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:

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.

The breakdown for all digital assets and tokens held at 30 June 2025 are listed below:

The fair value breakdown for all Subnets held at 30 June 2025 are listed below:

6.     Investments

The country of incorporation and investment class for investments held by the Group at 30 June 2025 are listed below:

The Company has the following investment directly in subsidiaries at 30 June 2025:

7.     Issued share capital

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.

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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.