Tribeca Global Natural Resources (TGF) Investor presentation summary

Performance highlights

• Achieved a 60.3% return in CY25, outperforming major natural resources indices, with ~46% return in 1HFY26.

• Primary performance drivers were precious metals, base metals, uranium, and oil & gas investments.

• Discount to NTA narrowed from ~35% to ~20%, with potential to unlock A$50m by closing the gap.

• On-market buyback is two-thirds complete, delivering ~A$7m in accretion to shareholders.

• Portfolio remains heavily skewed to precious, base, and critical metals.

Market and structural outlook

• Commodities are increasingly strategic due to US energy and defense security initiatives.

• Structural deficits and underinvestment underpin a positive outlook for key commodities like copper and uranium.

• Geopolitical tensions and government actions are driving demand for critical minerals.

• Durable rotation underway from digital assets and defensives to real assets and natural resources.

• Fund managers remain underweight in metals, mining, and energy, suggesting further upside potential.

Key portfolio ideas and special situations

• Hemlo Mining: Acquired a non-core asset from Barrick, with significant exploration and operational upside.

• Cyprium Metals: Transformational copper project with staged restart, fully funded for initial phase.

• 6K Additive: US-based leader in sustainable metal powders, leveraging proprietary technology and recycled feedstock.

• Active engagement in special situations and capital markets deals has driven outsized returns in select equities.

• Ongoing activism and proposals with major resource companies (BHP, Teck, Glencore) to unlock shareholder value.