Tiger Royalties And Inve... Share Discussion Threads

[buffin] 13/3/2005 12:59

Yes DFGO, I noticed the results. And your point is...?

[dfgo] 13/3/2005 11:18

African Eagle Resources Plc: (AIM) - AER www.africaneagle.co.uk


Tiger holds 1,241,171 shares in African Eagle Resources Plc ("African Eagle").
African Eagle explores for and develops gold and other mineral resources in
eastern and southern Africa. The company acquired a 75% interest in the Igurubi
project on which it recently completed a 17-hole, 1,190m reverse circulation
drilling programme. The results demonstrated that the system contains
significant gold mineralisation in the form of narrow but high-grade vein-like
structures. In Zambia, a drilling programme and an airborne geophysical survey
proceeded on its Mweze copper prospect. Tiger believes that African Eagle has
good prospects, which will continue to impact favourably on the share price as
further exploration results emerge.


Alamos Gold Inc: Toronto Stock Exchange (TSE) - AGI www.alamosgold.com


Tiger holds 106,293 shares in Alamos Gold Inc ("Alamos") purchased at a cost of
#27,610. Alamos fully owns the Mulatos deposit, one of the largest undeveloped
gold resources located in the state of Sonora, Mexico. This deposit, which is at
mineable development stage and slated for production in 2005, was acquired from
Placer Dome Inc. and Kennecott Minerals Company. Alamos also own the Salamandra
property which was purchased for C$8.7 million equivalent to US$1.64 per gold
resource ounce. Tiger believes that Alamos has good assets and anticipates that
its share price will move in unison with the gold price. Consequently, we will
monitor the company's share price closely.


Ascent Resources Plc (AIM) - AST


Tiger acquired 22,500,000 shares at a cost of #225,000 following a placing by
Ascent Resources Plc ("Ascent") in November 2004. The company was admitted to
AIM on 10 November 2004. Ascent Resources has been formed for the purpose of
making investments in the mining, minerals, and oil and gas sectors. This
investment has performed well for Tiger and was valued at #1,012,500 at 31
December 2004 reflecting an increase of 350%.


Bullion Resources Plc (AIM) - BLO


Tiger purchased 9,000,000 shares for a total consideration of #180,000 in
Bullion Resources Plc ("Bullion").

In September 2004, Bullion agreed to dispose of the entire issued share capital
and loan accounts of its subsidiary, Black Reef Gold Limited to Minerale Afrique
Limited for a consideration of ZAR 5 million (approx. #454,000). The company
also completed a fundraising totalling #625,000, further strengthening its
treasury and positioning itself for a future reverse takeover transaction.
Bullion has announced that it is holding exploratory discussions with suitable
candidates and will keep shareholders informed of further developments. Tiger
believes that Bullion has an experienced and entrepreneurial management team and
should perform well in 2005.


Cambrian Mining Plc (AIM) - CBM www.cambrianmining.com

Tiger sold 1,350,000 shares in Cambrian Mining plc ("Cambrian") during the year
for a consideration of #1,306,225 realising a profit of #1,006,225 and a return
of 335% on original cost. Tiger acquired a further 1,350,000 shares at a cost of
#375,000 by exercising options in January 2005. Cambrian is a diversified
natural resource exploration and development company. The Cambrian investment
performed extremely well in 2004 with success mainly attributable to Cambrian's
27% stake in Asia Energy Plc. Asia Energy's sole asset is the Phulbari coal
deposit in north-west Bangladesh. The deposit contains more than 400 million
tonnes of high quality thermal coal. Recent economic studies estimate post-tax
project Net Present Value ("NPV") of US$2.3 billion. Tiger exercised 1,200,000
warrants and 150,000 options at a total cost of #375,000 and subsequently sold
1,350,000 Cambrian shares for a total consideration of #2,708,708 in February
2005.


Formation Capital Corporation: Toronto Stock Exchange (TSE) - FCO
www.formcap.com


Tiger holds 2,025,000 shares in Formation Capital Corporation ("Formation").
Formation's fully owned flagship property, Idaho Cobalt, a primary cobalt
project in the Idaho Cobalt Belt in the United States, is in the feasibility and
permitting stage of development. The company recently announced final drill
results from its 25,000 foot, 28 hole drill program on the project, confirming
the downdip extension of mineralisation along a strike length of 2,200 feet of a
known 2,400 feet of strike. The company also recently announced its intention to
raise US$8 million (gross) by private placement. This investment is essentially
a call option on the Cobalt price and Tiger will maintain an active watch on
Cobalt futures.


Franconia Minerals Corporation (OFEX/TSE) - FRA www.franconiaminerals.com

Tiger acquired 625,000 shares in Franconia Minerals Corporation ("Franconia") at
a cost of #107,562, following Franconia's dual listing on the Toronto Stock
Exchange in which the company raised CDN$ 1.5 million. Franconia exercised its
earn-in option on the Birch Lake platinum-palladium-copper-nickel property in
the Duluth Complex of Minnesota and commenced a metallurgical testing programme
on the property. In addition to the company's San Francisco drill-ready zinc
property in the western US, Franconia acquired the Mahoney property, a
high-grade zinc target in New Mexico. Franconia has interesting projects, a well
regarded management team and provides Tiger with exposure to the US mining
scene.


Gold Fields Limited: Johannesburg Stock Exchange (JSE) - GFI
www.goldfields.co.za



Gold Fields Limited ("Gold Fields") is one of the world's largest producers of
gold, operating in three key gold mining regions of the world, South Africa,
West Africa (Ghana) and Australia. At the end of June 2004, Gold Fields had
attributable precious metal mineral resources of 190.6 million ounces (195.3
million ounces - 2003) and attributable gold mineral reserves of 75.6 million
ounces (81.5 million ounces - 2003). The earnings potential for the company is
excellent against current gold prices and should impact favourably on
profitability. At year-end, Tiger held 10,500 shares in the company valued at
#66,799. The current takeover battle for the company has clouded results
projections. Tiger, however believes that irrespective of the conclusion, the
underlying assets should perform very well in a strong gold market.


Minmet Plc: Irish Stock Exchange (ISE) - MNT www.minmet.ie



Tiger sold 4 million shares in Minmet Plc ("Minmet") during the year, realising
a profit of #78,486 compared to the original cost of purchase. At year-end,
Tiger held a total of 17.5 million shares valued at #471,730. Minmet is a
European gold producer with international mining and exploration interests. It
is focused on generating positive cash flows from its Bjorkdal gold mine in
Sweden having acquired both the crushing and the milling plants with an annual
processing capacity of 1.2 million tonnes of ore, producing high value gold
concentrates. Minmet acquired a 58% controlling shareholding in TSX-V listed
GoldQuest Mining Corporation, which acquired Minmet's gold exploration interests
in the Dominican Republic. The company also holds interests in exploration
projects, principally for gold, in Brazil and Peru. Tiger perceives Minmet to be
a well managed production/ exploration company and looks forward to a focus
emerging from the company's current portfolio.


Pacific North West Capital Corp: Toronto Stock Exchange (TSE) - PFN
www.pfncapital.com


Tiger holds 566,500 shares in Pacific North West Capital Corp ("PFN") valued at
#119,587 on 31 December 2004. PFN is exploring for platinum group metals close
to Sudbury, the nickel/copper mining region of Ontario and near Ketchikan south
east Alaska. The company has as partners, Anglo Platinum in Canada and Lonmin
plc in Alaska. The company increased the combined mineral resource estimate
(measured and indicated Pt+Pd+Au) on its River Valley project to more than 1.1
million oz (previous 593,000 oz) following completion of its phase 6 program.
PFN commenced a CDN$3 million phase-7 programme to continue to March 2005. On
PFN's Union Bay Platinum project, Lonmin increased the programme budget by
US$600,000 to US$1.8 million following favourable results from the Phase 1
exploration programme. This company, despite its excellent technical results,
has traded in a disappointingly low share price. We will continue to follow
progress closely.

Ridge Mining Plc: London Stock Exchange (LSE) - CLU www.cluff-mining.com

Tiger holds 100,000 shares in Ridge Mining Plc ("Ridge"), previously Cluff
Mining Plc, valued at #50,000 at year-end. Ridge has reported good progress at
its three main platinum and associated metal projects, Sheba's Ridge; Blue Ridge
and Fountain Ridge on the Bushveld Complex of South Africa. The pre-feasibility
study on its Sheba's Ridge Platreef joint venture is reported to be on target
for completion in March 2005. Tiger awaits with interest the results of the
feasibility study of Sheba's Ridge.


River Diamonds Plc (AIM) - RID - www.riverdiamond.co.uk

Tiger acquired a further 3,333,333 shares in River Diamonds Plc ("River
Diamonds") at a cost of #50,000. River Diamonds owns diamond and gold
exploration licences in the Mato Grosso area of Brazil covering 57,000 ha. In
August 2004, River Diamonds moved from OFEX to AIM raising #1.68 million. The
company is focused on large scale alluvial deposits in the Mato Grasso region.
Early stage production has begun at the first project, Melgueira, and is
expected to increase to 2,700 tonnes per day by January 2005. River Diamonds,
one of the first companies operating in Brazil to receive its Kimberley Export
Licence, is now exporting diamonds to sell at a premium in the Antwerp market.
This investment provides Tiger with a speculative position in the junior diamond
sector, which is showing signs of buoyancy.

Tertiary Minerals Plc (AIM) -TYM www.tertiaryminerals.com

Tiger holds 1,330,000 shares in Tertiary Minerals Plc ("Tertiary") valued at
#119,700. Tertiary is involved with tantalum, platinum group metals, base metals
and gold. The company has interests in a number of mineral exploration projects
in Sweden, Finland, Norway and Saudi Arabia including projects at drill-ready
and preliminary economic feasibility stages. At Nottrask, the company's main
nickel prospect in Sweden, it has prepared a geophysical programme to cover the
entire central part of the intrusion in the search for Voisey's Bay style
massive nickel sulphides. Drilling is likely in the early summer. The company's
Finnish Diamond Project remained a high priority in an active exploration
portfolio. With continued hardening of the tantalum market the company is
considering the start of preliminary feasibility studies on its world-class
tantalum deposit in Saudi Arabia. The company has a good base of projects along
with a strong management team. We would welcome one of the projects emerging as
a lead project, which in our opinion would provide stronger investor confidence.

[dfgo] 13/3/2005 11:11

23 February 2005



PORTFOLIO REVIEW (2004)


INVESTMENTS ..................... Number.........Cost...... Valuation
.................................. 31/12/04... 31/12/04....31/12/04
# #

African Eagle Resources Plc........1,241,174....112,264......274,299
Alamos Gold Inc.....................106,293........27,610.......164,852
Ascent Resources Plc................22,500,000...225,000....1,012,500
Bullion Resources Plc............... 9,000,000.....180,000.......382,500
Formation Capital Corp..............2,025,000......207,043.......375,129
Franconia Minerals Corp - OFEX... 333,333......45,432........ 63,333
Franconia Minerals Corp - TSE..... 625,000....107,562.......107,712
Gold Fields Ltd.......................10,500.........32,759...........66,799
Minmet Plc.......................17,471,488.......241,135........471,730
Pacific North West Capital Corp...566,500...107,682......119,587
Ridge Mining Plc..................100,000........178,477......50,000
River Diamonds Plc...........6,666,666......100,000.......216,667
Tertiary Minerals plc...........1,330,000.....119,700.....119,700
FAIR VALUE OF WARRANTS & OPTIONS
Cambrian Mining Plc (1) 1,350,000 - 2,034,750
Franconia Minerals Corp - OFEX (2).....166,667 - -
Franconia Minerals Corp - TSE (3)......312,500 - -
River Diamonds Plc (4)........13,333,333.... -.233,333
MIT Ventures Corp Loan Note...40,000..40,000
........................................_______ ......._______
.......................................1,724,664.......5,732,891

Warrants included in the above investment list are as follows:


1. 1,200,000 warrants in Cambrian Mining Plc exercisable at 25p each to 27 March
2007 and a further 150,000 options exercisable at 50p each to 15 October
2005 - (see note * below).

2. 166,667 warrants in Franconia Minerals Corp (OFEX) exercisable at C$0.45 each
to 11 June 2005.

3. 312,500 warrants in Franconia Minerals Corp (TSE) are exercisable at C$.60 to
the earlier of a) 15 days after Franconia has given notice that its share
price has been equal or greater than C$.70 for a period of 15 consecutive
days; and b) 14 December 2006.

4. 13,333,333 warrants in River Diamonds Plc exercisable at 1.5p each to 28
October 2008.


* There were no adjusting post balance sheet events. On 14 February 2005,
the Company exercised 1,200,000 warrants and 150,000 options held in
Cambrian Mining Plc paying a total consideration of #375,000. The carrying
value of the warrants and options was #2,034,750. The shares acquired upon
exercise of the warrants were subsequently sold for net proceeds of
#2,708,708 resulting in a profit of #2,333,708 compared to the original cost
of purchase.

[topvest] 13/3/2005 11:09

By my calculations NAV is c4.6p with over at least 2.7p in cash. Since the year-end Ascent Resources has increased in value by £0.8m and Bullion Resources by £0.4m. These are now the two biggest holdings.

[topvest] 10/3/2005 21:39

Bid approach - I don't think so. Bruce Rowan is firmly at the helm on this one. I can't think of anyone better to trust running a speculative mining portfolio. The man is a genius!

[shedjock] 10/3/2005 15:09

Norris, was that you buying 300K of them ?

[norris28] 10/3/2005 13:07

I wouldn't be surprise if Tiger receives a bid approach, Cash shell with some interesting holdings, I may start buying into this one!

[snowman69] 10/3/2005 12:55

And Ascent is up another 0.25p! Another £56250 on the paper value. I'm surprised the thread isn't busier?

[norris28] 10/3/2005 11:06

I have calulated that this share is worth more in cash than the market Value, so the holdings are thrown in for free! (now that the Cambrian shares have been sold!) Its Cash rich! with a couple of interesting holdings.

[snowman69] 10/3/2005 09:28

Ascent up 26% this morning. TIR bought 22,500,000 in Nov last year at 1p & it's now 6.5p on the bid. Up over £1.2m (on an investment of £225,000) in 4 months & up nearly £340,000 today!

The price will rise when people realise what a magic touch BR and the TIR management have got & see the cash & paper profit stacking up.

I think this is a really good place to be. DYOR and best of luck to all holders.

[the borg2] 09/3/2005 23:01

KANY

you talk like your zany!
any more nonsense talk and you will be assimilated

[macca28] 09/3/2005 20:21

kany
one statement, one question,i am new to this share

[macca28] 09/3/2005 14:08

buffin

maybe just a coincidence then

[buffin] 09/3/2005 14:05

seems the drop in blo today has affected tir a bit

I just see a couple of small sells and we have no idea why those people sold. Come to that, we don't know the motives for the two buys either.

[macca28] 09/3/2005 13:54

seems the drop in blo today has affected tir a bit

[macca28] 09/3/2005 11:48

well we will have to see,later in the year
what do you think we need ,to get a price increase

[wolstencroft] 09/3/2005 10:29

This is my take on the NAV
Holding Price Exchange Value Percent
Africa Eagle AFE 1241274 0.225 1 279287 3%
Alamos AGI.TO 106293 4.000 2.33 182477 2%
Formation FCO 2025000 0.640 2.32 558621 6%
Franconia 635000 0.160 1 101600 1%
Warrants 333333 0.050 1 16667
Gold Fields GFI 10500 12.500 1.92 68359 1%

Minmet MNT 17471488 0.030 1 524145 6%
Pacific North West PFN.TO 566500 0.490 2.33 119135 1%
River Diamonds RVD 6666666 0.028 1 183333 4%
Warrants 13333333 0.013 1 166667
Ridge RDG 100000 0.500 1 50000 1%
Bullion BLO 9000000 0.104 1 934200 10%
Tertiary 1330000 0.108 1 142975 2%
Ascent?? 22500000 0.058 1 1293750 14%
Loan -446000
Cash at finals plus CBM sales 6030000 Cambrian sale
Additional tax due based on 04 gains -750000
Loans 40000

Total 9495215
Shares issued 217000000
NAV Pence 4.38
Share Price Mid 2.60
Discount 40.58%

Discount with AST valued at 2p 35%

[macca28] 09/3/2005 10:20

i suppose your right assuming the other companies
remain static,which will not be the case

[wolstencroft] 09/3/2005 07:49

I was joking based on the msellinbg CBM

But even if BLO moves from 2% to 10% of the portfolio, i.e. an incease of 8% of the asset value, after tax this is about 5%, so that would cause a rise from 2.4p to 2.5p, not much

[macca28] 08/3/2005 16:03

wolstencroft
surely there must be a clause on when they can sell
they are not going to let them sell the following months,
about 1 year is the usual norm, by then blo might be?
who knows 5p-50p+

also its surprised me tir shares are not
advancing a bit with this news

[wolstencroft] 07/3/2005 18:24

perhaps he sold BLO already, before the rise :-)

BLO perhaps account for 10-12% of the portfolio now.

[shirishg] 07/3/2005 10:39

Post removed by ADVFN

[wole] 07/3/2005 10:22

From £180K to £900K within 5 months - that's bl00dy good investing! And it would seem to me that BLO still has some way to go. Bruce Rowan has displayed some superior ability and should be well commended.

[lizzie ii] 07/3/2005 10:18

Well, Tiger bought its Bullion shares at 2p, and today they are up 72% at 10-11.5.

Not a bad investment!