Interim Results

Tiger Resource Finance PLC 28 September 2007 TIGER RESOURCE FINANCE PLC Interim Results for the six months ended 30 June 2007. Chairman's Statement Highlights: • Net Asset Value per share at 30/06/07 4.90p (4.27p at 30/06/06) • Total assets of £9.4 million as at 30/06/07 (£8.6 million as at 30/06/06) The interim accounts for the six months to 30 June 2007 have been prepared under International Financial Reporting Standards ('IFRS') now being adopted for all AIM quoted companies. The key differences affecting the Company's results following this transition from UK GAAP to IFRS have been explained in detail in the notes to the accounts. During the period under review the company realised profits of £333,934 on the sale of 2 million Ascent Resources plc shares. In July 2007, Tiger sold a further 3 million Ascent Resources plc shares realising a profit of £568,789 giving total profit to date of £902,723 realised on this holding. The Company continues to hold a substantial stake in this company and will monitor progress in the coming months. Tiger also realised a further profit of £211,511 from the sale of 170,100 Franconia Minerals Corp shares in July 2007. In July 2007, the Company purchased a further 16.9 million Ordinary 1p shares as part of the current buy-back programme resulting in 27.25 million Ordinary 1p shares currently being held as treasury shares under the authority granted by shareholders at the 2006 Annual General Meeting. During the latter part of the period under review, stock markets were very volatile with the resource sector being value challenged. Despite the volatility, the sector demonstrated exceptional resilience. The gold price remained firm and although base metal prices weakened during the period, prices remained at levels not seen in previous years. Since June 2007, stock markets have suffered further volatility and the resource sector has experienced some junior explorers correcting by up to 50% of their peak valuations. These losses have been as a result of investor loss in confidence after the US Sub Prime rate difficulties and sharp falls in real estate prices in the US. Despite the aforementioned, demand for all metals remains robust with the mid-term prognosis suggesting that prices will remain strong and major mining company profits will continue to increase, providing a high rating to the sector. We believe that this high rating will benefit the juniors and assist in restoring shareholder value lost in the previous three months. Tiger continues to seek out above average investments with the emphasis being on asset quality and management. Bruce Rowan Chairman 28 September 2007 Portfolio Holdings as at 30 June 2007 Investments Number Cost Valuation 30/06/2007 30/06/2007 30/06/2007 £ £ African Eagle Resource Plc 1,241,274 112,264 130,323 Ascent Resources Plc 27,093,406 514,890 3,386,676 Franconia Minerals Corp (TSE) 645,833 69,939 1,165,053 Gold Fields Ltd 10,500 32,759 80,737 Minmet Plc 873,574 278,040 102,645 Nautical Petroleum Plc 9,000,000 180,000 688,500 Pacific North West Corp 566,500 107,682 185,807 Pan African Resources Plc 5,098,033 175,000 312,018 Ridge Mining Plc 100,000 178,477 148,000 River Diamonds Plc 8,144,207 125,000 81,442 Sunrise Diamonds Plc 665,000 6,650 11,638 Tertiary Minerals Plc 1,330,000 119,700 182,875 Fair value of warrants & Options River Diamonds plc (warrants) 13,333,333 - - Ascent Resources plc (warrants) 549,451 - 68,681 MIT Ventures Corp loan note - 40,000 40,000 1,940,401 6,584,395 TIGER RESOURCE FINANCE PLC INCOME STATEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2007 (Unaudited) (Unaudited) (Audited) Six months Six months Year ended ended ended 30-Jun-07 30-Jun-06 31-Dec-06 Restated Restated £ £ £ Administrative expenses -121,655 -162,829 -493,248 Profit/(loss) on sale of non-current 333,914 0 695,774 investments Investment income 654 382 1,174 Interest receivable 95,618 90,026 181,097 PROFIT/(LOSS) BEFORE TAXATION 308,531 -72,421 384,797 Taxation -92,559 0 -157,332 PROFIT/(LOSS) ATTRIBUTABLE TO EQUITY 215,972 -72,421 227,465 SHAREHOLDERS Basic earnings/(loss) per share 0.11p 0.00p 0.01p Diluted earnings/(loss) per share 0.10p 0.00p 0.01p TIGER RESOURCE FINANCE PLC BALANCE SHEET AT 30 JUNE 2007 (Unaudited) (Unaudited) (Audited) 30-Jun-07 30-Jun-06 31-Dec-06 Restated Restated £ £ £ NON CURRENT ASSETS Financial assets Investments at fair value 6,584,395 6,093,286 5,103,467 CURRENT ASSETS Debtors 11,810 22,003 117,161 Cash and cash equivalent 4,477,709 4,335,602 4,215,479 4,489,519 4,357,605 4,332,640 TOTAL ASSETS 11,073,914 10,450,891 9,436,107 NON CURRENT LIABILITIES Deferred tax liabilities -1,395,484 -1,155,621 -945,205 CURRENT LIABILITIES Creditors -289,593 -713,352 -303,315 TOTAL LIABILITIES -1,685,077 (1.868,973) -1,248,520 NET ASSETS 9,388,837 8,581,918 8,187,587 EQUITY ATTRIBUTABLE TO SHAREHOLDERS Called up share capital 2,020,719 2,358,819 2,008,819 Share premium account 1,557,831 1,554,856 1,554,856 Share capital redemption 350,000 - 350,000 Revaluation reserve account 3,256,130 2,696,450 2,205,480 Share based payment reserves 130,118 43,373 130,118 Profit and loss account 2,074,039 1,928,420 1,938,314 TOTAL EQUITY 9,388,837 8,581,918 8,187,587 TIGER RESOURCE FINANCE PLC STATEMENT OF CHANGES IN EQUITY AS AT 30 JUNE 2007 Share Share Capital Revaluation Share Accumulated Total capital premium redemption reserves based profit reserves payment reserves £ £ £ £ £ £ As at 31 Dec 05 2,358,819 1,554,856 - 3,666,188 - 2,000,841 9,580,704 Recognition of deferred tax - - - -1,099,856 - - -1,099,856 liability on adopting IFRS (4) As at 31 Dec 05 2,358,819 1,554,856 - 2,566,332 - 2,000,841 8,480,848 Issue of share capital - - - - - - - Premium on issue of share - - - - - - - capital Shares cancellation - - - - - - - Revaluation of investment - - - 185,883 - - 185,883 Deferred tax liability (4) - - - -55,765 - - -55,765 Costs of options payments (4) - - - - 43,373 - 43,373 Share buy back - - - - - - - Net profit for the period - - - - - -72,421 -72,421 As at 30 June 2006 2,358,819 1,554,856 - 2,696,450 43,373 1,928,420 8,581,918 Issue of share capital - - - - - - - Premium on issue of share - - - - - - - capital Shares cancellation -350,000 - 350,000 - - - - Revaluation of investment - - - -701,386 - - -701,386 Deferred tax liability (4) - - - 210,416 - - 210,416 Costs of options payments - - - - 86,745 - 86,745 Share buy back - - - - - -289,992 -289,992 Net profit for the period - - - - - 299,886 299,886 As at 31 Dec 2006 2,008,819 1,554,856 350,000 2,205,480 130,118 1,938,314 8,187,587 Issue of share capital 11,900 - - - - - 11,900 Premium on issue of share - 2,975 - - - - 2,975 capital Shares cancellation - - - - - - - Revaluation of investment - - - 1,500,929 - - 1,500,929 Deferred tax liability - - - -450,279 - - -450,279 Share buy back - - - - - -80,247 -80,247 Costs of options payments - - - - - - - Net profit for the period - - - - - 215,972 215,972 As at 30 June 2007 2,020,719 1,557,831 350,000 3,256,130 130,118 2,074,039 9,388,837 TIGER RESOURCE FINANCE PLC CASH FLOW STATEMENT AS AT 30 JUNE 2007 (Unaudited) (Unaudited) (Audited) 30-Jun-07 30-Jun-06 31-Dec-06 restated £ £ £ Cash flow from operations Administrative expenses -121,655 -162,829 -493,248 Decrease/(Increase) in debtors 105,351 -11,564 -106,723 (Decrease)/Increase in creditors -106,279 -5,518 85,535 Share option charges - 43,373 130,118 Interest received 95,618 90,026 181,516 Other income and investment income 654 382 1,174 received Receipts from sale of fixed asset 353,914 - 984,208 investments Payments to acquire fixed asset - -75,013 -75,013 investments Corporate tax paid - - -658,841 Net cash flow from operations 327,603 -121,143 48,726 Cash flow from financing activities Issue of shares 14,875 - - Purchase of own shares for treasury -80,248 - -289,992 Net cash flow from financing -65,373 - -289,992 Net increase/(decrease) in cash in 262,230 -121,143 -241,266 the period Cash at the beginning of the period 4,215,479 4,456,745 4,456,745 Cash at the end of the period 4,477,709 4,335,602 4,215,479 Interim Report - Notes 1. The financial information for the six months ended 30 June 2007 and 30 June 2006 is unaudited. In the opinion of the directors the financial information for these periods represents fairly the financial position, operations and cash flows for the period in the conformity with generally accepted accounting principles. The interim statement for the six months ended 30 June 2007 was approved by the directors on 27 September 2007. 2. The financial information for the year ended 31 December 2006 does not constitute full accounts, it is an extraction from the Company's accounts for the year which have been delivered to the Registrar of Companies and on which the auditors gave an unqualified report. 3. The interim accounts have been prepared in accordance with International Financial Reporting Standard (IFRS). The date of transition to IFRS was 1 January 2007. The comparative figures for the six months ended 30 June 2006 have also been presented in accordance with IFRS. 4. The interim accounts have been prepared using the same accounting policies that were used in the Group's statutory accounts to 31 December 2006 except for compliance with IFRS. The comparative figures for the six months ended 30 June 2006 have been subject to restatements for compliance with IFRS. This involved recognizing expenses relating to share based payments of £43,373. The restated loss for the period ended 30 June 2006 was £72,421. In accordance with IFRS1 and IAS12, a deferred tax provision of £1,099,856 has been included in the accounts as at 1 January 2006. The effect of this requirement in the six months ended 30 June 2006 resulted in a further provision of £55,765. A negative provision of £154,651 was processed in the financial year ended 31 December 2006. The restated net assets of the Company at 30 June 2006 and 31 December 2006 are £8.6 million and £8.2 million respectively. The corresponding restated NAV's for these periods are 4.27p and 4.24p per share respectively. 5. Earnings/losses per ordinary share included in the Profit & Loss statement and NAV calculation is based on weighted average number of shares of 215,482,536. 6. Copies of this interim report are available to the public, free of charge, from 4th Floor, 2 Cromwell Place, London SW7 2JE, during normal office hours. A copy will also be posted on Tiger Resource Finance plc's website www.tiger-rf.com. This information is provided by RNS The company news service from the London Stock Exchange

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