Tribeca Global Natural Resources (TGF) H2 2025 earnings summary

Executive summary

• Achieved a net profit after tax of $5.02 million for FY25, reversing a prior year loss of $9.59 million, driven by strong performance in Precious Metals, Uranium, and Oil & Gas segments, while Diversified and Bulks detracted.

• Declared a fully franked dividend of $0.05 per share and announced a buyback program of up to 10% of outstanding shares, aiming to close the discount to NTA.

• Net tangible assets (NTA) per share (excluding tax) increased 4.47% to $2.09, outperforming key resource indices which declined over the same period.

• Investment process highlighted successful early-stage investments in Spartan Resources and Discovery Silver, contributing 6% and 5.35% to performance, respectively.

• Board changes include the planned retirement of a long-serving director prior to the 2025 AGM.

Financial highlights

• Revenue from ordinary activities was $20.2 million, up from a loss of $2.4 million in FY24.

• Profit before tax was $7.05 million, compared to a loss of $14.38 million in the prior year.

• Net profit after tax was $5.02 million, versus a loss of $9.59 million year-over-year.

• Basic and diluted EPS was $0.06, up from $(0.12) in FY24.

• NTA per share (excluding tax) rose to $2.09 from $2.00; including tax, $2.15 from $2.08.

Outlook and guidance

• Positive outlook for the resources sector, supported by expansionary policies in China and rising demand for commodities essential to energy transition and electrification.

• Copper mining equities expected to outperform, with supply constraints and strong demand underpinning bullish sentiment.

• Continued focus on building positions in undervalued, high-quality miners amid ongoing market volatility.