30 sep 25   tiger alpha plc - half-year report tiger alpha plc registered | tir | 0 0 0.0% | mkt cap: 1.23m    rns number : 3094b tiger alpha plc 30 september 2025                                                                                                                                                                                                                                    for immediate release                                                                                                                                        30 september 2025     tiger alpha plc (the "company") (formerly known as tiger royalties and investments plc)   half-yearly results for the six months ended 30 june 2025   chief executive officer's statement   2025 has been a period of significant activity and continued strategic progress for tiger alpha plc. our focus has remained on positioning the company, with shares trading on aim, a market regulated by the london stock exchange with tidm - tir, within areas of high growth potential, particularly in technology, artificial intelligence, and blockchain infrastructure, while maintaining sound governance and prudent capital discipline.   during the period, we advanced a number of new investments that reinforce our thematic priorities with a total of £837,567 being invested. these included strategic commitments to satsuma technology, standard strategies, and arok.vc, alongside the completion of our transaction with tao strategies. we also expanded our presence in the bittensor ecosystem, securing a second subnet and strengthening our operational capabilities in decentralised ai infrastructure. collectively, these developments reflect our determination to build a diversified portfolio aligned with structural shifts in global markets.   our legacy mineral assets remain and we have made no further investment in this sector.   at the corporate level, we implemented board changes to support our evolving mandate, executed governance measures around voting rights and share capital, and formalised option arrangements in line with market practice. our name change and updated communications platform underline tiger's evolution into a forward-looking investment company, responsive to new opportunities while mindful of shareholder value.   the outlook for the remainder of the year is one of cautious optimism. market conditions remain uncertain, yet the areas in which we are investing continue to attract growing interest and demonstrate long-term promise. we will continue to balance innovation with discipline, nurturing early-stage opportunities while remaining focused on financial resilience and clear exit strategies.   on behalf of the board, i would like to thank our shareholders for their continued confidence and support. we believe that the foundations laid during 2025 position tiger for further progress and sustainable value creation in the years ahead.   jonathan bixby chief executive officer     for further information, please contact:   tiger alphaplc                                                            jonathan bixby                                                           +44 (0) 20 7581 4477   beaumont cornish (nominated adviser)              roland cornish/felicity geidt                                  +44 (0) 20 7628 3369   fortified securities (broker)                                    guy wheatley                                                             +44 (0) 7493 989014                                                                                      email: guy.wheatley@fortifiedsecurities.com   novum securities (broker)                                      jon bellis                                                                      +44 (0) 7399 9425     beaumont cornish limited ("beaumont cornish") is the company's nominated adviser and is authorised and regulated by the fca. beaumont cornish's responsibilities as the company's nominated adviser, including a responsibility to advise and guide the company on its responsibilities under the aim rules for companies and aim rules for nominated advisers, are owed solely to the london stock exchange. beaumont cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of beaumont cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.  consolidated statement of comprehensive income for the six months ended 30 june 2025                                                                                                                                                                                                                                                             unaudited   audited    note six months ended 30 june    year ended 31 december    2025 2024   2024    £ £   £ revenue  - -  -         other income  - -  14,980 fair valuation movement in digital assets and tokens  38,106 -  - fair valuation movement in investments  295,051 14,886  (100,257)   333,157 14,886  (85,277) share based payment  (123,265) -  - administrative expenses  (617,711) (132,356)  (305,302) operating loss  (407,819) (117,470)   (390,579) finance income  18,334    loss before taxation    (389,485) (117,470)   (390,579) taxation  - -  - loss after taxation and total comprehensive loss for the year  (389,485) (117,470)   (390,579)       loss per ordinary share:      basic loss per share (pence) 4 (0.09) (0.22)  (0.73) diluted loss per share (pence) 4 (0.09) (0.22)  (0.73) *the basic and diluted loss per share for the year ended 31 december 2024 and six months ended 30 june 2024 have been restated reflect the consolidation and exclude treasury shares. refer to note 3.     consolidated statement of financial position as at 30 june 2025                                                                                     unaudited audited    note   six months ended 30 june  year ended 31 december    2025 2024 2024    £ £ £ non-current assets     intangible assets 5 777,793 - - investments 6 994,911 366,364 197,704 total non-current assets   1,772,704 366,364 197,704 current assets     trade and other receivables  31,158 21,403 5,106 cash and cash equivalents  1,302,341 50,990 23,457 total current assets   1,333,499 72,393 28,563 total assets   3,106,203 438,757 226,267      shareholders' equity     share capital 7 5,691,595 1,825,116 1,825,116 share premium  1,730,107 2,078,107 2,078,107 share based payments reserve 8 123,265 - - retained earnings  (5,630,121) (5,027,674) (5,240,636) capital redemption reserve  1,100,000 1,100,000 1,100,000 total shareholders' equity   3,014,846 (24,451) (237,413)           current liabilities     trade and other payables                                                              91,357 463,208 463,680 total current liabilities   91,357 463,208 463,680 total liabilities  91,357 463,208 463,680 total equity and liabilities  3,106,203 438,757 226,267        consolidated statement of changes in equity                            for the six months ended 30 june 2025     share capital     share premium   share-based payments reserve     retained earnings   capital redemption reserve       total  £ £ £ £ £ £ unaudited       six months ended 30 june 2025       at 1 january 2025 1,825,116 2,078,107 - (5,240,636) 1,100,000 (237,413) loss for the period and total comprehensive loss - - - (389,485) - (389,485) shares issued in the period 3,866,479 - - - - 3,866,479 share issue costs - (348,000) - - - (348,000) share based payment - - 123,265 - - 123,265 at 30 june 2025 5,691,595 1,730,107 123,265 (5,630,121) 1,100,000 3,014,846        unaudited       six months ended 30 june 2024       at 1 january 2024 1,825,116 2,078,107 - (4,910,204) 1,100,000 93,019 loss for the period and total comprehensive loss - - - (117,470) - (117,470) at 30 june 2024 1,825,116 2,078,107 - (5,027,674) 1,100,000 (24,451)        audited       year ended 31 december  2024       at 1 january 2024 1,825,116 2,078,107 - (4,910,204) 1,100,000 93,019 prior year adjustment - - - 60,147 - 60,147 loss for the period and total comprehensive loss - - - (390,579) - (390,579) at 31 december 2024 1,825,116 2,078,107 - (5,240,636) 1,100,000 (237,413)     consolidated statement of cash flows    unaudited   audited for the six months ended 30 june 2025  six months ended 30 june   year ended 31 december   2025 2024   2024   £ £   £ operating activities      loss for the period  (389,485) (117,470)  (390,579) adjustments:            fair value (gain)/loss on investments  (295,051) (14,886)  100,257 fair value gain on cryptocurrencies  (38,106) -  - share based payment  123,265 -  - other income  - -  (14,980) finance income  (18,334) -  -       working capital adjustments:      (increase)/decrease in trade and other receivables  (26,052) (15,813)  487 (decrease)/increase in trade and other payables*  (181,781) 111,248  171,864 net cash used in operating activities   (825,544) (36,921)   (132,951) investing activities      purchase of investments  (502,156) -  - disposal of investments  - 34,035  87,552 purchase of intangible assets - cryptocurrencies  (400,000) -   - other income  - -  14,980 interest received  6,584 -   net cash used in investing activities   (895,572) 34,035   102,532 financing activities      proceeds from issue of shares  3,000,000 -  - net cash from financing activities   3,000,000 -   -       net decrease in cash and cash equivalents  1,278,884 (2,886)  (30,419) cash and cash equivalents at start of financial period  23,457 53,876  53,876 cash and cash equivalents at end of financial period   1,302,341 50,990   23,457 * non-cash movements have been excluded  notes to the interim financial statements for the six months ended 30 june 2025          1.    basis of preparation these condensed consolidated interim financial statements of tiger alpha plc, (formerly known as tiger royalties and investments plc), ("the company"), have been prepared in accordance with ias 34 'interim financial reporting' as adopted in the uk, and the aim rules for companies.   they do not include all the information required for full annual financial statements and should be read in conjunction with the financial statements of tiger royalties and investments plc for the year ended 31 december 2024 which were prepared in accordance with uk-adopted international financial reporting standards ("ifrs").   the interim financial statements comprise the company and its wholly owned subsidiary, bixby technology inc., together referred to as "the group". in line with ifrs requirements, only consolidated results are presented; company-only financial statements are not required at the interim stage. parent company financial statements will be presented in the company's annual report for the year ending 31 december 2025, as required by the companies act 2006.   the accounting policies applied are consistent with those applied in the 2024 annual financial statements, except for the adoption of any new standards or interpretations effective in the current period. management has reviewed these new pronouncements and concluded that they have not had a material impact on the group's results for the period.   the ﬁnancial information for the six months ended 30 june 2025 and for the six months ended 30 june 2024 have neither been audited nor reviewed by the company's auditors. the comparative financial information for the year ended 31 december 2024 has been derived from the audited financial statements for that period.   2.     critical accounting estimates and judgements the preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expense. actual results may differ from these estimates. estimates and underlying assumptions are reviewed on an ongoing basis. revisions to accounting estimates are recognised in the period in which the estimates are revised and in any periods that will materially affect the accuracy of the financial statements. the areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, have been disclosed in the last financial statements for the year ended 31 december 2024.   there are no additional judgements, estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. 3.     acquisition of bixby technology inc. on 9 january 2025, the group completed the acquisition of bixby technology inc. for a total consideration of £325,000. the consideration was satisfied through the issue of 325,000,000 ordinary shares of 0.1 pence each in tiger investments plc, subscribed for by toro consulting ltd under a set-off arrangement. accordingly, no cash consideration was paid.   accounting treatment management has assessed the transaction under ifrs 3 'business combinations'. bixby did not meet the definition of a business at the acquisition date, as it had no processes or outputs capable of generating returns. accordingly, the transaction has been accounted for as an asset acquisition:   •       the consideration of £325,000 has been recognised as an investment in subsidiary in the company's parent-only accounts. •       on consolidation, the £325,000 investment has been reclassified to an intangible asset representing platform rights and incubation capabilities (refer to note 5). •       no goodwill has been recognised.   4.     loss per ordinary share the basic and diluted loss per share is calculated by dividing the loss attributable to the owners of the company by the weighted average number of ordinary shares outstanding during the period, excluding treasury shares. the weighted average number of shares has been retrospectively adjusted to reflect the 1-for-10 share consolidation that became effective on 28 july 2025.   the loss and number of shares used in the calculation of loss per ordinary share are set out below:   unaudited   audited  six months ended 30 june   year ended 31 december  2025     2024 (restated)   2024 (restated) basic:      loss for the financial period £ (389,485)  £ (117,470)  £ (390,579) weighted average number of shares 423,071,361  53,512,855  53,512,855 loss per share (0.09)p  (0.22)p  (0.73)p       fully diluted:      loss for the financial period £ (389,485)  £ (117,470)  £ (390,579) weighted average number of shares 423,071,361  53,512,855  53,512,855 loss per share (0.09)p  (0.22)p  (0.73)p   at 30 june 2025, the company had 4,406,107,719 issued shares, of which 4,500,000 were held in treasury, resulting in 4,401,607,719 shares outstanding. for eps purposes, the weighted average number of shares in h1 2025 was 423,071,361 on a post-consolidation basis.   the prior period comparatives (h1 2024 and fy 2024) have been restated to reflect the consolidation and exclude treasury shares.   diluted eps equals basic eps as the effect of potential ordinary shares (options and warrants) would be anti-dilutive, given the loss in all periods presented.    5.     intangible assets   in addition to the acquisition of bixby technology inc., which has been reclassified as an intangible asset on consolidation (refer to note 3). during the six months ended 30 june 2025, the company acquired a number of digital assets and token as well as subnets.   these digital assets and token and subnets as presented in the tables below.   these balances were nil for the year-ended 31 december 2024 and 30 june 2024.       platform rights (bixby) £   digital assets and tokens £   subnets £   total £ cost         balance at 1 january 2025  -  -  -  - additions  325,000  414,687  85,411  825,098 disposals  -  (85,411)  -  (85,411) net fair value gain for the period  -  38,106  -  38,106 as at 30 june 2025   325,000   367,382  85,411   777 793               net book value as at 30 june 2025  325,000  367,382   85,411   777 793   the breakdown for all digital assets and tokens held at 30 june 2025 are listed below: token name     number of tokens       £ tao  170   42,923 tiger token  36288   14,687 btc  3.092   244,191 arok  100m   65,580      367,382   the fair value breakdown for all subnets held at 30 june 2025 are listed below: subnet name     £ tao subnet/subnet 107  68,721 tiger beta subnet/subnet 126  16,690   85,411   6.     investments     six months ended 30 june   year ended 31 december   2025 £ 2024 £   2024 £ at start of the period 197,704 385,513  385,513 additions 502,156 -  - disposals - (34,035)  (87,552) net fair value gain/(loss) 290,051 14,886  (100,257) at end of the period 994,911 366,364   197,704   the country of incorporation and investment class for investments held by the group at 30 june 2025 are listed below:     £ country of incorporation investment class         tao strategies 250,000 singapore unlisted standard strategies inc 599,625 canada listed african pioneer plc 59,468 united kingdom listed kendrick resources plc 233 united kingdom listed bezant resource plc 30,193 united kingdom listed galileo resources plc 55,392 united kingdom listed  994,911       the company has the following investment directly in subsidiaries at 30 june 2025: name and registered address of company share- holding value of share-holding £ country of incorporation nature of business bixby technology inc. 2592 bowker avenue, victoria, b.c., canada 100% 325,000 canada technology consultancy and incubator company        7.     issued share capital         six months ended  30 june   year ended 31 december   2025 £ 2024 £   2024 £ opening ordinary shares - 539,628,554 shares of 0.1p each (30 june 2024 & 31 december 2024: 539,628,554 ordinary shares of 0.1p each) 539,629 539,629  539,629 shares issued in the period 3,866,479 -  - total ordinary shares in issue at period end 4,406,107,719 ordinary shares 0.1p (30 june 2024 & 31 december 2024: 539,628,554 ordinary shares of 0.1p each) 4,406,108 539,629  539,629 142,831,939 deferred shares of 0.9p each (30 june 2024 & 31 december 2024: 142,831,939 deferred shares of 0.9p each) 1,285,487 1,285,487  1,285,487  5,691,595 1,825,116   1,825,116   included in allotted called and fully paid share capital are 4,500,000 shares with a nominal value of £4,500 held by the company in treasury. treasury shares carry no voting rights and are excluded from the eps calculation.   the 3,866,479,165 shares issued in the period were all issued on 9 january at 0.1 pence per share.   8.     share based payments   share options   during the six months ended 30 june 2025, the company granted 880,252,544 options over its ordinary shares to directors, employees and advisors.     all options were outstanding and unexercised at 30 june 2025. . date of grant   24 january 2024 number outstanding (post 1-for-10 consolidation, effective 28 july 2025)   88,252,544 expected life (years)  1.04 exercise price (£)  0.01 volatility  81.05% risk free rate  4.15%   the fair value of share options is determined using the black-scholes valuation model. the charge to the profit and loss was £123,265 (year ended 31 december 2024: £nil and six months ended 30 june 2024: £nil).   9.     events after the reporting period   on 28 july 2025, the company completed a 1-for-10 share consolidation, whereby every 10 existing ordinary shares of 0.1 pence each were consolidated into 1 new ordinary share of 1.0 pence. following the consolidation, the company's issued share capital comprised 440,610,772 ordinary shares, of which 450,000 were held in treasury, resulting in 440,160,772 ordinary shares outstanding.    this information is provided by rns, the news service of the london stock exchange. rns is approved by the financial conduct authority to act as a 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