African Pioneer Plc (ISDX – APP: PZ)

African Pioneer Plc (“APP”) is a special purpose investment vehicle incorporated by Tiger with a mission to identify investment opportunities in base metals within the mining sector focussed in Sub-Saharan Africa. Tiger currently has a 50.76 per cent equity stake in APP.

Anglo American Plc (LSE – AAL: LN)

Anglo American Plc (“Anglo”) is one of the world’s largest mining companies. The company’s portfolio of high quality mining assets and natural resources spans bulk commodities – iron ore and manganese, metallurgical coal and thermal coal; base metals – copper and nickel and precious metals and minerals in which it is a global leader in both platinum and diamonds. Anglo operates in Africa, Europe, South and North America, Australia and Asia. Anglo is focused on delivering profitable growth in the most attractive commodities, through its uniquely diversified portfolio of world class assets and high quality growth projects.

Ascent Resources Plc (AIM – AST: LN)

Ascent Resources Plc (“Ascent”) is an independent European focussed oil and gas exploration and production company. During the period under review, the company disposed of its interests in Hungary, Italy and the Netherlands. In October 2013, Ascent signed a series of key agreements with its Slovenian partners laying the foundation for the commercial development of its Petišovci gas field. More recently, Ascent entered into an agreement with Henderson Global Investors Limited and Henderson Alternative Investment Advisor Limited for convertible loan notes of up to £5M (“Loan Notes”). The first £2M of the Henderson Loan Notes are to be drawn down shortly and will be used to fund existing project commitments in Slovenia. The balance of the Loan Notes will be available for draw down, if required, to allow the company to continue to make further progress towards securing the necessary permits required for gas processing facilities and pipelines in Petišovci in advance of full project finance for the construction phase of the development. Tiger will keep a close eye on this investment and monitor progress at Petišovci over the coming months.

Astar Minerals Plc (AIM – ASTA: LN)

Astar Minerals Plc (“Astar”) announced last year the disposal of the company’s operating subsidiary Astar Quadling Quarry Limited and its other Canadian assets. As a result, the company became an investing company under Rule 15 of the AIM Rules. Cornhill Capital has conditionally raised £1,050,000 before expenses, by way of a subscription for 105,000,000 New Ordinary Shares at a price of £0.01 per share following a 1 for 10 consolidation of existing shares. The proceeds of the Placing will be used to provide Astar with additional working capital to allow it to pursue its investing policy. Various changes have also been made to the constitution of the company’s Board as detailed in the circular recently sent out to shareholders to enable the company to pursue its investing policy. This investment has been fully impaired by Tiger.

Aurum Mining Plc (AIM – AUR: LN)

Aurum Mining Plc (“Aurum”) is an AIM quoted exploration and development company focused on its highly ;prospective portfolio of gold and tungsten assets in north west Spain. As a result of tough prevailing market conditions, Aurum announced the farmout of a majority stake in its Morille tungsten project to Plymouth Minerals Limited in October 2013. Over the last couple of years, the joint venture between Ormonde Mining Plc (“Ormonde”) and Aurum has made substantial progress on each of its three gold projects raising the prospect that the joint venture could be on the brink of three considerable new gold discoveries in North West Spain. The near surface mineralisation identified at Peralonso and Cabeza is of particular interest as both have the potential for a high grade resource and for rapid and low cost development. The work carried out at Pino highlights that the project may have considerable scale. All three gold projects are highly prospective and have clearly defined follow up targets for exploration drilling. The company’s board is now looking at a number of options to facilitate the funding of these gold assets.

ETFS Physical Platinum (LSE – PHPT: LN))

ETFS Physical Platinum (“PHPT”) is designed to offer investors a simple and secure way to access the precious metals market. PHPT provides investors with a return equivalentto movements in the platinum spot price. PHPT is a transferable security that can be redeemed on demand. It trades on the Exchange just like equities and its pricing and tracking operate similar to an Exchange Traded Fund. PHPT is backed by physical allocated metal.

Jubilee Platinum Plc (AIM – JPL - JSE JBL: SJ)

Jubilee Platinum Plc (“Jubilee”) is a mining exploration and development company with a primary focus on platinum group elements (PGE’s). The company is steadily progressing with its “Mine-to-Metals” strategy and the pursuance of all of its stated goals against a predicted rise in the price of platinum group metals. Over the last few months, Jubilee has continued with its smelter upgrade and modifications to bring a 3rd ARC furnace into operation at Middelburg. The company’s subsidiary, Tjate Platinum Pty Ltd has recently received an acceptance letter from The Department of Mineral Resources in relation to the Mining Right Application for the targeted 70 million ounce platinum group metals (“PGM”) project. Tjate has subsequently engaged environmental consultants for the conclusion of a Scoping Report and undertaken an Environmental Impact Assessment (“EIA”). The Scoping Report is due for submission to the DMR in April 2014.

Northern Petroleum Plc (AIM – NOP: LN)

Northern Petroleum Plc (“Northern”) is an oil and gas explorer and producer. Production, including deemed production from P12 averaged 872 barrels of oil equivalent per day. This production resulted in revenues of Eur 6.1M and gross profits of Eur 2.5M as detailed in the interim report published by the company in September 2013. Northern completed the sale of Northern Petroleum Nederland BV (“NPN”), the company’s wholly owned Netherlands operating subsidiary to Vermilion Oil & Gas Netherlands BV for a consideration of Canadian $27.5M plus a net profit interest in the Papekop Production Licence and a net profit interest over any future production from unconventional reservoirs. The current focus for the business is to progress its assets in the Southern Adriatic and to undertake the testing phase of its oil redevelopment projects in Canada.

PanContinental Oil and Gas NL (ASX – PCL: AU)

Pancontinental Oil & Gas NL (“Pancontinental”) is a petroleum (oil and gas /hydrocarbon) exploration company listed on the Australian Stock Exchange with key assets in Australia, Kenya and Namibia. Pancontinental has high-percentage interests in a range of very large oil and gas targets in Australia and Africa. The PSC on the company’s interest in licence 8 offshore Kenya expired on 21 January 2014. Exploration activities continue at the company’s 40% interest in licence L6 and its 15% interest in Kenya licences L10A and L10B, operated by BG Group alongside its Namibian licence EL0037 which covers approximately 17,295 sq km in the Walvis Basin offshore northern Namibia.

Papua Mining Plc (AIM – PML: LN))

Papua Mining Plc (“Papua”) is a company focused on the exploration and development of gold and copper deposits in Papua New Guinea. The company completed two drillholes on its exploration licence, EL1462 in West New Britain Province. The two holes at the Junction target confirmed an extensive alteration system indicative of a nearby porphyry body although economic grades of copper or gold mineralisation were not intersected. The results of the first two drillholes support Papua’s belief that a porphyry body exists in the Junction target area, but possibly deeper than that drilled to date. Meanwhile ground geological and geochemical surveys at the adjacent Tripela prospect continue to point to an additional porphyry centre(s) and a drilling programme is now underway at this target.

Petroceltic International Plc (AIM – PCI: LN)

Petroceltic International Plc (“Petroceltic”) is a publicly quoted oil and gas exploration and production company headquartered in Dublin. The company merged with Melrose Resources Plc in October 2012. Petroceltic’s strategy is to discover and acquire assets with material hydrocarbon resource potential and to exploit these assets to deliver shareholder value. Petroceltic is currently active with operations in Algeria, Bulgaria, Egypt, Italy, Kurdistan Region of Iraq and Romania. The company is currently generating cash flows as well as undertaking active exploration in five countries and moving into development of the world class Ain Tsila gas-condensate project. Average 2013 production from the company’s interests in Egypt and Bulgaria was approximately 25.2 Mboepd on a working interest basis with the average daily working interest production rate for 2013 expected to be in the range of 20.0 to 22.0 Mboepd.

Polar Star Mining Corporation (TSX – PSR: CN))

Polar Star Mining Corporation is a TSX listed exploration company with a focus on building shareholder value in Chile. Chile accounts for an estimated one-third of the world’s annual copper production. The country is politically stable, has a progressive government and a strong mining culture. The Company’s strategy is to identify large, potential copper/gold systems and carry out initial work to establish strong technical fundamentals and thereafter bring in major joint venture partners.

Praetorian Resources Ltd (AIM – PRAE: LN)

Praetorian Resources Ltd (“Praetorian”) is a Guernsey based investment holding company whose shares are quoted on the AIM market. Praetorian is a globally focused investment company specialising in the natural resources and commodities markets. Within these markets, Praetorian’s target sectors include precious metals, base metals, energy, industrial minerals, soft commodities, and diamonds. The fund seeks to achieve capital appreciation through the purchase and sale of a wide range of securities and other investments within its target. The main factors considered by Praetorian when making investments include strength of management, quality of the underlying asset base, the investment’s scale and growth potential, the commodity price outlook, geopolitical outlook, the underlying financial position of the investee company, future working capital requirements of projects and potential exit routes.

Sovereign Mines of Africa (AIM – SMA: LN)

Sovereign Mines of Africa Plc (“Sovereign”) is a mineral exploration company incorporated in England and Wales. The company’s founders pooled their collective expertise and experience and formed a joint-venture with the government of the Republic of Guinea in West Africa establishing the company in 2010. The company entered into a cooperative joint-venture with the Government of Guinea (Sovereign Partnership Model), pursuant to which the Government of Guinea was granted a 40 per cent equity stake in SMG, the operating company of the group. The Company recently increased its equity stake to 70 per cent. The Company recently announced its maiden inferred gold resource of 600,000 ounces at Mandiana-Magana property and having raised £1.25M through a placing of new ordinary shares in early 2013.

Sunrise Resources Plc (AIM – SRES: LN)

Sunrise Resources Plc (‘Sunrise”) is a British-led diversified mineral exploration and development specialist. Sunrise’s objective is to develop profitable mining operations to sustain the company’s wider exploration efforts and create value for shareholders through the discovery of worldclass deposits. The company is currently evaluating a product opportunity for white barite in south-west Ireland and has an exploration portfolio which includes diamond exploration interests in Finland and Western Australia. It has an active programme to generate new exploration projects in Australia and Nevada USA and has recently staked claims over a copper-gold project and a diatomite project in Nevada. The Company has recently raised £525,000 via a share placing and subscription.

Tertiary Minerals Plc (AIM – TYM: LN)

Tertiary Minerals Plc (“Tertiary”) is an AIM quoted mineral exploration and development company building a significant strategic position in the fluorspar sector. Fluorspar is an essential raw material in the chemical, steel and aluminium industries and Tertiary controls two significant Scandinavian projects (Storuman in Sweden and Lassedalen in Norway). A European Commission report has named fluorspar as one of its 14 ‘critical mineral raw materials’. The fluorspar market is going through a ‘paradigm shift’ – with China evolving from a large net exporter to a potential net importer. Tertiary is one of a limited number of quoted companies offering exposure to looming fluorspar market shortage. The company has diversified its risk with projects in a variety of commodities in Finland and Saudi Arabia.

Trapoil Plc (AIM – TRAP: LN)

Trapoil Plc (“Trapoil”) is an independent UK oil and gas exploration and appraisal business with a geographic focus on the UK Continental Shelf (UKCS). The company has established itself as a focused independent UK exploration and appraisal company offering investors participation in one of the more active drilling programmes on the UK Continental Shelf, with the majority of well opportunities leveraged via carried interests. The Athena Oil Field, in which Trapoil holds a 15% share is currently producing at a gross production rate of 7,000 BOPD. In addition, Trapoil holds an interest in 4,084,198 ordinary shares in IGas Energy Plc (“IGas”) which it received as consideration for the disposal of its interests in certain assets to Caithness Oil Limited, as announced on 9 December 2013. This interest in IGas provides the group with possible upside exposure to the UK onshore energy production sector, with recent significant interest from major industry players in the potential of UK shale gas licences.

Vatukoula Gold Mines Plc (AIM – VGM: LN)

Vatukoula Gold Mines Plc (“Vatukoula”) is an AIM quoted gold producer focused on its 100% owned mine situated in the Pacific island of Fiji. The mine contains 700,000 ounces of gold reserves and 4.3 million ounces of gold resources. Vatukoula sold 52,616 ounces of gold in the year ended August 2012 at an average cost of US$1,627 per ounce. This resulted in an EBITDA loss of £1.6M for the year compared to a profit of £2.2M in the previous reporting period. The company has been working on a drilling programme focused extending its resource base since early 2011. The most significant discovery of this programme has resulted in intersecting several mineralised structures, which have been collectively named the Nielsen Deposit. Drilling on the Nielsen Deposit intersected grades as high as 33.60 grams of gold per tonne over 2.86 metres and represents the first major new discovery at Vatukoula Gold Mines for a considerable period.

Wentworth Resources Ltd (OSLO/AIM - WRL: NO)

Wentworth Resources Limited (“Wentworth”) is a public company quoted on the Alternative Investment Market of the London Stock Exchange and on the Oslo Stock Exchange. Wentworth is an independent oil and gas company with gas production and a committed exploration programme in the Rovuma Basin of southern Tanzania and northern Mozambique. The company and its concession partners own a gas processing plant and a gas receiving plant, and a 27 km pipeline system in Mtwara, Tanzania. Wentworth’s asset base comprises of proven assets in Tanzania with low risk appraisal opportunities and substantial exploration upside potential in both Tanzania and Mozambique.

Xtract Resources Plc (AIM – XTR: LN)

Xtract Resources Plc (“Xtract”) formerly Xtract Energy Plc, identifies and invests in a portfolio of early stage resource assets and business interests with significant growth potential. During the year, the Company continue to engage closely with the associate management teams to achieve project milestones, finance early stage asset and business development activity and then finance the asset development phase, or if appropriate, crystallise value for all shareholders at a suitable exit point as well as to achieve returns for the shareholders through access to the significant upside rewards associated with our investments.