President’s Letter - May 2018

Dear Tiger Shareholder:

As an update, the Company’s Philippine license (stated as EP006) has not been renewed to date, and has not been denied. Candidly, we don’t know what the government is doing, and the signals are confusing.

The merit of investing in mining in the Philippines has diminished to the point where we question whether further investment in a Philippine project is warranted. Mining seems to have become unpopular there, and while our project is of merit and a maiden resource is identified, and we certainly can comply with recently announced rehabilitation requirements, we struggle to see a path to production due to the craziness of the laws and negative sentiment to mining now. Sentiment was strongly supportive when we started work to obtain our project there, about eighteen years ago, but with political changes the mood has changed. We are watching and waiting, but our focus is on different regions now. Your management is not suggesting that the project will never go into production, nor are we abandoning it, but we are ‘watching and waiting’ and need encouragement from the government before we commit further funding. We view it as a 'live' project, with potential, and will announce any changes.

Your directors are reviewing other opportunities for Tiger International and will make news releases when appropriate. We have reviewed numerous projects recently, and while we have not found a fit we are working by reviewing and seeking project opportunities for Tiger International.



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