Tribeca Global Natural Resources Achieves 72.58% Pre-Tax Return in FY2026 Despite June Volatility

TGF's June 2026 NTA: Pre-Tax NTA Per Share at $3.4860 Versus $2.60 Share Price

Tribeca Global Natural Resources Limited released its monthly NTA statement for 30 June 2026, confirming a pre-tax NTA per share of $3.4860 and a post-tax NTA per share of $3.0875. These figures, provided by Citco Fund Services, are based on 73,693,826 ordinary shares outstanding. The company’s share price on the same date was $2.60, indicating the shares traded at a discount to both pre-tax and post-tax NTA values.

This NTA disclosure complies with ASX Listing Rule 4.12, which requires listed investment companies to report net tangible asset backing monthly. TGF has been listed on the ASX since 12 October 2018 and is headquartered in Sydney at Level 23, 1 O'Connell Street, with an additional office in Singapore at Level 16, Singapore Land Tower, 50 Raffles Place. The company is managed by Tribeca Global Resources Pty Ltd under Tribeca Investment Partners, which holds an Australian Financial Services Licence.

FY2026 Pre-Tax Return of +72.58% Surpasses MSCI Commodity Producers and Bloomberg Commodity Indices

For the financial year ending 30 June 2026, TGF achieved a pre-tax return of +72.58% and a post-tax return of +49.12%. This performance significantly outpaced the MSCI Commodity Producers Index, which gained approximately 30%, and the Bloomberg Commodity Index, which rose about 21% over the same period. The company highlighted this outperformance as evidence of the portfolio’s resilience during an exceptionally volatile period.

All performance figures are net of fees and expenses and include dividend and income reinvestment. The company emphasized that past performance is not indicative of future results. The monthly performance table revealed the 2025-26 financial year was exceptional, with strong months such as December 2025 (+15.77%) and January 2026 (+11.70%) driving the annual return. This contrasts with the 2023-24 financial year, which registered a -6.20% full-year return.

June 2026: TGF Posts -5.61% Pre-Tax Monthly Return Despite Outperforming Benchmarks

Despite the strong annual result, June 2026 was a negative month for TGF, recording a pre-tax return of -5.61% and a post-tax return of -4.50%. Nevertheless, the company noted this still outperformed the MSCI Commodity Producers Index, which fell about 10%, and the Bloomberg Commodity Index, which declined roughly 9% during the same month.

TGF attributed June’s market challenges to extreme volatility driven primarily by uncertainty surrounding the Iranian conflict. Additionally, a significant liquidity drain occurred as mega IPOs and capital raises in the technology and artificial intelligence sectors absorbed investor capital that might otherwise have flowed into commodities. The company described June as a period where rapid exits by short-term investors amplified the drawdown beyond fundamental factors.

Cobre Limited's Sierra Atacama Copper Project Boosts Base Metals Returns in June

Base Metals were the leading positive contributor to TGF’s returns in June 2026. The update highlighted core holding Cobre Limited (ASX:CBE) as a standout, noting continued strong performance as the market increasingly acknowledged progress at its Sierra Atacama copper project in Chile. Cobre Limited has been a consistent performer within TGF’s portfolio in recent months.

The June update confirmed sustained momentum for Cobre Limited, which ranks among TGF’s 15 largest long equity holdings, underscoring its significance within the portfolio. The ongoing development of the Sierra Atacama project remains a key driver of investor interest according to TGF’s investment thesis.

Hemlo Mining’s TSX Main Board Listing and Ontario Resource Update Highlight Precious Metals Segment

Precious Metals detracted from TGF’s portfolio performance in June due to softening gold prices. However, Hemlo Mining Corp (TSX-V / TSX: HMMC) was an exception, releasing a positive resource update at its Ontario mine during the period, though specific figures were not disclosed.

Additionally, Hemlo Mining graduated from the TSX Venture Exchange to the Toronto Stock Exchange main board in June. TGF described this milestone as enhancing the stock’s visibility and broadening its investor base. This combination of a resource update and exchange upgrade was viewed positively despite sector-wide challenges from weaker gold prices.

Portfolio Composition: 94.9% Equities and 5.1% Exposure to Argyle Diamonds

As of 30 June 2026, TGF’s net exposure comprised 94.9% equity positions and 5.1% exposure to Argyle Diamonds. This allocation reflects the company’s focus on natural resources equities, with most investments in mining, metals, and resource companies globally.

The 15 largest long equity holdings span diverse natural resource subsectors and regions. Besides Cobre Limited and Hemlo Mining, notable holdings include uranium-focused NexGen Energy Ltd (TSX:NXG) and Paladin Resources Ltd (ASX:PDN), critical minerals player Alpha HPA Ltd (ASX:A4N), and gold miner West African Resources Ltd (ASX:WAF). This diversified mix across Base, Critical, and Precious Metals aligns with TGF’s strategy to provide investors access to global natural resources equities through active management.

Impact of Iranian Conflict and Market Liquidity on June Portfolio Performance

TGF’s investment manager detailed market conditions influencing June 2026’s portfolio environment. Extreme volatility was driven mainly by uncertainty over the Iranian conflict’s trajectory, which weighed heavily on resource sector sentiment.

Furthermore, a liquidity drain occurred as major IPOs and capital raises in technology and AI sectors absorbed investor funds, diverting capital away from commodities and resource equities. Equity capital markets activity was subdued, though management remained engaged with opportunities benefiting from on-the-ground due diligence and sector relationships.

FY2027 Outlook: Strategic Positioning in Base, Critical, and Precious Metals Amid Geopolitical Risks

Looking ahead, TGF’s investment manager expressed a cautiously optimistic outlook for the new financial year. Concerns remain regarding geopolitical impacts on costs and a recent unwinding of AI-related enthusiasm affecting power and infrastructure demand, contributing to what management views as an excessive equity sell-off relative to commodities.

Despite near-term risks, management is confident in the portfolio’s positioning. The scale and speed of the June resources sell-off resemble conditions typical of an economic crisis, yet current economic indicators such as PMIs and surprise indices remain strong. The resources sector now trades below levels seen at the start of the US/Iran conflict in February, an anomaly given fundamentals. TGF views this disconnect between price action and fundamentals as an attractive investment opportunity with well-positioned exposures in Base, Critical, and Precious Metals.

Risks for TGF Investors: Geopolitical Uncertainty, Commodity Volatility, and NTA Discount

TGF faces company-specific and sector risks that investors should consider. As a listed investment company focused on global natural resources equities, its NTA and returns are directly influenced by commodity price fluctuations in gold, copper, uranium, and critical minerals. The June 2026 -5.61% pre-tax monthly decline highlights potential for sharp short-term drawdowns despite relative benchmark outperformance.

The share price of $2.60 versus a pre-tax NTA per share of $3.4860 indicates trading at a discount to underlying asset value as of 30 June 2026. Such discounts are common among listed investment companies but may widen during market stress or reduced sector appetite. Geopolitical developments, particularly related to the Iranian conflict, could continue to drive commodity market volatility and affect TGF’s holdings. Past performance, including the +72.58% pre-tax FYTD return, does not guarantee future results.

Governance, Management, and Investor Contact Information for TGF

Tribeca Global Natural Resources Limited is governed by a Board comprising Chair and Independent Director Rebecca O'Dwyer, Independent Director Nicholas Myers, and Non-Independent Director Todd Warren. Company Secretary Ken Liu authorised the monthly NTA update release on 14 July 2026. The portfolio is managed by Tribeca Global Resources Pty Ltd (ABN 11 606 707 662), operating under AFS Licence 239070 held by Tribeca Investment Partners Pty Ltd.

The company’s share registry is handled by Boardroom Pty Ltd, located at Level 12, 225 George Street, Sydney NSW 2000. Investors seeking further information can contact TGF via email at [email protected] or by phone at +61 2 9640 2600. TGF maintains offices in Sydney at Level 23, 1 O'Connell Street, and in Singapore at Level 16, Singapore Land Tower, 50 Raffles Place, reflecting its global natural resources investment mandate. Additional details are available at www.tribecaip.com/lic.