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 £361k, a 17.8% 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

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