January 2015

Kipoi 2015 guidance and outlook

Disclaimer

Caution Regarding Forward Looking Statements and Forward Looking Information: This announcement contains forward looking statements and forward looking information, which are based on assumptions and judgments of management regarding future events and results. Such forward-looking statements and forward looking information, including but not limited to those with respect to the development and commissioning of the Stage 2 SXEW plant at Kipoi, involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any anticipated future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the actual market prices of copper, the actual results of current exploration, the availability of debt financing, the volatility in global financial markets, the actual results of future mining, processing and development activities and changes in project parameters as plans continue to be evaluated. There can be no assurance that the Stage 2 SXEW plant will operate in accordance with forecast performance, that anticipated metallurgical recoveries will be achieved, that future evaluation work will confirm the viability of deposits identified within the project, that future required regulatory approvals will be obtained, that the Stage 2 Phases 2 and 3 expansions of the Kipoi Project will proceed as planned and within expected time limits and budgets or that, when completed, the expanded Kipoi Stage 2 SXEW plant will operate as anticipated.

Production Targets: All Production targets referred to in this Report are underpinned by estimated Ore Reserves which have been prepared by competent persons in accordance with the requirements of the JORC Code.

Competent Person Statement: The information in this report that relates to the Mineral Resources and Ore Reserves were first reported by the Company in compliance with JORC 2012 in market releases dated as follows:

Kipoi Central Ore Reserves (Stage 1 HMS) - 3 April 2014;

Kipoi Central Ore Reserves (Stage 2 SXEW) - 15 January 2014;

Kipoi North and Kileba Ore Reserves (Stage 2 SXEW) - 3 April 2014;

Kipoi Central Mineral Resource - 3 April 2014;

Kipoi North Mineral Resource - 3 April 2014;

Kileba Mineral Resource - 3 April 2014;

Judeira Mineral Resource - 26 November 2013; and

Sase Central Mineral Resource - 12 July 2013.

The Company confirms that it is not aware of any new information or data that materially affects the information included in the market announcements referred to above and further confirms that all material assumptions and technical parameters underpinning the ore reserve and mineral resource estimates contained in those market releases continue to apply and have not materially changed.

Kipoi project outlook

▪ Kipoi Phase 1 SX/EW is operating at nameplate capacity of 25ktpa copper cathode

▪ 2015 production is expected to be 25kt copper cathode at a cash operating cost of US$1.30-U$1.40/lb1 and all-in sustaining cash cost (AISC) of US$1.57-1.67/lb2

▪ Cash operating cost and AISC are expected to fall through 2015 with transition to predominantly grid power on-site

▪ Unit costs targeted to finish the year materially below 2015 average guidance

▪ Kipoi reserves support an expanded 50ktpa production rate for 10 years and the Kipoi Phase 2 expansion to 50ktpa is an industry leading brownfield expansion project

▪ There are also a number of options to minimise the working capital build associated with expanded production

▪ Tiger expects to be in a position to confirm timing of the Phase 2 expansion to 50ktpa once long term finance facilities are in place that are suitably matched to the projected Kipoi cashflow profile

1. Cash operating costs defined as Mining (less non cash ROM adjustment), Processing, G&A and selling/export costs

2. All-in sustaining cash costs defined as cash operating costs plus royalties and sustaining capital