Final Results

Tiger Resource Finance PLC
6 March 2002

                           Tiger Resource Finance plc

               Preliminary Results - Year Ended 31 December 2001

Tiger Resource Finance plc ('Tiger'), the natural resource focused investment
company, announces Final Results for the year ended 31 December 2001.

Commenting, Jeremy Metcalfe, Chairman, said: 'Following the successful launch of
Tiger on the Alternative Investment Market in January 2001 and considering the
difficult market conditions which prevailed during 2001 I am pleased to report
that Tiger has emerged as a very solid performer and today, as we report to
shareholders on Tiger's first year in operation, we remain extremely confident
in continued returns for shareholders.'

Operational Highlights

•        Investment in a diversified portfolio offering upside potential to 
         increases in metal prices, especially gold.

•        Strong recovery in portfolio from global equity downturn following the 
         events of September 11, 2001 in the USA.
         Approximately one third of portfolio held in cash to exploit 
         competitively priced, emerging opportunities as soon as they arise.

•        Strong industry intelligence and reach of management team has helped 
         Company to participate in a number of companies whose shares have 
         outperformed their peers.

•        Sound management team in place to build on strong base.

Financial Highlights

•        Losses before tax for period ST£121,299 (2000: n/a)

•        Strong cash position of ST£1,269,915 (2000: ST£1,110).

•        NAV per share Stg1.46p

•        Significant increase in portfolio valuation for first two months of 
         2002, NAV Stg1.83p - increase of 25.4% year to date.

Regarding the 2002 Outlook, Jeremy Metcalfe, said 'I believe the indications of
an economic upturn, stockmarket re-rating of the major mining companies and
general metal price improvement will bring renewed interest and investment into
the natural resource sector, a situation not experienced since the mid 1990's,
and that there will be many new opportunities for Tiger to pursue over the
coming years as well as further gains from its current portfolio'.




Tiger Resource Finance plc                                   00 44 1303 874798

Jeremy Metcalfe, Chairman                                    00 44 207 486 3997

Bruce Rowan, Director

Capital PR

Leesa Peters

Cindy Dennis                                                 00 44 207 618 6560





                           TIGER RESOURCE FINANCE PLC

            PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2001

                              CHAIRMAN'S STATEMENT

2001 saw the launch of Tiger on the Alternative Investment Market ('AIM') of the
London Stock Exchange. In many ways, events during 2001 exemplified the
attractiveness of a vehicle such as Tiger and although the equity market
suffered following the events of September 11th 2001, the recovery in value from
those lows has been exceptional.

Tiger invested in eight companies during 2001; these companies varied both in
size and in their incumbent mineral activities. A full report on the investments
and their performance is covered in the Portfolio Review, below.

Since the year-end, the performance of Tiger has been highly encouraging. In the
year 2002 to date, Tiger has recorded realised gains on its portfolio of
ST£251,638 before tax, additional net unrealised gains of ST£504,440 before tax
and the net asset value has risen from ST£3.26m at 31 December 2001 to ST£4.09m
today, a rise in the year to date of 25.4%. Net asset value per share has risen
to Stg1.83p per share before tax.

Results for the Year

The results for the year to 31 December 2001 show a loss before tax of
ST£121,299 (2000: not comparable). As of 31 December 2001, the NAV per share was
Stg1.46p. Investments in 8 companies were made during the year resulting in a
total expenditure of ST£2,112,503. At year-end the company had a cash balance of
ST£1,269,195.

Portfolio Review


  • Formation Capital Corporation: An investment of ST£245,196 was made in
    Formation Capital Corporation Inc ('Formation'), a company listed on the
    Toronto Stock Exchange. Formation is the 100% owner of a primary cobalt
    project in the Idaho Cobalt Belt in the United States. The deposit is one of
    the only primary cobalt deposits under development in the world today and is
    unique in that it is not associated with nickel. The deposit contains
    independently calculated reserves of 2.1m tonnes grading 0.68% cobalt, 0.54%
    copper and 0.64 grams/gold per tonne. After by-product credits, the
    breakeven cost is US$6 per pound, compared with the current market price for
    cobalt of US$15 per pound. Tiger holds approximately 3% of Formation. Share
    price has been disappointing in 2001 going from a high of C$0.42 cents to a
    low of C$0.20 cents, share price is currently C$0.25 cents.

  • Cluff Mining: Cluff Mining plc's ('Cluff') main interest is the platinum
    group metals projects ('PGM') in the Bushveld Complex in South Africa which
    was acquired in 2001. Tiger purchased 55,000 shares in Cluff ('Cluff') and
    agreed to acquire a further 119,000 shares under the terms of a placing of
    new ordinary shares which was completed on 4 April 2001. The aggregate
    consideration for both purchases amounts to ST£247,080 representing a
    purchase price of ST£1.42 per share. On 20 July 2001 Tiger purchased an
    additional 75,000 shares in Cluff at ST£1.90 per share. In January 2002,
    Tiger decided that as an investment vehicle it should take some of its
    profits in Cluff and therefore sold a total of 149,000 shares at an average
    price of ST£2.29 per share realising a pre-tax profit of ST£129,914 on the
    investment. Current share price is ST£2.92 and the company believes that
    continued investment will benefit shareholders.

  • Pacific North West Capital: In 2001 Tiger purchased 406,500 shares in
    Pacific North West Capital ('PFN') on the open market at an average price of
    C$0.98 cents per share. PFN, a Company listed on the Toronto Stock Exchange,
    is primarily focused on PGM metals, in particular their River Valley
    Intrusive Project, which is being part funded through a joint venture with
    Anglo American Platinum. Current share price is C$0.70 cents. and Tiger
    believes that PFN will benefit from Amplats involvement in the medium term

  • National Gold Corporation: Through a unit placing in March 2001, which
    included warrants, Tiger purchased 1,500,000 shares in National Gold
    Corporation Inc ('National Gold'), a Canadian junior which owns the
    Salamandra gold property in Mexico at C$0.25 cents per share. The Salamandra
    property contains seven gold bearing epithermal systems, one of which hosts
    the Mulatos deposit with a gold resource of 3.4m ounces. Within the deposit,
    there is a high-grade oxide zone containing 1.2m ounces at a grade of 3.3
    grams per tonne. The total acquisition cost equates to less than US$3 per
    ounce of resource in the ground. In October 2001 Tiger sold 500,000 shares
    in National Gold and simultaneously participated in a placing to buy 500,000
    shares from the company, both at C$0.15 cents per share. The new 500,000
    shares carried a half warrant exercisable at C$0.25 cents per full share -
    hence the rationale for the sale and repurchase. National Gold shares have
    performed strongly and have a current share price of C$0.38 cents.

  • Gold Fields Limited: In May 2001 Tiger purchased 80,500 shares in Gold
    Fields Limited ('Gold Fields') at ST£3.12 per share. Gold Fields, one of the
    world's largest gold companies, produces approximately 4.5 million ounces of
    gold annually. The company has proven and probable reserves of approximately
    84.5 million ounces and resources of approximately 150.7 million ounces in
    South Africa, Ghana and Australia. Gold Fields is focussed on international
    growth through development of precious metals mining projects in
    Australasia, North and South America, Europe and Africa. It trades on the
    Johannesburg Stock Exchange (GFI) as well as on the NASDAQ (GOLD), London,
    Paris, Brussels and Swiss stock exchanges. Gold Fields shares have risen
    significantly in recent months and today's price is ST£6.11 per share.

  • AuIron Energy Limited: In July 2001 Tiger participated in a placing and
    open offer of new shares in AuIron Energy Limited ('AuIron') with an
    investment of ST£230,000, acquiring 760,000 shares at Stg31.25p per share.
    The majority of shares in the placing and open offer were left with placees
    and although the price suffered in the aftermarket by September 2001 it had
    recovered to Stg30.0p per share. The share price is currently Stg17.75p,
    largely due to the company not meeting its stated deadlines and therefore
    continued investment is under review.

  • Brancote Holdings plc: Brancote Holdings plc ('Brancote') has a 67%
    interest in a gold exploration prospect in Argentina where over 3m ounces of
    gold has been proven. The company is currently advancing the project towards
    full feasibility and is projecting that it could have a gold mining
    operation in place by 2003. Tiger purchased 175,000 shares in the market at
    ST£1.45 each in July 2001. Brancote's share price has been lower due mainly
    to uncertainties concerning Argentina but has recovered in recent times due
    to the rally in the gold price and recent announcements on significant
    intersections including 37m @ 20 g/t Au. At today's date the share price is
    ST£1.42.

  • Ivanhoe Mines Limited: In October 2001 Tiger acquired 360,000 shares in
    Ivanhoe Mines Limited ('Ivanhoe') through a private placing at C$1.57 per
    share. In November Tiger added a further 100,000 shares at C$2.37 per share.
    Ivanhoe is a Toronto listed diversified mining company with interests
    primarily located in south-east Asia. Ivanhoe is the 50% owner operator of
    the Monywa copper mine in Myanmar (formerly Burma), one of the lowest cost
    primary copper producers in the world. In Tasmania, iron ore pellets are
    produced from the wholly owned Savage River mine. Ivanhoe is developing two
    high-grade gold projects, in Myanmar and South Korea. Ivanhoe is also
    developing the very exciting Turquoise Hill copper/gold porphyry project in
    Mongolia. Ivanhoe's share price has risen significantly in the last few
    months on the back of continuing good results from Turquoise Hill and is
    currently at C$3.40.

  • Rio Narcea Gold Mines Limited: Following a reorganisation of the existing
    shareholders in Rio Narcea Gold Mines Limited ('Rio Narcea') during December
    2001, Tiger acquired 1,020,000 shares in Rio Narcea at C$0.67 cents per
    share, this investment was completed in January 2002. Rio Narcea operates
    the El Valle and Carles gold deposits in north-east Spain and has recently
    expanded its commodity interest into nickel with the acquisition of the
    Aguablanca deposit located in south-western Spain. Aguablanca is a
    nickel-copper-PGM project and Rio Narcea has recently commenced a
    feasibility study on this property. The company's share price has reacted
    well to the recent shareholding reorganisation and is currently trading at
    C$0.90 cents per share.

Summary

A number of stocks in the portfolio contributed to the significant rise in
valuation of Tiger. In particular, the performance of our investments in Gold
Fields (up 6% to 31 December 2001 and 85% since then) and Ivanhoe (up 18% to 31
December 2001 and 63% since then) are notable.

Gold Fields has risen on the back of the strong gold price and the significant
devaluation of the South African Rand. In addition, Gold Fields is an unhedged
gold producer and benefits fully from the increasing gold price.

Ivanhoe has made major corporate advances in recent times, the most significant
being the results of their exploration on the Turquoise Hill Deposit which is
showing potential to be a world class asset.

Other strong performances are Cluff and National Gold, with Cluff benefiting
from PGM exploration results in South Africa and National Gold advancing its
gold property in Mexico.

Three of our current portfolio have not performed as well as expected, these
being Formation Capital, PFN and AuIron. We continue to monitor these
investments, discussing the issues where appropriate with company management,
and believe that, at this stage, investment in these companies should still be
retained due to potential future upside.

As advised on 16 January 2002 Minmet plc is contracted to sell its entire
shareholding in Tiger to Ronald Bruce Rowan and the Company is advised that all
conditions of that contract have been fulfilled to date. The Company understands
that the contract will be completed by 31 May 2002. Bruce Rowan and his
associate Colin Bird have joined the Board of Tiger, and Bruce Rowan has also
been appointed as Director in charge of investment and strategy.

When Tiger was launched, the Company had a policy of investing in stocks only
involved in minerals and metals. However, we intend to propose that this be
expanded to include companies in the oil and gas sector at our forthcoming
Annual General Meeting.

We believe the recent strong showing of gold will bring new interest and
investment into the natural resource sector and that there will be many new
opportunities for Tiger to pursue over the coming years. To all our
shareholders, we thank you for your support and we are confident that the
excellent start to 2002 can be sustained.

A copy of the Report and accounts for the year ended 31 December 2001 will be
posted shortly to all shareholders and the Annual General Meeting will be held
on 18 April 2002 at 11.30 am at the offices of Lion Capital Corporation, 7/8
Kendrick Mews, London SW7 3HG.



Jeremy P Metcalfe

6 March 2002





                           TIGER RESOURCE FINANCE PLC

                            PROFIT AND LOSS ACCOUNT

                      FOR THE YEAR ENDED 31 DECEMBER 2001


                                                                                            2001                   2000

                                                                                            STG£                   STG£
Administrative expenses                                                                (121,048)               (11,137)
Interest receivable                                                                       96,390                     11
Realised loss on quoted investments                                                     (23,267)                      -
Unrealised loss on quoted investments                                                   (73,374)                      -

OPERATING LOSS - CONTINUING                                                            (121,299)               (11,126)

OPERATIONS

Loss on discontinued operations - write-down                                                   -              (347,678)
of intangible asset

LOSS ON ORDINARY ACTIVITIES                                                            (121,299)              (358,804)

BEFORE TAXATION

Tax on loss on ordinary activities                                                      (26,217)                  (148)

LOSS ON ORDINARY ACTIVITIES

AFTER TAXATION AND RETAINED                                                            (147,516)              (358,952)

FOR THE YEAR

Basic and diluted loss per share                                                         (0.07p)                (3.94p)





There were no recognised gains or losses other than those included above.





                           TIGER RESOURCE FINANCE PLC

                      BALANCE SHEET AS AT 31 DECEMBER 2001




                                                                                            2001                    2000

                                                                                            STG£                    STG£
FIXED ASSETS
Quoted investments - at market value                                                   2,039,129                       -

CURRENT ASSETS
Debtors                                                                                    5,126               3,525,986
Cash at bank                                                                           1,269,195                   1,110
                                                                                       1,274,321               3,527,096
CREDITORS : Amounts falling due                                                         (57,297)                (11,600)

within one year

NET CURRENT ASSETS                                                                     1,217,024               3,515,496

TOTAL ASSETS LESS CURRENT LIABILITIES                                                  3,256,153               3,515,496

Represented by :
CAPITAL AND RESERVES
Called-up share capital                                                                2,234,114               2,234,114
Share premium account                                                                  1,550,856               1,662,683
Profit and loss account                                                                (528,817)               (381,301)

EQUITY SHAREHOLDERS' FUNDS                                                             3,256,153               3,515,496

Notes


 1. The financial information set out in the announcement does not constitute the
    Company's statutory accounts for the years ended 31 December 2001 or 2000.
    The financial information for the year ended 31 December 2000 is derived
    from the statutory accounts for that year which have been delivered to the
    Registrar of Companies. The auditors reported on those accounts; their
    report was unqualified and did not contain a statement under S237(2) or S237
    (3) Companies Act 1985. The statutory accounts for the year ended 31
    December 2001 will be finalised on the basis of the financial information
    presented by the Directors in this preliminary announcement and will be
    delivered to the Registrar of Companies following the Company's annual
    general meeting.

 2. The Directors approved the accounts on 5 March 2002.




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