Tiger Resource Finance : Interim Financial Statements for the six months ended 30 June 2017

TIGER RESOURCE FINANCE Plc

INTERIM FINANCIAL STATEMENTS

for the six months ended 30 June 2017

Operations Review

• Net Asset Value per share - 1.03p (30 June 2016 - 0.81p/ 31 Dec 2016 - 0.80)

• Total assets of £1.42M (30 June 2016 - £1.12M/ 31 Dec 2016 - £1.16M)

The period under review has shown a significant improvement in the fortunes of the natural resource sector. Large company valuations have risen significantly with mid-cap and junior resource companies also showing modest gains. Tiger's NAV increased from 0.80 pence per share at 31 December 2016 to 1.03 pence per share at 30 June 2017 being an increase of 29% in the six month period. The Group realised gains of £213,450 during the period predominantly from the sale of part of its investment in Galileo Resources Plc.

The inauguration of President Trump has sent mixed signals throughout the world although mature stock markets have seen significant gains following promises of lower taxation, large infrastructure projects and decreasing regulation in the banking and financial services sector. These trends, alongside quantitative easing programmes have set the scene for rising equity prices in the US markets closely followed by Europe as well as in selected emerging markets. In contrast to this, the US foreign policy program is generally in disarray with global threats abundant such as the North Korean nuclear threat, sporadic terrorist attacks in western countries, Middle East instability to name a few factors.

The aforementioned issues would traditionally have created a very nervous market place with stocks tending to lock into a downward trajectory as opposed to rising to all-time highs, but this has not been the case. We feel that that an adverse economic or political event in the not too distant future could trigger negative sentiment which may seriously undermine the current stock market euphoria.

Notwithstanding the above views, the resource sector appears to have regained recognition from investors and the need for raw materials marches on and will not wait for any of the aforementioned threats to subside. Mankind is living in a far more materialistic world today and the demand for white goods, smart phones, hybrid cars and the latest paraphernalia will not diminish any time soon.

The Board feels positive in relation to metal demand, particularly for base metals with copper and zinc being the "favourites". We are undecided about the fortunes for gold as the Tiger team has always been cynical in relation to the driving forces that control this precious metal, being neither predictable or sustainable and as such we will continue to limit exposure to gold, at least in the short and medium terms.

The smaller mining company markets in Australia, Canada and UK have continued to be resilient whilst not showing any significant corporate or large financing activity. We would have expected to see an upswing in M&A activity by this stage of the cycle as well as an increase in the volume of IPO's but both activities have not been as prolific to date as in previous bullish markets. We are however seeing good evidence of secondary placements and small projects being funded which of course are welcome signs.

During the period under review we have been active mainly in passive investments in the resource sector but have not as yet participated in "proactive" investments during the period under review to actively position early stage investment opportunities. We are considering a number of such opportunities and look forward to making positive progress and further increasing Tiger's net asset value during the coming months.

By order of the Board 27 September 2017

Portfolio Holdings as at 30 June 2017

Investments	Number	Cost £	Valuation £
Anglo American Plc	11,500	250,117	117,760
Ascent Resources Plc	482,142	400,824	7,328
Cabot Energy Plc	294,118	250,519	10,294
Duke Royalty Limited	20,000	200,218	8,500
ETFS Physical Platinum	2,250	246,458	149,913
ETFS Copper	1,760	29,864	35,244
Galileo Resources Plc	6,516,667	78,200	391,000
Jersey oil and Gas Plc	3,300	101,660	8,926
Jubilee Platinum Plc	1,169,600	100,219	43,860
MX Oil Plc	400,000	100,218	2,600
PanContinental Oil and Gas Plc	885,714	97,827	1,063
Pantheon Resources	31,500	30,340	16,065
Papua Mining Plc	230,000	101,200	2,806
Revelo Resources Corp	216,667	62,965	5,178
Rockrose Energy Plc	100,000	50,200	44,620
Sovereign Mines of Africa Plc	2,000,000	100,000	7,600
Sunrise Resources Plc	665,000	6,650	732
Tertiary Minerals Plc	1,330,000	119,700	7,314

Available for sale investments held by African Pioneer Plc (subsidiary company)	210,114
Total Investments for the Group	1,070,917

Consolidated Statement of Comprehensive Income

for the six months ended 30 June 2017

(Unaudited) Group Six months ended 30 June 17 £	(Restated) (Unaudited) Group Six months ended 30 June 16 £	(Audited) Group Year ended 31 Dec 16 £
Gain on sale of available for sale assets 213,450	117,298	120,315
Profit on Sale of Xtract -	2,153	2,153
Income:
Investment income 1,540	976	2,035
Interest receivable 181	551	843
Administrative expenses (172,772)	(220,422)	(425,942)
Impairment (47,760)	144,690	136,606
(LOSS) /PROFIT BEFORE TAXATION (5,361)	45,246	(163,990)
Taxation -	-	-
(LOSS) /PROFIT FOR THE PERIOD (5,361)	45,246	(163,990)
Other Comprehensive Income
Available-for-sale financial assets unrealised profit/(loss} 390,091	(117,300)	499,501
Reclassification to profit or loss (119,850)	-	(289,603)
Transfer to Impairment -	144,690	5,936
OTHER COMPREHENSIVE PROFIT/(LOSS) FOR THE PERIOD, NET OF TAX 270,241	27,390	215,834
TOTAL COMPREHENSIVE PROFIT/(LOSS) FOR THE PERIOD 264,880	72,636	51,844
(Loss) /profit for the period attributable to:
Shareholders of the Company (25,893)	23,954	(156,540)
Non-controlling interest 20,532	21,292	(7,450)
(5,361)	45,246	(163,990)
Basic earnings per share (0.02)p	0.02p	(0.11)p
Diluted earnings per share (0.02)p	0.02p	(0.11)p
All profits are derived from continuing operations.