Tiger Royalties and investments : Annual Report and Financial Statements for the year ended 31st December 2021

TIGER ROYALTIES

and INVESTMENTS PLC

(FORMERLY TIGER RESOURCE PLC)

ANNUAL REPORT and FINANCIAL STATEMENTS

for the year ended 31 December 2021

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
	Corporate Governance Statement	15
	Statement of Directors' Responsibilities	18
	Independent Auditors' Report	19
	Statement of Comprehensive Income	23
	Statement of Changes in Equity	24
	Statement of Financial Position	25
	Cash Flow Statement	26
	Notes to the Financial Statements	27
	Notice of AGM	41

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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 2021

Chairman's Statement

BUSINESS OVERVIEW

Dear Shareholder,

The year under review has seen Tiger's net asset value per share (NPV) decrease by 26% to 0.17 from 0.23 pence per share as at 31 December 2021.

During the period under review, the natural resource market was buoyant predominantly for the larger cap producers in the sector. However, this trend did not fully migrate to smaller cap businesses and junior exploration companies in the natural resource industry. Smaller company stocks were generally volatile and share prices of some companies in this class of investment declined over the year. This trend stabilised towards the year-end and has shown some improvement in the first quarter of 2022.

Tiger sold its balancing holding in WisdomTree Copper (ETFS Copper) and 2,700 shares in Royal Dutch Shell Plc. Additionally, the Company made an investment of £100,603 in Caerus Minerals Resources Plc, a copper- gold resource development and exploration company with mineral exploration licences located in Cyprus. However, the major "value add" to the Company's portfolio during the year was the re-listing of African Pioneer plc and this transaction along with the cash funds raised by the company delivered an opportunistic African metal exploration business to the public markets.

It is our view that the somewhat subdued mood in the junior resource sector in recent months resulted mainly from an excess of IPO's and secondary placings during the first half of 2021. The Covid pandemic was also partly to blame but did not have a negative impact commensurate to the sector's performance. However, the prognosis has probably never been better for commodities,

particularly for metals relevant to the renewable energy sector and used in the production of Electric Vehicle ("EV") batteries. This scenario would normally result in smaller companies being a "call option" for such commodities. However, this was not the case despite the number of record prices seen in various commodities during the year, and junior explorers have not yet experienced the full might of the commodities super cycle being talked about in the investment community.

Global markets have been under pressure in recent months mainly due to geopolitical uncertainty caused by the war in Ukraine and excess global inflationary pressures currently slowing down economic performance. This trend is forecast to persist for the foreseeable future. Despite of and to some extent because of these events, there exists a compelling case for the emerging resource sector to enjoy share price increases seen mainly by the major mining and oil and gas companies during 2021 and, which have extended into 2022 (particularly in the energy sector given the supply issues and the West's dilemma with Russian supply). This is further supported by the fact that shortages exist in almost every commodity as the conglomerates in the industry have largely scrapped their exploration departments in recent years.

We firmly believe that a "perfect storm" is brewing in the supply chain and this can only be addressed by major investment from all sources (capital markets, central Governments and end-users) into the explorers and developers. The EV targets for 2030 will only be realised if Governments worldwide support entrepreneurs and promoters of innovative solutions in their quest to discover and extract

the so called "green metals". A favourable regulatory environment will help reduce investment pressures and support frontliners in our industry who are chasing the prized assets, which are needed to effect the change to net zero carbon footprint that is being heralded worldwide.

We anticipate a resolution of the Ukraine War in the medium term, which will probably result into a divided Ukraine, and we also believe that ongoing sanctions will continue to disrupt the supply of materials and commodities resulting in further imbalances in the availability of certain key commodities. Demand is also forecast to soar following commitments made by global governments to invest in infrastructure post the pandemic as well as the rising popularity of low carbon emission energy sources. Tiger's investment portfolio is made up of companies which have exposure to such commodities and the re-listing of African Pioneer plc will further add our exposure to investment in copper.

We remain focussed to use our expertise in the sector to add interesting and innovative deals to Tiger's portfolio to rebuild shareholder value. I would like to thank both my colleagues and shareholders for their patience and support in what has been an uncertain year with a major disconnect between actuality and expectations.

Colin Bird - Chairman

24 May 2022

FINANCIAL STATEMENTS

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TIGER ROYALTIES and INVESTMENTS plc  Annual Report 2021

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
		31/12/21	31/12/21	31/12/21	31/12/20	31/03/22
INVESTMENTS:		£	£	£	£
	African Pioneer Plc	8,810,056	100,000	190,297	-	255,492
	Bezant Resources Plc	83,870,371	326,885	125,806	138,889	159,354
	Block Energy Plc	625,000	25,100	5,625	20,312	7,500
	Caerus Mineral Resources Plc	1,000,000	100,603	140,000	-	132,500
	Corallian Energy Limited	13,618	20,427	20,427	30,000	20,427
	Galileo Resources Plc	6,516,667	78,335	63,863	107,525	65,167
	Goldquest Mining Corporation	173,500	30,259	13,437	28,142	30,260
	Jubilee Metals Group Plc	1,169,600	100,219	190,060	149,124	171,463
	Kendrick Resources Plc	2,500,000	50,216	-	-	-
	Pantheon Resources Plc	31,500	30,340	24,349	13,702	-
	Reabold Resources Plc	3,025,068	9,573	5,445	-	10,890
	Royal Dutch Shell Plc B Shares	-	-	-	34,004	-
	WisdomTree Copper (ETFS Copper)	-	-	-	17,497	-
	TOTAL		871,957	779,309	539,195	853,053

•  African Pioneer Plc's ("APP") shares comprising 189,459,550 ordinary shares of zero par value each in the capital of the company ("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 on 1 June 2021. Tiger's current holding in APP is 8,810,056 Ordinary Shares representing a 4.65% interest in APP following Admission. APP ceased to be a subsidiary of the Company effective from 1 June 2021.

•  The Company acquired 1,000,000 Caerus Minerals Resources Plc shares in the current financial year.

•  Kendrick Resources Plc has now acquired projects in Sweden and Finland and an option to acquire three nickel projects in Norway and the company's shares were admitted to the Official List (Standard Segment) on 6 May 2022.

•  The Company sold 760 WisdomTree Copper shares and 2,700 Royal Dutch Shell shares during the current financial year.

•  Reabold Resources Plc ("Reabold") acquired Corallian Energy limited ("Corallian") shares from existing Corallian shareholders in exchange for Reabold shares, at a ratio of 474 Reabold shares for 1 Corallian share on 10 May 2021. As part of this offer, the Company disposed 6,382 Corallian shares in exchange for 3,025,068 shares in Reabold Resources Plc.

•  The investment in AustralGold Corp. was written off in the current financial year.

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 2021