Tribeca Global Natural Resources Ltd. · ASX:TGF
Tribeca Global Natural Resources — Investor Presentation (January 2026)
44 slides from Tribeca Global Natural Resources's investor presentation, January 2026
Slide 1: Tribeca Global Natural Resources Ltd (ASX:TGF) Investor Update
Tribeca Global Natural Resources Ltd (ASX:TGF) Ben Cleary, Portfolio Manager Todd Warren, Partner Investor Update January 2026 Private And Confidential. Not For Public Distribution. 1 January 2026
Slide 2: Disclaimer
Disclaimer This presentation has been prepared for Tribeca Global Natural Resources Limited (ABN 16 627 596 418) (“TGF”) by its investment manager, Tribeca Global Resources Pty Ltd (ABN 11 606 707 662) (“Tribeca”) under AFS License 239070 (Tribeca Investment Partners Pty Ltd). The information contai
Slide 3: Executive Summary
Executive Summary • Performance Update: The Company’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.
Slide 4: Performance Update
Performance Update Performance Attribution by Sector (2025 CYTD) • The Company delivered a return of 60.3% in CY25 PRECIOUS METALS • Significantly outperformed all major natural resources indices BASE METALS o Bloomberg Energy Commodity Index down 14% URANIUM o S&P GSCI flat o S&P Global Natural Res
Slide 5: Performance Update
Performance Update FY Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun YTD 2018 - 2019 -0.07% -0.36% -0.71% 0.16% -0.44% -0.16% 0.25% -3.24% 0.78% -3.78% 2019 - 2020 -0.52% -1.93% -0.54% 0.60% 0.79% 3.67% -7.68% -7.52% -9.48% 5.74% 0.47% -13.96% -27.95% 2020 - 2021 4.52% -0.19% 0.46% 0.53% 9.63% 9.12
Slide 6: Performance Update: Historical Exposures
Performance Update Historical Exposures 180% Long Exposure (%) Short Exposure (%) Gross Exposure (%) Net Exposure (%) 160% 140% 120% 100% 80% 60% 40% 20% 0% -20% Jun-23 Oct-23 Apr-24 Jun-24 Oct-24 Apr-25 Jun-25 Oct-25 Jul-23 Aug-23 Feb-24 Jul-24 Aug-24 Feb-25 Jul-25 Aug-25 May-23 Jan-24 May-24 Jan-2
Slide 7: Tribeca Portfolio Provides Risk Controlled Exposure to Structural Themes
Tribeca Portfolio Provides Risk Controlled Exposure to Structural Themes Tribeca portfolio provides investors with diversified & risk-controlled exposure to structural themes compared to indices and single sector names S&P GSCI Index Percentage Sector Weights (2025) Energy ~20% Metals ~80% Livestock
Slide 8: Delivering Shareholder Returns Through Special Situations
Delivering Shareholder Returns Through Special Situations Return of select equities since TGF deal participation TGF’s proprietary research and relationships ensures its regular participation in Share price performance (%, local currency) the sector’s highest quality equity capital markets deals HYM
Slide 9: Delivering Shareholder Returns Through Active Engagement
Delivering Shareholder Returns Through Active Engagement Tribeca Key Proposals Outcome $50 Divest US onshore oil assets Sold for US$10.5bn $40 Return capital to shareholders Dividend raised $30 +130% New CEO, CFO and Chairman New CEO, CFO, Chair $20 Leave DLC structure intact Efficiently collapsed 2
Slide 10: Delivering Shareholder Returns Through Narrowing Discount
Delivering Shareholder Returns Through Narrowing Discount NTA continues to break out, which has seen the discount narrow from ~35% to ~20%, leaving a significant value creation opportunity NTA (post-tax) Discount to NTA 0% • TGF’s discount to NTA has narrowed from ~35%, as of August 2025, to 3.40 ~2
Slide 11: Market Structure Remains Strong
Market Structure Remains Strong 11 January 2026
Slide 12: Same Structural Drivers To Support Resources in 2026
Same Structural Drivers To Support Resources in 2026 Resources equities rallied +25% last year… consensus is for +19% in 2026 S&P Global Natural Resources Index Price (USD) Commodities increasingly strategic 2025 2026 Consensus Forecast • Heightened geopolitical tensions fuel scramble for critical m
Slide 13: Commodities Increasingly Strategic
Commodities Increasingly Strategic 13 January 2026
Slide 14: Copper Recognised as Pivotal to Energy Security
Copper Recognised as Pivotal to Energy Security The US imports 91% of its refined copper demand … … And the importance of access to the red metal has been made clear US President Donald Trump with the CEO’s of Rio Tinto and BHP Official and unofficial presidential comments regarding copper Jakob Sta
Slide 15: Nuclear Critical To the AI Race
Nuclear Critical To the AI Race AI demand fuelling data centre growth, calling on nuclear power… … But uranium production, conversion, enrichment are key bottlenecks Data centre power demand capacity Global nuclear fuel supply chain control by country Kazakhstan Canada Namibia Australia Uzbekistan G
Slide 16: Rare Earths Required to Build Out Defence
Rare Earths Required to Build Out Defence China is punching well above its weight vs resource endowment … which poses a significant issue for the US defence sector Rare earths elements supply chain How rare earths are used in US defence China US Australia Myanmar Others 100% F-35 Fighter Jet Arleigh
Slide 17: Global Tensions Reaching Fever Pitch
Global Tensions Reaching Fever Pitch Sources: Tribeca Investment Partners, Financial Times, Reuters, Australian Financial Review, Bloomberg, BBC, Fortune. 17 January 2026
Slide 18: Fundamentals Remain Attractive
Fundamentals Remain Attractive
Slide 19: Structural Deficits for Key Commodities
Structural Deficits for Key Commodities Mined Copper Supply and Demand Forecasts (incl. AI effects) Uranium Concentrate Supply and Demand Forecasts 30,000 200,000 Demand UPPER Scenario incl. AI / Demand DCs 180,000 Existing Mines 28,000 Non-committed mine projects (@ 100%) Restarted Idled Capacity N
Slide 20: Global Power Consumption Increasing as a Result of Electrification
Global Power Consumption Increasing as a Result of Electrification US Electricity Generation 5-year CAGR EU-27 Electricity Generation 5-year CAGR 5.0% 5.0% 4.0% 4.0% 3.0% 3.0% 2.0% 2.0% 1.0% 1.0% 0.0% 0.0% -1.0% -1.0% -2.0% -2.0% 1990 1993 1996 1999 2002 2005 2008 2011 2014 2017 2020 2023 2026E 2029
Slide 21: Supply Materially Constrained by Underinvestment, Lack of Discoveries
Supply Materially Constrained by Underinvestment, Lack of Discoveries Copper Projects Sanctioned (Target Capacity ktpa) vs Price (Usc/lb) Major Copper Discoveries Over Time Expansion Extension Greenfield Restart Price (RHS) Mt US$bn 2,500 500 180 5.0 160 4.5 450 2,000 4.0 140 Copper in resources and
Slide 22: Existing And Future Supply Constantly Challenged
Existing And Future Supply Constantly Challenged 2026 copper mine production guidance reduced by 917kt over 2025 2026 copper mine production guidance 15 14.5 14 13.5 13 12.5 12 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2024 2025 Sources: Tribeca Investment Partners, Visible Alpha Consensus Data, Comp
Slide 23: Mine Development A Key Constraint, Particularly for Base Metals
Mine Development A Key Constraint, Particularly for Base Metals Average lead times of mines from discovery to production, 2002-2023 Copper and nickel mines take 6-24mths longer than the average to get from discovery to production Discovery, exploration, studies Construction decision Construction to
Slide 24: Durable Rotation Underway
Durable Rotation Underway 24 January 2026
Slide 25: Just The Start of Real Asset / Real Economy Rotation
Just The Start of Real Asset / Real Economy Rotation 1.1 Real Assets Relative To Financial Assets Since 1925 Rotation From Digital to Real Economy Underway S&P500 sector market cap, % of total 70 1 War on Inflation Real economy: industrials + financials + energy + materials 0.9 60 0.8 GATT/Bretton W
Slide 26: Cyclicals Set to Outperform Defensives as Positioning Bottoms
Cyclicals Set to Outperform Defensives as Positioning Bottoms LO funds’ exposure to cyclical vs defensive sectors is near all-time lows HFs’ exposure to cyclical vs. defensive sectors has been increasing LO fund relative positioning in cyclical vs defensive sectors (Nov 2025) HFs cyclical vs. defens
Slide 27: Evolution of ESG policies by Big Asset Managers Will Drive Flow Back into Resources
Evolution of “ESG” policies by BIG Asset Managers will drive flow BACK into Resources The $12 trillion world’s largest asset manager has changed its tune on how it implements ESG policy. ESG 1.0 ESG 2.0 ESG 3.0 “move to divest thermal coal assets and put “foresighted companies across a wide range “t
Slide 28: ESG 4.0: The Woke Unwind Accelerated in 2025
The “Woke Unwind” Accelerated in 2025 US investor flows in sustainable equity funds % vs prior period Sustainable Funds All Funds ESG 4.0 0.40% US investor flows 0.20% into ETFs have been broadly Since December 2024, EIGHT of the world’s largest financial neutral in 2025 0.00% institutions have with
Slide 29: Materials Exposure Modest And Metals & Mining Remain Big Underweights
Materials Exposure Modest And Metals & Mining Remain Big Underweights LO and HF exposure to materials is low relative to history … And fund managers are most underweight Metals & Mining Relative Weight of Materials in LO & HF holdings (as of Nov 2025) LO industry exposure (Nov 2025) LOs' Relative We
Slide 30: Energy A Key Beneficiary With Positioning Scorched Earth
Energy A Key Beneficiary With Positioning Scorched Earth Long Only exposure to Energy is low vs history … With fund managers are most underweight upstream players Funds’ relative weight in Energy vs S&P 500 index over time (Nov 2025) Industry exposure (Nov 2025) LOs' Relative Weight HFs' Relative We
Slide 31: Metal & Energy Producers Set to Benefit, Return to Long Term Average Multiples
Metal & Energy Producers Set to Benefit, Return to Long Term Average Multiples The S&P Metals and Mining Index EV/EBITDA relative to the S&P Whereas The EBITDA multiple for the broader energy sector is 500 is now at its long-term average... trading near its record discount to the S&P 500 2.0 60% 1.8
Slide 32: Mark-To-Market Valuations Show Miners Remain Cheap
Mark-To-Market Valuations Show Miners Remain Cheap Premium / (Discount) of Spot EV/EBITDA vs 5yr Average Diversified Miners Copper Miners Precious Metal Miners Aluminium Miners 80% 60% 60% 40% 36% 31% 25% 18% 19% 20% 16% 0% -1% -4% -9% -8% -7% -12% -20% -20% -18% -18% -22% -21% -28% -28% -27% -32% -
Slide 33: Key Ideas
Key Ideas 33 January 2026
Slide 34: Hemlo Mining Corporation (HMMC CN)
Hemlo Mining Corporation (HMMC CN) Sector Precious Metals Hemlo is a long-lived asset in a tier one jurisdiction Position Type Special Situations Regional map of the Hemlo Gold Mine Theme Catalyst Rich • A new Canadian-focused mid-tier gold producer. • Recently acquired an unloved, under-capitalised
Slide 35: Cyprium Metals (CYM AU)
Cyprium Metals (CYM AU) Sector Base Metals Cyprium Metals’ infrastructure remains in good shape Position Type Special Situations Nifty Copper Project electrowinning circuit Theme Critical Minerals • A severely mispriced, transformational copper story • The Nifty Copper Project now lies dormant havin
Slide 36: 6K Additive (6KA AU)
6K Additive (6KA AU) Sector Battery Metals Peers paint an attractive valuation picture Position Type Special Situations Company comparison Theme Critical Minerals Market cap ~280 ~2,600 ~350 ~420 • US-based global leader in sustainable metal powders & alloys (A$m)1 • Produces titanium, nickel, and o
Slide 37: An Opportune Time To Be Adding Exposure
An Opportune Time To Be Adding Exposure • Market Structure Remains Strong: o The US push for energy and defence security is driving a critical minerals bull market that TGF is well positioned to capitalise on. Fundamentals remain attractive and investor positioning remains dislocated. While the broa
Slide 38: Appendix
‘Tiibeca Global Natural Resources Appendix
Slide 39: Appendix: Strategy Features
Appendix: Strategy Features Actively Managed Constrained Leverage • Actively managed, specialized long short • Low gross positioning to achieve strategy Variable Net <200% Gross superior risk adjusted returns with Exposure Exposure low correlation to major asset classes High Conviction • Strategy le
Slide 40: Appendix: Investment Universe
Appendix: Investment Universe A flexible approach enables allocation to sectors presenting the best risk-reward opportunities. Clean Energy & Transition Fuels Metals & Mining Soft Commodities Oil & Gas Base Metals Crops Uranium Bulks Agriculture Hydrogen Specialty Metals Aquaculture Renewables Preci
Slide 41: Appendix: Investment Process
Appendix: Investment Process Investment Process Commodity Ranking Macro Overlay Fundamental Research Investment Idea Generation Implementation • Global commodity demand and • Analysis of investor positioning • Sector and stock specific • Investments expressed based • High conviction, detailed supply
Slide 42: Appendix: Sources of Alpha
Appendix: Sources of Alpha • Flexibility within the mandate to take advantage of different types of trades across the natural resources complex, depending on best risk- reward and market environment. • Weighting of different types of trades will vary depending on prevailing market structure and envi
Slide 43: Appendix: Key Personnel
Appendix: Key Personnel Ben Cleary Investment Team Portfolio Manager Ben is the Portfolio Manager for the Tribeca Global Natural Resources Fund. He is the Investment Manager of Todd Warren Guy Keller Jack Gallagher Ted Coupland Simon Brown ASX-listed Tribeca Global Partner Commodity Analyst Equity A
Slide 44: Investor Relations
Investor Relations Email: TGFinvestors@tribecaip.com.au Web: www.tribecaip.com/lic Sydney Tribeca Investment Partners Pty Ltd Level 23, 1 O’Connell Street Sydney NSW 2000 Tel: +61 2 9640 2600 Singapore Tribeca Investment Partners Pte Ltd Level 16, Singapore Land Tower 50 Raffles Place, Singapore 048
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