REG - Tiger Royalties&Invs - Final Results
27/06/2024 07:00
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RNS Number : 0390U Tiger Royalties and Investments PLC 27 June 2024
For immediate release
27 June 2024
TIGER ROYALTIES AND INVESTMENTS PLC
("Tiger" or the "Company")
FINAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2023
The Company is pleased to announce its audited results for the year ended 31
December 2023 and to confirm that the Annual Report and Financial Statements
("Annual Report") will be posted to shareholders on 28 June 2024. The Annual
Report will thereafter be available for inspection at www.tiger-rf.com
(http://www.tiger-rf.com) .
Annual General Meeting (AGM)
The Company plans to hold an Annual General Meeting in late July or August
2024 and the wording of each resolution to be tabled will be sent out in due
course to shareholders in the formal Notice of Annual General Meeting.
Extracts from the Annual Report are set out below. The financial information
set out below does not constitute the Company's
statutory accounts for the periods ended 31 December 2022 or 31 December 2023
but it is derived from those accounts.
Statutory accounts for 31 December 2022 have been delivered to the Registrar
of Companies and those for 31 December 2023
will be delivered following the Company's Annual General Meeting. The auditors
have reported on those accounts, their
reports were unqualified and did not contain statements under section 498(2)
or (3) of the Companies Act 2006. The audit report for the year ended 31
December 2023 did however draw attention to a material uncertainty relating to
going concern.
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.
For further information please contact:
Tiger Royalties and Raju Samtani, +44 (0)20 7581 4477
Director
Investments Plc
Beaumont Cornish (Nomad) Roland Cornish +44 (0)20 7628 3369
Felicity Geidt
Novum Securities Ltd Jon
Belliss
+44
(0)20 7399 9425
(Broker)
Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated
Adviser and is authorised and regulated by the FCA. Beaumont Cornish's
responsibilities as the Company's Nominated Adviser, including a
responsibility to advise and guide the Company on its responsibilities under
the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed
solely to the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing protections
afforded to customers of Beaumont Cornish nor for advising them in relation to
the proposed arrangements described in this announcement or any matter
referred to in it
CHAIRMAN'S STATEMENT
Dear Shareholder
The year under review has disappointingly seen Tiger's net asset value per
share decrease by 78% to 0.02 pence from 0.09 pence per share as at 31
December 2023.
During the year under review, the sector has continued to suffer from under
investment and a lack of interest by the investment community. Retail
shareholders have become less prominent and institutional shareholders in the
junior resource sector have all but disappeared. The main reasons for the
continuing head winds against the sector have been resilient inflation and
geopolitical tension.
Unexpectedly, against this negative scenario, major stock markets and mining
conglomerates have performed better with some indices trading at their highest
levels which is somewhat unprecedented.
Bonds high, equities high, dollar high, gold high is an unusual mix of
"highs", since history says that gains in one sector often results in the
demise of another. There has been talk about hard landings, soft landings
and no landings at all; but economic forecasting can sometimes be politically
driven and thus unreliable. Both the UK and the US are in election mode and
we seem to be experiencing massive swings in the momentum of the underlying
voting population. However, it is our belief that toward year-end, there
could well be a return to more normal fiscal conditions, although the spectre
of further geopolitical risk in the form of a possible Chinese intervention in
Taiwan could further unsettle the outlook.
We intend to advance our proactive portfolio of investments and also directing
further acquisitions specifically in copper assets predominantly in southern
Africa. There are several opportunities available in this region and your
board has spent the last few years progressing potential involvement in highly
prospective areas in this region. Whilst Tiger has had difficulties in the
last few years resulting mainly from tough prevailing conditions in the junior
natural resource sector, we remain convinced that our turn to enter the arena
is close. Whilst investment activity has been limited during the period
under review, we have not missed the chance to plant seeds throughout southern
Africa and we are getting much closer to being in a position of making a well
informed and competent decision for the benefit of our shareholders in the
near future.
We have absolutely no doubt that abandoning a more passive investment policy
was the right choice for Tiger and we firmly believe that heading towards the
end of the current financial period, we will have a meaningful portfolio in
Tiger with "the right projects in the right places" in sought after
commodities and these projects being well-managed.
The nature of the natural resource business has changed dramatically and
without family offices and specialist institutions the few mines that haven
been developed in recent years would not have been in production today. The
Majors in the mining sector are reluctant to invest adequately in early stage
exploration to target new mines , because of the political risk involved and
the quantum of resources and management time required for social
engineering.
Until 2008, there was an active investment community supporting smaller
natural resource projects and it is reality that this investment support
group has disappeared; nonetheless it is apparent that the day of the "small
miner" is back. Copper supply fundamentals are dire and industrial end users
are tending to move upstream towards exploration and production as supply is
becoming almost more important than price. This applies to lithium, nickel,
cobalt hence putting the traders in a position that they are reconsidering
their own business model, which I believe will result in closer collaboration
between the miner and trader.
All of the aforementioned, in my opinion leads to a whole new world of
investment activity, creating numerous opportunities for those in a position
to take advantage. Fortune always favours the brave and Tiger intends to be
brave.
I would like to thank my colleagues for their patience and dedication during
the frustrating times we have endured, remembering that it does not always get
dark at 6 p.m. in the evening and tomorrow is another day.
Colin Bird
Chairman
26 June 2024
PORTFOLIO REVIEW
The table below includes investments held by the Company, and are disclosed in
note 6 to the financial statements.
Number Cost Valuation Valuation Valuation
31/12/23 31/12/23 31/12/23 31/12/22 31/03/24
£ £ £ £
African Pioneer Plc 8,810,056 100,000 207,036 202,631 162,986
Bezant Resources Plc 83,870,371 326,885 16,774 71,290 16,774
Caerus Mineral Resources Plc 1,000,000 100,603 27,500 45,000 5,650
Galileo Resources Plc 6,516,667 78,335 68,425 84,717 68,425
Goldquest Mining Corporation 173,500 30,259 9,289 14,796 15,476
Jubilee Metals Group Plc 869,600 74,513 56,089 88,264 48,698
Kendrick Resources Plc 83,333 50,217 400 812 400
TOTAL 760,812 385,513 507,510 318,409
Details of changes in the fair value of investments are shown in note 6 of the
Financial Statements.
African Pioneer Plc (LSE: AFP) www.africanpioneerplc.com
(http://www.africanpioneerplc.com)
African Pioneer Plc's ("APP") principal business is to explore for
opportunities in the natural resources sector in Sub-Saharan Africa with a
focus on base metals including copper, nickel, lead and zinc. Tiger's
current holding in APP is 8,810,056 ordinary shares in the company. APP has
four exploration licences located in north west Zambia which are under option
to First Quantum Mineral Ltd ("First Quantum") who have now exercised their
option on all four licences. The exploration programmes carried out by First
Quantum to date have produced numerous intersections of copper mineralisation
close to surface and the deeper holes have intersected all the pre-cursors
necessary for the Kamoa Kakula and western Foreland style mineralisation,
evidenced by Ivanhoe Resources. At APP's Omgombo project in Namibia, the
company carried out a near surface drilling programme and extended the
previously identified open-pittable mineralisation. In addition, APP has
remodelled the population of boreholes and announced an increased gross
Indicated Mineral Resource Estimate (MRE) in their 85% owned Ongombo project
of 5.7Mt at 1.1% Cu Equivalent (CuEq), 0.94% Cu and 0.23g/t Au and a very
substantial Inferred underground potential Resource of 23Mt at 1.1% CuEq,
0.95% Cu and 0.24g/t Au. The project has the benefit of a 20-year mining
licence and an environmental clearance certificate, which makes it a valuable
asset within APP's portfolio of copper projects.
Bezant Resources Plc (AIM - BZT: LN) www.bezantresources.com
(http://www.bezantresources.com)
Bezant Resources Plc ("Bezant") is a mineral exploration and development
company quoted on AIM and focused on developing a pipeline of copper-gold
projects to provide a new generation of economically and socially sustainable
mines. The company's portfolio of assets includes their flagship Hope and
Gorob Copper-Gold project in Namibia which covers a significant portion of the
highly prospective Matchless Copper Belt. The company also has an interest in
the Mankayan Project in the Philippines which is a porphyry system via its
22.96% shareholding in IDM International Limited ("IDM International") which
owns 100% of the Mankayan copper-gold project in the Philippines. The
company's Kanye Manganese Project in Botswana comprises a collection of
prospecting licenses covering a total area of approximately 4,043km2 and is
located in south-central Botswana south of the town of Jwaneng. Kanye has the
potential for the discovery of high-quality manganese deposits suitable for
supplying the valuable battery market.
Galileo Resources Plc (AIM - GLR - LN) www.galileoresources.com
(http://www.galileoresources.com)
Galileo Resources PLC ("Galileo") is an AIM quoted natural resource
exploration company specializing in the acquisition and development of base
metal projects with a focus on copper in southern Africa. Galileo recently
released its phase 1 drill assay results for the company's 80% owned Kamativi
Lithium-Tin Project in Zimbabwe. Full assay results for the 10-hole Phase 1
drilling programme at Kamativi showed extensive lithium enhancement focussed
on cross-cutting pegmatites/aplites and within mica-schist host rock. The
first borehole, KSDD001 included a zone of 4m @ 1.03% Li2O from 35m depth in a
discordant pegmatite within a wide 63.94m zone assaying 0.26% Li2O across both
pegmatites and mica-schist host rock. The company plans to target further
exploration to focus specifically on cross-cutting pegmatite/aplite dykes as
well as the source of the widespread lithium occurrences both within the
current Target 1 and at four other identified target zones on the property.
Galileo also recently announced the award of a small-scale mining licence for
the Luansobe copper project ("Luansobe") which covers 354 hectares located in
Zambia. The mining licence covers an area for which Galileo has previously
reported an Inferred Mineral Resources reported in accordance with the JORC
code 2012.
Jubilee Metals Group Plc (AIM - JLP: LN) www.jubileemetalsgroup.com
Jubilee Metals Group Plc ("Jubilee") is a diversified metal recovery business
with a world-class portfolio of projects in South Africa and Zambia. Jubilee's
shares are traded on the AIM Market of the London Stock Exchange (JLP) and the
South African Alt-X of JSE Limited (JBL). The company's business model focuses
on the retreatment and metals recovery from mine tailings, waste, slag, slurry
and other secondary materials generated from mining operations. Effectively,
whilst extracting maximum financial returns from its operations, Jubilee
responsibly rehabilitates environments scarred by the surface footprint of
historical mining operations and solving air and water pollution issues
associated with those installations. The company's expanding multi-project
portfolio across South Africa and Zambia provides exposure to a broad
commodity basket including Platinum Group Metals ('PGMs'), chrome, lead, zinc,
vanadium, copper and cobalt.
STATEMENT OF COMPREHENSIVE INCOME YEAR ENDED 31 DECEMBER 2023
2023 2022
Notes
£ £
Change in fair value of investments 6 (121,997) (159,847)
Revenue:
Other income 17,703 -
Administrative expenses 2 (298,948) (297,115)
LOSS BEFORE TAXATION (403,242) (456,962)
Taxation 4 - -
(403,242) (456,962)
TOTAL COMPREHENSIVE LOSS FOR THE YEAR
Basic loss per share 5 (0.07) (0.10)p
Diluted loss per share 5 (0.07) (0.10)p
All profits are derived from continuing operations.
STATEMENT OF CHANGES IN EQUITY YEAR ENDED 31 DECEMBER 2023
Other components of equity
Share capital Share premium Warrants reserve Capital redemption reserve Retained earnings Total
Equity
£ £ £ £ £ £
As at 1 January 2022 1,733,430 1,986,421 1,100,000 (4,050,000) 769,851
Shares issued during the year 91,686 26,619 65,067 - - 183,372
Total comprehensive income for the year - - - - (456,962) (456,962)
As at 31 December 2022 1,825,116 2,013,040 65,067 1,100,000 (4,506,962) 496,261
1,825,116 2,013,040 1,100,000 (4,506,962) 496,261
As at 1 January 2023 65,067
Warrants reserve adjustment - 65,067 (65,067) - - -
Total comprehensive income for the year - - - - (403,242) (403,242)
As at 31 December 2023 1,825,116 2,078,107 - 1,100,000 4,910,204 93,019
STATEMENTS OF FINANCIAL POSITION AS AT 31 DECEMBER 2023
Notes 2023 2022
£ £
NON- CURRENT ASSETS
Investments in financial assets at fair value through profit or loss 6 385,513 507,510
Total Non-Current Assets 385,513 507,510
CURRENT ASSETS
Trade and other receivables 7 5,590 45,819
Cash and cash equivalents 53,876 150,631
Total Current Assets 59,466 196,450
TOTAL ASSETS 444,979 703,960
CURRENT LIABILITIES
Trade and other payables 9 (351,960) (207,699)
Total Current Liabilities (351,960) (207,699)
NET ASSETS 93,019 496,261
EQUITY
Share capital 10 1,825,116 1,825,116
Share premium 2,078,107 2,013,040
Warrants reserve 11 - 65,067
Capital redemption reserve 1,100,000 1,100,000
Retained earnings (4,910,204) (4,506,962)
TOTAL EQUITY 93,019 496,261
CASH FLOW STATEMENTS YEAR ENDED 31 DECEMBER 2023
Notes 2023 2022
£ £
CASH FLOW FROM OPERATIONS
Loss before taxation (403,242) (456,962)
Adjustments for:
Change in fair value of investments 121,997 159,847
Other income (17,703) -
Operating loss before movements in working capital (298,948) (297,115)
(Increase)/Decrease in receivables 40,229 (1,092)
Increase/(Decrease) in payables 144,261 159,120
NET CASH OUTFLOW FROM OPERATING ACTIVITIES (114,458) (139,087)
CASH FLOW FROM INVESTING ACTIVITIES
Other income 17,703 -
Sale of investments - 111,952
NET CASH INFLOW FROM INVESTING ACTIVITIES 17,703 111,952
CASH FLOW FROM FINANCING ACTIVITIES
Issue of shares - 143,372
NET CASH INFLOW FROM FINANCING ACTIVITIES - 143,372
Net Increase/(decrease) in cash and cash equivalents in the year (96,755) 116,237
Cash and cash equivalents at the beginning of the year 150,631 34,394
53,876 150,631
Cash and cash equivalents at the end of the year
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
1. ACCOUNTING POLICIES
Basis of preparation
Tiger Royalties and Investments Plc ("Tiger" or the "Company") is a public
investment company limited by shares incorporated and domiciled in England and
Wales. The principal activities are discussed in the Strategic Report and the
address of the registered office is included on page 1 of the annual report.
The functional currency for the Company is Sterling as that is the currency of
the primary economic market in which the Company operates. The financial
statements have been prepared under the historical cost convention except for
the measurement of certain non-current asset investments at fair value. The
measurement bases and principal accounting policies of the Company are set out
below. The financial statements have been prepared using International
Financial Reporting Standards (IFRS) issued by the International Accounting
Standards Board (IASB) and endorsed by the United Kingdom.
New and amended IFRS Standards that are effective for the current year
A number of new standards and interpretations have been adopted by the Company
for the first time in line with their mandatory adoption dates, but none are
applicable to the Company and hence there would be no impact on the financial
statements.
New and revised IFRS Standards in issue but not yet effective
There are a number of standards, amendments to standards, and interpretations
which have been issued by the IASB that are effective in future accounting
periods that the Company has decided not to adopt early.
The following amendments are effective for the period beginning 1 January
2024:
· Liability in a Sale and Leaseback (Amendments to IFRS 16 Leases);
· Classification of Liabilities as Current or Non-Current (Amendments to
IAS Presentation of Financial Statements);
· •Non-current Liabilities with Covenants (Amendments to IAS 1
Presentation of Financial Statements); and
· Supplier Finance Arrangements (Amendments to IAS 7 Statement of Cash
Flows and IFRS 7 Financial Instruments: Disclosures)
The following amendments are effective for the period beginning 1 January
2025:
· Lack of Exchangeability (Amendments to IAS 21 The Effects of Changes in
Foreign Exchange Rates)
The Company is currently assessing the impact of these new accounting
standards and amendments. The Company does not expect any of the above
standards issued by the IASB, but are yet to be effective, to have a material
impact on the Company.
.
Going concern
The operations of the Company have been financed mainly through operating cash
flows. Historically, the Company has generated cash flow from the sale of
investments in quoted natural resource companies.
The Company made a loss of £403,242 during the current year. Cash and cash
equivalents were £53,876 (2022: £150,631) as at 31 December 2023 and the
Company held investment in financial investments at 31 December 2023 of
£385,513.
Although an operating loss is not expected in the year subsequent to the date
of these accounts, 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, however there is no
guarantee that adequate funds will be available when needed in the future.
There is a material uncertainty relating to the conditions above that may cast
significant doubt on the Company's ability to continue as a going concern and
therefore the Company may be unable to realise its assets and discharge its
liabilities in the normal course of business.
However, the Board's assessment is that the Company should be able to raise
additional funds, as and when required to meet its working capital
requirements and consequently the Board have concluded that they have 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) and the payments to Lion Mining Finance Ltd, a
company controlled by Colin Bird will be limited to £6,000 a quarter 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.
This financial report does not include any adjustments relating to the
recoverability and classification of recorded assets amounts or liabilities
that might be necessary should the entity not continue as a going concern.
Valuation of available-for-sale Investments and adoption of IFRS 9
Available-for-sale investments under both IFRS9 and IAS39 are initially
measured at fair value plus incidental acquisition costs. Subsequently, they
are measured at fair value in accordance with IFRS 13. This is either the bid
price or the last traded price, depending on the convention of the exchange on
which the investment is quoted.
All gains and losses are taken to profit and loss. In proceeding periods gains
and losses on available-for-sale investments were recognised in other
comprehensive income and accumulated in the available-for-sale assets reserve
except for impairment losses, until the assets are derecognised, at which time
the cumulative gains and losses previously recognised in other comprehensive
income are recognised in profit or loss.
Revenue
Dividends receivable from equity shares are taken to profit or loss on an
ex-dividend basis. Income from bank interest received is recognised on a
time-apportionment basis. Dividends are stated net of related tax credits.
Expenses
All expenses are accounted for on accruals basis.
Cash and cash equivalents
This consists of cash held in the Company's bank accounts.
Foreign currency
Assets and liabilities denominated in foreign currency are translated into
sterling at the rates of exchange ruling at balance sheet date. Exchange
gains or losses on monetary items are recorded in profit or loss. Exchange
gains or losses on investments in financial assets are recorded in other
comprehensive income.
Treasury shares
The cost of purchasing treasury shares and the proceeds from the sale of
treasury shares up to the original price is taken to the retained earnings
reserve; any surplus on the disposal of treasury shares (measured against the
weighted average purchase price) is taken to the share premium account.
Reserves
Share premium account
The share premium account is used to record the aggregate amount or value of
premiums paid in excess of the nominal value of share capital issued, less
deductions for issuance costs.
Capital Redemption Reserve
The Capital redemption reserve is used to redeem or purchase of Company's own
shares.
Warrants reserve
The warrant reserve presents the proceeds from issuance of warrants, net of
issue costs. Warrant reserve is non-distributable and will be transferred to
share capital account and accumulated losses upon exercise of warrants.
Geographical segments
The internal management reporting used by the chief operating decision maker
consists of one segment. Hence in the opinion of the Directors, no separate
disclosures are required under IFRS 8. The Company's revenue in the year is
not material and consequently no geographical segment information has been
disclosed.
Deferred tax
Deferred tax liabilities are generally recognised for taxable temporary
differences and deferred tax assets are generally recognised for all
deductible temporary differences to the extent that it is probable that
taxable profits will be available against which those deductible temporary
differences can be utilised except for differences arising on investments in
subsidiaries where the Company is able to control the timing of the reversal
of the difference and it is probable that the difference will not reverse in
the foreseeable future.
Deferred tax is also based on rates enacted or substantively enacted at the
reporting date and expected to apply when the related deferred tax asset is
realised or liability settled.
Deferred tax is charged or credited in the statement of comprehensive income,
except when it relates to items charged or credited directly to equity, in
which case the deferred tax is also dealt within equity.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable
profit differs from profit as reported in the income statement because it
excludes items or expenses that are taxable or deductible in other years and
it further excludes items that are never taxable or deductible. The Company's
liability for current tax is calculated using tax rates that have been enacted
or substantively enacted by the end of the reporting period.
Significant management judgement in applying accounting policies and
estimation uncertainty
When preparing the financial statements, management makes a number of
judgements, estimates and assumptions about the recognition and measurement of
assets, liabilities, income and expenses.
Fair value of financial assets
Establishing the fair value of financial assets may involve inputs other than
quoted prices. As is further disclosed in note 6, all of the Company's
financial assets which are measured at fair value are based on level 1 inputs,
which reduces the level of estimation involved in their valuation.
Recognition of deferred tax assets
The extent to which deferred tax assets can be recognised is based on an
assessment of the probability of the Company's future taxable income against
which the deductible temporary differences can be utilised. In addition,
significant judgement is required in assessing the impact of any legal or
economic limits or uncertainties in various tax jurisdictions. In the opinion
of the directors a deferred tax asset has not been recognised as future
profits cannot be forecasted with reasonable certainty.
2. OPERATING EXPENSES
Operating profit is stated after charging:
2023 2022
£ £
Auditor's remuneration:
- Audit of the financial statements 12,500 12,750
- Taxation compliance services 1,500 1,500
14,000 14,250
Notes
Legal fees 3,318 4,080
Corporate finance costs 25,461 24,278
Directors' 109,000 109,000
fees
3
Occupancy and support costs 72,000 72,000
Other administrative overheads 60,480 61,482
Stock Exchange costs 14,690 12,025
Administrative expenses 298,948 297,115
3. DIRECTORS' EMOLUMENTS
2023 2022
£ £
Directors' fees 109,000 109,000
Other than directors, there were no employees in the current or prior year. No
pensions or other benefits were paid to the Directors in the current or prior
period.
The emoluments of each director during the year were as follows:
2023 2023 2022 2022
£ Amount outstanding at year end £ Amount outstanding at year end
Colin Bird 36,000 54,000 36,000 20,616
Michael Nolan 25,000 37,499 25,000 27,083
Raju Samtani 30,000 44,442 30,000 16,548
Alex Borrelli 18,000 28,998 18,000 20,937
The amounts above shown as outstanding to the Directors relate to fees and/or
salaries for the 18-month period to 31 December 2023 for Colin Bird, Raju
Samtani, Michael Nolan and Alex Borrelli.
4. TAXATION
2023 2022
£ £
Corporation tax: - -
Current year
The major components of tax expense and the reconciliation of the expected tax
expense based on the domestic effective tax rate of 19% (2022 - 19%) and the
reported tax expense in the statement of comprehensive income are as follows:
2023 2022
£ £
Loss on ordinary activities before tax (403,242) (456,962)
Expected tax charge (credit) at 19% (2022 - 19%) (76,616) (86,823)
Effects of:
Difference between accounting gain and taxable gain on investment 19,816 30,524
Excess management expenses carried forward 56,800 56,299
- -
Actual tax charge
5. LOSS PER SHARE
Basic 2023 2022
Loss after tax for the purposes of loss per share attributable to equity (403,242) (456,962)
shareholders
Weighted average number of shares 539,628,554 450,705,455
Basic loss per ordinary share (0.07)p (0.10)p
Diluted
Loss for year after tax (403,242) (456,962)
Weighted average number of shares 539,628,554 450,705,455
Diluted weighted average number of shares 539,628,554 450,705,455
Diluted loss per ordinary share (0.07)p (0.10)p
6. INVESTMENTS IN FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
2023
Listed Investments Other Investments (Quoted/Others) Total
Canada 9,289 - 9,289
UK 234,936 141,288 376,224
244,225 141,288 385,513
2022
Listed Investments Other Investments (Quoted) Total
£ £ £
Canada 14,796 - 14,796
UK 248,443 244,271 492,714
263,239 244,271 507,510
Listed Investments Other Investments (Quoted/Others) Total
£ £ £
Opening book cost 281,079 479,733 760,812
Opening unrealised depreciation (17,840) (235,462) (253,302)
Valuation at 1 January 2023 263,239 244,271 507,510
Movements in the year:
Purchase at cost - - -
Sales proceeds -
Realised gains/(losses) on sales based on historic cost -
Increase/(Decrease) in unrealised depreciation (19,014) (102,983) (121,997)
244,225 141,288 385,513
Book cost 1 January 2023 281,079 479,733 760,812
Closing unrealised depreciation (36,854) (338,445) (375,299)
Valuation at 31 December 2023 244,225 141,288 385,513
2023 2022
£ £
Realised (loss)/gain based on historical cost - 806
Realised (loss)/gain based on carrying value at previous balance sheet date - 806
Unrealised fair value movement for the year (121,997) (160,653)
Total recognised (losses)/gains on investments in the year (121,997) (159,847)
Analysis of gains/(losses) relating to the Company's Investments
The gains/(losses) on the Company's investments are analysed below.
Accounting standards prohibit the recognition of uplifts in the
value of impaired assets in profit and loss.
Security 31 December 2023 31 December 2022
Profit and loss Profit and loss
African Pioneer Plc 4,405 12,334
Bezant Resources Plc (54,516) (54,516)
Block Energy Plc - 2,531
Caerus Minerals Plc (17,500) (95,000)
Corallian Energy Ltd (9,533)
Galileo Resources Plc (16,292) 20,854
Goldquest Mining Corporation (5,507) 1,359
Jubilee Metals Group Plc (32,175) (61,295)
Kendrick Resources Plc (412) 812
Pantheon Resources Plc - 18,342
Reabold resources Plc - 4,265
Total movements (121,997) (159,847)
Financial instruments measured at fair value
The following table presents financial assets and liabilities measured at fair
value in the statement of financial position in accordance with the fair value
hierarchy. This hierarchy groups financial assets and liabilities into three
levels based on the significance of inputs used in measuring the fair value of
the financial assets and liabilities. The fair value hierarchy has the
following levels:
- Level 1: quoted prices (unadjusted) in active markets for
identical assets or liabilities;
- Level 2: inputs other than quoted prices included within Level 1
that are observable for the asset or liability, either directly (i.e., as
prices) or indirectly (i.e., derived from prices); and
- Level 3: inputs for the asset or liability that are not based on
observable market data (unobserved inputs).
The level within which the financial asset or liability is classified is
determined based on the lowest level of significant input to the fair value
measurement.
The financial assets and liabilities measured at fair value in the statement
of financial position are grouped into the fair value hierarchy as follows:
Level 1 Level 2 Level 3 Total
31 December 2023 £ £ £ £
Assets 385,513 - - 385,513
Investments held at fair value
Total 385,513 - - 385,513
Level 1 Level 2 Level 3 Total
£ £ £ £
31 December 2022
Assets 507,510 - - 507,510
Investments held at fair value
Total 507,510 - - 507,510
There have been no level 3 investments held and/or movements during the year
Measurement of fair value
The methods and valuation techniques used for the purpose of measuring fair
value are outlined in note 1 and remain unchanged compared to the previous
reporting period. The fair values of short-term receivables, cash and
short-term payables do not differ from their carrying values due to their
short maturity profiles.
Listed / quoted securities
Equity securities held by the Company are denominated in GBP and CAD$, and are
publicly traded on the main London Stock Exchange, the Alternative Investment
Market of the London Stock Exchange and the Toronto Venture Exchange. Fair
values have been determined by reference to their quoted bid prices at the
reporting date.
7. TRADE AND OTHER RECEIVABLES
2023 2022
£ £
Other debtors 265 40,526
Prepayments 5,325 5,293
5,590 45,819
An expected credit loss impact assessment under IFRS 9 is not required, as the
Company does not hold any trade or intercompany debtors as at the balance
sheet date.
8. DEFERRED TAX
The Company has the below tax losses and related potential deferred tax:
Description 2023 2022 Potential Deferred tax asset Potential Deferred tax asset
£ £ 2023 2022
£ £
Non trade deficits 11,794 11,794 2,948 2,948
Excess management charges 3,079,889 2,780,941 769,972 695,235
Capital losses 793,980 771,434 198,495 192,858
3,885,663 3,564,169 971,415 891,041
Deferred tax assets are not recognised due to the unpredictability of future
profit streams arising from the disposal of investments held by the Company.
Tax losses may be carried forward indefinitely and will only be recoverable if
suitable profits arise in the future. Deferred tax positions arising from
unrealised gains and losses on the company's financial assets will vary
depending on changes in the fair values of those assets up until the date of
disposal.
9. TRADE AND OTHER PAYABLES
2023 2022
£ £
Trade payables 141,162 84,280
Directors 164,939 85,184
Accruals 45,859 38,235
351,960 207,699
10. CALLED UP SHARE CAPITAL
The share capital of Tiger consists of fully paid ordinary shares with a
nominal value of 0.1p each and deferred shares with a nominal value of 0.9p
each. Ordinary shares of 0.1p are eligible to receive dividends and the
repayment of capital and represent one vote at the shareholders' meeting of
The Company. The deferred shares carry no dividend or voting rights.
2023 2022
£ £
Authorised:
Ordinary Share Capital 10,000,000 10,000,000
142,831,939 (2022: 142,831,939) deferred shares of 0.9 p each 1,285,487 1,285,487
2023 2022
£ £
Opening Ordinary shares - 539,628,554 at 0.1p each (2022: 447,942,308 539,629 447,943
Ordinary shares of 0.1p each)
Issued during the year
None (2022 : 91,686,246 shares at issue price of £0.002 - nominal value of - 91,686
0.1p each) - (i)
Ordinary shares in issue as at 31 December 2023 - 539,628,554 at 0.1 p each 539,629 539,629
(2022 : 539,628,554 shares of 0.1p each) nominal value
142,831,939 (2022: 142,831,939) deferred shares of 0.9p each 1,285,487 1,285,487
1,825,116 1,825,116
The Deferred shares have no income or voting rights.
Included in allotted called and fully paid share capital are 4,500,000 shares
with a nominal value of £4,500 held by the company in treasury.
This share issue included 10,936,246 shares allotted to two directors in lieu
of accrued net salary of £21,872. Please see note 12(4) for further details.
11. Share Warrants
2023 2022
Number of warrants Exercise price Number of warrants Exercise price
Outstanding at 1 January 91,686,246 0.3p - -
Issued - - 91,686,246 0.3p
Outstanding at 31 December 91,686,246 - 91,686,246
Each of the participants in the Fundraising/shares issue on 20 December 2022
received one warrant exercisable at 0.3 pence for each Fundraising Share which
they subscribed, valid for two years.
As a result of this, the fair value of the share options was determined at the
date of the grant using the Black Scholes model, using the following inputs
Start date Expiry date Warrant price pence Risk free rate Volatility Fair value of warrants £
20 December 2022 20 December 2024 0.3 1.85% 46.03% -
12. RELATED PARTY TRANSACTIONS
(1) Lion Mining Finance Limited, a company in which Colin Bird is director
and shareholder, has provided administrative and technical services to the
Company amounting to £60,000 plus VAT in the year (2022 - £60,000). There
was an amount of £132,000 outstanding at 31 December 2023 (2022- 69,000). The
Board considers this transaction to be on an arms' length basis.
(2) The emoluments of the Directors and amounts due to each director at
year end are disclosed in note 3.
(3) Directors' shareholdings are disclosed in the Report of the Directors.
(4) As part of a fundraising completed on 20 December 2022, Mr Colin Bird
and Mr Raju Samtani each invested £25,000 to subscribe for 12,500,000 shares
of 0.1 pence each at a price of 0.2 pence per share. Additionally outstanding
salary due to Colin Bird of £12,600 was converted into 6,300,000 Placing
Shares and outstanding salary due to Mr Raju Samtani of £9,272 was converted
into 4,636,246 Placing Shares. All shares received as part of the placing
and salary conversion attracted one warrant exercisable at 0.3 pence per share
for a period of 2 years from the date of the placing.
Colin Bird and Alex Borrelli are directors of Kendrick Resources Plc, a
company which was admitted for admitted to the Official List by way of
Standard Listing and to trading on the London Stock Exchange's Main Market for
listed securities on 6 May 2022. Refer to portfolio valuation on page 3 for
details for Tiger's current holding in Kendrick Resources Plc.
13. POST-REPORTING DATE EVENTS
There are no events after the balance sheet date that may warrant disclosure
or may require adjustments to these financial statements.
14. CONTINGENT LIABILITIES
There were no contingent liabilities at 31 December 2023 (2023 - None).
There were no operating or financial commitments or contracts for capital
expenditure in place for the Company as at the reporting date (2023: £nil).
15. FINANCIAL INSTRUMENTS
Management of Risk
The Company's financial instruments comprise:
§ Investments held at fair value through profit or loss
§ Cash, short-term receivables and payables
Throughout the period under review, it was the Company's policy that no
trading in derivatives shall be undertaken.
The main financial risks arising from the Company's financial instruments are
market price risk and liquidity risk.
Liquidity risk arises principally from cash and cash equivalents, which
comprise cash at bank (repayable on demand). The Company has no overdraft
facilities. The carrying amount of these assets are approximately equal to
their fair value.
Credit risk is not significant, but is monitored. The Board regularly
reviews and agrees policies for managing each of these risks and they are
summarised below. These policies have remained constant throughout the period.
Financial Assets and Liabilities
Financial Assets
Financial Assets at amortised cost 2023 2022
£ £
Other debtors 265 40,526
Prepayments 5,325 5,293
Cash and cash equivalents 53,876 150,631
Financial Assets at fair value through other comprehensive income 385,513 507,510
Total 444,979 703,960
Financial Liabilities
Financial Assets at amortised cost 2023 2022
£ £
Trade Creditors 172,412 111,363
Other creditors 143,385 58,101
Accrued expenses 36,163 38,235
Total 351,960 207,699
Market risk
Market risk consists of interest rate risk, foreign currency risk and other
price risk. It is the Board's policy to maintain an appropriate spread of
investments in the portfolio whilst maintaining the investment policy and aims
of the Company. The Investment Committee actively monitors market prices and
other relevant information throughout the year and reports to the Board, who
is ultimately responsible for the Company's investment policy.
Interest rate risk
Changes in interest rates would affect the Company returns from its cash
balances. A floating rate of interest, which is linked to bank base rates, is
earned on cash deposits. The exposure to cash flow interest rate risk at 31
December 2023 for the Company was £53,876 (2022: £150,631).
A sensitivity analysis based on a movement of 1% on interest rates would have
a £539 effect on the Company's' profit (2022: £1,506).
As the Company does not have any borrowings and finances its operations
through its share capital and retained revenues, it does not have any interest
rate risk except in relation to cash balances.
Foreign currency risk
The Company's total return and net assets can be affected by currency
translation movements as part of the investments held by the Company are
denominated in currencies other than £ Sterling. The Directors mitigate the
individual currency risks through the international spread of investments.
Hedging transactions may be used but none have been employed during the period
under review (2022: none).
The fair values of the Company's investments that have foreign currency
exposure at 31 December 2023 are shown below.
2023 2022
CAD CAD
£ £
Investments in financial assets at fair value through profit or loss 9,289 14,796
The Company accounts for movements in fair value of its financial assets in
other comprehensive income. The following table illustrates the sensitivity of
the equity in regard to the Company's financial assets and the exchange rates
for £/ Canadian Dollar.
It assumes the following changes in exchanges rates:
- £/CAD +/- 20% - (2022: +/- 20%)
These percentages used reflect the high level of market volatility experienced
in exchange rates in recent years.
The sensitivity analysis is based on the Company's foreign currency financial
instruments held at each balance sheet date.
If £ Sterling had weakened against the currencies shows, this would have had
the following effect:
2023 2022
CAD CAD
£ £
Equity 1,858 2,959
If £ Sterling had strengthened against the currencies shows, this would have
had the following effect:
CAD CAD
£ £
Equity (1,548) (2,466)
Other price risk
Other price risk which comprises changes in market prices other than those
arising from interest rate risk or currency risk may affect the value of
quoted and unquoted equity investments. The Board of directors manages the
market price risks inherent in the investment portfolio by regularly
monitoring price movements and other relevant market information.
The Company accounts for movements in the fair value of investments in
financial assets in other comprehensive income and assets designated at fair
value through profit or loss in comprehensive income. The following table
illustrates the sensitivity to equity of an increase / decrease of 50% in
market prices. This level of change is considered to be reasonable based on
observation of current market conditions, in particular resource stocks and
junior mining companies. The sensitivity is based on the Company's equities at
each balance sheet date, with all other variables held constant.
2023 2022
50% increase in fair value 50% decrease in fair value 50% increase in fair value 50% decrease in fair value
£ £ £ £
Equity 192,756 (192,756) 253,755 (253,755)
Liquidity risk
The Company maintains appropriate cash reserves and the majority of the
Company's assets comprise realisable securities, most of which can be sold to
meet funding requirements if necessary. Given the Company's cash reserves, it
has been able to settle all liabilities on average within 1 month.
Credit risk
The risk of counterparty's failure to discharge its obligations under a
transaction that could result in the Company suffering a loss is minimal. The
Company holds its cash balances amounting to £53,876 (2022: £ 150,631) with
a reputable bank and only transacts with regulated institutions on normal
market terms, and this is the only significant credit risk exposure. The
credit rating for the bank is A+.
Included in total amounts receivable at 31 December 2023 is the sum of £196
(2022 - £457) which was lodged with the Company's brokers in relation to
future investments.
Concentration risk
The cash balance held with bank of £ 53,876 (2022: £150,631) is the only
significant credit risk exposure
Financial liabilities
There are no currency or interest rate risk exposures on financial liabilities
as they are denominated in £ Sterling and settled on average within one
month.
Capital management
The Company actively reviews its issued share capital and reserves and manages
its capital requirements in order to maintain an efficient overall financing
structure whilst avoiding any leverage. The capital structure of the Company
consists of only equity (comprising issued capital, reserves, and retained
earnings as disclosed below and the Statements of Changes in Equity) and no
debt.
The Board monitors the discount level of its issued shares, which is the
difference between its Net Asset Value (NAV) and its actual share price. To
improve NAV, the Company may purchase its own shares in the market. During the
current year, the Company has not purchased any of its own shares (2022: Nil).
Company At 1 January 2023 Cash flows Other non-cash changes At 31 December 2023
Cash and cash equivalents £ £ £ £
Cash 150,631 (96,755) - 53,876
Borrowings -
Debt due within one year -
Debt due after one year -
Total 150,631 (96,755) - 53,876
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