Tigers Realm Coal (TIG) Q1 2025 TU earnings summary

Executive summary

• Entered into a Share Purchase Agreement in April 2024 to sell Russian subsidiaries and mining/port operations to APM-Invest.

• All seller-side conditions for completion met; only Presidential approval for part of the transaction remains outstanding.

• Russian authorities split the transaction into two elements, requiring separate approvals and a revised SPA.

Significant events and developments

• New Russian legislation in October 2024 imposed additional conditions, delaying transaction approvals.

• Commission approved sale of operating assets at a reduced price (RUB 2.348 billion/USD $28.5M approx), with higher exit tax for buyer.

• Positive recommendation for the sale of the Amaam Entity given to the President, but final approval pending.

Risk factors and uncertainties

• Completion of the sale is contingent on Presidential approval for the Amaam Entity, with no clear timeline.

• Australian sanctions and limited information flow from Russian management hinder financial reporting.