Final Results

Tiger Resource Finance PLC
01 June 2006


Tiger Resource Finance PLC

REPORT OF THE CHAIRMAN

HIGHLIGHTS:
     
•    Total recognised gains for the year of £1,187,796 (2004 - £2,290,102)

•    NAV per share 4.77p at 31 December 2005 (2004 - 4.15p)


I am pleased to report another excellent year for the Company. Our focus was
again on quality in selecting new investments and this policy continues to
return sustained gains for our shareholders.



During the year, the Company purchased 16,600,000 of its own shares for a
consideration of £637,455. The total number of treasury shares held by Tiger at
31 December 2005 is 35,000,000, representing 14.84 % of the Company's issued
share capital.


The resource sector of the AIM market grew both in size and capitalisation value
during the period under review.  Demand for base metals continued apace and most
metals achieved record highs during the period.  This unprecedented demand was
largely driven by China and South East Asia, where industrial activity showed
little sign of abating.  Precious metals also enjoyed sustained high prices
against solid fundamental demand.



The high commodity prices resulted in major mining companies reporting
significantly higher profits which in turn led to share buy-backs, windfall
dividends and increasing corporate acquisition activity.



The mining juniors reaped the benefit of the positive news during this period
and generally were able to strengthen their treasuries to pursue aggressive
global exploration programmes.



During the period, no major exploration discovery was reported and indeed no
significant discovery has been reported, arguably, since the Canadian Voisey Bay
Nickel discovery in the mid 1990s.



We expect that 2006 will see a major discovery and that the likely metals will
be Nickel and/or Copper.  On the basis that exploration in this area has
significantly increased, a major discovery will be positive for the junior
resource sector providing international investor interest and excitement during
a period of strong metal demand and record profit for the majors.



Against this extremely positive background and with rapidly increasing metal
prices, a widely forecasted share price correction occurred during late May.
Previous cycles ended with such a correction but we believe, however, that a new
set of fundamentals has emerged and that in the mid-term, most metals will be in
relative short supply until the recent exploration 'boom' has redressed this
imbalance.  This period is unlikely to be less than three years.  We anticipate
significant volatility during the period but are convinced that the sector will
remain well supported, notwithstanding periods of sharp corrections and
challenge from other industry sectors starting to compete for capital.



In essence, the Company sees good opportunities for further NAV gains and
increased profitability and will maintain its conservative policy to maximise
overall shareholder return.





R B Rowan - Chairman

30 May 2006




                      TIGER RESOURCE FINANCE PLC ('Tiger')

            PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER, 2005


PORTFOLIO REVIEW 2005


INVESTMENTS                                     Number             Cost        Valuation
                                              31/12/05         31/12/05         31/12/05
                                                                      £                £

African Eagle Resources Plc                  1,241,174          112,264          266,852
Alamos Gold Inc                                106,293           27,610          348,041
Ascent Resources Plc                        29,093,406          534,890        2,982,074
Formation Capital Corp                       2,025,000          207,043          333,043
Franconia Minerals Corp - OFEX                 333,333           45,432           30,000
Franconia Minerals Corp - TSX                  625,000          107,562           59,182
Gold Fields Ltd                                 10,500           32,759          107,502
Minmet Plc                                  17,471,488          241,135          218,394
Nautical Petroleum Plc                       9,000,000          180,000        1,012,500
Pacific North West Capital Corp                566,500          107,682           84,700
Pan African Resources Plc                    3,333,333          100,000          100,000
Ridge Mining Plc                               100,000          178,477           35,250
River Diamonds Plc                           8,144,207          125,000          101,803
Sunrise Diamonds Plc                           665,000            6,650           16,625
Tertiary Minerals plc                        1,330,000          119,700           96,425
FAIR VALUE OF UNLISTED WARRANTS
Ascent Resources Plc (1)                       549,451                -                -
Franconia Minerals Corp - OFEX (2)             166,667                -                -
Franconia Minerals Corp - TSX (3)              312,500                -                -
River Diamonds Plc (4)                      13,333,333                -                -
MIT Ventures Corp Loan Note                          -           40,000           40,000
                                                                _______          _______
                                                              2,166,204        5,832,391

Warrants included in the above investment list are as follows:



(1)     549,451 warrants in Ascent Resources Plc exercisable at 12p each to 22
December 2007.



(2)     166,667 warrants in Franconia Minerals Corp (OFEX) exercisable at C$0.45
each to 11 June 2006.



(3)     312,500 warrants in Franconia Minerals Corp (TSE) are exercisable at
C$0.60 to the earlier of: a) 15     days after Franconia has given notice that
its share price has been equal or greater than C$0.70 for a period of 15
consecutive days; and b) 14 December 2006.



(4)     13,333,333 warrants in River Diamonds Plc exercisable at 1.5p each to 28
October 2008.







African Eagle Resources plc (AIM - AFE)              www.africaneagle.co.uk



Tiger holds 1,241,174 shares in African Eagle Resources plc ('African Eagle').
African Eagle recently announced the final results from its 2005 drilling
programme of the Mkushi copper project located in central Zambia where the
results have confirmed the existence of wide zones of copper mineralization.
These results justify the company's decision to fast-track the Mkushi Project to
economic feasibility. Drilling results and recent geophysical surveys completed
on the Miyabi project based in Tanzania identified new high-grade ore shoots.
African Eagle is planning an expanded drilling programme for 2006, aimed at
defining additional mineralised zones at Miyabi.  Tiger believes that the
Tanzanian Gold and the Mkushi Copper projects have good prospects for enhancing
shareholder value.





Alamos Gold Inc.  (TSX - AGI)    www.alamosgold.com



Tiger holds 106,293 shares in Alamos Gold Inc. ('Alamos').  The construction of
the Mulatos mine within the company's wholly owned Salamanda property in
Northern Mexico has now been completed. The design capacity of the mine is to
produce 150,000 oz of gold p.a. over ten years.  Current early production is
averaging at a cost of up to US$225 per oz, although this is expected to fall as
the project matures. Exploration within the property continues to add to the
resource. Tiger sees the future performance of this investment linked to
operator capability and gold price.





Ascent Resources plc   (AIM - AST)   www.ascentresources.co.uk



Tiger holds 29,093,406 shares in Ascent Resources plc ('Ascent'), an oil & gas
investment company. The majority of the company's portfolio is in European
exploration, including the Italian Latina and Po valleys, Dutch North Sea, North
East Hungary and Switzerland.  The company has also brought into existing
production sharing agreements and exploration interests in Gabon.  Ascent has
performed very well since admission to AIM in November 2004.





Formation Capital Corporation  (TSX - FCO)         www.formcap.com



Tiger holds 2,025,000 shares in Formation Capital Corporation ('Formation'),
which is a now a well established mineral exploration, development and refining
company. The company is making good progress with its feasibility study and
received its preliminary Environmental Impact Statement (EIS) on the high grade
Idaho Cobalt Project in early 2006. Production for this project is projected to
be 2.6 million lbs of cobalt per year representing approximately 15% of US
consumption. The company also owns and operates the Big Creek Hydrometallurgical
Complex and Sunshine Precious Metals Refinery which currently processes third
party concentrates, but will be expanded to process its own cobalt. Once the
environmental licensing process is completed this investment is a call-option on
cobalt since it is destined to be a cobalt producer.



Franconia Minerals Corporation (TSX/OFEX - FRA) www.franconiaminerals.com



Tiger holds 625,000 TSX and 333,333 OFEX listed shares in Franconia Minerals
Corporation ('Franconia'), a company which is focused on the exploration of
Platinum Group Metals ('PGM') and zinc/copper in the USA. The Birch Lake,
Minnesota PGM property acquired in 2004, received positive results, following an
independent technical review undertaken in the year.  The company continues to
explore for Zinc in Utah and has, in 2005, added the Red Knoll Copper project in
Arizona to its portfolio.  Franconia has agreements with Teck Cominco American
Inc. on both of these base metal projects. Tiger will monitor expenditure and
exploration results, but currently believes the company has good potential.







Gold Fields Limited    (JSE - GFI)   www.goldfields.co.za



Tiger holds 10,500 Gold Fields Limited ('Gold Fields') shares. This company
remains one of the predominant un-hedged producers of gold. Current attributable
production is in the region of 4.2 million oz p.a.  Gold Fields has attributable
mineral reserves of 64.8 million ounces and mineral resources of 174.5 million
ounces.  The combination of the Harmony bid and costs of South African
operations attributable to the strong Rand have adversely affected margins in
2005, however future earnings and profitability appear sound.





Minmet plc  (AIM - MNT)   www.minmet.ie



Tiger holds 17,471,488 Minmet plc ('Minmet') shares. The company holds an
interesting and diversified portfolio through joint ventures and strategic
investments.  The recent completion and sale of an exclusive option over the
Bjorkdal Gold mine and the sale of the Barsele/Norra Gold project has enabled
Minmet to expand its activities in the natural resource sector. The company has
implemented a strategy as an incubator and promoter of a number of new and
existing projects and opportunities in the oil & gas and minerals sectors.
Following several transactions completed in recent months Minmet holds
significant shareholdings in Gold-Ore Resources Ltd and Northland Resources Inc.
in addition to its existing holding in GoldQuest Mining Corp.  Minmet has
invested considerable management time and expertise in restructuring the
company.  Tiger believes that Minmet, although challenged, has a strong
management team capable of producing improved results.





Nautical Petroleum plc   (AIM - NPE)   www.nauticalpetroleum.com



Tiger acquired 9,000,000 shares in Nautical Petroleum plc ('Nautical'), a
petroleum exploration company created in April 2005 through the Reverse
Take-Over ('RTO') of Bullion Resources plc.  Nautical develops heavy oil assets
in the UK and Europe.  The company significantly increased its acreage portfolio
during the year through the acquisition of Alba Resources and awards in the 23rd
Seaward Licensing Round. The company has interests in eight blocks on the UK
continental shelf including three traditional and five promoter licenses.  The
company has increased its proven and probable resources to 76 mmbo and has
further upside with shallower reservoirs in the Mariner discovery.  Nautical
also owns specialist heavy oil production process equipment.  Tiger is pleased
with this investment and believes Nautical to be well placed in the junior oil
sector.





Pacific North West Capital Corp  (TSX - PFN)   www.pfncapital.com



Tiger holds 566,500 shares in Pacific North West Capital Corp (PFN), which is
focused on PGM and base metal exploration. At River Valley, Ontario, PFN has
identified a combined mineral resource (measured and indicated Pt+Pd+Au) of
1.1million Oz.  This resource is held in a joint venture with Anglo Platinum in
Ontario. The company's West Timmins nickel project is a joint venture with
Noranda/ Falconbridge and is immediately adjacent to the Montcalm nickel mine.
Tiger believes the company's portfolio may well result in increased shareholder
value.





Pan African Resources plc  (AIM - PAF)    www.panafricanresources.com

Tiger purchased 3,333,333 shares for £100,000 in Pan African Resources plc ('Pan
African'), a gold exploration company with properties in Africa. In Mozambique,
the company's Manica project has an inferred resource of 800,000 oz at 4.84g/t,
with considerable additional potential.  In October 2005, Pan African acquired
an interest in the Central African Republic (CAR), positioned in two of the four
recognised Major Green Stone Belts of the CAR. The company's joint venture
licences contain a number of shallow intercepts with the most promising two
being 19 m at 17.38 g/t and 20 m of 5.05 g/t.  Tiger believes Pan African has a
competent and focused management team which could produce a good return on
investment.



Ridge Mining plc   (AIM - RDG)   www.ridgemining.com



Tiger holds 100,000 shares in Ridge Mining plc ('Ridge'), a company focused on
developing PGM properties in the South African Bushveld Complex. The most
advanced project, Sheba's Ridge, is a joint venture with Anglo Platinum, where a
Pre-Feasibility Study completed in 2005 estimated a mineral resource of 19
million oz PGM and 1.4 million tonnes nickel.  Ridge and its other joint venture
partner Imbani Holdings (Pty) Ltd have engaged a consortium of South African
banks to arrange loan finance of ZAR650 million to finance the company's Blue
Ridge project.  The provision of the facilities is subject to equity funding to
the project of approximately ZAR 440 million, legal and technical due diligence,
all of which are expected to be completed by mid 2006.  Tiger will monitor this
project closely since positive due diligence and decision to mine will
undoubtedly lift the share price.





River Diamonds plc   (AIM - RVD)   www.riverdiamonds.co.uk

Tiger now holds 8,144,207 shares in River Diamonds plc ('River Diamonds'), which
has diamond exploration and prospecting projects in Brazil and Sierra Leone. The
focus is on kimberlitic exploration targets with 3 highly prospective diamond
projects in its portfolio. During 2005, the company entered into an option
agreement with a wholly owned subsidiary of Rio Tinto to explore and if
appropriate develop two of River Diamonds' properties in Brazil. The company has
also entered into a joint venture to acquire 51% of the Panguma Dykes, an
advanced exploration target in Sierra Leone. The company intends to fund this
work with the proceeds of a £1.5 million placing completed in January 2006.
This investment has disappointed but the potential for upside remains in Sierra
Leone.





Sunrise Diamonds plc   (AIM - SDS)   www.sunrisediamonds.com



Tiger acquired 665,000 shares at a cost of £6,650 in Sunrise Diamonds plc ('
Sunrise Diamonds') through an entitlement issue to existing Tertiary
shareholders. The company was formed in early 2005 to take over the exploration
licences of Tertiary Minerals plc's Kuusamo Kimberlite Cluster in Finland.  The
company was admitted to AIM in June 2005 and has since discovered several new
kimberlite bodies and five micro-diamonds from a core sample at Kimberlite 45 at
the Kuusamo exploration area in northern Finland during the course of its 2005
drilling campaign.  In December 2005, Sunrise Diamonds obtained exclusive rights
to BHP Billiton's diamond exploration data base for Finland.  Tiger will monitor
this small investment with interest.





Tertiary Minerals plc   (AIM - TYM)   www.tertiaryminerals.com



Tiger holds 1,330,000 shares in Tertiary Minerals, an exploration company with
interests primarily in Scandinavia and Saudi Arabia.  During 2005, the company
focused on preliminary metallurgical test work and scoping studies at Rosendal
in Sweden.  In Saudi Arabia, scoping studies have been conducted prior to a
bankable feasibility study for development of the Ghurayyah tantalum deposit.
Tertiary has agreed a financing of US$ 7 million with a Saudi consortium for the
completion of this bankable feasibility study.  The Company continues
exploration programmes on its other interests, for which it seeks joint venture
partners. Tiger hopes that the management, having successfully created Sunrise
Diamonds will now focus on adding value to its tantalum interests.




PROFIT AND LOSS ACCOUNT
YEAR ENDED 31 DECEMBER 2005

                                                                                       2005             2004
                                                                                          £                £

Administrative expenses                                                           (400,076)        (332,892)
OPERATING LOSS                                                                    (400,076)        (332,892)
Profit on sale of fixed asset investments                                           298,958          340,014
Investment income                                                                       619              690
Other Income                                                                         25,000            7,500
Interest receivable                                                                 226,692          134,048
PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION                                       151,193          149,360
Tax on profit on ordinary activities                                               (46,441)           65,374
PROFIT ON ORDINARY ACTIVITIES AFTER TAXATION FOR THE YEAR                           104,752          214,734
Basic and diluted earnings per share                                                  0.05p            0.09p


All profits are derived from continuing operations.  Profit on ordinary
activities after taxation would have been £2,139,502 on a historical cost basis
(2004 - £1,469,778).



STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
YEAR ENDED 31 DECEMBER 2005

                                                                                       2005             2004
                                                                                          £                £
Profit for the year after taxation                                                  104,752          214,734
Unrealised gains on fixed asset investments                                       2,523,551        3,100,122
Unrealised losses on fixed asset investments                                      (830,841)        (655,545)
Tax on gains/losses on fixed asset investments                                    (609,666)        (369,209)
Total recognised gains                                                            1,187,796        2,290,102





BALANCE SHEET
AS AT 31 DECEMBER 2005
                                                                                        2005             2004
                                                                                           £                £
FIXED ASSETS
Investments                                                                        5,832,391        5,732,891
CURRENT ASSETS
Debtors                                                                               10,439           11,755
Cash at bank                                                                       4,456,745        3,732,178
                                                                                   4,467,184        3,743,933
CREDITORS:  amounts falling due within one year                                    (718,871)        (446,461)
NET CURRENT ASSETS                                                                 3,748,313        3,297,472

TOTAL ASSETS LESS CURRENT LIABILITIES                                              9,580,704        9,030,363
Represented by:
CAPITAL AND RESERVES
Called-up share capital                                                            2,358,819        2,358,819
Share premium account                                                              1,554,856        1,554,856
Revaluation reserve                                                                3,666,188        4,008,228
Profit and loss account                                                            2,000,841        1,108,460
EQUITY SHAREHOLDERS' FUNDS                                                         9,580,704        9,030,363




CASH FLOW STATEMENT
YEAR ENDED 31 DECEMBER 2005
                                                                                        2005             2004
                                                                                           £                £
Net cash (outflow) from operating activities                                       (368,306)        (345,032)

Returns on investment and servicing of finance
Interest received                                                                    224,118          131,548
Other income and investment income received                                           25,619            8,190
                                                                                     249,737          139,738
Taxation
Corporation tax paid                                                               (411,577)        (264,234)

Capital expenditure and financial investment
Payments to acquire fixed asset investments                                        (816,540)        (512,562)
Receipts from sale of fixed asset investments                                      2,708,708        2,097,996
Net cash inflow from capital expenditure and financial investment                  1,892,168        1,585,434

Financing
Purchase of own shares for treasury                                                (637,455)        (374,783)
Net cash (outflow)/inflow from financing                                           (637,455)        (374,783)

Increase in cash in the year                                                         724,567          741,123




This preliminary statement is not the company's statutory accounts. The
statutory accounts for the year ended 31 December 2005 have been approved by the
directors and have received an audit report which was unqualified, did not
include a reference to any matters which the auditors drew attention by way of
emphasis without qualifying the report, and did not contain statements under
s237(2) and (3) of the Companies Act 1985. These statutory accounts have not
been delivered to the Registrar of Companies and will be sent to shareholders on
2 June 2006.



The statutory accounts for the year ended 31 December 2004 have been delivered
to the Registrar of Companies and have received an audit report which was
unqualified and did not contain statements under s237(2) and (3) of the
Companies Act 1985.




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