Final Results

Tiger Resource Finance PLC
03 March 2004


Tiger Resource Finance PLC

3 March 2004



                      TIGER RESOURCE FINANCE PLC ('Tiger')

            PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER, 2003



CHAIRMAN'S STATEMENT

The year 2003 was a very positive year for Tiger. The results show total
recognised gains of £2,784,774 compared to £945,412 for 2002. The net asset
value per share at 31 December 2003 was 3.02p compared to 1.84p as at 31
December 2002 representing a 64% increase.

Notwithstanding the excellent results, the year was positive in that by the
final quarter of 2003 the markets for resource stocks were showing substantial
growth with upward potential.

In my Interim Report to 30 June 2003, I forecasted improved base metal prices
against better industrial demand and consequent raw material inventory
restocking. My thoughts on gold were neutral, based on the premise that with
economic conditions improving base metal prices should rebound strongly whilst
gold may not enjoy similar gains. However, the prevailing weak US dollar
stimulated both the US economy and gold.

Looking to the current year, your Board sees China and South East Asia demand
for raw materials being maintained and therefore the good earnings being
reported from the base metal producers are expected to continue.

Conversely, we are of the opinion that the US is now less concerned with
deflation and increases in the US interest rates can be expected during 2004.
Interest rate increases will be modest we believe, since major increases would
force debt ridden consumers to be even more challenged to service their debt. A
weak dollar was essentially the only remaining tool left to the US government to
stimulate the economy and the dollar was allowed to depreciate substantially
against the Euro and Japanese Yen. The fortunes of gold, we believe, will be
directly proportional to the dollar strength, hence we see gold possibly trading
down towards mid year, should interest rates be increased. Against the overall
metal price forecast, we do not see gold as a core investment and are more
driven to base metal explorers and producers. We remain confident for strong
prices for platinum group metals, copper, nickel and zinc with speciality metals
exhibiting coincidental strength.

Explorers seeking large surface mineable deposits containing nickel/copper are
expected to show spectacular gains on discovery. Similarly, those companies who
have already made discoveries will have little difficulty in providing their
shareholders with a significant exit. Despite the exploration requirements for
large surface mineable deposits, we feel that market recognition will be for
those companies who have made a discovery and are close to production. The
mining industry lost the mid-tier sector during the late nineties when the major
predators acquired good assets at 'knock-down' prices. We believe the next wave
of investment will restore that mid-tier sector.

Our strategy for 2004 remains the same i.e. take profits where appropriate and
invest in situations where the people, the project and the place offer above
average returns.

We remain committed to diversity in investment, type, commodity and country,
believing that irrespective of market conditions, diversification is the best
way to mitigate risk.

I would like to thank my co-directors and staff for their support during the
year and express my optimism for a positive and profitable 2004.

R B Rowan - Chairman

4 February 2003

PORTFOLIO REVIEW

(2003 and 2004 to date)


                                                                                                           
INVESTMENTS                       Number       Cost        Valuation   Number       Cost        Valuation 
                                  31/12/03     31/12/03    31/12/03    04/02/04     04/02/04    04/02/04  
                                                  £           £                        £           £     

African Eagle Resources plc       1,241,174    112,264     220,308     1,241,174    112,264     273,058   

Alamos Gold Inc                   106,293      27,610      120,953     106,293      27,610      114,503   

Cambrian Mining plc(1)            1,350,000    300,000     695,250     1,350,000    300,000     681,750   

Cluff Mining plc                  100,000      178,477     91,500      100,000      178,477     90,000    

Formation Capital Corp            2,025,000    207,043     439,749     2,025,000    207,043     535,061   

Franconia Minerals Corp(2)        1,666,667    45,432      70,833      1,666,667    45,432      70,833    

Gold Fields Ltd                   10,500       32,759      84,052      10,500       32,759      70,686    

Ivanhoe Mines Ltd                 195,000      147,731     872,332     195,000      147,731     602,439   

Minmet plc                        21,471,488   296,342     1,022,043   21,471,488   296,342     1,180,932 

Pacific North West Capital Corp   566,500      107,682     241,121     566,500      107,682     214,165   

River Diamonds Ltd(3)             3,333,333    50,000      66,668      3,333,333    50,000      100,000   

Tertiary Minerals plc             1,330,000    119,700     162,925     1,330,000    119,700     186,200   

Fair value of warrants            8,850,000    -           356,000     8,850,000    -           410,000   

MIT Ventures Corp Loan Note       -            40,000      40,000      -            40,000      40,000    

River Diamonds Ltd Loan Note      -            50,000      50,000      -            50,000      50,000    
                                               _______     _______                  ________    ________  
                                       
                                               1,715,040   4,533,734                1,715,040   4,619,627 


Warrants held by the company included in investments are as follows:

(1) 1,200,000 warrants in Cambrian Mining plc exercisable at 20p each to 27
March 2007 and a further 150,000 warrants exercisable at 50p each to 15 October
2005.

(2) 833,334 warrants in Franconia Minerals Corp exercisable at C$.09 each to 11
June 2005.

(3) 6,666,666 warrants in River Diamonds Ltd exercisable at 1.5p each to 28
October 2008.




African Eagle Resources plc: Alternative Investment Market (AIM) - AER
www.africaneagle.co.uk


Tiger acquired 1.24 million shares in African Eagle Resources plc ('African
Eagle') in 2002 for a consideration of £112,264. African Eagle explores for and
develops gold and other mineral resources in eastern and southern Africa. Tiger
believes that African Eagle has good prospects, which will continue to impact
favourably on the share price as exploration results emerge.


Alamos Gold Inc: Toronto Stock Exchange (TSE) - AGI www.alamosgold.com


Tiger acquired 106,293 shares in Alamos Gold Inc ('Alamos') during the year at a
cost of £27,610. Alamos fully owns the Mulatos deposit, one of the largest
undeveloped gold resources located in the state of Sonora, Mexico. This deposit,
which is at mineable development stage, was acquired from Placer Dome Inc. and
Kennecott Minerals Company. Alamos also owns the Salamandra property which was
purchased for C$8.7 million equivalent to US$1.64 per gold resource ounce.
Alamos has good assets and with a continuing strong gold price could perform
better.


Cambrian Mining plc Alternative Investment Market (AIM) - CBM
www.cambrianmining.com


Tiger acquired a holding of 1,350,000 shares in Cambrian Mining plc ('Cambrian')
during the year at a cost of £300,000. At year-end, this investment is valued at
£695,250 reflecting an unrealised gain of £395,250. Cambrian is a diversified
natural resource exploration and development company currently generating cash
flow from coal in West Virginia. Cambrian is also exploring for gold in Ghana,
developing a world class coking coal mine in Canada, a gold/antimony mine in
Australia and a world class coal and power station project in Bangladesh.
Cambrian has an interesting and well balanced portfolio which is developing in
line with expectations.


Cluff Mining plc: London Stock Exchange (LSE) - CLU www.cluff-mining.com


Tiger holds 100,000 shares in Cluff Mining plc ('Cluff') valued at £91,500 at
year-end. Cluff has two platinum group metal (PGM) projects in the Bushveld
complex of South Africa. It completed the feasibility study on the Blue Ridge
project, (announced on December 2003) which envisages a 17-year life underground
mining operation producing 136,000 oz /year contained PGM in concentrate. On the
Sheba's Ridge project, drilling has confirmed continuity of mineralisation,
indicating an ore body with potential for a large-scale open pit PGM-base metal
mine. This investment has not performed well during 2003 but current projects
may benefit from anticipated increases in metal prices and a weaker rand. We
will monitor this investment closely.


Formation Capital Corporation: Toronto Stock Exchange (TSE) - FCO
www.formcap.com


Tiger exercised 675,000 warrants in Formation Capital Corporation ('Formation')
during the year, taking its total holding to 2,025,000 shares at 31 December
2003. The shares have appreciated considerably during the year and the valuation
at year-end shows a return of 112% against cost. Formation's fully owned
flagship property, Idaho Cobalt, a primary cobalt project in the Idaho Cobalt
Belt in the United States, is in the feasibility and permitting stage of
development. This recent share price increase largely reflects the interest
cobalt is receiving in international markets.


Franconia Minerals Corporation (OFEX) - FRA www.franconiaminerals.com


Tiger acquired a position of 1,666,667 shares in Franconia Minerals Corporation
('Franconia') at a cost of £45,432. Franconia is in the business of minerals
exploration focusing on copper-nickel with platinum group metals and zinc.
Franconia's property portfolio currently consists of the San Francisco property,
a drill-ready zinc target in the western US, fourteen platinum-palladium targets
(28,000 acres) and an earn-in option to the Birch Lake
platinum-palladium-copper-nickel project in the Duluth Complex Minnesota USA.
Franconia provides Tiger with exposure to the US mining scene. Franconia has
interesting projects and a well regarded management team.


Gold Fields Limited: Johannesburg Stock Exchange (JSE) - GFI
www.goldfields.co.za

Gold Fields Limited ('Gold Fields') is one of the world's largest producers of
gold, operating in three key gold mining regions of the world, South Africa,
West Africa (Ghana) and Australia. In 2003, Gold Fields' attributable gold
production amounted to 4.3 million ounces and the company has attributable
mineral reserves of 81.5 million ounces.  The earnings potential for the company
is excellent against current gold prices and a depreciating rand/US$ exchange
rate should impact favourably on earnings. At year-end, Tiger held 10,500 shares
in Gold Fields at a cost of £32,759. The current market value of this investment
is £84,052 representing an unrealised gain of £51,293 against cost.


Ivanhoe Mines Limited: Toronto Stock Exchange (TSE) - IVN www.ivanhoe-mines.com


Ivanhoe Mines Ltd ('Ivanhoe') is an international mining company developing a
major new discovery of gold and copper at the Turquoise Hill (Oyu Tolgoi)
Project in southern Mongolia, 80 kilometres north of China. Since drilling the
discovery hole in July 2001, Turquoise Hill has grown to become one of the
world's largest copper/gold porphyry deposits. This project is now in the
feasibility stage with major issues to be faced. Ivanhoe also has a large
regional exploration program targeting gold and copper in Mongolia and China and
produces copper, gold and iron ore products from various mines in the Asia
Pacific region. Tiger has an interest in 195,000 shares at 31 December 2003
valued at £872,332 reflecting an unrealised gain of £724,601.


Minmet plc: Irish Stock Exchange (ISE) - MNT www.minmet.ie


Tiger sold 10 million shares in Minmet plc ('Minmet') during the year, realising
a profit of £446,999. At year-end, Tiger held a total of 21.5 million shares
valued at £1,022,043 reflecting an unrealised gain of £725,701 at 31 December
2003. Minmet is a European gold producer with international mining and
exploration interests. Minmet is focused on generating positive cash flows from
its Bjorkdal gold mine in Sweden and also from the proposed acquisition of a
gold bio-leaching process, currently operating on gold-bearing concentrates in
Romania. In addition it holds interests in exploration projects, principally for
gold, in Brazil, Dominican Republic, Peru and Sweden. Tiger perceives Minmet to
be a well managed and focused production/ exploration company with significant
upside potential.


Pacific North West Capital Corp: Toronto Stock Exchange (TSE) - PFN
www.pfncapital.com


Tiger holds 566,500 shares in Pacific North West Capital Corp ('PFN') purchased
for £107,682 and valued at £241,121 on 31 December 2003. PFN is exploring for
platinum group metals close to Sudbury, the nickel/copper mining region of
Ontario and near Ketchikan south east Alaska. The company has as partners, Anglo
Platinum in Canada and Lonmin plc in Alaska. River Valley is the most advanced
bulk tonnage PGM exploration project in the Sudbury district. Initial mineral
resource estimates indicate a combined resource of 593,000 ounces (Pd+Pt+Au).
Agnew Lake, PFN's second Sudbury project covers the prospective Shakespeare
Dunlop Intrusion. Drilling has commenced on the Union Bay Platinum Project in
Alaska with favourable results being reported. PFN needs to give the market
signs of mine development to acquire more market following.


River Diamonds Ltd (OFEX) - RID - www.riverdiamondslimited.co.uk


Tiger acquired 3,333,333 shares in River Diamonds Ltd ('River Diamonds') at a
cost of £50,000. River Diamonds owns diamond and gold exploration licences in
the Mato Grosso area of Brazil covering 57,000 hectares. Trial diamond mining
began on the Melguera licence in November 2002 and in June 2003 the first parcel
of diamonds totalling 42.83 carats was sold at an average price of US$395.72 per
carat. River Diamonds intends to seek an AIM flotation in the near future.


Tertiary Minerals plc Alternative Investment Market (AIM) -TYM
www.tertiaryminerals.com


Tiger subscribed for 1,330,000 shares in Tertiary Minerals plc ('Tertiary')
during 2003 at a cost of £119,700. Tertiary is involved with tantalum, platinum
group metals, base metals and gold. The company has interests in a number of
mineral exploration projects in Sweden, Finland, Norway and Saudi Arabia
including projects at drill-ready and preliminary economic feasibility stages.
Tertiary has not shown the gains that some companies in the portfolio have
during 2003 but the company's project base is sound with good mid-term
prospects.

PROFIT AND LOSS ACCOUNT 
YEAR ENDED 31 DECEMBER 2003

                                                                                                       
                                                                       2003        2002 
                                                                          £           £ 

Administrative expenses                                           (287,645)   (212,751)

OPERATING LOSS                                                    (287,645)   (212,751)

Profit on sale of fixed asset investments                           547,747     552,723

Investment income                                                    57,734      10,805

Interest receivable                                                  88,846      72,594

PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION                       406,682     423,371

Tax on profit on ordinary activities                              (104,028)    (72,943)

PROFIT ON ORDINARY ACTIVITIES AFTER TAXATION FOR THE YEAR           302,654     350,428

Basic earnings per share                                              0.13p       0.16p


All profits are derived from continuing operations





STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES 

YEAR ENDED 31 DECEMBER 2003
                                                                                                 
                                                       2003           2002 
                                                          £              £ 

Profit for the year                                 302,654        350,428

Unrealised gains on fixed asset investments       2,727,465        730,591     

Unrealised losses on fixed asset investments       (85,074)      (120,483)

Tax on gains/losses on fixed asset investments    (160,271)       (15,124)

Total recognised gains/(losses)                   2,784,774        945,412     







BALANCE SHEET 

AS AT 31 DECEMBER 2003 

                                                       2003        2002 
                                                          £           £ 
FIXED ASSETS                                                           

Investments                                       4,533,734   2,042,213

CURRENT ASSETS                                                         

Debtors                                              11,962      29,739

Cash at bank                                      2,991,055   2,378,708

                                                  3,003,017   2,408,447

CREDITORS: amounts falling due within one year    (421,707)   (137,390)

NET CURRENT ASSETS                                2,581,310   2,271,057

TOTAL ASSETS LESS CURRENT LIABILITIES             7,115,044   4,313,270

Represented by:                                                        

CAPITAL AND RESERVES                                                   

Called-up share capital                           2,358,819   2,345,819

Share premium account                             1,554,856   1,550,856

Revaluation reserve                               2,818,695     734,770

Profit and loss account                             382,674   (318,175)

EQUITY SHAREHOLDERS' FUNDS                        7,115,044   4,313,270





CASH FLOW STATEMENT 

YEAR ENDED 31 DECEMBER 2003 
                                                                                                               
                                                                                       2003        2002 
                                                                                          £           £ 

Net cash inflow/ (outflow) from operating activities                              (264,983)   (224,038)


Returns on investment and servicing of finance                                                         

Interest received                                                                   110,585      51,294

Other investment income received                                                     57,734      10,805


Taxation                                                                                               

Corporation tax paid                                                                (6,604)           -


Capital expenditure and financial investment                                                           

Payments to acquire fixed asset investments                                       (961,631)   (736,247)

Receipts from sale of fixed asset investments                                     1,660,246   2,007,699

Net cash inflow/(outflow) from capital expenditure and financial investment         698,615   1,271,452


Financing                                                                                              

Proceeds from exercise of options                                                    17,000           -

Net cash inflow from financing                                                       17,000           -


Increase in cash in the year                                                        612,347   1,109,513


This preliminary statement is not the company's statutory accounts. The
statutory accounts for the year ended 31 December 2003 have received an audit
report which was unqualified and did not contain statements under s237(2) and
(3) of the Companies Act 1985. The statutory accounts for the year ended 31
December 2003 have not been delivered to the Registrar of Companies and will be
sent to shareholders on 4 March 2004.




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