Final Results

Tiger Resource Finance PLC
24 February 2005

             Tiger Resource Finance PLC ('Tiger' or the 'Company')


            PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER, 2004



CHAIRMAN'S STATEMENT

HIGHLIGHTS:

  • Total recognised gains in the year of £2,290,102 (2003 - 2,784,774)

  • NAV per share was 4.15p at 31 December 2004 (2003 - 3.02p)

I am pleased to report that the year 2004 was an excellent year for the Company.
Our investment strategy remained consistent and we harvested some of the
benefits of our conservative investment policy.


During the year, your directors bought back 18.4 million shares representing
7.8% of the total number of shares in issue. The directors are of the opinion
that the Company's shares were undervalued and as such represented an excellent
buy-back opportunity. These shares are held in treasury and may be cancelled,
held or resold as the directors deem appropriate in the best interest of the
shareholders.


The year under review was one of consolidation for the resource sector with the
AIM market outperforming other international resource markets. It is encouraging
to note that generalist fund managers continue to take positions in new and
secondary resource offerings.


The forecast for commodity prices remains good with nickel and copper looking
particularly strong on the demand side. Gold and platinum group metals continue
to show price resilience with potential for price increases. Basic commodities
such as iron ore and coal are also enjoying buoyant demand with robust producer
pricing leading to long term demand at industry beneficial prices.


The aforementioned has led to the major mining companies posting significant
profit increases, further attracting investor support to the resource industry.


Integral to the increased profitability is the demand from China and South East
Asia. The question now is will this demand continue. The directors believe that
even if general demand is reduced, the emergence of this region alongside
traditional demand will still maintain supply pressure on base metals.


Our investment strategy remains consistent i.e. people, project and places with
the emphasis on quality. We will, during 2005, structure our portfolio to be
proactive in that we may take positions in new listings or possibly be part of
the listing process.


Whilst we expect 2005 to be a good year for resource stocks we believe a part
'pro-active' approach will allow us to outperform the sector.


As well as investing in more junior exploration companies, we will also seek out
resource investments which are close to production, since we are of the opinion
that the investment cycle will result in fund managers favouring maturing
companies against emerging explorers.


I would like to thank our shareholders for their continued support and my fellow
directors and management for their efforts during the year.


Finally, I would like to state my optimism for 2005 and assure our shareholders
of our intent to further enhance the value of their company in the current year.



R B Rowan - Chairman

23 February 2005



PORTFOLIO REVIEW (2004)


     INVESTMENTS                               Number        Cost   Valuation
                                             31/12/04    31/12/04    31/12/04
                                                                £           £

     African Eagle Resources Plc            1,241,174     112,264     274,299
     Alamos Gold Inc                          106,293      27,610     164,852
     Ascent Resources Plc                  22,500,000     225,000   1,012,500
     Bullion Resources Plc                  9,000,000     180,000     382,500
     Formation Capital Corp                 2,025,000     207,043     375,129
     Franconia Minerals Corp - OFEX           333,333      45,432      63,333
     Franconia Minerals Corp - TSE            625,000     107,562     107,712
     Gold Fields Ltd                           10,500      32,759      66,799
     Minmet Plc                            17,471,488     241,135     471,730
     Pacific North West Capital Corp          566,500     107,682     119,587
     Ridge Mining Plc                         100,000     178,477      50,000
     River Diamonds Plc                     6,666,666     100,000     216,667
     Tertiary Minerals plc                  1,330,000     119,700     119,700
     FAIR VALUE OF WARRANTS & OPTIONS                                        
     Cambrian Mining Plc (1)                1,350,000           -   2,034,750
     Franconia Minerals Corp - OFEX (2)       166,667           -           -
     Franconia Minerals Corp - TSE (3)        312,500           -           -
     River Diamonds Plc (4)                13,333,333           -     233,333
     MIT Ventures Corp Loan Note                    -      40,000      40,000
                                                          _______     _______
                                                        1,724,664   5,732,891

Warrants included in the above investment list are as follows:


1. 1,200,000 warrants in Cambrian Mining Plc exercisable at 25p each to 27 March
   2007 and a further 150,000 options exercisable at 50p each to 15 October
   2005 - (see note * below).

2. 166,667 warrants in Franconia Minerals Corp (OFEX) exercisable at C$0.45 each
   to 11 June 2005.

3. 312,500 warrants in Franconia Minerals Corp (TSE) are exercisable at C$.60 to
   the earlier of a) 15 days after Franconia has given notice that its share
   price has been equal or greater than C$.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.


    * There were no adjusting post balance sheet events. On 14 February 2005,
    the Company exercised 1,200,000 warrants and 150,000 options held in
    Cambrian Mining Plc paying a total consideration of £375,000. The carrying
    value of the warrants and options was £2,034,750. The shares acquired upon
    exercise of the warrants were subsequently sold for net proceeds of
    £2,708,708 resulting in a profit of £2,333,708 compared to the original cost
    of purchase.




African Eagle Resources Plc: (AIM) - AER www.africaneagle.co.uk


Tiger holds 1,241,171 shares in African Eagle Resources Plc ('African Eagle').
African Eagle explores for and develops gold and other mineral resources in
eastern and southern Africa. The company acquired a 75% interest in the Igurubi
project on which it recently completed a 17-hole, 1,190m reverse circulation
drilling programme. The results demonstrated that the system contains
significant gold mineralisation in the form of narrow but high-grade vein-like
structures. In Zambia, a drilling programme and an airborne geophysical survey
proceeded on its Mweze copper prospect. Tiger believes that African Eagle has
good prospects, which will continue to impact favourably on the share price as
further exploration results emerge.


Alamos Gold Inc: Toronto Stock Exchange (TSE) - AGI www.alamosgold.com


Tiger holds 106,293 shares in Alamos Gold Inc ('Alamos') purchased at a cost of
£27,610. Alamos fully owns the Mulatos deposit, one of the largest undeveloped
gold resources located in the state of Sonora, Mexico. This deposit, which is at
mineable development stage and slated for production in 2005, was acquired from
Placer Dome Inc. and Kennecott Minerals Company. Alamos also own the Salamandra
property which was purchased for C$8.7 million equivalent to US$1.64 per gold
resource ounce. Tiger believes that Alamos has good assets and anticipates that
its share price will move in unison with the gold price. Consequently, we will
monitor the company's share price closely.


Ascent Resources Plc (AIM) - AST


Tiger acquired 22,500,000 shares at a cost of £225,000 following a placing by
Ascent Resources Plc ('Ascent') in November 2004. The company was admitted to
AIM on 10 November 2004. Ascent Resources has been formed for the purpose of
making investments in the mining, minerals, and oil and gas sectors. This
investment has performed well for Tiger and was valued at £1,012,500 at 31
December 2004 reflecting an increase of 350%.


Bullion Resources Plc (AIM) - BLO


Tiger purchased 9,000,000 shares for a total consideration of £180,000 in
Bullion Resources Plc ('Bullion').

In September 2004, Bullion agreed to dispose of the entire issued share capital
and loan accounts of its subsidiary, Black Reef Gold Limited to Minerale Afrique
Limited for a consideration of ZAR 5 million (approx. £454,000). The company
also completed a fundraising totalling £625,000, further strengthening its
treasury and positioning itself for a future reverse takeover transaction.
Bullion has announced that it is holding exploratory discussions with suitable
candidates and will keep shareholders informed of further developments. Tiger
believes that Bullion has an experienced and entrepreneurial management team and
should perform well in 2005.


Cambrian Mining Plc (AIM) - CBM www.cambrianmining.com

Tiger sold 1,350,000 shares in Cambrian Mining plc ('Cambrian') during the year
for a consideration of £1,306,225 realising a profit of £1,006,225 and a return
of 335% on original cost. Tiger acquired a further 1,350,000 shares at a cost of
£375,000 by exercising options in January 2005. Cambrian is a diversified
natural resource exploration and development company. The Cambrian investment
performed extremely well in 2004 with success mainly attributable to Cambrian's
27% stake in Asia Energy Plc. Asia Energy's sole asset is the Phulbari coal
deposit in north-west Bangladesh. The deposit contains more than 400 million
tonnes of high quality thermal coal. Recent economic studies estimate post-tax
project Net Present Value ('NPV') of US$2.3 billion. Tiger exercised 1,200,000
warrants and 150,000 options at a total cost of £375,000 and subsequently sold
1,350,000 Cambrian shares for a total consideration of £2,708,708 in February
2005.


Formation Capital Corporation: Toronto Stock Exchange (TSE) - FCO
www.formcap.com


Tiger holds 2,025,000 shares in Formation Capital Corporation ('Formation').
Formation's fully owned flagship property, Idaho Cobalt, a primary cobalt
project in the Idaho Cobalt Belt in the United States, is in the feasibility and
permitting stage of development. The company recently announced final drill
results from its 25,000 foot, 28 hole drill program on the project, confirming
the downdip extension of mineralisation along a strike length of 2,200 feet of a
known 2,400 feet of strike. The company also recently announced its intention to
raise US$8 million (gross) by private placement. This investment is essentially
a call option on the Cobalt price and Tiger will maintain an active watch on
Cobalt futures.


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

Tiger acquired 625,000 shares in Franconia Minerals Corporation ('Franconia') at
a cost of £107,562, following Franconia's dual listing on the Toronto Stock
Exchange in which the company raised CDN$ 1.5 million. Franconia exercised its
earn-in option on the Birch Lake platinum-palladium-copper-nickel property in
the Duluth Complex of Minnesota and commenced a metallurgical testing programme
on the property. In addition to the company's San Francisco drill-ready zinc
property in the western US, Franconia acquired the Mahoney property, a
high-grade zinc target in New Mexico. Franconia has interesting projects, a well
regarded management team and provides Tiger with exposure to the US mining
scene.


Gold Fields Limited: Johannesburg Stock Exchange (JSE) - GFI
www.goldfields.co.za



Gold Fields Limited ('Gold Fields') is one of the world's largest producers of
gold, operating in three key gold mining regions of the world, South Africa,
West Africa (Ghana) and Australia. At the end of June 2004, Gold Fields had
attributable precious metal mineral resources of 190.6 million ounces (195.3
million ounces - 2003) and attributable gold mineral reserves of 75.6 million
ounces (81.5 million ounces - 2003). The earnings potential for the company is
excellent against current gold prices and should impact favourably on
profitability. At year-end, Tiger held 10,500 shares in the company valued at
£66,799. The current takeover battle for the company has clouded results
projections. Tiger, however believes that irrespective of the conclusion, the
underlying assets should perform very well in a strong gold market.


Minmet Plc: Irish Stock Exchange (ISE) - MNT www.minmet.ie



Tiger sold 4 million shares in Minmet Plc ('Minmet') during the year, realising
a profit of £78,486 compared to the original cost of purchase. At year-end,
Tiger held a total of 17.5 million shares valued at £471,730. Minmet is a
European gold producer with international mining and exploration interests. It
is focused on generating positive cash flows from its Bjorkdal gold mine in
Sweden having acquired both the crushing and the milling plants with an annual
processing capacity of 1.2 million tonnes of ore, producing high value gold
concentrates. Minmet acquired a 58% controlling shareholding in TSX-V listed
GoldQuest Mining Corporation, which acquired Minmet's gold exploration interests
in the Dominican Republic. The company also holds interests in exploration
projects, principally for gold, in Brazil and Peru. Tiger perceives Minmet to be
a well managed production/ exploration company and looks forward to a focus
emerging from the company's current portfolio.


Pacific North West Capital Corp: Toronto Stock Exchange (TSE) - PFN
www.pfncapital.com


Tiger holds 566,500 shares in Pacific North West Capital Corp ('PFN') valued at
£119,587 on 31 December 2004. PFN is exploring for platinum group metals close
to Sudbury, the nickel/copper mining region of Ontario and near Ketchikan south
east Alaska. The company has as partners, Anglo Platinum in Canada and Lonmin
plc in Alaska. The company increased the combined mineral resource estimate
(measured and indicated Pt+Pd+Au) on its River Valley project to more than 1.1
million oz (previous 593,000 oz) following completion of its phase 6 program.
PFN commenced a CDN$3 million phase-7 programme to continue to March 2005. On
PFN's Union Bay Platinum project, Lonmin increased the programme budget by
US$600,000 to US$1.8 million following favourable results from the Phase 1
exploration programme. This company, despite its excellent technical results,
has traded in a disappointingly low share price. We will continue to follow
progress closely.

Ridge Mining Plc: London Stock Exchange (LSE) - CLU www.cluff-mining.com

Tiger holds 100,000 shares in Ridge Mining Plc ('Ridge'), previously Cluff
Mining Plc, valued at £50,000 at year-end. Ridge has reported good progress at
its three main platinum and associated metal projects, Sheba's Ridge; Blue Ridge
and Fountain Ridge on the Bushveld Complex of South Africa. The pre-feasibility
study on its Sheba's Ridge Platreef joint venture is reported to be on target
for completion in March 2005. Tiger awaits with interest the results of the
feasibility study of Sheba's Ridge.


River Diamonds Plc (AIM) - RID - www.riverdiamond.co.uk

Tiger acquired a further 3,333,333 shares in River Diamonds Plc ('River
Diamonds') at a cost of £50,000. River Diamonds owns diamond and gold
exploration licences in the Mato Grosso area of Brazil covering 57,000 ha. In
August 2004, River Diamonds moved from OFEX to AIM raising £1.68 million. The
company is focused on large scale alluvial deposits in the Mato Grasso region.
Early stage production has begun at the first project, Melgueira, and is
expected to increase to 2,700 tonnes per day by January 2005. River Diamonds,
one of the first companies operating in Brazil to receive its Kimberley Export
Licence, is now exporting diamonds to sell at a premium in the Antwerp market.
This investment provides Tiger with a speculative position in the junior diamond
sector, which is showing signs of buoyancy.

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

Tiger holds 1,330,000 shares in Tertiary Minerals Plc ('Tertiary') valued at
£119,700. Tertiary is involved with tantalum, platinum group metals, base metals
and gold. The company has interests in a number of mineral exploration projects
in Sweden, Finland, Norway and Saudi Arabia including projects at drill-ready
and preliminary economic feasibility stages. At Nottrask, the company's main
nickel prospect in Sweden, it has prepared a geophysical programme to cover the
entire central part of the intrusion in the search for Voisey's Bay style
massive nickel sulphides. Drilling is likely in the early summer. The company's
Finnish Diamond Project remained a high priority in an active exploration
portfolio. With continued hardening of the tantalum market the company is
considering the start of preliminary feasibility studies on its world-class
tantalum deposit in Saudi Arabia. The company has a good base of projects along
with a strong management team. We would welcome one of the projects emerging as
a lead project, which in our opinion would provide stronger investor confidence.



PROFIT AND LOSS ACCOUNT
YEAR ENDED 31 DECEMBER 2004

                                                                                                       
                                                                          2004        2003 
                                                                             £           £ 
   Administrative expenses                                           (332,892)   (287,645)
   OPERATING LOSS                                                    (332,892)   (287,645)
   Profit on sale of fixed asset investments                           340,014     547,747
   Investment income                                                       690      50,234
   Other Income                                                          7,500       7,500
   Interest receivable                                                 134,048      88,846
   PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION                       149,360     406,682
   Tax on profit on ordinary activities                                 65,374   (104,028)
   PROFIT ON ORDINARY ACTIVITIES AFTER TAXATION FOR THE YEAR           214,734     302,654
   Basic and diluted earnings per share                                  0.09p       0.13p


All profits are derived from continuing operations



STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES 
YEAR ENDED 31 DECEMBER 2004

                                                                                               
                                                                         2004         2003
                                                                            £           £ 
   Profit for the year after taxation                                 214,734     302,654
   Unrealised gains on fixed asset investments                      3,100,122   2,727,465
   Unrealised losses on fixed asset investments                     (655,545)    (85,074)
   Tax on gains/losses on fixed asset investments                   (369,209)   (160,271)
   Total recognised gains                                           2,290,102   2,784,774


BALANCE SHEET 
AS AT 31 DECEMBER 2004 

                                                                                               
                                                                         2004        2003 
                                                                            £           £ 
   FIXED ASSETS                                                           
   Investments                                                      5,732,891   4,533,734
   CURRENT ASSETS                                                         
   Debtors                                                             11,755      11,962
   Cash at bank                                                     3,732,178   2,991,055
                                                                    3,743,933   3,003,017
   CREDITORS: amounts falling due within one year                   (446,461)   (421,707)
   NET CURRENT ASSETS                                               3,297,472   2,581,310
   TOTAL ASSETS LESS CURRENT LIABILITIES                            9,030,363   7,115,044
   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                                              4,008,228   2,818,695
   Profit and loss account                                          1,108,460     382,674
   EQUITY SHAREHOLDERS' FUNDS                                       9,030,363   7,115,044



CASH FLOW STATEMENT 
YEAR ENDED 31 DECEMBER 2004 

                                                                                                           
                                                                                  2004           2003 
                                                                                     £              £ 
   Net cash (outflow) from operating activities                              (345,032)      (264,983)
   Returns on investment and servicing of finance                                                    
   Interest received                                                          131,548        110,585
   Other income and investment income received                                  8,190         57,734
                                                                              139,738        168,319
   Taxation                                                                                          
   Corporation tax paid                                                      (264,234)        (6,604)     
   Capital expenditure and financial investment                                                      
   Payments to acquire fixed asset investments                               (512,562)      (961,631)
   Receipts from sale of fixed asset investments                             2,097,996      1,660,246
   Net cash inflow from capital expenditure and financial investment         1,585,434        698,615
   Financing                                                                                         
   Proceeds from exercise of options                                                 -         17,000
   Purchase of own shares for treasury                                       (374,783)              -
   Net cash (outflow)/inflow from financing                                  (374,783)         17,000
   Increase in cash in the year                                                741,123        612,347




This preliminary statement is not the Company's statutory accounts. The
statutory accounts for the year ended 31 December 2004 have been approved by the
directors and have received an audit report which was unqualified 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 7 March 2005.


The statutory accounts for the year ended 31 December 2003 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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