Tiger Royalties and investments : Annual Report and Financial Statements for the year ended 31st December 2022

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

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

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