Tribeca Global Natural Resources (TGF) Investor Update summary

Corporate and capital management update

• Announced a fully franked dividend of AUD 0.05 per share for FY25, with a DRP that will purchase shares on-market to avoid dilution, and payment scheduled for 3 October 2025.

• Initiated an on-market buyback of up to 10% of shares, aiming to unlock or deliver over AUD 50 million in value accretion and close the discount to NTA.

• The buyback will accelerate while the discount to NTA exceeds 20%, with the last program narrowing the discount by 35 percentage points.

• Board and management will participate in the DRP, and the buyback will commence after DRP purchases are completed.

• Shares currently trade at a ~35% discount to NTA, with the current share price offering 50% upside to NTA.

Performance and portfolio highlights

• Calendar year-to-date return is approximately 20%, with FY25 return of 3.2% outpacing major natural resources indices.

• Outperformance driven mainly by positions and special situations in precious metals.

• Portfolio is diversified across precious, battery, and base metals, as well as energy exposures like nuclear, lithium, and sustainable metal powders.

• Key holdings include Agnico Eagle, Alpha HPA, Develop Global, Capstone Copper, Albermarle, Energy Fuels, Argyle Diamonds, and 6K Additive.

• Generated significant alpha from early investments in Discovery Silver, Orocobre, and Spartan Resources, with returns up to 400%.

Market outlook and structural trends

• Resource sector outlook remains strong, supported by U.S. policy on critical minerals, loose Chinese policy, and a US energy and defense security push.

• Supply constraints, structural deficits, and rising capital intensity are increasing the value of existing producers and driving M&A activity.

• Global trade tensions, onshoring, and China’s infrastructure and power grid investments are shifting commodity demand, especially for copper.

• Four tailwinds for FY26: strategic importance of commodities, China’s policy pivot, strong fundamentals, and capital flow returning to the sector.

• Investor rotation from ESG and digital assets is anticipated to reverse sector dislocation, with ESG policy evolution and the “woke unwind” driving flows back into resources.