TIDMTIR

RNS Number : 6547Z

Tiger Royalties and Investments PLC

25 May 2021

For immediate release 25 May 2021

TIGER ROYALTIES AND INVESTMENTS PLC

(FORMERLY TIGER RESOURCE PLC)

("Tiger" or the "Company")

FINAL RESULTS FOR THE YEARED 31 DECEMBER 2020

AND

NOTICE OF ANNUAL GENERAL MEETING

The Company is pleased to announce its audited results for the year ended 31 December 2020 and to confirm that the 2020 Annual Report and Financial Statements ("Annual Report"), together with a Notice of AGM ("Notice") will be posted to shareholders on 28 May 2021. Pursuant to Rule 20 of the AIM Rules for Companies, copies of both the Annual Report and the Notice will thereafter be available for inspection at www.tiger-rf.com.

The AGM will be convened at the Company's registered address being 2(nd) Floor, 7/8 Kendrick Mews, London SW7 3HG on Tuesday 21 June 2021 at 14:00 pm. The AGM will be a closed meeting and shareholders will not be allowed to attend in person due to ongoing restrictions associated with the Covid-19 pandemic. The AGM notice will contain details on how shareholders will be able to exercise their voting rights along with other practical details.

Notes:

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 2020 or 31 December 2019 but it is derived from those accounts. Statutory accounts for 31 December 2019 have been delivered to the Registrar of Companies and those for 31 December 2020 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.

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 Resource Plc          Raju Samtani, Director    +44 (0)20 7581 4477 
                             Roland Cornish 
 Beaumont Cornish (Nomad)     Felicity Geidt           +44 (0)20 7628 3369 
 

Novum Securities Ltd Jon Belliss +44 (0)20 7399 9425

(Broker)

CHAIRMAN'S STATEMENT

Dear Shareholder,

The year under review has seen Tiger's net asset value per share ("NAV") decrease by 26% to 0.23p from 0.31p as at 31 December 2019. Although natural resource markets recovered during the second half of 2020, the decrease in NAV has resulted in the main due to additional shares being issued in September 2020 to recapitalise the Company. We are pleased to report that the portfolio has performed better this year with most of the investments in the portfolio showing an appreciation in value over the period, year to date.

The year under review, 2020, has been clouded by the tragic Covid-19 pandemic and our routines of international travel and face to face meetings came to a standstill. Conversely, during this period of austerity and uncertainty, the fortunes of commodity markets improved dramatically and at the time of writing of this Report, the improved sentiment has continued.

There has been much talk of the shape of the recovery curve and the bulls and bears both captured investors' attention during the period under review with their widely differing outlooks. These forecasts have generally been extreme and often without foundation or firm analysis. It is surprising to note, that at the time of writing this Report, forecasts are being made for a global recovery with associated growth rates generally in excess of anything previously seen. It is indeed sobering to recognise what the real economy represents when one sees the decimation of the hotel, travel and hospitality sectors and its lack of overall impact on the real recovery. However, these sectors can only add stimulus to the recovery when activity in these areas of the economy resumes back to pre-pandemic levels.

Moving to issues specific to our own industry, most commodities have experienced significant price increases since the start of the pandemic. The star of the show has been copper, which at the start of the pandemic was priced at US$5,400 per tonne and at the time of writing this Report has reached a price of US$10,400 per tonne. The forecast demand for copper in 2030 is double that of 2020 whilst the supply side is looking less achievable. Chile supplies 37% of the world's copper and the country is suffering immense social unrest, directed taxation increases and technical threats in its ability to support the expected surge in demand for the metal. These threats include falling grades of copper, deep and expensive to operate open pits mines with similar issues being experienced with underground mining operations. Chile is no longer the location of choice for global investment when considering the deployment of exploration capital with the preferred countries now being Australia, USA, Canada and other emerging copper belts, with Botswana having outstanding prospectivity in the Kalahari Copper Belt.

The forecast for the doubling in demand for copper was made around 2018 and did not fully take into account the astonishing impetus for electric vehicles (EVs). The economic emergence of developing countries has added to the global determination to slowdown climate change and this factor will also trigger a huge increase in the demand for copper. These issues have been compounded by President Joe Biden's plan to renew infrastructure in the USA, where such investment appears to have been on hold for some 20 years and now a pressing need to build new as well as refurbish existing infrastructure alongside embracing the challenges to respond to climate change. We believe that the next surge in commodity demand will be in metals and minerals which are used in the storage of energy and as such we also feel very positive on future prices for nickel, vanadium, manganese, cobalt and lithium.

Commodity industry analysts are referring to a commodity super cycle and I personally challenge the use of the word "cycle" in this context. This is on the basis that a cycle suggests that underlying economics have changed and that these commodities are now back in favour. My prognosis is that we are experiencing a fundamental shift in the demand for many metals, specifically for those listed above and particularly in the case of copper. The underlying demand being driven by technological and humanistic fundamentals which have not been seen since the age of the Industrial Revolution - all of this at a time of great challenges posed by the pandemic.

Tiger's investment portfolio is made up of companies which have exposure to these commodities and the planned public listing of our subsidiary company, African Pioneer plc, will further add our exposure to investment in copper. We are approaching the time, when major mining companies will need to acquire proven resources to improve their metal inventories and it is likely that some junior explorers will deliver excellent returns for their shareholders.

We are also of the opinion, that the extinction of the "small miner" and the reduction in the number of single project mining companies will be reversed, since the process of developing a large copper mine from commencement of exploration to first copper production can take up to 12 years and in any case is never less than 8 years given the time required for systematic exploration, permitting, financing and site construction. The sheer demand for copper and other selected base metals requires that all facets of production are in place from small high-grade operations to huge tonnage, low grade, ventures. We intend to add to our portfolio and gain more exposure to these targeted EV and energy storage metals and look forward to earning superior returns for our investors, an outcome that they have patiently waited for.

We remain committed to proactive investment and we believe that the day of the small miner and explorer has re-emerged and that Tiger's investors will benefit from the changing dynamics in the industry. I would like to thank my fellow directors for their dedication and application towards our objectives and sincerely thank our shareholders for their support over the years. We look forward to success arising from the emergence of EVs and the climate change revolution which will no doubt result in a rapidly changing and very different commodity and investment environment.

Colin Bird

Executive Chairman

24 May 2021

PORTFOLIO REVIEW

The table below includes investments held by the Group, and are disclosed in notes 7 to the financial statements.

 
                                           Number          Cost      Valuation      Valuation   Valuation 
                                         31/12/20      31/12/20       31/12/20       31/12/19    31/03/21 
                                                            GBP            GBP            GBP         GBP 
 Kendrick Resources Plc                 2,500,000        50,217              -              - 
 Bezant Resources Plc               55,555,556          250,435        138,889        111,111     176,128 
 Barkby Group Plc (previously 
  - Sovereign Mines of Africa 
  Plc)                                          -             -              -          5,909 
 Block Energy Plc                         625,000        25,100         20,312         28,125      15,625 
 Caerus Mineral Resources 
  Plc                                   1,000,000             -              -              -     126,000 
 Corallian Energy Limited                  20,000        30,000         30,000         30,000      30,000 
 ETFS Copper                                  760        12,896         17,497         34,436      19,624 
 Galileo Resources Plc                  6,516,667        78,335        107,525         32,583      86,020 
 Goldquest Mining Corporation             173,500        30,259         28,142         14,392      26,511 
 Jubilee Metals Group Plc               1,169,600       100,219        149,124         45,614     174,037 
 Pantheon Resources                        31,500        30,340         13,702          5,197      11,246 
 Australgold (formerly Revelo 
  Resources Corp)                          21,263        62,965              -            637           - 
 Royal Dutch Shell Plc B 
  Shares                                    2,700        73,234         34,004         60,466      36,045 
 TOTAL FOR THE PARENT COMPANY                           744,000        539,195        368,470     701,236 
                                                   ------------  -------------  -------------  ---------- 
 
 Europa Metals Ltd (previously                  -             -              -         26,100           - 
  Ferrum Crescent Limited) 
 Jubilee Metals Group Plc                 217,802         8,266         27,770         35,794      32,409 
 Galileo Resources Plc                  2,500,000        50,000         41,250         12,500      33,000 
 Australgold (formerly Revelo                   -             -              -          6,614           - 
  Resources Corp) 
 South 32 Limited                          13,845        28,607         19,297         19,522      21,606 
 Xtract Resources Plc                     606,060        20,217         10,788          5,939      38,182 
                                                   ------------  -------------  -------------  ---------- 
 TOTAL FOR AFRICAN PIONEER 
  PLC                                                   107,090         99,105        106,469     125,197 
                                                   ------------  -------------  -------------  ---------- 
 
 
 TOTAL INVESTMENTS FOR THE 
  GROUP                                                 851,090        638,300        474,939     826,433 
                                                   ============  =============  =============  ========== 
 
 

PARENT COMPANY:

The Company sold 1,000 ETFS Copper shares and its holding in Barkby Group during the year.

AFRICAN PIONEER Plc ("APP"):

APP sold its holding in Europa Metals Ltd and 700,000 shares in Jubilee Metals Group Plc during the year.

Details of changes in the fair value of investments are shown in note 7 of the Financial Statements.

African Pioneer Plc

African Pioneer Plc ("APP") is a 50.75% owned subsidiary of The Company and was formed with a mission to identify investment opportunities in base metals within the mining sector focussed in Sub-Saharan Africa. APP has identified suitable exploration assets in the mining sector based in Zambia, Namibia and Botswana and is now working to complete the acquisition of these assets and list APP on the London Stock Exchange by way of Standard Listing. Further details of the proposed acquisitions are detailed in note 13 of these financial statements.

Bezant Resources Plc (AIM - BZT: LN) 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 acquired a 30% interest in the Kalengwa exploration project on 24 April 2020 which is based in the area surrounding the historic, high-grade Kalengwa open pit copper mine in the Republic of Zambia. Bezant's copper-gold project is situated in the Matchless Copper Belt in Namibia and has a resource 10.2 million tonnes JORC category grade of approx. 1.9% copper and 0.3 g/t of gold (approx. 30% resource tonnage classified in the "indicated" Mineral Resource category with the balance in the "inferred" Mineral Resource category). The company's Eureka Property covers in excess of ten thousand hectares and is located in the north-west corner of the Jujuy province in northern Argentina.

Block Energy Plc (AIM - BLOE: LN) www.blockenergy.co.uk

Block Energy Plc ("Block Energy") is an AIM-listed exploration and production which has a strategy of applying innovative technology to realise the full potential of previously discovered fields in Georgia. In November 2020, Block Energy concluded a sale and purchase agreement with Schlumberger to acquire its subsidiary Schlumberger Rustaveli Company Limited (SRCL) representing a major milestone towards its objective of becoming the leading independent oil and gas producer in Georgia. The acquisition comprised of the producing Block XI(B) - Georgia's most productive block and the exploration Block IX and this transaction significantly increased the company's access to production, reserves and resources. The acquisition was completed by issuing options over shares conserving the company's cash resources.

Caerus Mineral Resources Plc (LSE: CMRS) www.caerusmineralresources.co m

Caerus Mineral Resources Plc ("Caerus") is a European-focused exploration and development company targeting mineral resources to supply the global Clean Energy Transition which whose shares were admitted to the main market of the London Stock Exchange under the Standard Segment of the Official on 19 March 2021. The company was established to target Mineral Resources in Europe in response to the transition and drive towards Clean Energy economies globally with the current focus being on copper-gold opportunities in Cyprus, a region with a long mining history and significant untapped value. Caerus recently announced a binding and exclusive option agreement with Jubilee Metals Group Plc ("Jubilee") which will enable Caerus and Jubilee to engage in an agreed work programme to investigate and assess the remnant ore and multiple waste stockpiles from the 16 mines that operated historically on Caerus' concessions to identify and define projects within the Caerus portfolio that can be targeted to production using modern designs and waste processing technologies guided and financed by Jubilee.

Corallian Energy Limited www.corallian.co.uk

Corallian Energy Limited ("Corallian") is a private UK oil and gas exploration and appraisal company. The Company holds interests in 4 basins in the UK; West of Shetland, Central Graben, Inner Moray Firth and Viking Graben. A proportion of the Corallian investment has been exchanged in recent weeks for a direct equity interest in Reabold Resources plc, an AIM listed investment company.

Galileo Resources Plc (AIM - GLR - LN) 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. The company recently completed a High-Resolution Helicopter-Borne Electromagnetic and Magnetic Survey over several of its prospecting licenses in the Kalahari Copper Belt in western Botswana which include PL40/2018 and PL39/2018. Galileo has announced that it has recently contracted a drilling program totalling a minimum of 2,500m of drilling which is due to commence shortly. The company also announced on 3 March 2021 that it entered into a conditional agreement with Siege Mining Limited ("Siege") in relation to the ceding of ownership and operations in the Star Zinc Project for a consideration of US$750,000. Galileo will also be paid a royalty based on future sales of zinc from the Star Zinc Project for allowing Siege to use Galileo's information, know-how and commercial experience in relation to the Star Zinc Project.

Jubilee Metals Group Plc (AIM - JLP: LN) www.jubileemetalsgroup.com

Jubilee Metals Group Plc ("Jubilee") is an industry leading metal recovery business focussed on the retreatment and metals recovery from mine tailings, waste, slag, slurry and other secondary materials generated from mining operations. 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. 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 last reported attributable earnings for the six-month period to 31 December 2020 increased by 212 %, to a record GBP 30.9 million (2019: GBP 9.9 million), driven mainly by increased operational output with PGM production surging by 34 % and increased metal prices over the period.

Royal Dutch Shell Plc (LSE - RDSB: LN) www.shell.com

Royal Dutch Shell Plc's ("Shell") mission is to thrive in the energy transition cycle by responding to society's desire for additional, cleaner, convenient and competitive energy and to make a positive contribution to society through the company's operations. Shell continuously seeks to improve its operating performance and maximise sustainable free cash flow, with an emphasis on health, safety, security, environment and asset performance, as well as adhering to ethics and compliance principles. The group made a loss of $21,534 million in the year ended 31 December 2020, compared with earnings of $16,432 million in 2019. After current cost of supplies adjustment, total segment earnings made a loss of $(19,701) million in 2020, compared with earnings of $15,827 million in 2019.

CONSOLIDATED AND PARENT COMPANY STATEMENTS OF COMPREHENSIVE INCOME YEARED 31 DECEMBER 2020

 
                            Notes   Group 2020               Group 2019   Company 2020     Company 2019 
                                                             (Restated) 
                                           GBP                      GBP            GBP              GBP 
 Change in fair 
  value of investments       7         250,740                  142,768        194,216          169,009 
  Revenue: 
    Investment income                    2,330                   12,230          1,989           11,210 
    Interest receivable                     38                      109             37              106 
 
 Administrative 
  expenses                   2       (488,017)                (316,227)      (345,755)        (285,887) 
 Impairment charge          6(a)             -                        -              -         (67,686) 
 Negative goodwill          6(b)        63,437                        -              -                - 
 
 LOSS BEFORE TAXATION                (171,472)                (161,120)      (149,513)        (173,248) 
 Taxation                    4               -                        -              -                - 
  TOTAL COMPREHENSIVE 
   LOSS FOR THE YEAR                 (171,472)                (161,120)      (149,513)        (173,248) 
                                   -----------  -----------------------  -------------  --------------- 
  LOSS FOR THE YEAR ATTRIBUTABLE 
   TO: 
 Shareholders of 
  the company                        (127,070)                (133,892)      (149,513)      (173,248) 
 Non-controlling 
  interest                            (44,402)                 (27,228)              -                - 
                                   -----------  -----------------------  -------------  --------------- 
                                     (171,472)                (161,120)      (149,513)        (173,248) 
                                   -----------  -----------------------  -------------  --------------- 
 
 TOTAL COMPREHENSIVE LOSS ATTRIBUTABLE TO: 
 Shareholders of 
  the company                        (127,070)                (133,892)      (149,513)        (173,248) 
 Non-controlling 
  interest                            (44,402)                 (27,228)              -                - 
                                   -----------  -----------------------  -------------  --------------- 
                                     (171,472)                (161,120)      (149,513)        (173,248) 
                                   -----------  -----------------------  -------------  --------------- 
 Basic earnings 
  per share                  5        (0.05) p                 (0.07) p 
 Diluted earnings 
  per share                  5        (0.05) p                 (0.07) p 
 

All profits are derived from continuing operations.

The comparative information has been restated as a result of prior period adjustment as detailed in note 1.

The notes on pages 30 to 49 are an integral part of these financial statements.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY YEARED 31 DECEMBER 2020

Other components of equity

 
                                  Share capital       Share      Capital      Retained         Equity   Non-controlling       Total 
                                                    premium   redemption      earnings   attributable          interest      Equity 
                                                                 reserve                    to owners 
                                            GBP         GBP          GBP           GBP            GBP               GBP         GBP 
 As at 1 January 2019                 1,474,334   1,669,216    1,100,000   (3,516,229)        727,321            25,853     753,174 
 
                                                                                                                                  - 
 Minority interest prior period 
  adjustment                                                                  (27,118)       (27,118)            27,118           - 
 
 Total comprehensive income for 
  the year - As restated                      -           -            -     (133,892)      (133,892)          (27,228)   (161,120) 
 
 As at 31 December 2019 - As 
  restated                            1,474,334   1,669,216    1,100,000   (3,677,239)        566,311            25,743     592,054 
                                     ----------  ----------  -----------  ------------  -------------  ----------------  ---------- 
 
 
 As at 1 January 2020 - As restated   1,474,334   1,669,216    1,100,000   (3,677,239)        566,311            25,743     592,054 
 
 Shares issued during the year          250,596     280,655            -             -        531,251                 -     531,251 
 
 Total comprehensive income for 
  the year                                                                   (127,070)      (127,070)          (44,402)   (171,472) 
 
 Minority's share of equity 
  injection 
  in APP (note 6b)                                                                                  -            61,563      61,563 
 
 As at 31 December 2020               1,724,930   1,949,871    1,100,000   (3,804,309)        970,492            42,904   1,013,396 
                                     ----------  ----------  -----------  ------------  -------------  ----------------  ---------- 
 
 
 

The comparative information has been restated as a result of prior period adjustment as detailed in note 1.

The notes on pages 30 to 49 are an integral part of these financial statements.

PARENT COMPANY STATEMENT OF CHANGES IN EQUITY YEARED 31 DECEMBER 2020

Other components of equity

 
                              Share capital       Share       Capital      Retained       Total 
                                                premium    redemption      earnings      Equity 
                                                              reserve 
                                        GBP         GBP           GBP           GBP         GBP 
 
  As at 1 January 2019            1,474,334   1,669,216     1,100,000   (3,475,194)     768,356 
 
 
 Total comprehensive income 
  for the year                            -           -             -     (173,248)   (173,248) 
 As at 31 December 2019           1,474,334   1,669,216     1,100,000   (3,648,442)     595,108 
                                 ----------  ----------  ------------  ------------  ---------- 
 
 As at 1 January 2020             1,474,334   1,669,216     1,100,000   (3,648,442)     595,108 
 
 Shares issued during the 
  year                              250,596     280,655             -                   531,251 
 
 Total comprehensive income 
  for the year                                                            (149,513)   (149,513) 
 
 As at 31 December 2020           1,724,930   1,949,871     1,100,000   (3,797,955)     976,846 
                                 ----------  ----------  ------------  ------------  ---------- 
 
 
 

The comparative information has been restated as a result of prior period adjustment as detailed in note 1.

The notes on pages 30 to 49 are an integral part of these financial statements.

   CONSOLIDATED AND PARENT COMPANY STATEMENTS OF FINANCIAL POSITION   AS AT 31 DECEMBER 2020 
 
                                       Notes              Group         Group       Company        Company 
                                                           2020          2019          2020           2019 
                                                                   (Restated) 
                                                            GBP           GBP           GBP            GBP 
 NON- CURRENT ASSETS 
 Investment in subsidiaries              6                    -             -             -              - 
 Investments in financial assets at 
  fair value through profit or loss      7              638,300       474,939       539,195        368,470 
                                              -----------------  ------------  ------------  ------------- 
 Total Non-Current Assets                               638,300       474,939       539,195        368,470 
 CURRENT ASSETS 
 Trade and other receivables             8               51,521        11,756       169,486        109,988 
 Cash and cash equivalents                              508,161       142,622       420,699        142,394 
                                              -----------------  ------------  ------------  ------------- 
 Total Current Assets                                   559,682       154,378       590,185        252,382 
                                              -----------------  ------------  ------------  ------------- 
 TOTAL ASSETS                                         1,197,982       629,317     1,129,380        620,852 
                                              -----------------  ------------  ------------  ------------- 
 CURRENT LIABILITIES 
 Trade and other payables               10            (184,586)      (37,263)     (152,534)       (25,744) 
 Total Current Liabilities                            (184,586)      (37,263)     (152,534)       (25,744) 
                                              -----------------  ------------  ------------  ------------- 
 NET ASSETS                                           1,013,396       592,054       976,846        595,108 
                                              -----------------  ------------  ------------  ------------- 
 EQUITY 
 Share capital                          11            1,724,930     1,474,334     1,724,930      1,474,334 
 Share premium                                        1,949,871     1,669,216     1,949,871      1,669,216 
 Other components of equity                           1,100,000     1,100,000     1,100,000      1,100,000 
 Retained earnings                                  (3,804,309)   (3,677,239)   (3,797,955)    (3,648,442) 
                                              -----------------  ------------  ------------  ------------- 
 EQUITY ATTRIBUTABLE TO THE OWNERS                      970,492       566,311       976,846        595,108 
 Equity interest of non-controlling 
  interests                                              42,904        25,743             -              - 
                                              -----------------  ------------  ------------  ------------- 
 TOTAL EQUITY                                         1,013,396       592,054       976,846        595,108 
                                              -----------------  ------------  ------------  ------------- 
 
 

The comparative information has been restated as a result of prior period adjustment as detailed in note 1.

The notes on pages 30 to 49 are an integral part of these financial statements.

The financial statements of Tiger Royalties and Investments Plc (registered number 02882601) were approved by the Board on 24 May 2021 and signed on its behalf by:

Colin Bird - Executive Chairman R Samtani - Finance Director

   CONSOLIDATED AND PARENT COMPANY CASH FLOW STATEMENTS   YEARED 31 DECEMBER 2020 
 
                             Notes          Group           Group   Company 2020   Company 2019 
                                             2020            2019 
                                              GBP   (Restated)GBP            GBP            GBP 
 CASH FLOW FROM OPERATIONS 
 Loss before taxation                   (171,472)       (161,120)      (149,513)      (173,248) 
 Adjustments for: 
 Interest receivable                         (38)           (109)           (37)          (106) 
 Dividends receivable                     (2,330)        (12,230)        (1,989)       (11,210) 
 Change in fair value 
  of investments                        (250,740)       (142,768)      (194,216)      (101,323) 
 Negative goodwill                       (63,437)               -              -              - 
                                      -----------  --------------  -------------  ------------- 
 Operating loss before 
  movements in working 
  capital                               (488,017)       (316,227)      (345,755)      (285,887) 
 (Increase)/Decrease 
  in receivables                          (8,515)         (2,645)       (28,246)        (1,248) 
 Increase/(Decrease) 
  in payables                             147,324         (5,239)        126,789       (12,687) 
 
 NET CASH OUTFLOW FROM 
  OPERATING ACTIVITIES                  (349,208)       (324,111)      (247,212)      (299,822) 
                                      -----------  --------------  -------------  ------------- 
 
                                                                                              1 
 CASH FLOW FROM INVESTING 
  ACTIVITIES 
 Interest received                             38             109             37            106 
 Dividends received                         2,330          12,230          1,989         11,210 
 Sale of investments                       87,379         387,615         23,491        387,615 
 Purchase of investments                        -               -              -              - 
                                      -----------  --------------  -------------  ------------- 
 NET CASH INFLOW FROM 
  INVESTING ACTIVITIES                     89,747         399,954         25,517        398,931 
                                      -----------  --------------  -------------  ------------- 
 
 CASH FLOW FROM FINANCING 
  ACTIVITIES 
 
 Issue of shares                          500,000               -        500,000              - 
 Issue of convertible                     125,000               -              -              - 
  loan notes - APP 
 
 
 NET CASH INFLOW FROM 
  FINANCING ACTIVITIES                    625,000               -        500,000              - 
                                      -----------  --------------  -------------  ------------- 
 
 Net decrease in cash 
  and cash equivalents 
  in the year                             365,539          75,843        278,305         99,109 
 Cash and cash equivalents 
  at the beginning of 
  the year                                142,622          66,779        142,394         43,285 
                                      -----------  --------------  -------------  ------------- 
  Cash and cash equivalents 
   at the end of the year                 508,161         142,622        420,699        142,394 
                                      ===========  ==============  =============  ============= 
 
 
 

The comparative information has been restated as a result of prior period adjustment as detailed in note 1.

The notes on pages 30 to 49 are an integral part of these financial statements.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEARED 31 DECEMBER 2020

   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. Tiger and African Pioneer Plc's (subsidiary company) 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 Group is Sterling as that is the currency of the primary economic market in which the Company and Group 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 Group 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 European Union.

New and amended IFRS Standards that are effective for the current year

A number of new standards and interpretations have been adopted by the Group for the first time in line with their mandatory adoption dates, but none are applicable to the Group and hence there would be no impact on the financial statements.

New and revised IFRS Standards in issue but not yet effective

At the date of approval of these financial statements, the Group has not applied the following new and revised IFRS Standards that have been issued but are not yet effective:

 
 
 IFRS 17               Insurance Contracts 
                      ---------------------------------------------------------- 
 IFRS 10 and IAS 28    Sale or Contribution of Assets between an Investor 
  (amendments)          and its Associate or Joint 
                        Venture 
                      ---------------------------------------------------------- 
 Amendments to IAS     Classification of Liabilities as Current or Non-current 
  1 
                      ---------------------------------------------------------- 
 Amendments to IFRS    Reference to the Conceptual Framework 
  3 
                      ---------------------------------------------------------- 
 Amendments to IAS     Property, Plant and Equipment-Proceeds before Intended 
  16                    Use 
                      ---------------------------------------------------------- 
 Amendments to IAS     Onerous Contracts - Cost of Fulfilling a Contract 
  37 
                      ---------------------------------------------------------- 
 Annual Improvements   Amendments to IFRS 1 First-time Adoption of International 
  to IFRS Standards     Financial Reporting Standards, IFRS 9 Financial 
  2018-2020 Cycle       Instruments, IFRS 16 Leases, and IAS 41 Agriculture 
                      ---------------------------------------------------------- 
 

The directors do not expect that the adoption of the Standards listed above will have a material impact on the financial statements of the Group in future periods.

Prior period adjustments

At the date of signing the 2019 audited consolidated financial statements for the Company, the audit of financial statements of its subsidiary company African Pioneer Plc ("APP") had not been completed. On the basis that the APP figures were considered to be immaterial, the unaudited APP numbers were used to prepare Tiger's consolidated financial statements to 31 December 2019. Upon completion of APP's audit, some differences were identified between APP's audited financial statements and the figures used for the 2019 Tiger consolidation. These differences related primarily to an additional accrual and the classification of an intercompany loan from Tiger to APP as equity contribution in APP's audited financial statements. Due to these differences, the prior year consolidated profit, and minority interest have been restated.

Additionally, there were some differences in the classification of investments between listed and unlisted securities and between currencies, in note 7 of the prior year financial statements. These differences relating to the year ending 31 December 2019 have been corrected and restated in the current year. This restatement has not affected the loss, net assets and taxation in the current or prior year.

The following table summarizes the impact of the prior period adjustment on the financial statements of the Group. There is no impact on balances at 1 January 2019. The impact of the prior period adjustment is immaterial for both basic and diluted earnings per share.

 
                                                 Period ended 31 
                                                  December 2019 
 Consolidated Statement of Comprehensive 
  Income 
                                                ---------------- 
 Other admin expenses                                 6,500 
                                                ---------------- 
 Increase/(decrease) in profit for the 
  financial year                                     (6,500) 
                                                ---------------- 
 
 Consolidated statement of financial position 
                                                ---------------- 
 Accruals                                             6,500 
                                                ---------------- 
 Increase/(decrease) in net assets                   (6,500) 
                                                ---------------- 
 Increase/(Decrease) in minority interest            27,118 
                                                ---------------- 
 Increase/(Decrease) in consolidated reserves       (27,118) 
                                                ---------------- 
 

Basis of consolidation

The Group financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries). Control is achieved where the Company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. The subsidiary has a reporting date of 31 December.

The results of subsidiaries acquired or disposed of during the year are included in the consolidated statement of comprehensive income from the effective date of acquisition or up to the effective date of disposal, as appropriate.

Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with those used by other members of the Group.

All intra-group transactions, balances, income and expenses are eliminated in full on consolidation.

Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Group's equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the minority's share of changes in equity since the date of the combination. Losses applicable to the non-controlling interests in excess of the minority's interest in the subsidiary's equity are recorded as a debit to non-controlling interest regardless of whether there is an obligation in the part of the holders of non-controlling interests for losses.

Negative goodwill can arise if the interest in the net amount of identifiable assets, liabilities and contingent liabilities exceeds the cost of the business combination. The credit balance is released to profit or loss.

Going concern

The operations of the Group have been financed mainly through operating cash flows. As at 31 December 2020, the Group held cash balances of GBP508,161 (2019: GBP142,622) and an operating loss has been reported. Historically, the Group has been generating cash flow from the appreciation and subsequent sale of investments in quoted natural resource companies. The Directors anticipate net operating cash flows to be neutral for the Group in the next twelve months from the date of signing these financial statements.

The Directors have assessed the working capital requirements for the forthcoming twelve months and have undertaken assessments which to consider cash forecasts until June 2022. Upon reviewing those cash flow projections for the forthcoming twelve months, the Directors consider that the Group should not require additional financial resources in the twelve-month period from the date of approval of these financial statements to enable the Group to fund its current operations and to meet its commitments.

Notwithstanding the above and given the ongoing uncertainties with the ongoing Covid19 pandemic, the Directors may require to raise some funds through equity fund raising in extremely worsening economic circumstances. To this end, the Board has substantial experience with capital markets within the smaller cap space and would be in a position to access markets in such a scenario. Nevertheless, after making enquiries and considering the uncertainties described above, the Directors have a reasonable expectation that the Company has adequate ability to manage its portfolio and raise resources if necessary, to continue in operational existence for the foreseeable future. The Directors therefore continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Valuation of available-for-sale Investments and adoption of IFRS9

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.

Investments in subsidiaries

In its separate financial statements, the Company recognises its investments in subsidiaries at cost, less any provision for impairment. The cost of acquisition includes directly attributable professional fees and other expenses incurred in connection with the acquisition.

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 Group'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 Group's own shares.

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 Group'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 Group 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 consolidated 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 Group'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 7, all of the Group'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 Group'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:

 
                                                                          Group   Company  Company 
                                           Group 2020                      2019      2020     2019 
                                                  GBP             (Restated)GBP       GBP      GBP 
Auditor's remuneration: 
 
  *    Audit of the financial statements       17,167                    17,167    15,000   15,000 
 
  *    Taxation compliance services             1,500                     1,500     1,500    1,500 
                                           ----------  ------------------------  --------  ------- 
                                               18,667                    18,667    16,500   16,500 
                                    Notes 
 Legal fees                                    13,536                     7,218    13,536        7,218 
 Corporate finance costs                       27,600                    25,200    27,600       25,200 
 Directors' fees 3                             99,000                   120,000    99,000      120,000 
 Director of subsidiary company                 3,600                     3,600         -            - 
 Occupancy and support costs                   82,800                    82,800    72,000       72,000 
 Other administrative overheads               123,004                    49,538   101,677       35,755 
 Stock Exchange costs                          15,442                     9,204    15,442        9,204 
 APP listing related expenses                 104,368                         -         -            - 
                                                                              -         -            - 
 Administrative expenses                      488,017                   316,227   345,755      285,877 
                                           ----------  ------------------------  --------  ----------- 
 
   3.     DIRECTORS' EMOLUMENTS 
 
 
                                            Group 2020  Group 2019  Company 2020  Company 2019 
                                                   GBP         GBP           GBP           GBP 
           Directors' fees                   102,600       123,600       99,000        120,000 
                                            ----------  ----------  ------------  ------------ 
 
 
 

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: 
 
                             Group 2020     Group 2019   Company 2020   Company 2019 
                                    GBP            GBP            GBP            GBP 
 
James Cunningham-Davis            3,600          3,600              -              - 
Colin Bird                       39,500         50,000         39,500         50,000 
Michael Nolan                    27,500         35,000         27,500         35,000 
Raju Samtani                     31,250         35,000         31,250         35,000 
Alex Borrelli                       750              -            750              - 
 
   4.         TAXATION 
 
                                                 Group 2020           Group  Company 2020       Company 
                                                        GBP            2019           GBP          2019 
                                                                        GBP                         GBP 
           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% (2019 - 19%) 
             and the reported tax expense in the statement of comprehensive income are 
             as follows: 
                                                                             Company 2020  Company 2019 
                                                 Group 2020      Group 2019           GBP 
                                                        GBP   (Restated)GBP                         GBP 
           Loss on ordinary activities before 
            tax                                   (171,472)       (161,120)     (149,513)     (173,248) 
                                                 ----------  --------------  ------------  ------------ 
           Expected tax charge at 19% (2019 - 
            19%)                                   (32,580)        (30,612)      (28,407)      (32,917) 
 
            Effects of: 
           Exempt dividend income                       443           2,324           378         2,130 
           Impairment adjustment                          -               -             -        12,860 
           Difference between accounting gain 
            and taxable gain on investment            2,817          12,244         7,803        34,618 
           Excess management expenses carried 
            forward                                  26,839          41,459        17,749        54,319 
           Non-trade loan relationship deficit 
            carried forward                           2,478           2,487         2,478         2,486 
            Actual tax charge                             -               -             -             - 
                                                 ----------  --------------  ------------  ------------ 
 
   5.         EARNINGS PER SHARE 
 
 Basic                                                    2020            2019 
                                                                    (Restated) 
 Loss after tax for the purposes of earnings 
  per share attributable to equity shareholders 
  of the parent                                      (127,070)   GBP (133,892) 
 Weighted average number of shares                 241,054,411     188,847,070 
 Basic earnings per ordinary share                    (0.05) p        (0.07) p 
 
 Diluted 
 Loss for year after tax                             (127,070)   GBP (133,892) 
 Weighted average number of shares                 241,054,411     188,847,070 
 Dilutive effect of options                                  -               - 
 Diluted weighted average number of shares         241,054,411     188,847,070 
 Diluted earnings per ordinary share                  (0.05) p        (0.07) p 
 Potentially dilutive options 
 

There were no share options outstanding at 31 December 2020 or 31 December 2019.

   6.         INVESTMENT IN SUBSIDIARIES 

a) On 20 July 2012, Tiger made an investment in African Pioneer Plc ("APP"), an Isle of Man company registered at 31-37 North Quay, Douglas, Isle of Man, IM1 4LB. African Pioneer Plc is an investment vehicle which was incorporated to facilitate pro-active investments being undertaken by The Company in the resource sector. At 31 December 2019, the Group had an interest of 50.75% of the voting equity rights in its subsidiary, African Pioneer Plc.

The subsidiary company was incorporated on 20 July 2012, and later issued shares through a placing of shares for cash and there were, therefore, no assets or liabilities acquired at the time acquisition. No acquisition costs were incurred. African Pioneer Plc issued 4,998,258 Ordinary shares of nil par on 2 June 2015 at 1 pence per share. The Company subscribed for a further 2,529,130 shares in this placing and held 5,952,913 shares representing a holding of 50.75% in African Pioneer Plc. On 7 December 2020, APP consolidated its share capital 10:1 for existing shares. This resulted in 1,172,982 total issued number of shares, with the Company holding 595,291 shares at 31 December 2020.

 
                                        2020               2019 
                                         GBP                GBP 
       At 1 January 2020                   -             67,686 
       Impairment                          -           (67,686) 
                                   ---------  ----------------- 
       Total at 31 December 2020           -                  - 
                                   ---------  ----------------- 
 

African Pioneer Plc's capital and reserves were as follows:

 
                                       2020                  2019 
                                        GBP         (Restated)GBP 
       Share capital                452,983               452,983 
       Loss for the year           (90,156)              (55,286) 
       Reserves                   (275,713)             (345,427) 
                           ----------------  -------------------- 
       Total equity                  87,114                52,270 
                           ----------------  -------------------- 
 

b) On 21 October 2020, APP entered into a convertible loan note agreement with Sanderson Capital Partners ("Sanderson") for a total investment of GBP150,000. Sanderson advanced the sum of GBP125,000 under this agreement prior to 31 December 2020 and the balancing GBP25,000 was received by the Company on 4 February 2021. In accordance with IAS 32, the funds received from Sanderson were classified as equity in APP's financial statements for the year ended 31 December 2020. Tiger's share being GBP63,437 (GBP125,000*50.75%) has been recognised as negative goodwill in the consolidated statement of comprehensive income. Additionally, an amount of GBP61,563 (GBP125,000*49.25%) has been credited to minority interest.

The loan notes do not have a fixed repayment term and carry a zero-coupon rate and may be converted by Sanderson into Ordinary shares of zero par value in APP at any time at a conversion price 1.75p per share but in any case, no later than when APP has listed its shares on a recognised exchange. Upon listing, Sanderson will receive one warrant per each share received on conversion of the loan notes into Ordinary shares in African Pioneer Plc to subscribe for shares at a strike price being the lower of 3.5 pence or the listing price of the shares at the time of admission for trading on a recognised market. These warrants will be valid for a period of 3 years from the date of issue of the convertible loan note.

   7.         INVESTMENTS IN FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS 

GROUP

 
                                                            2020 
                               Listed Investments     Other Investments          Total 
                                                        (Quoted/Others) 
                                              GBP                   GBP            GBP 
 Canada                                    28,142                     -         28,142 
 UK                                        70,799               539,359        610,158 
 
                                           98,941               539,359        638,300 
                            ---------------------  --------------------  ------------- 
 
 
 
                                                                       2019 (Restated) 
                                           Listed Investments     Other Investments          Total 
                                                                    (Quoted/Others) 
                                                          GBP                   GBP            GBP 
 Canada                                              21,643                       -         21,643 
 UK                                                   114,423               338,873        453,296 
                                                      136,066               338,873        474,939 
                             --------------------------------  --------------------  ------------- 
 
 
 
                                      Listed Investments   Other Investments        Total 
                                                                    (Quoted) 
                                                     GBP                 GBP          GBP 
 Opening book cost - As restated                 278,490             834,947    1,113,437 
 Opening unrealised gains(losses) 
  - As restated                                (142,424)           (496,074)    (638,498) 
 Valuation at 1 January 2020 
  - As restated                                  136,066             338,873      474,939 
  Movements in the year: 
 Purchase at cost                                      -                   -            - 
 Sales proceeds                                 (39,267)            (48,112)     (87,379) 
 Realised gains/(losses) on sales 
  based on historic cost                        (31,262)           (143,705)    (174,967) 
 Increase/(Decrease) in unrealised 
  gains                                           33,404             392,303      425,707 
                                                  98,941             539,359      638,300 
                                     -------------------  ------------------  ----------- 
 
 Book cost at year end                           207,961             643,129      851,090 
 Closing unrealised depreciation               (109,020)           (103,770)    (212,790) 
                                     -------------------  ------------------  ----------- 
 Valuation at 31 December 2020                    98,941             539,359      638,300 
                                     -------------------  ------------------  ----------- 
 
 
 
                                                                 2020          2019 
                                                                  GBP           GBP 
 Realised (losses)/gains based on historical 
  cost                                                      (174,967)        39,164 
 Reversal of impairment loss on disposed asset                      -             - 
  (1) 
 
 Realised gains based on carrying value at 
  previous balance sheet date                               (174,967)        39,164 
 Unrealised fair value movement for the year 
  - profit and loss (1)                                       425,707       103,604 
 Unrealised fair value movement for the year                                      - 
  - other comprehensive income 
 Total recognised gains/(losses) on in the 
  year                                                        250,740       142,768 
                                                         ------------  ------------ 
 
      (1) Net impairment credit/(charge) recognised                 -             - 
       in profit and loss 
                                                         ------------  ------------ 
 
 

There are no significant holdings (over 20%) in any of the investee companies.

COMPANY

 
                                                  2020 
                             Listed Investments   Other Investments          Total 
                                                    (Quoted/Others) 
                                            GBP                 GBP            GBP 
 Canada                                  28,142                   -         28,142 
 
 UK                                      51,501             459,552        511,053 
 
 
                                         79,643             459,552        539,195 
                          ---------------------  ------------------  ------------- 
 
 
 
                                                            2019 (Restated) 
                                 Listed Investments     Other Investments          Total 
                                                                 (Quoted) 
                                                GBP                   GBP            GBP 
 Canada                                      15,029                     -         15,029 
 UK                                          94,902               258,539        353,441 
 
 
                                            109,931               258,539        368,470 
                              ---------------------  --------------------  ------------- 
 
 
 
 
                                        Listed Investments   Other Investments       Total 
                                                               (Quoted/Others) 
                                                       GBP                 GBP         GBP 
 Opening book cost - As restated                   196,322             664,646     860,968 
 Opening unrealised depreciation 
  - As restated                                   (86,391)           (406,107)   (492,498) 
                                       -------------------  ------------------  ---------- 
 Valuation at 1 January 2020 
  - As restated                                    109,931             258,539     368,470 
 Movements in the year: 
 Purchase at cost                                        -                   -           - 
 Investments written off                                 -                   -           - 
 Sales proceeds                                   (18,572)             (4,919)    (23,491) 
 Realised gains/(losses) on sales 
  based on historic cost                             1,604            (95,081)    (93,477) 
 Decrease in unrealised depreciation              (13,320)             301,013     287,693 
                                                    79,643             459,552     539,195 
                                       -------------------  ------------------  ---------- 
 
 Book cost at year end                             179,354             564,646     744,000 
 Closing unrealised depreciation                  (99,711)           (105,094)   (204,805) 
 Valuation at 31 December 2020                      79,643             459,552     539,195 
                                       -------------------  ------------------  ---------- 
 
 
                                                              2020          2019 
                                                               GBP           GBP 
 Realised gains based on historical cost                  (93,477)        39,164 
 Realised gains based on carrying value at previous 
  balance sheet date                                      (93,477)        39,164 
 Unrealised fair value movement for the year 
  - profit and loss (1)                                    287,693       129,845 
 Unrealised fair value movement for the year                     -             - 
  - other comprehensive income 
 Total recognised losses on investments in the 
  year                                                     194,216       169,009 
                                                         ---------  ------------ 
 
 (1) Net impairment credit/(charge) recognised                   -             - 
  in profit and loss 
                                                         ---------  ------------ 
 
 
 
 Analysis of gains/(losses) relating to the Group's Investments 
 The gains/(losses) on the Group's investments are analysed below. Accounting standards prohibit 
  the recognition of uplifts in the value of impaired assets in profit and loss. 
                                                 31 December 2020              31 December 2019 
  Security                                         Profit                  Profit and 
                                                   and loss      Total           loss      Total 
                                                        GBP        GBP            GBP        GBP 
 Anglo American Plc                                                            57,650     57,650 
 Bezant Resources Plc                                27,778     27,778         44,444     44,444 
 Block Energy Plc                                   (7,813)    (7,813)         57,785     57,785 
 Kendrick Resources PLC                                   -          -              -          - 
 Corallian Energy Ltd                                     -          -              - 
 EFTS Copper                                          1,633      1,633            289        289 
 Galileo Resources Plc                               74,942     74,942       (14,337)   (14,337) 
 Goldquest Mining Corporation                        13,750     13,750          3,670      3,670 
 Jubilee Metals Group Plc                           103,510    103,510         17,544     17,544 
 Pantheon Resources Plc                               8,505      8,505            157        157 
 Australgold (Formerly Revelo 
  Resources Corp)                                     (637)      (637)          (641)      (641) 
 Royal Dutch Shell Plc                             (26,462)   (26,462)          (961)      (961) 
 Barkby Group Plc                                     (990)      (990)          3,409      3,409 
 Movements in parent company                        194,216    194,216        169,009    169,009 
                                                 ----------  ---------  -------------  --------- 
 
 Europa Metals Ltd                                  (9,176)    (9,176)       (26,100)   (26,100) 
 Galileo Resources Plc                               28,750     28,750        (5,500)    (5,500) 
 Jubilee Metals Group Plc                            18,244     18,244         13,767     13,767 
 Australgold (formerly Revelo 
  Resources Corp)                                    14,081     14,081        (4,273)    (4,273) 
 South 32 Limited                                     (224)      (224)        (5,953)    (5,953) 
 Xtract Resources Plc                                 4,849      4,849          1,818      1,818 
                                                 ----------  ---------  -------------  --------- 
 Movements in subsidiary company                     56,524     56,524       (26,241)   (26,241) 
                                                 ----------  ---------  -------------  --------- 
 Total movements in the Group                       250,740    250,740        142,768    142,768 
                                                 ----------  ---------  -------------  --------- 
 
 
 

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:

(GROUP)

 
  31 December 2020                   Level 1   Level 2     Level      Total 
                                         GBP       GBP         3        GBP 
                                                             GBP 
 
 Assets 
  Investments held at fair value     608,300         -    30,000    638,300 
                                   ---------  --------  --------  --------- 
 Total                               608,300         -    30,000    638,300 
  31 December 2019 (Restated)        Level 1   Level 2     Level      Total 
                                         GBP       GBP         3        GBP 
                                                             GBP 
 
 Assets 
  Investments held at fair value     444,939         -    30,000    474,939 
                                   ---------  --------  --------  --------- 
                                     444,939         -    30,000    474,939 
                                   ---------  --------  --------  --------- 
 
 

(COMPANY)

 
  31 December 2020                   Level 1   Level 2     Level                       Total 
                                         GBP       GBP         3                         GBP 
                                                             GBP 
 
 Assets 
  Investments held at fair value     509,195         -    30,000                     539,195 
                                   ---------  --------  --------  -------------------------- 
 Total                               509,195         -    30,000                     539,195 
 
 
  31 December 2019 (Restated)        Level 1   Level 2     Level                       Total 
                                         GBP       GBP         3                         GBP 
                                                             GBP 
 
 Assets 
  Investments held at fair value     338,470         -    30,000                     368,470 
                                   ---------  --------  --------  -------------------------- 
 Total                               338,470         -    30,000                     368,470 
 

There have been no significant transfers between levels in the reporting period.

Reconciliation of Level 3 fair value measurements of financial instruments (Group and Company)

 
                                                          Level 3 investments 
                                                                  GBP 
 Balance at 1 January 2019                                      30,000 
                                                         -------------------- 
 Total gains or (losses) in other comprehensive income             - 
                                                         -------------------- 
 Purchases/(Sales)                                                 - 
                                                         -------------------- 
 Transfers in/(out)                                                - 
                                                         -------------------- 
 Balance at 1 January 2020                                      30,000 
                                                         -------------------- 
 Total gains or (losses) in other comprehensive income             - 
                                                         -------------------- 
 Purchases/(Sales)                                                 - 
                                                         -------------------- 
 Transfers in/(out)                                                - 
                                                         -------------------- 
 Balance at 31 December 2020                                    30,000 
                                                         -------------------- 
 

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 Group are denominated in GBP, USD, CAD$, and AUS$ and are publicly traded on the main London Stock Exchange, the Alternative Investment Market of the London Stock Exchange, the Toronto Venture Exchange, the Australian Exchange and on NEX. Fair values have been determined by reference to their quoted bid prices at the reporting date, with the exception of Rockrose plc, which are currently suspended and have been valued at their last available market price prior to suspension.

   8.         TRADE AND OTHER RECEIVABLES 
 
                                         Group    Group   Company   Company 
                                          2020     2019      2020      2019 
                                           GBP      GBP       GBP       GBP 
 
 Other debtors                          47,159    2,624    47,159     1,276 
 Amounts due from group undertakings         -        -   118,385   100,000 
 Prepayments                             4,362    9,132     3,942     8,712 
                                       -------  -------  --------  -------- 
                                        51,521   11,756   169,486   109,988 
                                       -------  -------  --------  -------- 
 

The amounts owed by group undertakings are interest free, unsecured and repayable on demand.

An expected credit loss impact assessment under IFRS 9 is not required, as the group does not hold any trade or intercompany debtors as at the balance sheet date.

   9.         DEFERRED TAX LIABILITIES 

The Group has tax losses carried forward in respect of excess management charges, non-trade deficits and capital losses of GBP2,965,014 (2019: GBP2,525,819). Unrealised losses on the Group's financial assets are estimated at GBP779,602 (2019: GBP675,998). The resulting deferred tax asset is GBP563,353 (2019: GBP479,906). However, deferred tax assets are not recognised due to the unpredictability of future profit streams arising from the disposal of investments held by the Group. 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 group's financial assets will vary depending on changes in the fair values of those assets up until the date of disposal

   10.       TRADE AND OTHER PAYABLES 
 
                      Group           Group   Company   Company 
                       2020            2019      2020      2019 
                        GBP   (Restated)GBP       GBP       GBP 
 
 Trade payables      41,152           5,513     9,101       494 
 Other creditors     73,884           2,450    73,883     2,450 
 Accruals            69,550          29,300    69,550    22,800 
                   --------  --------------  --------  -------- 
                    184,586          37,263   152,534    25,744 
                   --------  --------------  --------  -------- 
 
   11.       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.

 
                                                                   2020         2019 
                                                                    GBP          GBP 
 Authorised: 
 Ordinary Share Capital                                      10,000,000   10,000,000 
                                                            -----------  ----------- 
 
 142,831,939 (2019: 142,831,939) deferred shares of 
  0.9 p each                                                  1,285,487    1,285,487 
                                                            -----------  ----------- 
 
                                                                   2020         2019 
                                                                    GBP          GBP 
 
 Opening Ordinary shares - 188,847,070 at 0.1p each 
  (2019: 188,847,070 Ordinary shares of 0.1p each)              188,847      188,847 
 
 Issued during the year 
 238,095,238 at issue price of GBP0.21p each (nominal           238,096            - 
  value 0.1p each) 
 12,500,000 shares at issue price of GBP0.25p each               12,500            - 
  (nominal value 0.1p each) - (i) 
 
 Ordinary shares in issue at 31 December 2020 439,442,308 
  shares of 0.1p each nominal value                             439,443      188,847 
                                                            -----------  ----------- 
 
 
 142,831,939 (2019: 142,831,939) deferred shares of 
  0.9p each                                                   1,285,487    1,285,487 
                                                            -----------  ----------- 
                                                              1,724,930    1,474,334 
                                                            -----------  ----------- 
 

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 GBP4,500 held by the company in treasury.

(i) On 12 October 2020, The Company issued 12.5 million shares of 0.1 p each at an issue price of 0.25p each share each to acquire outstanding loans in Metrock totalling GBP31,250 - for further details refer to note 13(B).

   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 GBP60,000 plus VAT in the year (2019 - GBP60,000). There were no amounts outstanding at 31 December 2019 (2019- nil). The Board considers this transaction to be on an arms' length basis.

   (2)   The emoluments of the Directors are disclosed in note 3. 
   (3)   Directors' shareholdings are disclosed in the Report of the Directors. 

(4) The Company currently holds 50.75% equity stake in African Pioneer Plc ("APP"). C Bird, M H Nolan and R Samtani each also hold shares in APP. On 7 December 2020, APP consolidated its share capital 10:1 for existing shares. This resulted in 1,172,982 total issued number of shares, with The Company holding 595,291 shares at 31 December 2020. See note 6 to the financial statements for further details relating to this investment.

(5) On 19 August 2015, the Company made an investment of GBP125,000 in Galileo Resources Plc ("Galileo"), acquiring 10,416,667 Ordinary shares of 0.1 pence each (being a 6.69% stake in Galileo at the date of subscription). The Company sold 3,900,000 Galileo shares on 3 February 2017 for a total consideration of GBP161,346 and held 6,516,667 shares in Galileo Resources Plc at 31 December 2020 and 31 December 2019.

(6) On 4 February 2017, African Pioneer Plc ("APP") sold its brought forward holding of 1,500,000 Ordinary shares in Galileo Resources Plc realising a profit of GBP94,285. APP bought a further 2,500,000 Galileo shares for GBP50,000 in September 2017. Colin Bird is a Director and the Executive Chairman of Galileo and did not participate in the decision-making process for the Galileo investment decisions.

   13.       POST-REPORTING DATE EVENTS 

AGREEMENTS ENTERED INTO DURING THE PERIOD WHICH HAVE NOT YET CLOSED

   A.    Proposed Listing of African Pioneer Plc: 

(I) Purchase of Namibian exploration assets

On 29 October 2020, African Pioneer Plc entered into a sale and purchase agreement to acquire a 100 per cent. interest in Zamcu Exploration Pty Ltd ("Zamcu"), which via its subsidiaries Manmar Investments One Hundred & Twenty Nine (Pty) Limited ("Manmar 129") and Manmar Investments One Hundred & Thirty Six (Pty) Limited ("Manmar 136") holds a 70 per cent. interest in two Namibian Prospecting Licenses comprising of EPL 5772 (Ongombo) and EPL 6011 (Ongeama). Both licences are located within the Matchless amphibolite Belt of central Namibia.

These acquisitions are conditional inter alia on the Company's shares being admitted on the Official List by way of a Standard Listing.

The consideration for these acquisitions is to be satisfied by the issue on listing of:

   (i)            10,000,000 APP Shares to Zamcu shareholders. 

(ii) A total of approximately 4,742,857 APP Shares to Manmar 129 and Manmar 136 shareholders.

(iii) Approximately 4,900,000 APP Shares to Avanti Resources Pty Ltd as trustee for the Marlow Family Fund pursuant to an introduction mandate agreement.

The total consideration for the acquisition of the above Namibian Prospecting Licences including the sum of AUS$ 200,000 which was paid by the company to Manmar 129 and Manmar 136 shareholders on 29 January 2021 and a further amount of AU$64,000 on 9 April 2021 will amount to GBP835,148, at specified exchange rates, assuming a valuation of 3.5 pence per APP ordinary share on listing.

(II) Purchase of Zambian exploration assets

On 25 November 2020, African Pioneer Plc entered into a sale and purchase agreement to acquire an 80 per cent. interest in African Pioneer Zambia Limited which holds a 100 per cent. interest in four Zambian Prospecting Licenses (27771 HQ-LEL,

Proposed Listing of African Pioneer Plc (continued):

27770 HQ-LEL, 27768 HQ-LEL and 27767 HQ-LEL) located in the Central African Copperbelt and one Prospecting Licence (27769 HQ-LEL) located in the Zambezi Belt.

The above acquisitions are conditional inter alia on the Company's shares being admitted on the Official List by way of Standard Listing.

The total consideration for the acquisition of the Zambian Prospecting Licences will be satisfied by the issue of 55,000,000 new APP ordinary shares and will amount to GBP1,925,000 assuming a price of 3.5 pence per APP ordinary share on listing.

(III) Purchase of Botswana Prospecting Licences

On 29 October 2020 African Pioneer Plc entered into a sale and purchase agreement to acquire a 100 per cent. interest of Resource Capital Partners Pty Ltd which holds a 100 per cent. interest in six Prospecting Licences (PLs 96, 98 and 100, 101, 102 and 103/2020) located in the Kalahari Copperbelt and a further two Prospecting Licences (PLs 97 and 99/2020) located in the Limpopo Mobile Belt in Botswana.

This acquisition is conditional inter alia on the Company's shares being admitted on the Official List by way of Standard Listing.

The total consideration for the acquisition of the Botswanan Prospecting Licences will be satisfied by the issue of 10,000,000 new APP ordinary shares and will amount to GBP350,000 assuming a price of 3.5 pence per APP ordinary share on listing.

Exclusive Mandate with Metrock Resources Ltd

On 12 October 2020, The Company entered into an exclusive advisory and investment agreement ("Mandate") with Metrock Resources Ltd. ("Metrock") to oversee the listing of a number of mineral exploration licences in Southern Botswana, comprising the Kanye Manganese project ("Kanye").

Under this agreement, the Company agreed to issue 25 million new Ordinary Shares in two tranches of 12.5 million shares to acquire loans outstanding in Metrock totalling GBP62,500. The Company issued the first tranche of 12.5 million Ordinary shares of 0.1 p each at an issue price of 0.25p per share to acquire outstanding loans in Metrock totalling GBP31,250 shortly after executing the Mandate with Metrock. It was agreed that the 2(nd) tranche of 12.5M shares would be issued on completion of the IPO of the Manganese assets to acquire a further loan outstanding in Metrock amounting to GBP31,250.

The Company and Metrock subsequently agreed not to proceed with an IPO of the Manganese assets and to amend the terms of the Mandate to facilitate the vending of the Kanye Manganese project to AIM quoted Bezant Resource Plc ("Bezant"). As part of the revised terms for the Mandate, the Company received the following on completion of the sale of the Kanye project to Bezant on 12 February 2021.

(i) 28,314,815 Bezant Shares ("New Shares") as settlement of outstanding loans of GBP46,250 (including the GBP31,250 of loans acquired through the issue of 12.5M Ordinary Shares referred to above) which The Company had made to Metrock plus a fee of GBP30,200 fee due from Metrock for facilitating the sale of the sale of the Kanye Manganese project.

(ii)The Company was granted a Net Smelter Return ("NSR") of 2% on the Kanye project which may be purchased from the Company by Metrock for a payment of GBP1 million or on a partial basis at a buy-out rate of GBP250k per 0.5% of the NSR.

As part of the revised terms agreed in the amended Mandate, it was agreed that The Company would no longer participate in a 2(nd) tranche investment of GBP31,250 in outstanding Metrock loans.

AGREEMENTS ENTERED INTO POST PERIOD WHICH HAVE NOT YET CLOSED

   B.    Conditional sale of Botswana Prospecting Licences 

On 12 March 2021 African Pioneer Plc entered into a conditional licence sale agreement with Australian Stock exchange listed Sandfire (the "Conditional Botswana Licence Sale Agreement") which provides for the following:

a) The Sale of licences: the sale to Sandfire of the 8 Botswana licences (the "Botswana Licences") being acquired at Standard Listing by the acquisition of Resources Capital Partners (Pty) Limited for an aggregate consideration of US$1M (being a Guarantee Fee of US$250,000 and a Licence Purchase Price of US$750,000) of which US$0.5M will be paid in cash (the "Cash Consideration") and US$0.5M by the issue by Sandfire of its ordinary shares to APP (the "Consideration Shares") at an issue price per share based on the 10 day volume weighted average price (VWAP) of the Sandfire share price as at the date before the signing of the Sandfire Conditional Botswana Licence Sale Agreement;

b) An Exploration Commitment: Sandfire to spend US$1M on the Licences (the "Exploration Commitment") within two years of settlement (the "Exploration Period") and if the US$1M is not spent any shortfall will be paid to African Pioneer;

c) A Success Payment: a success payment to be paid to APP for the first ore reserve reported under The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC) 2012 edition on the Licences which exceeds 200,000 tonnes of contained copper (the "First Ore Reserve") in the range of US$10M to US$80M depending on the copper ore in the First Ore Reserve (the "Success Payment"). Sandfire have the option to elect to settle the Success Payment, if due, by the issue of Sandfire shares based on the 10-day Volume Weighted Average Price (VWAP) of Sandfire shares at the time of announcing an Ore Reserve that triggers the Success Payment. Given the limited exploration conducted on the Botswana licenses to date and the many years that it could take to establish and ore reserve that there can be no guarantee that any such Success Payment will be forthcoming;

d) Conditions Precedents: The conditions precedent to be completed unless indicated otherwise by the long stop date of 31 July 2021 are as follows:

i) The parties having executed the Convertible Loan Note Share Subscription Agreement as detailed in (D) below;

   ii)     The Company providing, at least 5 Business Days prior to the Settlement Date: 
   (1)   ministerial consent for the transfer of the Licences; 
   (2)   all ASX and LSE regulatory approvals; 
   (3)   bank details for the payment of the Licence Purchase Price and the Guarantee Fee; 

(4) approval of the acquisition of the Licences by the Competition Authority of Botswana (or confirmation from such authority or from either party's Botswana legal counsel that such approval is not required); and

(5) duly executed transfer applications for the Licences in the form required by the Mining Act or the Department under which a 100% interest in the Licences may be transferred to the Purchaser.

iii) the Standard Listing having occurred by 30 June 2021. If Standard Listing has not occurred by 30 June 2021 then the initial long stop date of 31 July 2021 shall automatically be extended to 31 December 2021 (the "Long Stop Date") and the Cash Consideration shall not be payable.

e) Completion and Standard Listing not occurring by Long Stop Date. If both I) completion of the Conditional Botswana Licence Sale Agreement and ii) Standard Listing have not occurred, by the Long Stop Date then APP will be due to pay Sandfire US$500,000 by way of a cancellation fee.

Rationale for Conditional Botswana Licence Sale Agreement: APP has seen this as an opportunity for Sandfire to take over ownership and responsibility for the exploration stage of the Botswanan Projects whilst allowing APP to share in the potential upside should the exploration ultimately be successful in establishing a mineable reserve. Sandfire has the in-country infrastructure and technical expertise and financial resources to accelerate the rate of expenditure on the Botswanan assets.

AGREEMENTS ENTERED INTO POST PERIOD WHICH HAVE NOT YET CLOSED

   C.    US$500,000 Investment by Sandfire Resources Limited into African Pioneer Plc 

On 11 March 2021, African Pioneer Plc entered into a Convertible Loan Note Share Subscription Agreement (the "Sandfire Investment Agreement") with Sandfire. Following this agreement Sandfire has now subscribed for US$500,000 interest free unsecured loan notes ("Sandfire Investment Notes") which will automatically be convertible upon Standard Listing into APP ordinary shares constituting 15% of the Company's enlarged share capital.

Pursuant to the Sandfire Investment Agreement, upon conversion, Sandfire has the right to nominate a director to the Board of the Company whilst their shareholding remains at or above 15% of the issued share capital of African Pioneer. If the Standard Listing has not occurred by 30 June 2021, then the Sandfire Investment Notes will be automatically and immediately cancelled and the US$500,000 invested by Sandfire will not be repayable by the Company

Additionally, Sandfire will have the right to participate in all future share offerings by African Pioneer as subscribers so as to maintain its African Pioneer shareholding at 15%, irrespective of any disapplication or non-application of pre-emption rights. The African Pioneer Shares issued to Sandfire at Standard Listing will be subject to a 12-month lock-in during which the African Pioneer ordinary shares are not permitted to be sold, followed by a 12-month orderly markets period during which Sandfire are required to work with the African Pioneer's broker for 10 days prior to making any sale.

   14.       CONTINGENT LIABILITIES 

There were no contingent liabilities at 31 December 2020 (2019 - None).

There were no operating or financial commitments or contracts for capital expenditure in place for the Group or Company as at the reporting date (2019: GBPnil).

   15.       FINANCIAL INSTRUMENTS 

Management of Risk

The Group and the Company's financial instruments comprise:

-- Investments in subsidiary companies

-- Investments held at fair value through profit or loss

-- Cash, short-term receivables and payables

Throughout the period under review, it was the Group's policy that no trading in derivatives shall be undertaken.

The main financial risks arising from the Group and 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 Group 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.

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 and the Group. 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 Group's investment policy.

Interest rate risk

Changes in interest rates would affect the Company and the Group's 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 2020 for

the Group was GBP508,161 (2019: GBP142,622). The exposure to cash flow interest rate risk at 31 December 2020 for the Company was GBP420,699 (2019: GBP142,394).

A sensitivity analysis based on a movement of 1% on interest rates would have a GBP5,079 effect on the Group's profit (2019: GBP1,426). A sensitivity analysis based on a movement of 1% on interest rates would have a GBP4,207 effect on the Company's' profit (2019: GBP1,424).

As the Group 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 Group'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 GBP 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 (2019: none).

The fair values of the Group's investments that have foreign currency exposure at 31 December 2020 are shown below.

 
                                           Group                    Group 
                                           2020                      2019 
                                                                  (Restated) 
                                   CAD      AUD    USD    CAD        AUD       USD 
                                   GBP      GBP    GBP    GBP        GBP       GBP 
 Investments in financial 
  assets at fair value through 
  profit or loss                  28,142     -      -    21,643       -         - 
 
 
                                           Company                   Company 
                                            2020                       2019 
                                                                    (Restated) 
                                   CAD       AUD     USD    CAD        AUD        USD 
                                   GBP       GBP     GBP    GBP        GBP        GBP 
 Investments in financial 
  assets at fair value through 
  profit or loss                  28,142      -       -    15,029       -        15,029 
 

The Group 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 Group's financial assets and the exchange rates for GBP/ Canadian Dollar, GBP/ US Dollar and GBP/Australian Dollar.

It assumes the following changes in exchanges rates:

   - GBP/CAD                    +/- 20% - (2019: +/- 20%) 
   - GBP/USD                     +/- 20% - (2019: +/- 20%) 
   - GBP/AUD                    +/- 20% - (2019: +/- 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 Group's foreign currency financial instruments held at each balance sheet date.

If GBP Sterling had weakened against the currencies shown, this would have had the following effect:

 
                   Group                 Group 
                   2020                  2019 
            CAD     AUD    USD    CAD     AUD    USD 
            GBP     GBP    GBP    GBP     GBP    GBP 
 Equity    5,628     -      -    4,201     -      - 
 

If GBP Sterling had strengthened against the currencies shows, this would have had the following effect:

 
                   Company                   Company 
                    2020                      2019 
            CAD      AUD     USD     CAD       AUD     USD 
            GBP      GBP     GBP     GBP       GBP     GBP 
 Equity    4,690      -       -    (3,501)      -       - 
 

If GBP Sterling had weakened against the currencies shown, this would have had the following effect:

 
                   Group           `     Group 
                   2020                  2019 
            CAD     AUD    USD    CAD     AUD    USD 
            GBP     GBP    GBP    GBP     GBP    GBP 
 Equity    5,628     -      -    2,878     -      - 
 

If GBP Sterling had strengthened against the currencies shows, this would have had the following effect:

 
                   Company                   Company 
                    2020                      2019 
            CAD      AUD     USD     CAD       AUD     USD 
            GBP      GBP     GBP     GBP       GBP     GBP 
 Equity    4,690      -       -    (2,399)      -       - 
 

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 Group 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 Group's equities at each balance sheet date, with all other variables held constant.

 
 
                      Group                         Group 
                       2020                          2019 
           50% increase   50% decrease   50% increase   50% decrease 
              in fair        in fair        in fair        in fair 
               value          value          value          value 
               GBP            GBP            GBP            GBP 
 Equity      319,150       (319,150)       237,470       (237,470) 
 
 
 
                     Company                       Company 
                       2020                          2019 
           50% increase   50% decrease   50% increase   50% decrease 
              in fair        in fair        in fair        in fair 
               value          value          value          value 
               GBP            GBP            GBP            GBP 
 Equity      269,597       (269,597)       184,235       (184,235) 
 

Liquidity risk

The Group maintains appropriate cash reserves and the majority of the Group's assets comprise realisable securities, most of which can be sold to meet funding requirements if necessary. Given the Group'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 Group suffering a loss is minimal. The Group holds its cash balances with a reputable bank and only transacts with regulated institutions on normal market terms.

Included in total amounts receivable at 31 December 2020 is the sum of GBP859 (2019 - GBP2,313) which was lodged with the Company's brokers in relation to future investments.

Financial liabilities

There are no currency or interest rate risk exposures on financial liabilities as they are denominated in GBP Sterling and settled on average within one month.

Capital management

The Group 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 Group and the Company consists of only equity of the Group (comprising issued capital, reserves, retained earnings and non- controlling interests as disclosed below and in the Consolidated Statements of Changes in Equity & Statement 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 Group has not purchased any of its own shares (2019: Nil).

 
           Group              At 1 January   Cash flows   Other non-cash   At 31 December 
                                  2020                        changes           2020 
                                  GBP           GBP            GBP              GBP 
                             -------------  -----------  ---------------  --------------- 
 Cash and cash equivalents 
                             -------------  -----------  ---------------  --------------- 
 Cash                           142,622       365,539           -             508,161 
                             -------------  -----------  ---------------  --------------- 
 
 Borrowings 
                             -------------  -----------  ---------------  --------------- 
 Debt due within one               -             -              -                - 
  year 
                             -------------  -----------  ---------------  --------------- 
 Debt due after one                -             -              -                - 
  year 
                             -------------  -----------  ---------------  --------------- 
 
 Total                          142,622       365,539           -             508,161 
                             -------------  -----------  ---------------  --------------- 
 
 
          Company             At 1 January   Cash flows   Other non-cash   At 31 December 
                                  2020                        changes           2020 
 Cash and cash equivalents        GBP           GBP            GBP              GBP 
                             -------------  -----------  ---------------  --------------- 
 Cash                           142,394       278,305                         420,699 
                             -------------  -----------  ---------------  --------------- 
 
 Borrowings 
                             -------------  -----------  ---------------  --------------- 
 Debt due within one               -             -              -                - 
  year 
                             -------------  -----------  ---------------  --------------- 
 Debt due after one                -             -              -                - 
  year 
                             -------------  -----------  ---------------  --------------- 
 
 Total                          142,394       278,305                         420,699 
                             -------------  -----------  ---------------  --------------- 
 

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May 25, 2021 02:00 ET (06:00 GMT)

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