ABN 52 077 110 304

16 December 2015 ASX Release

TIGER RESOURCES ANNOUNCES FUNDING PACKAGE AND OPERATIONS UPDATE

KEY HIGHLIGHTS

• Taurus/IFC facility finalised

• Equity capital raising to raise up to ~US$25 million, comprising a ~US$6 million placement to global mining private equity fund Resource Capital Fund (RCF) and an accelerated, non- renounceable entitlement offer to raise up to ~US$19 million

• Binding commitments received from RCF and International Finance Corporation (IFC) for US$15 million of the equity capital raising

  
  

  Interim CEO Mike Griffiths said "Execution of binding debt facility agreements with IFC and Taurus as well as IFC's decision to invest at the equity level for a minimum 5% interest is a great result. RCF's agreement to increase its existing investment in Tiger adds strength to our register and we acknowledge the strong support provided by Taurus in finalising the package".

  
  

  Perth, Western Australia: Further to its announcement of 23 October 2015, Tiger Resources Limited (ASX:TGS) ("Tiger" or the "Company") is pleased to advise that it has now agreed final terms for a US$162.5 million finance facility with Taurus Mining Finance Fund (Taurus) and International Finance Corporation (IFC), a member of the World Bank Group.

  
  

  The facility will refinance the Company's existing debt facilities with Taurus and Gerald Metals and provide the required expansion capital for the Kipoi Debottlenecking Project, which aims to increase the capacity of the Company's SXEW plant from 25,000tpa to 32,500tpa copper cathode. Tiger is targeting completion of the expansion by November 2016.

  
  

  Key terms of the facility are as previously disclosed on 23 October 2015, namely:

• Facility term matures 31 January 2024;

• Interest-only period to 31 January 2017; and

• Prepayable at any time without financial penalty.

Drawdown under the facility and IFC's subscription is subject to Tiger raising a minimum of US$10 million in additional equity capital to contribute towards funding expansion at Kipoi, completion of ancillary documentation with the lenders and other conditions*. This additional equity will be raised through a combination of a placement to RCF and an accelerated, non-renounceable entitlement offer ("Equity Capital Raising"), which is described below.

Business Update

Kipoi Operations have continued to perform well with annual copper cathode production likely to be between 25,500t to 26,000t for 2015. Electricity from grid power has continued to improve with 60% grid power expected for Q4 2015, following consecutive months of 65% usage in October and November 2015. Additional power is likely to be available to Kipoi following further savings by the Energy Efficiency Project

*Summarised in Appendix I of the Investor Presentation.

Level 1, 1152 Hay Street, West Perth, WA 6005 - PO Box 379, West Perth, WA 6872

T: +61 (0)8 6188 2000 F: +61 (0)8 6188 2099 E: [email protected] W: www.tigerresources.com.au

(replacement of incandescent light globes) which has delivered 27 MW to the State-owned power grid. Further cost reductions are being achieved through reduced diesel consumption, reduced acid consumption and a reduced acid price.

Revised environmental impact assessments and management plans are underway and a modified Kipoi mine plan and mining schedule have been finalised for restart of mining in Q3 2016 which will be merged with the detailed capital works scheduling for the Debottlenecking Project.

EQUITY CAPITAL RAISING

The Equity Capital Raising comprises:

1. A placement to RCF of ordinary shares at A$0.0665 per share, a 16.7% premium to the last closing price on 15 December 2015, to raise ~US$6 million ("Share Placement"); and

   
   

2. A 4-for-9 accelerated, non-renounceable entitlement offer to eligible shareholders at A$0.047 per share to raise up to ~US$19 million ("Entitlement Offer").

The Equity Capital Raising is not underwritten. However, Tiger has received binding commitments from RCF and IFC in respect of the Equity Capital Raising for a total of US$15 million. The investor presentation contains information on the terms and conditions of these commitments.

Share Placement

Under the Share Placement, RCF will subscribe for ~125 million new fully paid ordinary shares at a price of A$0.0665 per share, representing a 16.7% premium to the closing price of Tiger shares on Wednesday, 15 December 2015. RCF is an existing Tiger shareholder holding approximately 3.1% of the issued capital prior to the Share Placement.

Gross proceeds under the Share Placement will amount to ~US$6 million and the new shares are expected to be issued on or around Thursday, 17 December 2015, ahead of the record date for the Entitlement Offer.

Entitlement Offer

The Entitlement Offer is an accelerated, non-renounceable offer comprising an institutional entitlement offer ("Institutional Entitlement Offer") and a retail entitlement offer ("Retail Entitlement Offer").

Under the Entitlement Offer, eligible shareholders are invited to subscribe for 4 new Tiger shares for every 9 existing Tiger shares held as at 7.00pm (Sydney time) on Monday, 21 December 2015.

RCF has committed to subscribe for ~US$4 million under the Entitlement Offer, bringing its total commitment to the Equity Capital Raising to US$10 million. In addition, IFC has committed to acquire any shortfall entitlements up to the value of US$5 million, subject to obtaining a minimum interest of 5% of the Company's share capital post the Equity Capital Raising.

Combined with the Share Placement, total binding commitments received from RCF and IFC provide for minimum gross proceeds under the Equity Capital Raising of US$15 million.

The Board intends to exercise its discretion in allocating any shortfall in the Entitlement Offer in the three months following close of the offer, as allowed under the ASX Listing Rules. This includes priority allocation of shortfall shares under the Retail Entitlement Offer to RCF and IFC.

Institutional Entitlement Offer

Eligible institutional shareholders will be invited to participate in the Institutional Entitlement Offer which will take place from Wednesday, 16 December 2015 to Thursday, 17 December 2015.

Eligible institutional shareholders can choose to take up all, part or none of their entitlements. The offer is non-renounceable and therefore entitlements cannot be traded on the ASX or otherwise transferred. Entitlements not taken up by the close of the Institutional Entitlement Offer, and the entitlements of ineligible institutional shareholders, will be sold through an institutional shortfall bookbuild on Thursday, 17 December 2015 ("Institutional Bookbuild").

Tiger shares will remain in trading halt whilst the Institutional Entitlement Offer and Institutional Bookbuild are undertaken.

Retail Entitlement Offer

Eligible retail shareholders will be invited to participate in the Retail Entitlement Offer, to be conducted on the same terms as the Institutional Entitlement Offer. The Retail Entitlement Offer will open on Thursday, 24 December 2015 and close at 7:00pm (Sydney time) on Friday, 8 January 2016.

Eligible retail shareholders can choose to take up all, part or none of their entitlements. The offer is non- renounceable and therefore entitlements cannot be traded on the ASX or otherwise transferred. Eligible retail shareholders will also be able to apply for shares in excess of their entitlements under a Top Up facility. The Retail Offer Booklet and accompanying entitlement and acceptance form are expected to be despatched on Thursday, 24 December 2015. Copies of the Retail Offer Booklet will be made available on the ASX website.

Indicative Entitlement Offer Timetable

Key dates for the Entitlement Offer are:

Event Date

Offer announcement: Wednesday 16 December 2015

Institutional Entitlement Offer opens: Wednesday 16 December 2015

Institutional Entitlement Offer closes:

12:00pm, Thursday 17 December

2015

Record Date: 7.00pm, Monday 21 December 2015

Settlement of Institutional Entitlement Offer and issue of New Shares

under Institutional Entitlement Offer: Wednesday 23 December 2015

Retail Entitlement Offer opens: Thursday 24 December 2015

Commencement of trading of New Shares issued under Institutional

Entitlement Offer: Thursday 24 December 2015

Retail Entitlement Offer closes: Friday 8 January 2016

Settlement of Retail Entitlement Offer: Thursday 14 January 2016

Issue of New Shares under Retail Entitlement Offer: Friday 15 January 2016

Commencement of trading of New Shares issued under Retail

Entitlement Offer:

Monday 18 January 2016

The above timetable is indicative and subject to variation. Tiger reserves the right to alter the timetable at its discretion and without notice, subject to ASX Listing Rules. All dates and times represent Sydney time.

UBS AG, Australia Branch has been appointed as Sole Lead Manager to the Equity Capital Raising.

For further information, please contact:

Mike Griffiths

Interim Chief Executive Officer Tel: (+61 8) 6188 2000

Email: [email protected]

Stephen Hills

Finance Director

Tel: (+61 8) 6188 2000

Email: [email protected]

Nathan Ryan

Investor Relations

Tel: (+61 0)420 582 887

Email: [email protected]