TIGER ROYALTIES
and INVESTMENTS PLC
ANNUAL REPORT and FINANCIAL STATEMENTS
for the year ended 31 December 2022
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 | 25 | |
Statement of Changes in Equity | 26 | |
Statement of Financial Position | 27 | |
Cash Flow Statement | 28 | |
Notes to the Financial Statements | 29 |
1
Officers and Professional Advisers
DIRECTORS
C Bird (Chairman)
M H Nolan
- 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
2
TIGER ROYALTIES and INVESTMENTS plc Annual Report 2022
Chairman's Statement
BUSINESS OVERVIEW
Dear Shareholder,
The year under review has disappointingly seen Tiger's net asset value per share (NPV) decrease by 47% to 0.09 pence from 0.17 pence per share as at 31 December 2022.
During the period under review, the emerging resource sector remained in the doldrums of uncertainty. The headwinds against confidence completely surmounted the optimism which has been universally generated for new age metals over recent years.
After many years of very low interest rates, the spectre of 5-6% borrowing rates has concerned both individuals and corporations as many have never experienced periods of high interest rates with the consequential effect on their finances and disposal incomes. Higher inflation levels are now seen almost globally and it has led economists to conclude that leading economies are potentially heading into recessionary times.
It is my view that a good deal of the excess inflation was caused by erratic supply chains, leading to short-term unavailability, and thus causing price hikes due to a mismatch of supply and demand fundamentals. In any event, the main precursor was the price hikes in energy, culminating with high wholesale oil and gas prices in the late summer of 2022. The expected falls in inflation with the subsequent retreat in energy prices have failed to materialise and supply chain problems persist due to a very low unemployment rate, with a view that many workers have failed to return to the workforce following the end of the Covid restrictions.
In recent times, financial analysts and trading houses as well as CEO's of Copper producing companies have forecast real supply concerns from 2025 onwards. Whilst this is
true for Copper, the same scenario is also relevant for a number of other commodities, including Nickel, Cobalt and Lithium. Even as I write this report, price volatility within these metals is considerable, but Copper and Nickel despite forecast shortages, seem to defy this random price fluctuation.
During the year, Tiger sold its investments in Block Energy Plc, Corallian Energy Ltd, Pantheon Resources Plc, Reabold Resources Plc and a partial holding in Jubilee Metals Group Plc. We believe that investments currently held by the Company in African Pioneer Plc, Galileo Resources Plc and Jubilee Metals Group Plc are well exposed to the new age metal opportunities and as such when these commodities recover particular so for Copper, we should see a rerate in their share prices, thus benefitting Tiger's portfolio. The Board continues to be proactively involved in both Kendrick Resources Plc and African Pioneer Plc and we look forward to helping to progress these investments.
The Board is conscious of the fact that resources currently available to the Company for working capital purposes and to make new investments are limited and we will consider ways to recapitalise the Company to facilitate investments or a transaction going forward. We continue to look for new opportunities in the new age metal space and potential mineral opportunities which meet the Company's criteria will be targeted and reversed in existing shells or packaged as a new listing. However, considering the ongoing current economic climate, very few new junior deals are coming to market and it is therefore more likely that we will look at adding value to
potential assets by reversing such assets in target companies rather than seeking new listings.
The common theme over the last few years has been that the major mining companies have been light on metal inventory and have generally relied on junior exploration companies for new production. Our belief for majors to materialise has been rather slow to materialise, but it is now assuming at some pace and we are seeing more and more M&A activity in the in the natural resource sector with significant mergers and takeovers currently being considered.
We remain committed to proactive investment opportunities, and we believe that the day of the small miner and explorer is re-emerging and that Tiger's shareholders will benefit from the changing dynamics in the industry. We look forward to opportunities arising from the emergence of electric vehicles and the climate change revolution which will no doubt result in a rapidly changing and very different commodity and investment environment.
I would like to thank my fellow directors and management for the efforts during the year and look forward to enjoying a more upbeat and vibrant environment in which to implement our strategy.
Colin Bird - Chairman
19 June 2023
FINANCIAL STATEMENTS
3
TIGER ROYALTIES and INVESTMENTS plc Annual Report 2022
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 | |||
31/12/22 | 31/12/22 | 31/12/22 | 31/12/21 | 31/03/23 | |||
INVESTMENTS: | £ | £ | £ | £ | |||
African Pioneer Plc | 8,810,056 | 100,000 | 202,631 | 190,297 | 183,249 | ||
Bezant Resources Plc | 83,870,371 | 326,885 | 71,290 | 125,806 | 50,322 | ||
Block Energy Plc | - | - | - | 5,625 | - | ||
Caerus Mineral Resources Plc | 1,000,000 | 100,603 | 45,000 | 140,000 | 40,000 | ||
Corallian Energy Limited | - | - | - | 20,427 | - | ||
Galileo Resources Plc | 6,516,667 | 78,335 | 84,717 | 63,863 | 65,167 | ||
Goldquest Mining Corporation | 173,500 | 30,259 | 14,796 | 13,437 | 15,034 | ||
Jubilee Metals Group Plc | 869,600 | 74,513 | 88,264 | 190,060 | 70,002 | ||
Kendrick Resources Plc | 83,333 | 50,217 | 812 | - | 775 | ||
Pantheon Resources Plc | - | - | - | 24,349 | - | ||
Reabold Resources Plc | - | - | - | 5,445 | - | ||
TOTAL | 760,812 | 507,510 | 779,309 | 424,549 | |||
The Company sold 625,000 shares of Block Energy Plc, 13,618 shares of Corallian Energy Ltd, 300,000 shares of Jubilee Metals Group Plc, 31,500 shares of Pantheon Resources Plc and 3,025,068 share of Reabold Resources Plc, during the year.
Details of changes in the fair value of investments are shown in note 6 of the Financial Statements.
4
TIGER ROYALTIES and INVESTMENTS plc Annual Report 2022
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Tiger Royalties and Investments plc published this content on 20 June 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 June 2023 13:17:07 UTC.