31 slides from Tribeca Global Natural Resources's investor presentation, Sep 1, 2026
Slide 1: ASX cover announcement: Investor Update August 2026
1 September 2026 ASX Market Announcements ASX Limited 20 Bridge Street Sydney NSW 2000 BY ELECTRONIC LODGEMENT Investor Update – August 2026 For personal use only Please find attached the Investor Update Presentation. The information contained in this document has been prepared for use in conjunctio
Slide 2: Tribeca Global Natural Resources Ltd Investor Update August 2026
For personal use only Tribeca Global Natural Resources Ltd (ASX:TGF) Ben Cleary, Portfolio Manager Todd Warren, Portfolio Manager Investor Update August 2026 Private And Confidential. Not For Public Distribution. 1 August 2026
Slide 3: 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 4: Executive Summary
Executive Summary • Corporate Update: TGF declared a fully franked final dividend of 10 cents per share for FY26. Distributions underpin For personal use only a trailing 12-month yield of 5.3% and are sustainable at current levels.1 On-market buyback of up to 10% of shares on issue renewed. Repurcha
Slide 5: Dividend: TGF yields >40% more than RIO and BHP
Corporate Update – Dividend TGF yields >40% more than RIO and BHP Trailing 12-month net dividend yield1,2 • TGF has declared a fully franked final dividend of 10 cents per share for FY26. For personal use only • In conjunction with the interim dividend of 5 cents per share announced 26 February 2026
Slide 6: Discount to NTA presents attractive opportunity to enter
Corporate Update – Discount to NTA Discount to NTA presents attractive opportunity to enter • TGF’s discount to NTA narrowed by ~20% in FY26. $3.50 -5.0% For personal use only • This was driven by three factors: strong underlying performance, $3.30 stable shareholder returns and increased liquidity.
Slide 7: 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% For personal use only 2020 – 2021 4.52% -0.19%
Slide 8: Current Commodity Cycle In Its Infancy, Favours Specialists
Current Commodity Cycle In Its Infancy, Favours Specialists • This point in the past two commodity supercycles presented an opportunity to add, with key beneficiaries compounding another 2-4x to their peaks. • We believe the current cycle can be similarly enduring, as the broader industry continues
Slide 9: Tribeca Portfolio Provides Enhanced Exposure To Structural Themes
Tribeca Portfolio Provides Enhanced Exposure To Structural Themes • TGF delivers better leverage to defence spending and artificial intelligence than sector indices and single stocks, with a superior yield. For personal use only Energy ~30% S&P GSCI Index Percentage RIO Underlying EBITDA Breakdown (
Slide 10: Scale & Access
For personal use only Scale & Access 9 August 2026
Slide 11: Tribeca Global Natural Resources: Years Of Market Experience
Tribeca Global Natural Resources: Over 250 Years Of Market Experience Investment Team Investor Relations For personal use only Ben Cleary Todd Warren Guy Keller Ryan Armstrong Jack Gallagher Quyen Dam Nicola Mok Portfolio Manager & Partner Portfolio Manager & Partner Partner Partner Partner Distribu
Slide 12: Scale & Access Deliver Deal Success
11 For personal use only 60 Deals last 12 months trading above par 90% Return 70% Hedged Deal stocks have, on 80% Hit-Rate We located borrow on more than 2/3 of these Participated in over the average, nearly doubled 4/5 deal stocks are now Sources: Tribeca Investment Partners, Bloomberg. 50% 0% -50%
Slide 13: Tribeca Bought Deals Outperform
Tribeca Bought Deals Outperform Average 3M Price Performance by Deal Type 45% Tribeca-originated deals have delivered For personal use only 41.2% materially stronger returns than club or 40% syndicated alternatives, evidence that internal sourcing translates into alpha. 35% • Sourcing edge: Direct o
Slide 14: Active Engagement With Boards Benefits Shareholders
Active Engagement With Boards Benefits Shareholders $70 Tribeca Key Proposals Outcome +150% For personal use only $60 Divest US onshore oil assets Sold for US$10.5bn $50 Return capital to shareholders Dividend raised $40 New CEO, CFO and Chairman New CEO, CFO, Chair $30 $20 Leave DLC structure intac
Slide 15: Market Outlook
For personal use only Market Outlook 14 August 2026
Slide 16: Increased Defence Spend Positive For Critical Minerals
Increased Defence Spend Positive For Critical Minerals Global Military Expenditure by Region (US$ billion) • Global military expenditure increased to $2.9 trillion in 2025, the 3,000 11th year of consecutive rises, bringing the global military burden — For personal use only Africa military expenditu
Slide 17: AI = Largest Physical Commodity Bid Ever Assembled
AI = Largest Physical Commodity Bid Ever Assembled Hyperscaler Capex (US$ billion) • The ‘Magnificent Seven’ plus Oracle will spend roughly $670 billion AMZN META GOOGL MSFT ORCL For personal use only on capital expenditure in 2026, approaching Germany's entire annual 1000 capital formation, and lar
Slide 18: Structural Deficits For Key Commodities
Structural Deficits For Key Commodities Mined Copper Supply and Demand Forecasts (incl. AI effects) Uranium Concentrate Supply and Demand Forecasts For personal use only 30,000 200,000 Demand UPPER Scenario incl. AI / Demand DCs 180,000 Existing Mines 28,000 Non-committed mine projects (@ 100%) Rest
Slide 19: Key Picks
For personal use only Key Picks
Slide 20: Cobre (CBE AU)
Cobre (CBE AU) Sector Base Metals Flagship asset in world’s top copper jurisdiction Position Type Special Situations Sierra Atacama sits along strike from major deposits in Northern Chile, including Mantos Blancos and Marimaca For personal use only Theme AI / Data Centres • A new ASX copper producer
Slide 21: Cyprium Metals (CYM AU)
Cyprium Metals (CYM AU) Sector Base Metals Cyprium Metals’ infrastructure remains in good shape Position Type Special Situations Nifty Copper Project electrowinning circuit For personal use only Theme AI / Data Centres • A severely mispriced, transformational copper story • The Nifty Copper Project
Slide 22: 6K Additive (6KA AU)
6K Additive (6KA AU) Sector Battery Metals Peers paint an attractive valuation picture Position Type Special Situations Company comparison For personal use only Theme Defense Spend Market cap ~230 ~1,100 ~240 ~260 • US-based global leader in sustainable metal powders & alloys (A$m)1 • Produces titan
Slide 23: Hemlo Mining Corp (HMMC CN)
Hemlo Mining Corp (HMMC CN) Sector Precious Metals Hemlo is a long-lived asset in a tier one jurisdiction Position Type Fundamental Long Regional map of the Hemlo Gold Mine For personal use only Theme Catalyst Rich • A new Canadian-focused mid-tier gold producer • Recently acquired an unloved, under
Slide 24: Energy Fuels (UUUU US)
Energy Fuels (UUUU US) Sector Uranium Energy Fuels has an industry leading integrated critical Position Type Fundamental Long minerals supply chain across uranium and rare earths Extract from 2Q26 presentation For personal use only Theme Critical Minerals • The go to name for US critical minerals •
Slide 25: Conclusion
For personal use only Conclusion 24 August 2026
Slide 26: An Opportune Time To Be Adding Exposure
An Opportune Time To Be Adding Exposure • Over more than 10 years, the strategy has delivered 16.6% p.a. return net of all fees Strong long-term • Commodities are increasingly strategic – essential for defence and artificial intelligence Supportive thematic • More than 500% alpha generation since in
Slide 27: Appendix
For personal use only Appendix 26 August 2026
Slide 28: Appendix: Investment Process
Appendix: Investment Process Investment Process Commodity Ranking Macro Overlay Fundamental Research Investment Idea Generation Implementation For personal use only • Global commodity demand and • Analysis of investor positioning • Sector and stock specific • Investments expressed based on • High co
Slide 29: Appendix: Stock Selection Framework
Appendix: Stock Selection Framework PROJECTS For personal use only ✓ Scalable ore bodies ✓ Low operating cost providing resilience in lower price environments ✓ Simple flowsheets with straightforward processing ✓ Low risk geopolitical backdrop PROJECTS MANAGEMENT ✓ Track record of value creation ✓ C
Slide 30: Appendix: Portfolio Implementation
Appendix: Portfolio Implementation Trade Type, Market Cap and Position Sizing Typology * • Trade type, market cap and position sizing are all Market Cap Long / Short Relative Value Special Situations For personal use only fundamentally linked. • Weighting to different trade type will vary depending
Slide 31: Investor Relations
For personal use only 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 Raffle