A strong 2013 production performance from Tiger Resources Kipoi copper project in the Democratic Republic of Congo, combined with a substantial increase in ore reserves announced by the company last week, prompted a share price re-rating in the order of 10 per cent.

But details contained in the ­Definitive Feasibility Study (DFS), only released by Tiger yesterday, are far more significant in terms of the ­company’s long-term future, and its ­relevance is best demonstrated by comparisons with valuation models completed by brokers prior to this update.