Interim Results

Tiger Resource Finance PLC
05 August 2003

                           TIGER RESOURCE FINANCE PLC

                    Chairman's Statement and Interim Results

                     for the six months ended 30 June 2003



The six months ending 30 June 2003 produced a net operating profit before tax of
£67,569 (30 June 2002 - £738,190) and the Net Asset Value (NAV) per share on 30
June 2003 was 1.83p (30 June 2002 - 1.91p). The total Net Assets of the company
are £4.29 million compared to £4.28 million at the same time last year.


I am pleased to report that the first half results continue to show significant
progress for your company with the strategy of aggressive selling and judicious
buying resulting in a stable portfolio of cash and investments. The period, 1
January to 30 June 2003, has been positive in that considerable gains have been
realised from the sale of the Rio Narcea Gold Mines and Ivanhoe Mines
investments. Our largest investment is Minmet plc, which at the period end shows
a 32% increase compared to the original cost of the investment.


The approach to investments remains cautious with numerous companies seen but
few investments made, since very few companies seen, meet the stringent
investment requirements imposed by your Board. We strongly believe that the
conservation of cash has placed your company in a strong position for selective
investment in what we perceive to be an emerging resource market. Your Board
perceives market conditions to be improving, albeit slowly for the resource
sector. An encouraging factor is the increasing confidence emerging from Far
East Asia and China, which should impact favourably on base metal prices. The
gold price has held up reasonably well and platinum has made strong gains with
palladium showing modest signs of recovery.


We are seeing many examples of companies changing their listing domain
concurrent with the need for further working capital. Such situations present a
unique opportunity for Tiger to underwrite a portion of the listing, whist
providing interim working capital. Cambrian Mining plc represented such an
opportunity and Tiger now holds 10% of Cambrian, which recently moved from OFEX
to the AIM market.


Your Board recognises the risk of passive investments made without internal
company knowledge and ongoing representation in the decision making process.
Consequently a portion of future investment actions will be proactive providing
the solution to quality companies seeking a listing and funding. After reverse
or structured acquisition, the intent is that Tiger will have a significant
position in an emerging entity with sound management and good prospects.


We anticipate the second half of 2003 to see stronger markets in general and a
much stronger resource market consistent with traditional trends for the current
part of the cycle. Having strong cash and portfolio positions and no debt, your
Board believes that Tiger is very well positioned to take advantage of the
anticipated upsurge and produce above industry average returns for its
shareholders.




Bruce Rowan

Chairman


4 August 2003




Portfolio Holdings at 30 June 2003

Shareholdings                                     Number            Cost       Valuation          Number       Valuation

                                                30/06/03        30/06/03        30/06/03        30/06/02        30/06/02
                                                                       £               £                               £
African Eagle Resources plc                    1,241,274         112,264          79,125               -               -
Alamos Gold Inc                                  106,293          27,611          52,668         500,000         120,690
Auiron Energy Inc                                      -               -               -         736,000          34,960
Cambrian Mining plc                            1,200,000         300,000         384,000               -               -
Cluff Mining plc                                 100,000         178,477         125,000         100,000         275,000
Formation Capital Corp                         1,350,000         161,777          85,135       1,350,000         232,759
Gold Fields Ltd                                   10,500          32,759          76,276          10,500          81,303
Ivanhoe Mines Inc                                195,000         168,222         293,378         460,000         604,741
Minmet plc                                    31,471,488         434,358         572,781               -               -
Pacific North West Capital Corp                  566,500         107,682         117,383         566,500         134,300
Rio Narcea Gold Mines                                  -               -               -         620,000         414,224
                                                               1,523,150       1,785,746                       1,897,977



Profit & Loss Account

Six months ended 30 June, 2003
                                                              (Unaudited)           (Unaudited)                (Audited)
                                                               Six months            Six months                     Year
                                                                    ended                 ended                    ended
                                                               30 June 03            30 June 02                31 Dec 02
                                                                        £                     £                        £
     Administrative expenses                                     -127,088               -91,845                 -212,751

     OPERATING LOSS                                              -127,088               -91,845                 -212,751
     Investment income                                            100,746               799,263                  563,528
     Other operating income                                        53,105                     0                        0

     Interest receivable                                           40,806                30,772                   72,594

     OPERATING PROFIT ON ORDINARY ACTIVITIES                       67,569               738,190                  423,371
     BEFORE TAXATION

     Tax on profit on ordinary activities                        -160,452              -193,011                  -72,943

     PROFIT/(LOSS) ON ORDINARY ACTIVITIES                         -92,883               545,179                  350,428
     AFTER TAXATION

     Basic earnings/(loss) per share                              (0.04p)                 0.24p                    0.16p

     Diluted earnings/(loss) per share                            (0.04p)                 0.24p                    0.16p



Statement of Total Realised Gains and Losses

Six months ended 30 June, 2003
                                                              (Unaudited)           (Unaudited)                (Audited)
                                                               30 June 03            30 June 02                31 Dec 02
                                                                        £                     £                        £
Profit/(loss) for the period                                      -92,883               545,179                  350,428
Unrealised gains on fixed asset investments                       169,557               474,995                  730,591
Unrealised losses on fixed asset investments                     -100,668                     0                 -120,483
Tax on gains/losses on fixed asset investments                          0                     0                  -15,124
Total recognised gains/(losses)                                   -23,994             1,020,174                  945,412




Balance Sheet

As 30 June, 2003
                                                              (Unaudited)           (Unaudited)                (Audited)
                                                               30 June 03            30 June 02                31 Dec 02
                                                                        £                     £                        £

     FIXED ASSETS
     Financial assets
        Quoted investments - at market value                    1,785,748             1,897,977                2,042,213

     CURRENT ASSETS
        Debtors                                                   311,665                37,397                   29,739
        Cash at bank and in hand                                2,496,386             2,594,358                2,378,708
                                                                2,808,051             2,631,755                2,408,447
     CREDITORS
        Amounts falling due within one year                      -304,522              -253,405                 -137,390

     NET CURRENT ASSETS/ (LIABILITIES)                          2,503,529             2,378,350                2,271,057

     TOTAL ASSETS LESS CURRENT LIABILITIES                      4,289,277             4,276,327                4,313,270

     CAPITAL AND RESERVES

     Called up share capital                                    2,345,819             2,234,114                2,345,819
     Share premium account                                      1,550,856             1,550,856                1,550,856
     Revaluation reserve account                                  262,597               474,995                  734,770
     Profit and loss account                                      130,005                16,362                 -318,175

     SHAREHOLDERS FUNDS                                         4,289,277             4,276,327                4,313,270



      Interim Report - Notes


      1  The information relating to the six months periods ended 30 June 2003 and 30 June 2002 is unaudited. The
         information relating to the year ended 31 December 2002 is extracted from the audited accounts of the company
         which have been filed at companies House and on which the auditors issued an unqualified report.
      2  The above financial information does not constitute statutory accounts within the meaning of section 240 of the
         Companies Act 1985.
      3  Earnings /Losses per ordinary share included in Profit and Loss statement is based on the weighted average
         number of shares of 234,581,919.
      4  Copies of this interim report are availableto the public, free of charge, from 7/8 Kendrick Mews, London SW7
         3HG, during normal office hours. A copy will also be posted on Tiger Resource Finance plc's website
         www.tiger-rf.com.
      5  P&L reserves include a credit of £541,062, being a transfer from revaluation reserves of prior period
         unrealised gains realised in the current period.



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