Unaudited results for the 6 months to 30 June 2024

Chairman's Report

Dear Shareholder,

Net Asset Value per share - 30 Jun 2024: (0. 005)p / 31 Dec 2023: 0.02p (30 June 2023: 0.05p )

Total net assets - 30 Jun 2024: £(24)k / 31 Dec 2023: £93k (30 June 2023: £248k)

Dear Shareholder,

My Chairman's report for this Interim Statement demonstrates a continuation of the same frustration and disappointment as in the Interim Statement a year ago. There have been few positive changes since that report and geopolitical tension has worsened worldwide with the Middle East crisis deepening. The Russian invasion of Ukraine has continued unabated with both sides threatening with long range missile attacks on each other's cities which can only lead to worsening the situation. This potential geo-political instability could potentially be compounded by some countries electing new governments which may adopt radical economic policies resulting in detrimental consequences to their respective economic prosperity.

The economy of the United States America seems to be prospering and at the time of writing this report, major stock market indices are close to near term highs. The recent lowering of interest rates has added impetus to the markets, however small-cap stocks have seen little benefit. The pattern of rate lowering is evident in both developed and emerging economies, and it is my view that lowering rates now is premature. If this is the case, it may promote a further bout of inflation which could be the stimulus for commodity price increases. Whilst rising metal prices would be a positive move for our industry, such a scenario could once again threaten global fiscal stability.

Against the aforementioned comments, there are few fundamentals which are likely to produce a better environment for smaller resource companies, which in recent years have been predominately reliant on the retail investor community. Whilst the situation is prolonged and serious, I remain convinced that the inevitable demand for copper and the poor supply prospects should overturn all the negative factors surrounding the smaller company market.

The fact is that the longer copper fundamentals are ignored, the more serious the situation will become and copper will replace oil as a potential world disrupter. During the twentieth century we saw numerous occasions when financial and political disruption was led by the uncertainty around oil supplies. It is disappointing that I cannot report better conditions for our industry, but the reality speaks for itself, despite our optimism for change.

Your Company has the mandate to seek out positions where value is identified but assets are not performing due to technical or project management reasons and there are many such assets which satisfy the stated criteria, but accessing funds continues to be difficult, with stressed balance sheets and low liquidity.

Gold remains the main outlier, as it has soared from $1,800 to $2,600 per oz in the last 12 months and a deep sense of global unease is helping to boost the price of the yellow metal. Additionally, gold is priced in US Dollars, a currency which has recently been depreciating against other major currencies thus making gold seem cheaper and tempting investors to pile in.

We continue to seek investment opportunities that will help reshape Tiger including, if the fundamentals match the Company's investment criteria, precious metal projects where we may be able to participate in this resurgence.

Tiger is an investment company with a long record and an experienced management team. In our quest to identify the best mid to long-term direction for the Company, we have stated on a number of occasions that a small-cap resource focussed umbrella investment company lacks the scale and scope to prosper in today's investment climate and that statement can never be truer than it is now.

We are currently proactively investigating a number of possible alternative strategies which could position the Company into an arena where value can be added for our long supportive shareholders.

Colin Bird

Chairman

Portfolio Holdings as at 30 June 2024

All profits are derived from continuing operations.

Statement of Financial Position

As at 30 June 2024

Selected notes to the financial statements

For the six months ended 30 June 2024

Basis of preparation

These interim financial statements for the period ended 30 June 2024 have been prepared by applying the accounting policies adopted in the audited accounts for the year ended 31 December 2023 and should be read in conjunction with the 2023 annual report. As permitted, the Company has chosen not to adopt IAS 34 "Interim Financial Reporting".

The financial information set out in this interim report does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. The statutory financial statements for the period ended 31 December 2023, were prepared under International Financial Reporting Standards (IFRS), and have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified and did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.

Loss Per Share

Dividends

No dividends were declared during the period under review (30 June 2023: nil).

Current liabilities

The current liability figure of £463,208 (2023: £246,516) includes an accrual of £ 219,917 (2023: £108,628) - relating to Director's salaries/fees, the oldest one being for 24 months ended 30 June 2024. The current liability figure also includes a creditor of £165,000 (2023:£96,000) payable to Lion Mining Finance, which is a related party.

Deferred Tax

A deferred tax asset on revaluation of investments arose during the period. However, deferred tax assets are not recognised due to the unpredictability of future profit streams arising from the disposal of investments held by the Company. Losses may be carried forward indefinitely and will only be recoverable if suitable profits arise in the future.

Called Up Share Capital

The share capital of Tiger Royalties and Investments Plc consists only of fully paid ordinary shares with a nominal value of 0.1p each. All Ordinary shares are equally eligible to receive dividends and the repayment of capital and represent one vote at the shareholders' meeting of the Company.

Included in allotted called and fully paid share capital are 4,500,000 shares with a nominal value of £4,500 held by the company in treasury.

Share Warrants

At the period end, as at 30 June 2023 and as at 31 December 2023, the Company had the following warrants outstanding:

The above warrants were issued on 20 December 2022 and are exercisable at 0.3 pence per unit with a validity of 2 two years from the date of issue.

Going concern

The operations of the Company have been financed mainly through operating cash flows. As at 30

June 2024, the Company held cash balances of £ 50,990 (30 June 2023: £69,874) and an operating loss

has been reported. Historically, the Company has generated cash flow from the sale of investments in

quoted natural resource companies. The Company's financial investments at 30 June 2024 were £366,364. Subsequent to the date of these accounts, it is possible, as a result of volatile markets, that the Company may need to raise funding to provide additional working capital to finance its ongoing activities. The management team has successfully raised funding for similar projects and companies in the past, however there is no guarantee that adequate funds will be available when needed in the future.

Based on its current reserves and the Board's assessment that the Company should be able to raise

additional funds, as and when required to meet its working capital requirements, the Board have

concluded that they have a reasonable expectation that the Company can continue in operational

existence for the foreseeable future. In addition, the Board confirms that Directors fees will continue

to accrue or be paid in shares (subject to AIM rules and other regulatory issues) until the Company

undertakes either a fundraise and has sufficient excess working capital to settle such fees, or is involved

in a significant transaction which would significantly uplift the prospects for the Company. For these

reasons, the financial statements have been prepared on the going concern basis, which contemplates

continuity of normal business activities and the realisation of assets and discharge of liabilities in the

normal course of business.

Post-reporting date

No adjusting or significant non-adjusting events have occurred between the reporting date and the date of release of the Company interim financials.

Availability of Interim Report

A copy of these interim results will be available from the Company's registered office during normal business hours on any weekday at 2nd Floor, 7/8 Kendrick Mews, London SW7 3HG, and can also be downloaded from the Company's website at http://www.tiger-rf.com/. Tiger Royalties and Investments Plc is registered in England and Wales with company number 02882601.