I'm not familiar with creating threads on MoneyAm, this is my first attempt, so I'll give it my best shot - some here may know me from ShareCrazy...

Tiger Resources Market Cap 4.4 million (234.6 million shares in issue):

Assets as at 30/06/2003:

LSE:AFE African Eagle Resources plc 1,241,274 shares
TSX:AGI Alamos Gold Inc 106,293 shares
LSE:CBM Cambrian Mining plc 1,200,000 shares
LSE:CLU Cluff Mining plc 100,000 shares
TSX:FCO Formation Capital Corp 1,350,000 shares
NYSE:GFI Gold Fields Ltd 10,500 shares
TSX:IVN Ivanhoe Mines Inc 195,000 shares
LSE:MNT Minmet plc 31,471,488 shares
TSX:PFN Pacific North West Capital Corp 566,500 shares
LSE:TYM Tertiary Minerals 0 shares

Value of above holdings at 30/6/03= 1,785,746
Cash in bank less ALL liabilities = 2,503,529

Net Asset Value at 30/6/03 = 4,289,275 (1.83p/share)

After this was announced the shares jumped up to trade at around 1.45p

News released on 07/08/03:

The Board of Tiger notes today's increase in the Company's share price. The Board have formed the opinion that this is due to the movement in the share price of Minmet PLC ("MinMet"). MinMet, Tiger's majority shareholding, rose in excess of 75% yesterday increasing the market value of Tiger's investment from #572,781 (market value at 30 June 03) to #1.23 million (market value at 6 August, 2003). The original cost of Tiger's investment in MinMet was #434,358 and the current valuation represents an increase of almost 183%. This increase in Minmet's share price takes Tiger's net asset value per share in excess of 2p per share.

After that announcement, the shares settled in a range of between 1.5p & 1.6p, indicating that the market values the shares at around a 25% discount to NAV.

The only other purchase we have been made aware of was Tertiary Minerals (TYM)

TYM 1,333,333 shares at 9p = Cost of 120,000

At the time of writing, Tigers holdings are currently valued as follows:

AFE 210,000 (17.5p)
AGI 119,000 (C$2.60)
CBM 618,000 (51.5p)
CLU 92,000 (91.5p)
FCO 343,000 (C$0.59)
GFI 82,000 (US$13.9)
IVN 840,000 (C$10)
MNT 1,476,000 (4.69p)
PFN 249,000 (C$1.02)
TYM 163,000 (12.225p)

Total = 4.192 million

Assuming that Tiger have not sold any holdings or made any unannounced investments, they should have further net assets of 2,383,529

Tigers management seems to have made some very shrewd investments and I will assume that since the interim results any undeclared trading activity has covered any minimal operating costs they have.

Therefore, total NAV is currently more than 6.5 million

Less a 25% discount and the market cap should be in excess of 5.2million pounds (around 2.25p/share)

With comdirect, you can currently buy at mid-price (1.875p). I picked some up on 24/12/03 at this price & added more today! I believe the shares are fundamentally undervalued by around 20% and can see their investments growing at an even faster rate over the next few years.

SB

P.S. It's worth noting that it could take years for the shar price to be revalued to reflect NAV, but when this does happen it will happen overnight! I'm only 24, so can afford to wait!

Oh, and please let me know if any of the links (in blue) do not work...