Interim Results

Tiger Resource Finance PLC
27 September 2001

                             CHAIRMAN'S STATEMENT

              ON INTERIM RESULTS FOR 6 MONTHS ENDED 30 JUNE 2001

I am pleased to present our first set of results for Tiger Resource Finance
plc ('Tiger') as an entity in its own right following the restructuring of the
Company in January 2001 and its admission to trading on the Alternative
Investment Market of the London Stock Exchange. As I write the world is in the
grip of extraordinary turmoil following the events in the US on 11 September
2001. Stock markets have suffered massive devaluations and many small cap
stocks are friendless.

Despite all the present uncertainty in stock markets I am conscious that Tiger
has always been promoted as a long-term investment vehicle, and as such
should, in time, be able to overcome these short-term setbacks and, will take
advantage of opportunities identified by the management and the Investment
Manager in the course of their continuous interaction with exploration and
mining promoters. Despite the present difficulties I am hopeful that the
current poor economic situation will be short lived and, in the current low
inflation and low interest rate environment that renewed economic growth will
be evident by Quarter 2 of next year.

Results

Total net assets as at 30 June 2001 amount to £3.48 million of which 66% (£2.3
million net) represented cash and 34% investments (£1.2 million in five
companies). Total shares in issue amount to 223.4 million. In the six months
to 30 June 2001 pre-tax profit amounted to £9,396 (Figures for 2000 are not
comparable due to the change of business since January 2001). Unrealised
profits arising from the revaluation of the investment portfolio amounted to £
68,433 and net assets per share amounted to 1.56p.

Investments and Current Activities

Tiger has to date invested in eight companies across a range of exploration
and mining sectors. Investments have been made in the following companies:

              Company                         Sector               Domicile

      AuIron Energy Limited*              Iron Ore, Coal           Australia
      Brancote Holdings plc*                   Gold                   UK
         Cluff Mining plc              Gold, Niobium, PGM's           UK
      Formation Capital Corp                  Cobalt                Canada
        Goldfields Limited                     Gold              South Africa
      Ivanhoe Mines Limited*          Copper, Gold, Iron Ore        Canada
        National Gold Corp.                    Gold                 Canada
 Pacific North West Capital Corp.              PGM's                Canada

*new investments since 30 June 2001

In the period since 30 June 2001 additional and follow-on investments
totalling £0.87 million have been made.

Valuation of the portfolio has been seriously adversely effected following the
events of 11 September 2001 particularly in the small cap shares. The
financial consequence of this has been a loss of £286k, a 14.1% drop in the
value of the current portfolio, bringing the net asset value per share down to
1.40p at today's date. Investment decisions have been made to realise a return
from the majority of the investment portfolio over the longer term as early
stage exploration projects are brought into production or as mineable reserves
are delineated.

The Board is monitoring opportunities in the current market place and will be
adopting a very conservative investment policy over the coming months with the
advantage of using the Company's cash to avail itself of exceptional
opportunities across the range of both small, medium and large cap resource
companies.

Despite the events of recent weeks I am hopeful that an early recovery in
sentiment can be achieved and that economic growth and appreciation in stock
market valuations will ensue. Your Board continues to review new investing
opportunities, however I reiterate that we will be taking a conservative line
pending an upturn in the world economy.

I would like to thank my fellow members of the Tiger Board and the Tiger
Investment Manager for their support and efforts in the period. I regret that
Hugh McCutcheon is resigning as a Director due to work commitments.

Finally I would like to note my sadness at the untimely and tragic death of
our fellow director Seamus Maher in May. Seamus was instrumental in the
detailed work that led to the establishment of Tiger in January this year and
his diligence and good humour is sorely missed.



Jeremy Metcalfe

Chairman



27 September 2001


Tiger Resource Finance Plc
Six months ended 30 June 2001
                                            (Unaudited) (Unaudited) (Audited)
                                            Six months  Six months     Year
                                              Ended       ended       ended
Statement of Total Recognised Gains and      30 June     30 June    31 December
Losses
                                               2001       2000         2000
                                               IR£         IR£         IR£
 Profit / (loss) for the period                  9,396    (6,112)    (358,952)
 Unrealised gains on quoted investments         68,433          0            0
 Total recognised gains and (losses)            77,829    (6,112)    (358,952)

                                            (Unaudited) (Unaudited) (Audited)
                                            Six months  Six months     Year
                                              ended       ended       Ended
Profit and Loss Account                      30 June     30 June    31 December
                                               2001       2000         2000
                                                £           £           £
 Interest receivable                            60,438          0           11
 Administration expenses - continuing         (51,042)    (6,112)     (11,137)
 operations
 Write down of intangible assets -                   0          0    (347,678)
 discontinued
 operations
 Operating profit / (loss)                       9,396    (6,112)    (358,804)
 Tax on ordinary activities                          0          0        (148)
 Profit / (loss) on ordinary activities          9,396    (6,112)    (358,952)
 after tax
 Earnings / (losses) per ordinary share           0.00     (0.07)       (3.94)


Tiger Resource Finance Plc
Balance Sheet
as at 30 June 2001
                                          (Unaudited)  (Unaudited)  (Audited)
                                            30 June      30 June        31
                                                                     December
                                             2001           2000        2000
                                               £               £           £
Fixed Assets
  Intangible assets - discontinued                  0      558,921          0
  operations
  Quoted Investments - at valuation         1,225,291            0          0
                                            1,225,291      558,921          0
Current Assets
  Debtors                                      39,707        9,671  3,525,986
  Cash at Bank                              2,313,364        1,550      1,110
                                            2,353,071       11,221  3,527,096
Creditors
  Amounts falling due within one year        (95,547)    (176,696)   (11,600)
Net Current Assets / (Liabilities)          2,257,524    (165,475)  3,515,496
Total Assets Less Current Liabilities       3,482,815      393,446  3,515,496
Represented by:
Capital and Reserves
  Called-up share capital                   2,234,114       91,155  2,234,114
  Share premium account                     1,552,173      330,753  1,662,683
  Capital reserve - unrealised net gain        68,433            0          0
  on investments
  Revenue reserves                          (371,905)     (28,462)  (381,301)
Equity Shareholders' Funds                  3,482,815      393,446  3,515,496

Interim Report - Notes

1 The information relating to the six months periods ended 30 June 2001 and 30
  June 2000 is unaudited. The information relating to the year ended 31
  December 2000 is extracted from the audited accounts of the Company which
  have been filed at Companies House and on which the auditors issued an
  unqualified opinion
2 The above financial information does not constitute statutory accounts within
  the meaning of section 240 Companies Act 1985.
3 Earnings (30 June 2000 and 31 December 2000: Loss) per ordinary share is
  based on the weighted average number of shares in issue during the six months
  ended 30 June 2001 of 223,411,371 (30 June 2000 and 31 December 2000:
  9,115,496).
4 Copies of this interim report are available to the public, free of charge,
  from 10 Fitzwilliam Square, Dublin 2 during normal office hours. A copy will
  also be posted on Tiger Resource Finance plc's web site www.tiger-rf.com