forecasters are pointing to rate cuts during towards the end of 2024. Metal and commodity prices have historically risen following bouts of inflation and these conditions could well benefit the commodity sector, particularly junior explorers and smaller metal producers who have historically outperformed under similar economic conditions.

The Company has several investments in copper and other strategic metals required in the energy transition cycle and in the production of electric vehicles ("EV") . The outlook for copper supply remains quite pessimistic as a large number of copper mining projects have been shelved over the last few years as a result of political or economic reasons. During the last few months, prices for copper and EV related metals and its by-product metals have started to recover and the outlook for these commodities remains extremely upbeat despite the current uncertain economic environment. We anticipate that from mid-2024 onwards, the above factors will lead to both smaller but profitable mines being developed and junior mining exploration targets with the correct mix of minerals assets in favourable jurisdictions should become potential targets for acquisitions by major mining companies.

The Company is well positioned with investments in companies which have the potential to move to production by attracting non-equity based financing for their own projects or alternatively may be subject to a potential acquisition by larger operators in the resource sector.

Signed on behalf of the Board: 26 June 2024

Colin Bird - Executive Chairman   

Raju Samtani - Finance Director   

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FINANCIAL STATEMENTS BUSINESS OVERVIEW

TIGER ROYALTIES and INVESTMENTS plc  Annual Report 2023