TIGER RESOURCE FINANCE PLC

("Tiger" or the "Company")

Final Results for the Year Ended 31 December 2015

The Company is pleased to present its audited results for the year ended 31 December 2015.

OPERATIONS REVIEW

The year under review has seen Tiger's net asset value fall to 0.77p per share from 1.24p per share as at 31 December 2014, representing a 38% decrease in the year ended 31 December 2015.

The Board's prognosis of the junior resource sector in last year's address to shareholders was one of the most pessimistic reports written over the years. Following publication of last year's annual report, conditions continued to deteriorate and the sharp decline experienced in the junior sector extended to major mining companies, resulting in drastic erosion of share prices across the board, including bellwether stocks such as Anglo American and Glencore. I am very pleased to report that we currently see much improved prospects for commodities generally. In particular, major mining companies are now showing positive sentiment and share prices across the sector are recovering. We are also observing improved interest in the investment arena. We feel that this trend is likely to continue throughout the rest of 2016.

Towards the end of last year, we saw the majors reduce manpower, slash budgets, virtually abandon all exploration and freeze all activities relating to new mine development. Furthermore, most larger-cap mining companies were, during the period under review, also competing with one another to dispose of assets, thereby reducing sentiment even further in efforts to repair their balance sheets and reduce debt.

The recovery mentioned above is beginning to migrate to the AIM market, but it is currently more evident in the Canadian junior resource sector where secondary placings are being carried out and new IPO's are beginning to close successfully. This is not unusual, since Canada has a history of leading the retreat and the subsequent resurrection of the sector, evidenced in past cycles.

Global stock markets have performed reasonably well and are also showing signs of recovery, although China continues to rattle investors whilst some market makers are doubtful of a sustainable recovery in the United States. Europe continues to be a problem, despite the significant monetary stimulus which has been put in place by the ECB. Major banks continue to be challenged by new regulations introduced over the last few years and this is affecting their internal and external operations across the board. Brexit is doing little to improve the global perception of European markets generally but with a greater impact specifically in the UK.

Notwithstanding the above comments, the overall financial climate in the resource sector appears to be improving significantly. Metal prices are still somewhat subdued, but then again, some commodities are showing "green shoots" of recovery. Zinc appears to be developing new fundamentals, whilst an aggressive debate on Copper futures demonstrates an overall optimism for Copper with the debate being focussed on "when rather than if" prices will recover. A Lithium boom emerged earlier this year, but the Board is cautious that yet another bubble may be emerging in this area and we remain wary of investment in this area. In addition in recent weeks we have seen the return of corporate M&A in the merger of the Canadian companies, Reservoir Minerals Inc. and Nevsun Resources Ltd, a clear indicator that value propositions can be financed.

The bulk commodity area remains out of favour and we feel that it is likely to remain subdued for another year or two, with Iron- Ore continuing to suffer from significant over-capacity. However, even this commodity has shown some price spikes in early 2016, although the market remains cynical with Iron Ore.

The price of oil has recovered in recent months, but we feel that it could be some time before oil juniors will recover. Current and forecasted prices for the foreseeable future will certainly put a cap on shale oil and gas exploration and severely challenge producers which are dependent on shale for a significant amount of their production. We do not feel that this sector offers too many opportunities for juniors in the near future.

Gold appears to be a very popular metal and is reclaiming its status as the ultimate hedge. Its role as a safe heaven investment is geared towards geo-political tension of which there is much and it is likely that serious political conflicts may be unavoidable. China has increased its aggressive tactics; Russia is in the same mode and the Middle East is very uncertain of its own boundaries, thus affecting peace and impacting certainty in Europe.

Tiger took advantage of the progress made by Xtract Resources Plc during 2015 and realised a profit of £427,532 compared to original purchase cost through the sale of 329.8 Million shares in this investment. The balancing 15 Million Xtract shares were

sold in early 2016. During the period under review, Tiger made an investment in Galileo Resources Plc giving it exposure to the excellent Concordia copper project. The Company also acquired a small equity stake in Pacific North West Capital Corp which has performed extremely well over the last few weeks.

In concluding, we feel that the foreseeable future will generate a better business environment for resource sector and we intend to take smaller positions in emerging situations, whose fundamentals match our criteria for recovery. We feel, more than ever, that now is the time to extend our strategy of active participation in companies with good assets, whose direction has been flawed by the negative funding environment and we intend to deploy resources to capture these opportunities. Although 2015 was a challenging year for the Company, but there were signs of confidence returning, post the year-end. We would like to thank our stakeholders for their resilience and support during the period under review and look forward to increasing the Company's assets in an improving environment.

By order of the Board

PORTFOLIO REVIEW

The table below includes available-for-sale investments only. Other investments held by the Group are disclosed in notes 6 and 7 to the financial statements.

1. The African Eagle Resource Plc investment has now been fully written off and is included in the above table for comparative purposes only.

2. Tiger acquired 10,416,667 shares in Galileo Resources Plc and 3,333,333 shares in Pacific North West Capital Corp during the year.

3. The Rockrose plc investment was acquired post 31 December 2015 and the cost of this investment (£50,000) is not included in the total cost figure of £2,914,643 being the Company's total cost of investments at 31 December 2015.

4. The Xtract Resources Plc ("Xtract") investment (not included in the above list of investments) has been classified as a Financial Asset at Fair Value through Profit or Loss and is valued at £34,500 at 31 December 2015. Further details relating to the Xtract investment are included in note 7 to the Financial Statements.

5. Details of impairments are shown in note 8 of the Financial Statements.

STRATEGIC REPORT

Introduction

The Directors are pleased to present the Group's Strategic Report. This includes an overview of our strategy, our investment policy, a summary on how the business has performed including our financial position at the year end and the principal risks to which the Company is exposed, as well as comments on future prospects for the business.

Tiger Resource Finance Plc is an investment company focused on the resource sector. The Group is listed on AIM, the London Stock Exchange's Alternative Investment Market, and its mission is to make investments in well-managed and well-researched opportunities mainly in the metals, mining and oil and gas sectors.

The company's goal is to be a unique player in the mineral resource and the energy sector.

STATUS OF THE COMPANY

The Company is an investment company incorporated and domiciled in England and Wales with limited liability under the Companies Act, 2006.

Its shares are admitted to trading on the London Stock Exchange's AIM. As at 31 December 2015, the Company had 142,831,939 Ordinary shares in issue. The Company also held 4,500,000 Ordinary shares as Treasury shares at 31 December 2015.

OUR STRATEGY

There are three pillars to the Group's strategy:

1. Implement a clear investment policy to enhance net asset value per share and maximise shareholder returns.

2. Make investments across a broad spectrum of companies in the resource sector predominantly in early stage projects but also in some more mature, dividend yielding opportunities representing good value.

3. Participate in "proactive style" investments where the Company participates in formulating the strategy of the underlying investments.

REVIEW OF THE BUSINESS

Principal activities:

This report represents the affairs of the Group which includes Tiger Resource Finance Plc (the "Company") and its subsidiary African Pioneer Plc.

The Group has an objective to invest across a spectrum of resource companies from exploration and early stage development through to production. Investments are usually made in both public and private companies which can demonstrate sound management ability. It is envisaged that finance will be provided primarily via equity investment. The Board operates a policy to limit new investments to a maximum of 20% of the Company's net equity funds in any one target at the time of making the investment. Exit strategies are considered by the investment committee prior to making an investment.

The portfolio is actively managed and a degree of technical expertise may be provided to companies. As part of its overall investment strategy, the Company will consider companies that have developed, or are applying new technologies that are becoming available to the resource sector.

Business review:

The results for the year are summarised below