TIDMTIR
RNS Number : 0225O
Tiger Royalties and Investments PLC
28 September 2023
For immediate release 28 September 2023
TIGER ROYALTIES AND INVESTMENTS PLC ("Tiger" or the
"Company")
UNAUDITED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHSED 30
JUNE 2023
Chairman's Report
Dear Shareholder,
Net Asset Value per share - 30 Jun 2023: 0. 05p / 31 Dec 2022:
0.09p (30 June 2022: 0.12p )
Total net assets - 30 Jun 2023: GBP248k / 31 Dec 2022: GBP496k
(30 June 2022: GBP542k)
In my last Chairman's report, I made modestly upbeat comments
about the changing mood of smaller company investors moving into
2023 and beyond. However, I am disappointed to note that this
assessment did not materialise in the way I had envisaged at the
time and that in fact the micro-cap company investor arena has
deteriorated significantly since that time and the outlook remains
somewhat uncertain.
The period under review has suffered from what is probably one
of the worst market scenarios I have witnessed during my years in
the natural resource sector. This is of course compounded by the
fact that there is a preference of investors to invest directly
into individual companies as opposed to deploying funds in umbrella
investment companies and hence interest in smaller cap funds has
waned.
Consequently, we are pleased that we elected some years ago to
be more proactive and develop positions where we had some influence
in the underlying investee company's strategy alongside holding a
relatively larger equity position in these types of investments.
Whilst this has provided a more focused portfolio of assets, value
is yet to be recognised given the gloomy state of the market for
junior mining and commodity stocks. We remain optimistic on some of
the investments held in the portfolio and I feel that in some cases
fundamentals significantly outweigh current stock market values
and, when sentiment returns, we will see the fundamental strength
of these underlying assets.
We live in a very uncertain world with unprecedented financial
and geopolitical headwinds, exacerbated by new media and extreme
political manoeuvring predominantly resulting from the Russian
invasion of Ukraine. During violent times, alliances and
allegiances can be transient, thus not helping the confidence and
certainty that is sought by the investing community, a trait that
is needed to promote stronger junior resource markets.
The major markets however seem to be holding their own, despite
the negative global pressures, although there a reasonable amount
of volatility. Share prices of the major mining and energy
producers have certainly come off their highs, as seen post the
initial Covid market rally.
We remain confident on the fundamentals for base metals,
particularly for copper and battery metals. We also remain
confident of an emergence of third world and developing economies
where disposable income is increasing and the thirst to have white
goods, cars, and mobile gadgets continues at a rapid pace, pointing
to increasing demand for these goods and hence for materials in the
foreseeable future. The supply side for copper is becoming dismal
and I firmly believe that any junior mining companies fortunate
enough to have near production assets in their portfolios will
become very valuable investments in the next two to three years. If
the major mining companies are slow in acquiring these types of
companies, then family offices and perhaps the motor industry will
look at building positions in junior commodity companies with
quality assets, the latter grouping in order to secure their supply
lines for the rapidly developing EV market.
To summarise, in contrast to the aforementioned concerns, we
firmly believe, more than ever, that there is a light at the end of
the tunnel and that a commodity boom cycle revolution is in the
making. The Company's management team will continue to seek out
positions and investments where the underlying assets are well
positioned and there is scope for value add and we strongly believe
that such opportunities will emerge as a result of the changing
economic conditions.
This has been our strategy for some years, and it is our hope
and belief that we will see significant upside in the portfolio
value over the next 12 months.
Colin Bird
Chairman
28 September 2023
Portfolio Holdings as at 30 June 2023
Investments Number of Cost Valuation Valuation Valuation
shares GBP at 30 June at 30 at 31
2023 (Unaudited) June 2022 December
GBP (Unaudited) 2022
GBP (Audited)
GBP
African Pioneer
Plc 8,810,056 100,000 189,416 189,416 202,631
----------- -------- ------------------ ------------- -----------
Bezant Resources
Plc 83,870,371 326,885 25,161 100,644 71,290
----------- -------- ------------------ ------------- -----------
Kendrick Resources
Plc 83,333 50,217 750 1,544 812
----------- -------- ------------------ ------------- -----------
Critical Mineral
Resources Plc
(Formerly Caerus
Mineral Resources
Plc 1,000,000 100,603 50,000 78,000 45,000
----------- -------- ------------------ ------------- -----------
Galileo Resources
Plc 6,516,667 78,335 61,908 60,605 84,717
----------- -------- ------------------ ------------- -----------
Goldquest Mining
Corp 173,500 30,259 9,798 19,658 14,796
----------- -------- ------------------ ------------- -----------
Jubilee Metals
Group Plc 869,600 74,513 67,829 166,083 88,264
----------- -------- ------------------ ------------- -----------
Block Energy Plc - - - 9,375 -
----------- -------- ------------------ ------------- -----------
Corallian Energy - - - 20,427 -
Ltd
----------- -------- ------------------ ------------- -----------
Reabold Resources - - - 8,168 -
Corp
----------- -------- ------------------ ------------- -----------
Total Investments 760,812 404,862 653,920 507,510
----------- -------- ------------------ ------------- -----------
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 2023
(Unaudited) (Unaudited) (Audited)
Six months Six months Year
ended ended ended
30 June 23 30 June 22 31 Dec 22
GBP GBP GBP
Changes in fair value of
investments (102,648) (82,698) (159,847)
Income:
Investment income - - -
Interest receivable - - -
Other income - - -
Administrative expenses (145,275) (144,708) (297,115)
----------------------------------- -------------- -------------- ------------
PROFIT(LOSS) BEFORE TAXATION (247,923) (227,406) (456,962)
Taxation - - -
----------------------------------- -------------- -------------- ------------
PROFIT/(LOSS) FOR THE
PERIOD (247,923) (227,406) (456,962)
----------------------------------- -------------- -------------- ------------
TOTAL COMPREHENSIVE PROFIT/(LOSS)
FOR THE PERIOD (247,923) (227,406) (456,962)
Basic earnings/(loss) per
share (0.05)p (0.05)p (0.10)p
Diluted earnings/(loss)
per share (0.05)p (0.05)p (0.10)p
All profits/ (losses) are derived from continuing
operations.
Statement of Financial Position
As at 30 June 2023
(Unaudited) (Unaudited) (Audited)
30 June 23 30 June 22 31 Dec
22
GBP GBP GBP
NON-CURRENT ASSETS
Investments in financial
assets at fair value
through profit or loss 404,862 653,920 507,510
Total Non-Current Assets 404,862 653,920 507,510
CURRENT ASSETS
Trade and other receivables 20,118 18,859 45,819
Cash and cash equivalents 69,874 10,424 150,631
89,992 29,283 196,450
TOTAL ASSETS 494,854 683,203 703,960
----------------------------- -------------- ------------- ------------
CURRENT LIABILITIES
Trade and other payables (246,516) (140,758) (207,699)
Total Current Liabilities (246,516) (140,758) (207,699)
----------------------------- -------------- ------------- ------------
NET ASSETS 248,338 542,445 496,261
EQUITY
Share capital 1,825,116 1,733,430 1,825,116
Share premium 2,054,189 1,986,421 2,013,040
Warrants reserve 23,918 - 65,067
Capital redemption
reserve 1,100,000 1,100,000 1,100,000
Retained earnings (4,754,885) (4,277,406) (4,506,962)
TOTAL EQUITY 248,338 542,445 496,261
----------------------------- -------------- ------------- ------------
Statement of Changes in Equity
As at 30 June 2023
Share Share Warrants Capital Retained Total
capital premium reserve redemption earnings Equity
reserve
As at 1 January 2022 1,733,430 1,986,421 - 1,100,000 (4,050,000) 769,851
---------- ---------- --------- ------------ ------------ ----------
Total comprehensive
income for the period - - - - (227,406) (227,406)
As at 30 June 2022 1,733,430 1,986,421 - 1,100,000 (4,277,406) 542,445
---------- ---------- --------- ------------ ------------ ----------
Shares issued during
the year 91,686 26,619 65,067 - - 183,372
Total comprehensive
income for the period - - - - (229,556) (229,556)
As at 31 December
2022 1,825,116 2,013,040 65,067 1,100,000 (4,506,962) 496,261
---------- ---------- --------- ------------ ------------ ----------
Warrants revaluation - 41,149 (41,149) - - -
Total comprehensive
income for the period - - - - (247,923) (247,923)
As at 30 June 2023 1,825,116 2,054,189 23,918 1,100,000 (4,754,885) 248,338
---------- ---------- --------- ------------ ------------ ----------
Cash Flow Statement
For the six months ended 30 June 2023
(Unaudited) (Unaudited) (Audited)
30 June 23 30 June 22 31 Dec 22
GBP GBP GBP
CASH FLOW FROM OPERATIONS
(Loss)/profit before taxation (247,923) (227,406) (456,962)
Adjustment for:
Interest received - - -
Dividends received - - -
Other income - - -
Change in fair value of
investments 102,648 82,698 159,847
-------------------------------- -------------- ------------- ------------
Operating (loss) before
movement in working capital (145,275) (144,708) (297,115)
(Increase)/decrease in
receivables 25,700 (14,136) (1,092)
Increase/(decrease) in
payables 38,818 92,183 159,120
NET CASH (OUTFLOW) FROM
OPERATING ACTIVITIES (80,757) (66,661) (139,087)
-------------------------------- -------------- ------------- ------------
TAXATION PAID - - -
CASH FLOW FROM INVESTING
ACTIVITIES
Interest received - - -
Dividends received - - -
Sale of investments - 42,691 111,952
Purchase of investments - - -
-------------------------------- -------------- ------------- ------------
NET CASH INFLOW/ (OUTFLOW)FROM
INVESTING ACTIVITIES - 42,691 111,952
CASH FLOW FROM FINANCING
ACTIVITIES
Issue of shares - - 143,372
-------------------------------- -------------- ------------- ------------
NET CASH INFLOW / (OUTFLOW)
FROM FINANCING ACTIVITIES - - 143,372
Net increase/(decrease)
in cash and cash equivalents
in the period (80,757) (23,970) 116,237
-------------------------------- -------------- ------------- ------------
Cash and cash equivalents
at the beginning of the
period 150,631 34,394 34,394
-------------------------------- -------------- ------------- ------------
Cash and cash equivalents
at the end of the period 69,874 10,424 150,631
-------------------------------- -------------- ------------- ------------
Selected notes to the financial statements
For the six months ended 30 June 2023
1. Basis of preparation
These interim financial statements for the period ended 30 June
2023 have been prepared by applying the accounting policies adopted
in the audited accounts for the year ended 31 December 2022 and
should be read in conjunction with the 2022 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 2022, 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.
2. Loss Per Share
Basic Unaudited Unaudited Audited
6 months 6 months Year ended
to to 31 December
30 June 30 June 2022
2023 2022
-------------- -------------- --------------
Profit/(Loss) after tax for
the purpose of earnings per
share GBP (247,923) GBP (227,406) GBP (456,962)
-------------- -------------- --------------
Weighted average number of shares 539,628,553 447,942,308 450,705,455
-------------- -------------- --------------
Basic earnings/ (loss) per ordinary
share (0.05)p (0.05)p (0.10)p
-------------- -------------- --------------
Diluted
-------------- -------------- --------------
Profit/(loss) after tax GBP(247,923) GBP (227,406) (456,962)
-------------- -------------- --------------
Weighted average number of shares 539,628,553 447,942,308 450,705,455
-------------- -------------- --------------
Diluted weighted average
number of shares 539,628,553 447,942,308 450,705,455
-------------- -------------- --------------
Diluted earnings/ (loss) per
ordinary share (0.05)p (0.05)p (0.10)p
-------------- -------------- --------------
3. Dividends
No dividends were declared during the period under review (30
June 2022: nil).
4. Current liabilities
The current liability figure of GBP246,516 (2022: GBP140,758)
includes an accrual of GBP108,628 (2022: GBP68,934 ) - relating to
Directors' salaries/fees for 12 months ended 30 June 2023. The
current liability figure also includes a creditor of GBP96,000
(2022:GBP33,000) payable to Lion Mining Finance, which is a related
party.
5. 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.
6. 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
2023 2022 2022
GBP GBP GBP
Authorised:
10,000,000,000 (30 June 2022 & 31 December
2022: 10,000,000,000) Ordinary shares
0.1p (30 June 2022 & 31 December 2022
- 0.1p each) 10,000,000 10,000,000 10,000,000
142,831,939 deferred shares of 0.9p each
(30 June 2022 & 31 December 2022: 142,831,939
Deferred shares of 0.9p each) 1,285,487 1,285,487 1,285,487
----------- ----------- ------------
Issued:
Opening Ordinary shares - 539,628,553
shares of 0.1p each (30 June 2022 & 31
December 2022: 447,942,308 Ordinary Shares
of 0.1p each) 539,629 447,943 447,943
New shares issued:
91,686,246 shares at issue price of GBP0.002
(nominal value of 0.1p each) - - 91,686
Total ordinary shares in issue at period
end 539,628,553 Ordinary shares 0.1p
(30 June 2022 : 447,942,308 Ordinary
shares of 0.1 p & 31 December 2022: 539,628,553
Ordinary shares of 0.1 p) 539,629 447,943 539,629
----------- ----------- ------------
142,831,939 deferred shares of 0.9p each
(30 June 2022 & 31 December 2022: 142,831,939
deferred shares of 0.9p each) 1,285,487 1,285,487 1,285,487
----------- ----------- ------------
1,825,116 1,733,430 1,825,116
----------- ----------- ------------
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.
7. Share Warrants
At the period end, and as at 31 December 2022, the Company had
the following warrants outstanding:
Issue date Number of Exercise Share price Subscription
warrants price at issue price at
date issue date
20 December 2022 91,686,246 0.3p 0.225p 0.2p
----------- --------- ------------ -------------
There were no warrants outstanding on 30 June 2022
8. Going concern
The operations of the Company have been financed mainly through
operating cash flows. As at 30 June 2023, the Company held cash
balances of GBP69,874 (30 June 2022: GBP10,424) and an operating
loss has been reported for the 6 months ended 30 June 2023.
Historically, the Company has generated cash flow from the sale of
investments in quoted natural resource companies. The Company's
financial investments at 30 June 2023 were GBP404,862. It is
possible, as a result of volatile markets, that the Company may
need to raise funding to provide additional working capital to
finance its ongoing activities. The management team has
successfully raised funding for similar projects and companies in
the past although there is no guarantee that adequate funds will be
available when needed in the future.
Based on its current reserves and the Board's assessment that
the Company should be able to raise additional funds when required
to meet its working capital requirements, the Board has concluded
that it has a reasonable expectation that the Company can continue
in operational existence for the foreseeable future. In addition,
the Board confirms that Directors' fees will continue to accrue or
be paid in shares (subject to AIM rules and other regulatory
issues) until the Company undertakes either a fundraise and has
sufficient excess working capital to settle such fees, or is
involved in a significant transaction which would significantly
uplift the prospects for the Company. For these reasons, the
financial statements have been prepared on the going concern basis,
which contemplates continuity of normal business activities and the
realisation of assets and discharge of liabilities in the normal
course of business.
9. Post-reporting date
No adjusting or significant non-adjusting events have occurred
between the reporting date and the date of release of the Company's
interim financials.
10. 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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END
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