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Tribeca Global Natural Resources Ltd (ASX: TGF) Investor Update – January 2026

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.

 

 

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Wholesale clients and sophisticated investors are defined in section 761G of the Corporations Act 2001 (Cth). They include, for example, a person with an accountant’s certificate (from the last two years) confirming net assets of at least $2.5 million or gross income of at least $250,000 a year for each of the last two financial years.