Tribeca Global Natural Resources (TGF) H1 2025 earnings summary

Executive summary

• Report covers the half-year ended 31 December 2024, with a net loss after tax of $10.3 million, a slight improvement from $10.6 million loss in the prior year period.

• No interim dividend declared for the period; dividend reinvestment plan remains available to shareholders.

• Portfolio performance was negatively impacted by net long positions in uranium, diversified mining, and base metals, reflecting macroeconomic and geopolitical uncertainty.

• Net tangible assets (NTA) per share after tax decreased by 6.15% over the half-year, but rebounded by 6.02% in January 2025.

Financial highlights

• Total investment loss for the half-year was $8.7 million, compared to $9.3 million in the same period last year.

• Loss from ordinary activities before tax was $14.9 million, a 3% improvement year-over-year.

• Net loss after tax was $10.3 million, a 2.6% improvement year-over-year.

• Basic and diluted loss per share remained at $(0.13), unchanged from the prior year.

• Net tangible assets per share (after tax) at 31 December 2024 were $1.90, down from $2.01 a year earlier.

Outlook and guidance

• China’s ongoing monetary and fiscal stimulus is expected to drive demand in 2025, with the portfolio historically benefiting from similar rallies.

• Structural themes of electrification and energy transition continue to support demand for copper and uranium, with supply constraints and geopolitical factors remaining significant.

• Anticipated sector rotation and increased M&A activity could further benefit the natural resources sector.