Tribeca Global Natural Resources Limited (ASX:TGF)’s CY25 return of 60.3% significantly outperformed all major natural resources indices, with the Bloomberg Energy Commodity Index, S&P GSCI, S&P Global Natural Resources Index and ASX Resources Index down 14%, flat, up 25% and up 31%, respectively. The Company delivered returns of ~46% in 1HFY26.
The on-market buyback is now ~2/3rds complete, having delivered ~A$7m of accretion to shareholders already. Discount to NTA has narrowed from ~35% to ~20%. There is an opportunity to unlock A$50m of value by closing this gap.
Structural drivers continue to support TGF in 2026:
- Commodities increasingly strategic: critical minerals bull market fuelled by US energy and defence security push
- Fundamentals remain strong: demand continues to grow, supply issues remain acute, geopolitics at the fore
- Durable rotation underway: rotation out of digital assets, ESG and defensives to reverse dislocation
Please find the links to the January 2026 Investor Update below.