TIDMTIR

RNS Number : 1227N

Tiger Royalties and Investments PLC

28 September 2021

For immediate release

28 September 2021

TIGER ROYALTIES AND INVESTMENTS PLC ("Tiger" or the "Company")

UNAUDITED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHSED 30 JUNE 2021

Chairman's Report

Dear Shareholder,

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: GBP1,314k / 31 Dec 2020: GBP977k (30 June 2020: GBP374k)

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 GBP100,000 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

Portfolio Holdings as at 30 June 2021

 
        Investments          Number of     Cost      Valuation      Valuation 
                               shares       GBP      at 30 June    at 31 August 
                                                        2021           2021 
                                                        GBP            GBP 
 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 Royalties and 
   investments Plc           Raju Samtani, Director             +44 (0)20 7581 4477 
                           Roland Cornish 
 Beaumont Cornish           Felicity Geidt 
  (Nomad)                   Email: corpfin@b-cornish.co.uk    +44 (0)20 7628 3369 
 
   Novum Securities Plc 
   (Broker)                  Jon Belliss                        +44 (0)20 7399 9425 
 

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 
                                                GBP             GBP           GBP 
 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.

Statement of Financial Position

As at 30 June 2021

 
 
                               (Unaudited)    (Unaudited)     (Audited) 
                                30 June 21     30 June 20     31 Dec 20 
                                       GBP            GBP           GBP 
 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 
---------------------------  -------------  -------------  ------------ 
 
 

Statement of Changes in Equity

As at 30 June 2021

 
                        Share capital   Share premium       Capital      Retained       Total 
                                                         redemption      earnings      Equity 
                                                            reserve 
                                  GBP             GBP           GBP           GBP         GBP 
 As at 1 January 2020       1,474,334       1,669,216     1,100,000   (3,648,442)     595,108 
                           ----------  --------------  ------------  ------------  ---------- 
 
 
 Total comprehensive 
  income / (loss) for 
  the period                        -               -             -     (221,138)   (221,138) 
 
 As at 30 June 2020         1,474,334       1,669,216     1,100,000   (3,869,580)     373,970 
                           ----------  --------------  ------------  ------------  ---------- 
 
 Shares issued during 
  the period                  250,596         280,655             -             -     531,251 
 
 Total comprehensive 
 income for the period              -               -             -        71,625      71,625 
 
 As at 31 December 2020     1,724,930       1,949,871     1,100,000   (3,797,955)     976,846 
 
 
 
 
 Shares issued during 
  the period                   8,500      36,550           -             -      45,050 
 
 Total comprehensive 
  income for the period            -           -           -       291,874     291,874 
 
 As at 30 June 2021        1,733,430   1,986,421   1,100,000   (3,506,081)   1,313,770 
                          ----------  ----------  ----------  ------------  ---------- 
 

Cash Flow Statement

For the six months ended 30 June 2021

 
 
                                              (Unaudited)    (Unaudited)    (Audited) 
                                                30 June          30 June       31 Dec 
                                                   21                 20           20 
                                                      GBP            GBP          GBP 
 CASH FLOW FROM OPERATIONS 
 (Loss)/profit before taxation                    291,874      (221,138)    (149,513) 
 Adjustment for: 
 Interest received                                      -           (35)         (37) 
 Dividends received                                 (654)              -      (1,989) 
 Other income                                    (30,200)              -            - 
 Change in fair value of investments            (409,224)         87,868    (194,216) 
------------------------------------------  -------------  -------------  ----------- 
 
 Operating (loss) before movement 
  in working capital                            (148,204)      (133,305)    (345,755) 
 (Increase)/decrease in receivables                 7,873           (14)     (28,246) 
 Increase/(decrease) in payables                 (79,488)         12,977      126,789 
 
 
 
 NET CASH (OUTFLOW) FROM OPERATING 
  ACTIVITIES                                    (219,819)      (120,342)    (247,212) 
------------------------------------------  -------------  -------------  ----------- 
 
 TAXATION PAID                                                         -            - 
 CASH FLOW FROM INVESTING ACTIVITIES 
 Interest received                                      -             35           37 
 Dividends received                                   654              -        1,989 
 Sale of investments                                    -         18,499       23,491 
 Purchase of investments                        (100,603)              -            - 
------------------------------------------  -------------  -------------  ----------- 
 
 NET CASH INFLOW/ (OUTFLOW)FROM INVESTING 
  ACTIVITIES                                     (99,949)         18,534       25,517 
 
 CASH FLOW FROM FINANCING ACTIVITIES 
 Issue of shares                                        -              -      500,000 
------------------------------------------  -------------  -------------  ----------- 
 
 NET CASH INFLOW / (OUTFLOW) FROM 
  FINANCING ACTIVITIES                                  -              -      500,000 
 
 
 Net increase/(decrease) in cash 
  and cash equivalents in the period            (319,768)      (101,808)      278,305 
 Cash and cash equivalents at the 
  beginning of the period                         420,699        142,394      142,394 
 Cash and cash equivalents at the 
  end of the period                               100,931         40,586      420,699 
 
 
 

Selected notes to the financial statements

For the six months ended 30 June 2021

   1.            Basis of preparation 

These interim financial statements for the period ended 30 June 2021 have been prepared by applying the accounting policies adopted in the audited accounts for the year ended 31 December 2020 and should be read in conjunction with the 2020 annual report. As permitted, the Company has chosen not to adopt IAS 34 "Interim Financial Reporting".

The financial information set out in this interim report does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. The statutory financial statements for the period ended 31 December 2020, were prepared under International Financial Reporting Standards (IFRS), and have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified and did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.

The Company held a 50.75% equity stake in African Pioneer Plc ("APP" or "the subsidiary") on 31 December 2020, and prepared consolidated financial statements incorporating the subsidiary's financial statements for the year ended 31 December 2020. On 1 June 2021, the subsidiary's shares comprising 189,459,550 Ordinary shares of zero par value each ("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 . Consequently, the Company's shareholding in the subsidiary company was reduced to 4.65% and APP is no longer a subsidiary of the Company as at 30 June 2021 and consequently only Company financial statements have been prepared for the six months period to 30 June 2021. Tiger's currently holds 8,810,056 Ordinary Shares in APP and this investment has been included in the Company's balance sheet at market valuation under investment in financial assets at fair value through profit or loss .

   2.            Earnings Per Share 
 
 Basic                               Unaudited       Unaudited        Audited 
                                      6 months        6 months     Year ended 
                                            to              to    31 December 
                                  30 June 2021    30 June 2020           2020 
 
 Profit/(Loss) after tax for 
  the purpose of earnings per 
  share                                291,874   GBP (221,138)      (149,513) 
 Weighted average number of 
  shares                           443,692,308     188,847,070    241,054,411 
 Basic earnings/ (loss) per 
  ordinary share                        0.07 p        (0.12) p         (0.06) 
 
 
 Diluted 
 
 
 Profit/(loss) after tax           291,874   GBP (221,138)     (149,513) 
 Weighted average number of 
  shares                       443,692,308     188,847,070   241,054,411 
 Diluted effect of options               -               -             - 
 Diluted weighted average 
  number of shares             443,692,308     188,847,070   241,054,411 
 Diluted earnings / (loss) 
  per ordinary share                0.07 p        (0.12) p        (0.06) 
 
 
   3.            Current liabilities 

The current liability figure of GBP27,996 includes an accrual of GBP6,268 relating to Director's salaries/ fees relating to month ended 30 June 2021.

   4.            Deferred Tax 

A deferred tax asset on revaluation of investments arose during the period. However, deferred tax assets are not recognised due to the unpredictability of future profit streams arising from the disposal of investments held by the Company. Losses may be carried forward indefinitely and will only be recoverable if suitable profits arise in the future.

   5.            Called Up Share Capital 

The share capital of Tiger Royalties and Investments Plc consists only of fully paid ordinary shares with a nominal value of 0.1p each. All Ordinary shares are equally eligible to receive dividends and the repayment of capital and represent one vote at the shareholders' meeting of the Company.

 
                                                    Unaudited    Unaudited      Audited 
                                                     30 June      30 June     31 December 
                                                       2021         2020          2020 
                                                           GBP          GBP           GBP 
 Authorised: 
 
 10,000,000,000 (30 June 2020 & 31 December 
  2020: 10,000,000,000) Ordinary shares 
  0.1p (30 June 2020 & 31 December 2020 
  - 0.1p each)                                      10,000,000   10,000,000    10,000,000 
 
 142,831,939 deferred shares of 0.9p each 
  (30 June 2020 & 31 December 2020: 142,831,939 
  Deferred shares of 0.9p each)                      1,285,487    1,285,487     1,285,487 
                                                   -----------  -----------  ------------ 
 
 Issued: 
 
 Opening Ordinary shares - 439,442,308 
  shares of 0.1p each (30 June 2020 & 31 
  December 2020: 188,847,070 Ordinary Shares 
  of 0.1p each)                                        439,443      188,847       188,847 
 
 New shares issued: 
 238,095,238 at issue price of GBP0.21p 
  each 
  (Nominal value 0.1p each)                                  -            -       238,096 
 12,500,000 shares at issue price of GBP0.25p 
  each 
  (Nominal value 0.1p each)                                  -            -        12,500 
 8,500,000 shares at issue price of GBP0.53p             8,500            -             - 
  each 
  (Nominal value 0.1p each) 
 
 Total ordinary shares in issue at period 
  end 447,942,308 Ordinary shares 0.1p 
  (30 June 2020: 188,847,070 Ordinary Shares 
  of 0.1p each and 31 December 2020: 439,442,308 
  Ordinary shares of 0.1 p)                            447,943      188,847       439,443 
                                                   -----------  -----------  ------------ 
 
 142,831,939 deferred shares of 0.9p each 
  (30 June 2020 & 31 December 2020: 142,831,939 
  deferred shares of 0.9p each)                      1,285,487    1,285,487     1,285,487 
                                                   -----------  -----------  ------------ 
                                                     1,733,430    1,474,334     1,724,930 
                                                   -----------  -----------  ------------ 
 

Included in allotted called and fully paid share capital are 4,500,000 shares with a nominal value of GBP4,500 held by the company in treasury.

   6.            Post-reporting date 

No adjusting or significant non-adjusting events have occurred between the reporting date and the date of release of the Company interim financials.

   7.            Availability of Interim Report 

A copy of these interim results will be available from the Company's registered office during normal business hours on any weekday at 2nd Floor, 7/8 Kendrick Mews, London SW7 3HG, and can also be downloaded from the Company's website at http://www.tiger-rf.com/. Tiger Royalties and Investments Plc is registered in England and Wales with company number 02882601.

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

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