Tribeca Global Natural Resources (TGF) AGM 2025 summary

Opening remarks and agenda

• Meeting held as a physical event with online broadcast; remote shareholders could ask questions but not vote, and proxy voting was encouraged.

• Directors, investment managers, company secretary, auditors, and share registry representatives were introduced.

• Notice of meeting was taken as read, proxies confirmed as valid, and agenda included financial statements, remuneration report, and director elections.

• Meeting structured into board report, investment manager report, and formal business with three resolutions.

• AGM featured an investment manager's report with updates on performance, strategy, and market outlook for FY25 and FY26.

Financial performance review

• Delivered a 34% calendar year-to-date return in 2025, significantly outperforming major natural resources indices.

• Post-tax NAV increased 4.5% over the year to June 2025; since then, NAV rose 21.8% to AUD 2.56 per share, outperforming the MSCI Commodities Producers Index by over 9%.

• Discount to NAV/NTA reduced from 41% in April to 20% by October 2025, aided by performance and capital management.

• Performance driven by stock picking, equity capital markets deal participation, and exposure to precious, critical, and base metals.

• Portfolio includes key positions in Hycroft Mining, Albermarle, Energy Fuels, Alpha HPA, Cyprium Metals, Argyle Diamonds, and 6K Additive.

Board and executive committee updates

• Todd Warren rejoined the board in August 2023 and stood for election; Rebecca O'Dwyer and Nick Myers continued as directors.

• Todd Warren, Partner, was appointed to the Board to fill a casual vacancy and offered himself for election.

• Rebecca O'Dwyer retired by rotation and offered herself for re-election.

• Board remains focused on closing the NAV discount and maintaining shareholder value through buybacks and dividends.