Tiger Resource Finance

Tiger is one of antipodean promoter Bruce Rowan's mining investment vehicles, and has been performing extremely well. Net asset value increased an impressive 32% to £4.3m, driven by the increase in general valuations in the mining sector, plus cash realisations on certain investments. Also, with £2.4m in the bank, the company actually now has more money in cash than shares. During the year to December, it made a healthy profit of £423,371 on its disposals, £130,000 of that coming from the sale of Cluff Mining shares at 229p (some way below their high of 293p but way above the current 160p). Rowan also made the decision to sell some of Tiger's shares in South African giant Gold Fields, making a profit of £312,302 on the original cost of investment. Since the year-end a further £444,000 has been crystallised as profit on the sale of shares in Rio Narcea and National Gold. These sales were made because Rowan is adamant that the current gold price boom is a short-lived one, 'driven by perception and not sustainable fundamentals'. But he reckons that improving global economic conditions will be good for copper, zinc, nickel and other metals this year, while viewing platinum positively too. On a 44% discount to assets, the shares look well worth a flutter.

Sector: Industrial Engineering

Companies: Tiger Resource Finance

Market cap: £2.4m

PE Forecast: n/a

Share price: 1p

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