Interim Results

Tiger Resource Finance PLC
10 August 2004

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

               Interim Results for the six months ended 30 June 2004. 
 
Chairman's Statement  

The Net Asset Value (NAV) per share on 30 June 2004 was 2.65p (30 June 2003 -
1.83p). The total Net Assets of the company are £6.25 million compared to £4.29
million at the same time last year. The six months ending 30 June 2004 produced
a net operating loss before tax of £335,235 (30 June 2003 - profit of £67,569).
Although the profit and loss shows a loss on disposal of investments of
£270,961, the net gain (ie compared to cost) realised on the sale of Ivanhoe
shares was £510,347 (return of 346%), whilst the Minmet holding realised a gain
of £78,486 (return of 142%). Consequently a total of £859,794 has been
transferred from the Revaluation Reserves to the Profit and Loss reserves (see
note 5).  

The first half of the year saw a vibrant junior resource sector led by major
mining company profits. IPO and secondary placing activity was very high,
leading to some over valuation and sector overheating. Towards June, the
financing activity slowed and most stocks retreated to more modest levels. 

Stock markets in general were neutral, displaying a greater propensity to fall
than to rise. The lethargy being fuelled by a weak dollar, threat of interest
rate increase and political uncertainty. Despite the aforementioned, general
economic conditions and growth were positive with China and South East Asia
leading industrial and consequently commodity demand.  

This demand, whilst marginally slowing down, is predicted to continue for the
foreseeable future, which will impact favourably on commodity producers and
explorers. Major mining companies are reporting increased earnings and the need
for new production capacity is high. This is particularly true for Nickel and
Copper. 

In my Chairman's Report for 2003, I said we would take profits where appropriate
and invest in situations where the project and the people represented above
average potential. We maintained cash reserves against the rapidly rising market
in the belief that the rise was excessive and unsustainable. We are of the
opinion that the second half will present more stability and better buying
conditions.. 

We sold for significant gain, stocks which were enjoying the buoyant resource
climate, examples being Ivanhoe Mines Ltd and Minmet plc. 

Tiger has cash reserves of £3.67 million and a liquid portfolio to invest in
appropriate opportunities. We may increase our shareholding in currently held
companies with upside and fundamentals well known to us. 

We foresee a repeat of strong resource markets for late autumn 2004 which may
well endure through to spring 2005. We do not expect similar levels of
volatility as seen in the first half but forecast a renewed impetus towards
secondary financing with limited IPO activity. 

Tiger during the first half of 2004 continued to realise value and now looks
forward to reviewing new investment opportunities to add further shareholder
value. 


Bruce Rowan 
Chairman 
10 August 2004




Portfolio Holdings as at 30 June 2004 

                                                                                                             
          Investments                         Number          Cost     Valuation        Number     Valuation 
                                          30/06/2004    30/06/2004    30/06/2004    30/06/2003    30/06/2003 
 
          African Eagle Resource plc       1,241,174       112,264       232,100     1,241,174        79,125 

          Alamos Gold Inc.                   106,293        27,611        85,784       106,293        52,668 

          Cambrian Mining plc              1,350,000       300,000       644,625     1,200,000       384,000 

          Formation Capital Corp           2,025,000       205,960       441,921     1,350,000        85,135 

          Franconia Minerals Inc.          1,666,667        45,432        68,750             -             - 

          Gold Fields Ltd                     10,500        32,759        61,715        10,500        76,276 

          Ivanhoe Mines Ltd                        -             -             -       195,000       293,378 

          Minmet plc                      17,471,488       278,040       541,616    31,471,488       572,781 

          Pacific North West Corp            566,500       106,974       139,957       566,500       117,383 
                                                                                                          ' 
          River Diamonds plc               6,666,666       100,000       191,667             -             - 

          Ridge Mining plc                   100,000       178,477        52,000       100,000       125,000 

          Tertiary Minerals plc            1,330,000       119,700       136,325             -             - 

          Fair value of warrants          15,516,666             -       458,792             -             - 

          MIT Ventures Corp loan note              -             -        40,000             -             - 

                                                         1,507,217     3,095,252                   1,785,746 
                                                                                                                 


       TIGER RESOURCE FINANCE PLC                                                                                

       PROFIT AND LOSS ACCOUNT FOR THE SIX MONTHS ENDED 30 JUNE 2004                                             

                                                                         (Unaudited)    (Unaudited)    (Audited) 
                                                                         Six months     Six months          Year 
                                                                               ended          ended        ended 
                                                                          30 June 04     30 June 03    31 Dec 03 
                                                                                   £              £            £ 

       Administrative expenses                                             -123,778       -127,088     -287,645  

       OPERATING LOSS                                                      -123,778       -127,088     -287,645  

       Profit/(loss) of fixed asset investments                            -270,961        100,746      547,747  

       Investment income                                                      4,091         53,105       57,734  

       Interest receivable                                                   55,413         40,806       88,846  

       PROFIT ON ORDINARY ACTIVITIES                                       -335,235         67,569      406,682  
       BEFORE TAXATION                                                                                           

       Tax on profit/(loss) on ordinary activities                                0       -160,452     -104,028  

       PROFIT/(LOSS) ON ORDINARY ACTIVITIES AFTER TAXATION                 -335,235        -92,883      302,654  

       Basic earnings/(loss) per share                                       (0.14p)        (0.04p)        0.13p 

       Diluted earnings/(loss) per share                                     (0.13p)        (0.04p)        0.13p 


                                                                                                                      

  TIGER RESOURCE FINANCE PLC                                                                                          

  BALANCE SHEET AS AT 30 JUNE 2004                                                                                    
                                                                             (Unaudited)    (Unaudited)     (Audited) 
                                                                              30 June 04     30 June 03     31 Dec 03 
                                                                                       £              £             £ 

  FIXED ASSETS                                                                                                        
  Financial assets                                                                                                    
                   Quoted investments - at market value                        3,095,251      1,785,748     4,533,734  
                                                                                                                

  CURRENT ASSETS                                                                                                      
                   Debtors                                                        16,140        311,665        11,962  
                   Cash at bank and in hand                                    3,672,937      2,496,386     2,991,055  
                                                                               3,689,077      2,808,051     3,003,017  

  CREDITORS                                                                                                           
                   Amounts falling due within one year                          -534,270       -304,522      -421,707  
                                                                                                                  

  NET CURRENT ASSETS/ (LIABILITIES)                                           3,154,807      2,503,529     2,581,310  

  TOTAL ASSETS LESS CURRENT LIABILITIES                                       6,250,058      4,289,277     7,115,044  


  CAPITAL AND RESERVES                                                                                                

  Called up share capital                                                     2,358,819      2,345,819     2,358,819  

  Share premium account                                                       1,554,856      1,550,856     1,554,856  

  Revaluation reserve account                                                 1,583,150        262,597     2,818,695  

  Profit and loss account                                                       753,233        130,005       382,674  

  SHAREHOLDERS FUNDS                                                          6,250,058      4,289,277     7,115,044  
                                                                                                                      


  STATEMENT OF TOTAL REALISED GAINS AND LOSSES FOR THE SIX MONTHS ENDED 30 JUNE 2004                                  

                                                                              (Unaudited)    (Unaudited)    (Audited) 
                                                                               30 June 04     30 June 03    31 Dec 03 
                                                                                        £              £            £ 

  Profit/(loss) for the period                                                   -335,235        -92,883      302,654 

  Unrealised gains on fixed asset investments                                     191,754        169,557    2,727,465 

  Unrealised losses on fixed asset investments                                   -567,505       -100,668      -85,074 

  Tax on gains/(losses) on fixed asset investments                               -154,000              0     -160,271 

  Total recognised gains/(losses)                                                -864,986        -23,994    2,784,774 
                                                                                                                      

Interim Report - Notes 
                                                                                             
             
1  The information relating to the six-month periods ended 30 June 2004 and 
   30 June 2003 is unaudited. The information relating to the year ended 31 
   December 2003 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 235,881,939.                                         
             

4  Copies of this interim report are available to the public, free of charge, 
   from 4th Floor, 2 Cromwell Place, London SW7 2JE, during normal office hours.
   A copy will also be posted on Tiger Resource Finance plc's website 
   www.tiger-rf.com                           
             

5  Profit and Loss reserves include a credit of £859,794, being a transfer from 
   revaluation reserves of prior period unrealised gains realised in the current 
   period.                 
 



                      This information is provided by RNS
            The company news service from the London Stock Exchange