Tiger Royalties and investments : Unaudited Interim Financial Statements for the six months ended 30 June 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 Shareholders,

•  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

tiger royalties and investments plc interim report june 2021

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Portfolio Holdings as at 30 June 2021

Investments	Number of	Cost	Valuation at	Valuation at
	shares	£	30 June	31 August
			2021	2021
			£	£
African Pioneer Plc	8,810,056	100,000	268,707	242,277
Bezant Resources Plc	83,870,371	326,885	184,515	150,967
Block Energy Plc	625,000	25,100	17,187	15,625
Kendrick Resources Plc
(previously BMR Group Plc)	2,500,000	50,217	-	-
Caerus Mineral Resources Plc	1,000,000	100,603	325,000	235,000
Corallian Energy Ltd	13,618	20,427	20,427	20,427
Galileo Resources Plc	6,516,667	78,335	84,717	76,897
Goldquest Mining Corp	173,500	30,259	23,579	15,823
Jubilee Metals Group Plc	1,169,600	100,219	216,376	204,680
Pantheon Resources Plc	31,500	30,340	12,994	18,806
Reabold Resources Corp	3,025,068	9,573	13,310	8,016
Royal Dutch Shell Plc B Shares	2,700	73,234	37,773	39,015
WisdomTree Copper EFTS	760	12,896	20,886	17,970
Total Investments		958,088	1,225,471	1,045,503

Tiger Royalty and investments Plc	Raju Samtani, Director	[phone]
Beaumont Cornish	Roland Cornish	[phone]
(Nomad)	Felicity Geidt
	Email:[e-mail]
Novum Securities Plc	Jon Belliss	[phone]
(Broker)

tiger royalties and investments plc interim report june 2021

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Statement of Comprehensive Income

for the six months ended 30 June 2021

	(Unaudited)	(Unaudited)	(Audited)
	Six months	Six months	Year
	ended	ended	ended
	30 June 21	30 June 20	31 Dec 20
	£	£	£
Changes in fair value of investments	409,224	(87,868)	194,216
Income:
Investment income	654	-	1,989
Interest receivable	-	35	37
Other income	30,200
Administrative expenses	(148,204)	(133,305)	(345,755)
PROFIT(LOSS) BEFORE TAXATION	291,874	(221,138)	(149,513)
Taxation	-	-	-
PROFIT/(LOSS) FOR THE PERIOD	291,874	(221,138)	(149,513)
TOTAL COMPREHENSIVE
PROFIT/(LOSS) FOR THE PERIOD	291,874	(221,138)	(149,513)
Basic earnings/(loss) per share	0.07 p	(0.12) p	(0.06) p
Diluted earnings/(loss) per share	0.07 p	(0.12) p	(0.06) p

All profits are derived from continuing operations.

tiger royalties and investments plc interim report june 2021

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Statement of Financial Position

as at 30 June 2021

	(Unaudited)	(Unaudited)	(Audited)
	30 June 21	30 June 20	31 Dec 20
	£	£	£
NON CURRENT ASSETS
Investments in financial assets at fair value
through profit or loss	1,225,471	262,101	539,195
Total Non-Current Assets	1,225,471	262,101	539,195
CURRENT ASSETS
Trade and other receivables	15,364	110,003	169,486
Cash and cash equivalents	100,931	40,586	420,699
	116.295	150,589	590,185
TOTAL ASSETS	1,341,766	412,690	1,129,380
CURRENT LIABILITIES
Trade and other payables	(27,996)	(38,720)	(152,534)
Total Current Liabilities	(27,996)	(38,720)	(152,534)
NET ASSETS	1,313,770	373,970	976,846
EQUITY
Share capital	1,733,430	1,474,334	1,724,930
Share premium	1,986,421	1,669,216	1,949,871
Other components of equity	1,100,000	1,100,000	1,100,000
Retained earnings	(3,506,081)	(3,869,580)	(3,797,955)
EQUITY ATTRIBUTABLE TO THE OWNERS	1,313,770	373,970	976,846
TOTAL EQUITY	1,313,770	373,970	976,846

tiger royalties and investments plc interim report june 2021

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