Annual report
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T ribeca Global Natural Resources Limited ACN 627 596 418 Appendix 4E Annual Report For the year ended 30 June 2026
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Tribeca Global Natural Resources Limited Appendix 4E F or the year ended 30 June 2026 Preliminary report This financial report is for the year ended 30 June 2026. Tribeca Global Natural Resources Limited (the “Company”) commenced operations on 12 October 2018 , following its successful listing on the Australian Securities Exchange (“ASX”). This is the eighth reporting year for the Company. Results for announcement to the market 30 June 30 June 2026 2025 Movement $ $ $ % R evenue from ordinary activities 138,343,725 20 ,226,790 118 ,116,935 583.96% Profit from ordinary activities 109,837,778 7 ,049,018 102 ,788,760 1 ,458.20% Profit from ordinary activities after tax attributable to members 75,942,602 5 ,016,143 70 ,926,459 1 ,413.96% Basic and diluted earnings per share 1.01 0.06 0.95 1 ,583.33% Dividends On 28 August 2026, the Company declared a fully franked dividend of $0.10 per share following the annual results. The record date for the annual dividend will be 3 September 2026. Dividend reinvestment plan The current dividend reinvestment plan ( “DRP”) for shareholders was approved on 25 August 2025. The Company invites all eligible shareholders to participate in the DRP subject to the rules of the DRP. TGF offers a DRP to registered shareholders providing shareholders the opportunity to reinvest dividends to purchase additional TGF shares in the market, rather than receiving dividends as cash. Participation in the plan is optional and is subject to the terms and conditions of the plan, which can be found at https://tribecaip.com/lic/corporate-governance/. Net tangible assets 30 June 30 June 2026 2025 $ $ N et tangible assets (per share) excluding tax 3.49 2.09 Net tangible assets (per share) including tax 3.09 2.15 Brief explanation of results and Company outlook Refer to the Directors’ Report for brief explanation of results and Company outlook. Audit This report is based on the financial report which has been audited. All the documents comprise the information required by Listing Rule 4.3A. Annual General Meeting The Company’s Annual General Meeting will be held on 20 November 2026. Further details will be provided in the Notice of Meeting to be sent to all shareholders as released to the ASX.
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Tribeca Global Natural Resources Limited ACN 627 596 418 Annual Report For the year ended 30 June 2026
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Tribeca Global Natural Resources Limited For the year ended 30 June 2026 Contents Page Corporate Directory 1 Chairperson’s Letter 3 Directors’ Report 6 Auditor’s Independence Declaration 13 Statement of Profit or Loss and Other Comprehensive Income 14 Statement of Financial Position 15 Statement of Changes in Equity 16 Statement of Cash Flows 17 Notes to the Financial Statements 18 Consolidated Entity Disclosure Statement 62 Directors’ Declaration 63 ASX Information 64 Shareholder Information 66 Independent Auditor’s Report 69 Corporate governance statement The Corporate Governance Statement sets out the Company’s current compliance with the ASX Corporate Governance Council ’s fourth edition Corporate Governance Principles and Recommendations (ASX Recommendations). This statement has been approved by the Board on 28 August 2026. Accordingly, a copy o f the Company ’s CGS is available on the Company website under the Corporate Governance section (https://tribecaip.com/lic/corporate-governance).
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Tribeca Global Natural Resources Limited ACN 627 596 418 C orporate Directory - 1 - Directors Rebecca O’Dwyer Chairperson and Independent Director Bruce Robert Loveday (retired 27 August 2025) Non-Independent Director Todd Warren (appointed 27 August 2025) Non-Independent Director Nicholas Myers Independent Director Company Secretary Ken Liu Investment Manager Tribeca Global Resources Pty Ltd Level 23, 1 O’Connell Street Sydney NSW 2000 Australia www.tribecaip.com Registered Office Level 23, 1 O’Connell Street Sydney NSW 2000 Australia +61 (2) 9640 2600 Administrator Citco Fund Services (Australia) Pty. Ltd. Level 22, 45 Clarence Street Sydney NSW 2000 Australia Custodian Morgan Stanley & Co. International plc. 25 Cabot Square, Canary Wharf, London E14 4QA United Kingdom UBS AG, Australia branch The Chifley Tower Level 16, Chifley Tower Sydney NSW 2000 Australia Share Registrar Boardroom Pty Limited Level 8, 210 George Street Sydney NSW 2000 Australia Telephone: 1300 737 760 (inside Australia) or + 61 (2) 9290 9600 (outside Australia)
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Tribeca Global Natural Resources Limited ACN 627 596 418 Corporate Directory (continued) - 2 - Auditors Ernst & Young 200 George St Sydney NSW 2000 Australia Stock Exchange Australian Securities Exchange (ASX) The home exchange is Sydney ASX code: TGF
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Tribeca Global Natural Resources Limited Chairperson’s Letter For the year ended 30 June 2026 - 3 - Letter from the Chairperson Fellow Shareholders On behalf of my fellow Directors on the Board of Tribeca Global Natural Resources (TGF) , I am pleased to present the Company’s financial statements for the year ended 30 June 2026. Financial Results and Dividend The Company reported a profit after tax of $75.9 million for the year ended 30 June 2026, compared to a profit after tax of $5.0 million for the year ended 30 June 2025. Precious Metals was the biggest contributor to performance and Base Metals was also a strong positive contributor. Reflecting the excellent year for TGF, the Board is pleased to declare $0.10 per share fully franked dividend. Net Tangible Assets (“NTA”) The Company ’s NTA (excluding tax) rose to $3.49 per share as of 30 June 2026 from $2.09 per share 12 months prior , equating to 67% increase in NTA , marking TGF’s best annual performance since inception. Over the same period the S&P ASX 300 Resources Index rose 45%, the MSCI ACWI Commodity Producers Index rose 30% (in USD terms) and the Bloomberg Commodities Index rose 21% (in USD terms). While the share price remains at a discount to underlying NTA, it has closed from 34% as of 30 June 2025 to 16% as of 30 June 2026. It is the Board’s view that a continuation of recent performance, in conjunction with the payment of regular dividends , will support a continued closing of the discount. Dividend and Ongoing Capital Management Program We are pleased to declare a $0.10 per share fully franked dividend for the year ended 30 June 2026. In addition to the $0.05 per share interim dividend, this takes the full year dividend to $0.15 per share and implies a grossed up yield of 7.6% based on TGF ’s closing share price of $2.83 on 26 August 2026. The increased dividend is a reflection of strong portfolio performance and generation of profit reserves during the financial year, and reflects our confidence in the outlook for the global resources sector. In declaring the final dividend , the Board has noted that retained profits and franking credit balance are sufficient to continue paying a minimum $0.05 per share interim and final dividends for at least the next two years. Share Buyback Program The share buyback program announced in August 2025 commenced in early September 2025. Since then, 5.1 million shares have been bought back at an average price of $1.97 per share. During the period, the Company paused the buyback in response to heightened market volatility arising from geopolitical uncertainty and fluctuations in commodity prices. The Investment Manager considered that, in these conditions, capital was better deployed into investment opportunities presented by the market volatility, with a view to maximising returns for shareholders. The Board has approved the continuation of the buyback program for another 12 months and for up to 10% of outstanding shares. Shares will continue to be purchased on-market at the discretion of the Investment Manager.
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Tribeca Global Natural Resources Limited Chairperson ’s Letter (continued) For the year ended 30 June 2026 - 4 - Investment Management Process TGF ’s excellent performance in FY26 is a testament to t he investment process , which is illustrated by the positive contribution of two investment positions – Hycroft Mining and Terra Metals. Hycroft Mining contributed more than 23% to perform ance (pre-tax) in FY26. The Investment Manager first invested in Hycroft in September 2025 , following an extensive on-site due diligence process involving multiple members of the team. TGF cornerstoned a US$60m capital raise , which enabled Hycroft to pay down restrictive debt and invest in a hugely prospective exploration program. The Hycroft mine had operated at various times in t he past decades , but recent geological work is demonstrating the potential for significant resource upside. Since TGF took a position in Hycroft , the confluence of the rapid rise in demand for silver , driven by solar power , its favourable location in the United States , and the excellent exploration results , has seen Hycroft ’s share price appreciate significantly. Terra Metals added 6.5% (pre-tax) to performance in FY26. TGF has been a significant shareholder in Terra for a number of years , after the Investment Manager identified the early stage prospectivity of Terra ’s Western Australian tenements. In 2025 , TGF cornerstoned two capital raises alongside two other strategic shareholders. This capital allo wed Terra to aggressively expand its exploration program. Since then , Terra has continued to deliver exploration success and declared a maiden resource. The ore body has the potential to be one of the most valuable critical metals discoveries in Australia in recent years. These two investments highlight the Investment Mana ger ’s ability to identify early-stage opportunities well before most other market partici pants and shows their proven access to highly accretive equity capital market deals. Outlook The strategic importance of commodities in the glob al economy continues to increase. The unprecedented ramp-up in global AI and data centre investment is driving demand for commodities that are needed for electricity grid and data centr e build-outs , particularly copper and aluminium. Uranium demand is also being positively impacted be cause it is increasingly a favoured source of reliable baseload power for data centres. Concurren tly , there is an ongoing and substantial uplift in global defence spend , which is increasing demand for commodities like co pper , nickel and rare earths , all of which were already experiencing tight markets. Our view is that these powerful structural demand conditions are likely to persist and equity prices for many resources companies do not yet fully reflect current commodity pricing , let alone the increased pricing that could eventuate.
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Tribeca Global Natural Resources Limited Chairperson’s Letter (continued) For the year ended 30 June 2026 - 5 - Conclusion It is pleasing to report a profit for 2025/26. This has enabled the Board to declare a fully franked final dividend of $0.10 per share, taking the full year dividend to $0.15 per share. The Board is satisfied that the Investment Manager continues to implement an investment strategy that is consistent with the Company ’s stated objectives and that the Company is well positioned to continue performing as resources markets improve. Thank you for your continued support. Yours faithfully Rebecca O’Dwyer Independent Chairperson Sydney 28 August 2026
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Tribeca Global Natural Resources Limited Directors ’ Report For the year ended 30 June 2026 - 6 - Directors’ Report The Directors (the “Directors”) present their report together with the annual report of the Company for the year ended 30 June 2026. Directors The following persons held office as Directors during the year and up to the date of this report: Rebecca O’Dwyer Chairperson and Independent Director Bruce Robert Loveday (retired 27 August 2025) Non-Independent Director Todd Warren (appointed 27 August 2025) Non-Independent Director Nicholas Myers Independent Director Background of the Directors Rebecca O’D wyer - Chairperson, Independent Director Rebecca has more than 15 years of financial services experience working in Australia and UK , in addition to four years professional experience as a mining engineer. She worked for eight years as a Senior Mining Analyst with Colonial First State Global Asset Management and six years as a sell-side analyst covering resources equities with Morgan Stanley and Investec. Prior to this , she worked for Anglo American as a mining engineer. Rebecca holds a Bachelor of Engineering (Mining) with first class honours from University of Queensland, Master of Business Administration from Oxford University and Master in Data Science and Innovation from UTS. She is a graduate of the Australian Institute of Company Directors and CFA charterholder. Rebecca is an investor in the Company. No other external directorships are held with public listed companies. B ruce Robert Loveday – Non-Independent Director (retired 27 August 2025) Bruce Robert Loveday has extensive experience in the financial services industry both in Australia and overseas. He has been CEO of several funds management businesses (in Australia and the USA) and has held senior executive positions in banking, mining, stockbroking, asset consulting , investor relations and corporate affairs management. Bruce was appointed as a Director of Tribeca Investment Partners Pty Ltd (a related body corporate of the Investment Manager) on 23 January 2024. Prior to this , for two years (ending April 2018) , Bruce provided independent advice to the Investment Manager as a member of an advisory board (non-statutory role). Since April 2018 , Bruce has also acted a Director of Tribeca Global Natural Resources Credit (Cayman) Master Fund and Feeder Fund. Bruce is also an investor in the Company. No other external directorships are held with public listed companies. Bruce holds a Bachelor of Economics from Monash University.
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Tribeca Global Natural Resources Limited Directors ’ Report (continued) For the year ended 30 June 2026 - 7 - Background of the Directors (continued) Todd Warren – Non-Independent Director (appointed 27 August 2025) Todd has over 20 years of capital markets experience including 16 years covering all aspects of the energy and mining sectors. Prior to joining Tribeca , Todd spent 22 years with Colonial First State Global Asset Management (CFSGAM) , including six years based in London. Most recently , he was the Head of Global Resources , leading a team managing in excess of $3bn while serving as portfolio manager for the CFS Wholesale Global Resources Fund as well as other global resources long-only mandates and long-short portfolios. Todd commenced his career with Commonwealth Bank of Australia Group in 1996 in their corporate strategy team before moving to Colonial First State Global Asset Management in 1998. Todd holds a Bachelor of Commerce (Finance and Economics) degree from the University of Newcastle and is a CFA charterholder. No other external directorships are held with public listed companies. Nicholas Myers – Independent Director Nick has extensive experience in the resource indus try as a senior executive in a number of major resource companies , and is currently General Counsel of MMG Limited. N ick ’s expertise is in the mining and infrastructure sectors and he has worked in the copper , molybdenum , iron ore , zinc , gold , silver , lead , energy coal, titanium , and manganese commodity categories. He has advised on many of the legal/operational issues facing companies ac ross the globe including in Australia , South America , Africa and Asia. He has played a key role in the growth of MMG Limited leading the Legal team in transactions such as the acquisitions of the Las Bambas Copper Project from Glencore and the Khoemacau Mine , and the takeover of Anvil Mining Limited. Nick is a Graduate Member of the Australian Institute of Company Directors , and is also an investor in the Company. No other external directorships are held with public listed companies. Company Secretary Ken Liu , Company Secretary Ken joined Tribeca in 2019 in the role of Complianc e Manager. He brings more than 10 years risk and compliance management experience in financial s ervices across funds management , equities and derivatives trading as well as private equity. Prior to joining Tribeca , Ken was the Compliance Manager at Sydney based AIMS Financial Group. In th is role , he was responsible for all aspects of financial services licencing compliance as well as the design and implementation of the organisation ’s internal controls and compliance management framework and procedures. Ken holds a Master of Commerce from Macquarie University , a Bachelor of Communication from University of Colorado , a Diploma of Financial Planning and ADA2 from Kaplan Professional. Principal activities The Company was established to provide investors wi th access to an actively managed and concentrated portfolio of Natural Resources Securities , Credit Positions and Commodity Positions . To achieve its objective , the Company has appointed Tribeca Global Resources Pty Ltd to act as investment manager ( “Investment Manager ”). The Investment Manager ’s investment strategy is an active long/short investment strategy that seeks to benefit from the inherent volatility in the Natura l Resources Sector . The investment strategy employs a high conviction approach , leveraging the Investment Manager ’s bottom-up research and specialist knowledge of the entities and commodities within the Company ’s investible universe . There have been no significant changes in the nature of this activity during the year and no change is anticipated in the future .
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Tribeca Global Natural Resources Limited Directors ’ Report (continued) For the year ended 30 June 2026 - 8 - Dividends During the year, a fully franked dividend of $0.05 per share was declared on 26 February 2026. Following the release of the financial statements for the year ended 30 June 2026, the Company declared a fully franked dividend of $0.10 per share following the annual results. The record date for the annual dividend will be 3 September 2026. Further information in respect of the Company ’s dividend policy is contained in the Company ’s Prospectus which was issued on 24 August 2018 and the Dividend Re-investment Plan booklet. Dividend reinvestment plan The current dividend reinvestment plan (“DRP”) for shareholders was approved on 25 August 2025. The Company invites all eligible shareholders to participate in the DRP subject to the rules of the DRP. TGF offers a DRP to registered shareholders providing shareholders the opportunity to reinvest dividends to purchase additional TGF shares in the market, rather than receiving dividends as cash. Participation in the plan is optional and is subject to the terms and conditions of the plan, which can be found at https://tribecaip.com/lic/corporate-governance/. Review of operations The operating profit before tax was $109 ,837,778 for the year ended 30 June 2026 (30 June 2025: $7,049,018). The net result after tax was a profit of $75,942,602 for the year ended 30 June 2026 (30 June 2025: $5,016,143). The net tangible asset before tax as at 30 June 2026 was $3.4860 (30 June 2025: $2.0906) per share. The top performing segment for the financial year was again Precious Metals, with Base Metals also contributing strongly, especially in the second half of the year. Positive contributions also came from Critical Metals and Oil & Gas. Gold surged to new record levels in January as central bank buying , especially from China , spurred broader speculative interest. Copper also continued its recent strength, climbing to a new record in excess of $14,000/tonne. The commodities sector sits at the intersection of a number of major thematics – those being electrification, artificial intelligence, and defence spending. Each of these on their own is enough to drive a step change in demand for commodities, but together they are set to drive what we expect could be the next major super cycle for commodities. With geopolitical tensions remaining at elevated levels , the highly strategic nature of commodities is also finally starting to be recognised. We are seeing the early signs of governments around the world taking meaningful steps in an attempt to shore up their access to commodities that enable their energy and defence capabilities which , in turn, will also facilitate the build out of the AI phenomenon. Meanwhile, the supply of many of these enabling commodities continues to be significantly challenged. As we have highlighted multiple times in the past, it is this inability of commodity supply to respond quickly which has us expecting in the longevity of this upcycle. Consequently, we anticipate continuing to use any short term sell-offs as an opportunity to increase our exposure to the highest conviction names, especially in Base, Critical and Precious Metals. Significant event during the year Effective 27 August 2025, Bruce Robert Loveday has retired as non-independent Director of the Company. On the same date, Todd Warren was appointed as non-independent Director of the Company. There were no other significant events during the year ended 30 June 2026.
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Tribeca Global Natural Resources Limited Directors ’ Report (continued) For the year ended 30 June 2026 - 9 - Likely developments and expected results of operations The Company will continue to pursue its investment objectives for the long term benefit of shareholders. This will require continual review of the investment strategies that are currently in place and may require changes to these strategies to maxi mise returns. The underlying holdings of the Company consist of a portfolio of carefully selected global assets. The Portfolio Manager is optimistic about the outlook for the Company ’s strategy given the opportunity set available with in the commodities market. Environmental regulation The Company is not affected by any significant environmental regulation in respect of its operations. To the extent that any environmental regulations ma y have an incidental impact on the Company ’s operations , the Directors of the Company are not aware of any breach by the Company of those regulations. Insurance and indemnification of officers and auditors During or since the end of the financial year the Company has given an indemnity or entered into an agreement to indemnify , or paid or agreed to pay insurance premiums. The Company has paid premiums to insure each of the Directors , to the extent permitted by the Corporations Act 2001 , against a liability incurred in or arising out of the conduct of the business including , amongst other things , losses , costs and charges incurred by them in defending an y legal proceedings arising out of their conduct while acting in the capacity of Director of the Company , other than conduct involving a wilful breach of duty in relation to the Company or the improper use by the Directors of their position. The contract of insurance prohibits disclosure of t he nature of the liability and the amount of the premium. No indemnities have been given or insurance premiums paid during or since the end of the financial year , for any person who is or has been an auditor of the Company. Proceedings on behalf of the Company No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf of the Company , or to intervene in any proceedings to which the Company is a party , for the purpose of taking responsibility on behalf of the Company for all or part of those proceedings. No proceedings have been brought or intervened in on behalf of the Company with leave of the Court under section 237 of the Corporations Act 2001.
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Tribeca Global Natural Resources Limited Directors ’ Report (continued) For the year ended 30 June 2026 - 10 - Meetings of Directors The number of meetings of the Company ’s Board held for the year ended 30 June 2026 and th e number of meetings attended by each Director were: Meetings of Directors Number of meetings attended Number of meetings held during the period the Director held office Number of Audit Risk Committee meetings attended Number of Audit Risk Committee meetings held during the period the Director held office Rebecca O ’Dwyer 5 5 2 2 Nicholas Myers 5 5 2 2 Bruce Robert Loveday* 2 2 1 1 Todd Warren* 3 3 1 1 * Bruce Robert Loveday resigned as a Director , and Todd Warren was appointed as a Director , with effect from 27 August 2025. Remuneration report (Audited) Details of key management personnel Key management personnel for the year ended 30 June 2026 are those persons who are identified as having authority and responsibility for planning , directing and controlling the activities of the Company , directly or indirectly , including Non-executive Directors of the Company. Names and positions held by Directors and Officers of the Company in office at any time during the financial year are: Name Title Earliest appointment date Last re -election date * Rebecca O ’Dwyer Chairperson 4 January 2021 17 November 2023 Nicholas Myers Non-executive Director 30 August 2021 22 November 2024 Bruce Robert Loveday Non-executive Director 18 July 2018 25 November 2022 Todd Warren Non-executive Director 27 August 2025 21 November 2025 * A Director must not hold office without re-electi on past the third annual general meeting following the Director ’s appointment or three years , which ever is longer. Directors ’ remuneration Non-executive Directors are entitled to receive Dir ectors ’ fees of up to $150 ,000 per annum to be shared among the Directors.
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Tribeca Global Natural Resources Limited Directors ’ Report (continued) For the year ended 30 June 2026 - 11 - Remuneration report (Audited) (continued) Directors ’ remuneration (continued) Additional remuneration may be paid in accordance with the Company ’s constitution. The following are the Directors ’ remuneration (excluding superannuation guarantee contribution) paid and payable for the year ending 30 June 2026 and 30 June 2025: Director 2026 2025 Bruce Robert Loveday $Nil* $Nil* Rebecca O ’Dwyer $55 ,000 $55 ,000 Nicholas Myers $50 ,000 $50 ,000 Todd Warren $Nil** $Nil** * As Chair of Tribeca Investment Partners Pty Ltd , Bruce Robert Loveday is a non-independent Director of the Company and , as such , he is not paid a Director ’s fee by the Company. Bruce Robert Loveday has resigned as Director effective 27 August 2025. ** Director appointed effective 27 August 2025. As a non-independent Director , Todd Warren is not paid a Director ’s fee by the Company. The remuneration for Directors will be reviewed by the Board on a periodic basis as the Company develops its business and , subject to the listing rules , may be increased. Under the ASX Listing Rules , the maximum fees payable to Directors may not be increased without approval from the Company at a general meeting. Dir ectors will seek approval from time to time as appropriate. Directors do not receive any retiremen t benefits or annual and long service leave. All remuneration paid to Directors is borne by the Comp any and expensed where appropriate in accordance with accounting standards. During the financial year and at present , no employee share or option arrangements are in existence for the Company ’s Directors. As the Company does not pay performance based fees to the Directors , nor provide share or option schemes to Directors , remuneration is not explicitly linked to the Compan y ’s performance. For the years ended 30 June 2026 and 30 June 2025, no Directors received any non-monetary benefits. Notwithstanding this , the Board members are subject to ongoing performance monitoring and regular performance reviews. Tribeca Global Resources Pty Ltd earned $3 ,671 ,168 (2025: $2 ,335 ,991) in management fees and $13 ,519 ,170 (2025: $Nil) in performance fees for the invest ment advisory services provided to the Company. Please refer to details in Note 13.
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Tribeca Global Natural Resources Limited Directors ’ R eport (continued) For the year ended 30 June 2026 - 12 - Equity instrument disclosures relating to Directors As at the date of this report, the Company ’s Directors and their related parties held the following interests in the Company: Balance as Balance as at 30 June at 30 June 2025* Acquisitions Disposals 2026* Director Bruce Robert Loveday** Indirect – 237,500 N/A N/A N/A Rebecca O’Dwyer Direct – 41,003 Indirect – 55,353 Direct – 2,042 Indirect – 26,186 – Direct – 43,045 Indirect – 81,539 Nicholas Myers Direct – 62,500 Direct – 13,894 – Direct – 76,394 Todd Warren** N/A Direct – 19,098 Indirect – 245,927*** – Direct – 19,098 Indirect – 245,927 Total 396,356 307,147 – 466,003 * Accurate as at the date of signing of the Directors ’ Report. ** Bruce Robert Loveday resigned as a Director , and Todd Warren was appointed as a Director , with effect from 27 August 2025. The Directors’ interests as at that date were disclosed to ASX on 27 August 2025. *** Direct shares of 348 and Indirect shares of 10,927 were acquired during the year and the remaining balance relates to Todd Warren’s interests prior to being appointed as Director. Events subsequent to the end of the reporting date The Directors are not aware of any other matter or circumstance not otherwise dealt with in this financial report that has significantly or may significantly affect the Company’s operations, the results of those operations or the Company’s state of affairs in future years. Audit and Non-audit services Details of the amounts paid or payable to Ernst & Young for audit and non-audit services provided during the year are set out in Note 17 to the financial statements on page 61 of this report. The Directors are satisfied that the provision of the non-audit services is compatible with the general standard of independence for auditors imposed by the Corporations Act 2001. The nature and scope of each type of non-audit service provided means that auditor independence was not compromised. Auditor’s independence declaration A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act 2001 is set out on page 13. This report is made in accordance with a resolution of the Directors. Rebecca O’Dwyer Independent Chairperson Sydney 28 August 2026
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Tribeca Global Natural Resources Limited Auditor’s Independence Declaration For the year ended 30 June 2026 - 13 -
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Tribeca Global Natural Resources Limited Statement of Profit or Loss and Other Comprehensive Income For the year ended 30 June 2026 The above Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the accompanying notes . - 14 - For the For the year ended year ended 30 June 30 June 202 6 202 5 Note $ $ Investment income Net changes in fair value of financial assets and liabilities at fair value through profit or loss 134 ,198 ,466 16 ,102 ,149 Interest income from financial assets at fair value through profit or loss – 86 ,077 Interest income from financial assets at amortised cost 2 ,242 ,971 1 ,822 ,397 Dividend income 1 ,603 ,298 2 ,216 ,167 Other income 298 ,990 – Total investment income 138 ,343 ,725 20 ,226 ,790 Expenses Performance fees 13 13 ,519 ,170 – Bank and broker expenses 5 ,870 ,131 5 ,480 ,676 Interest on margin held at broker 4 ,184 ,971 4 ,284 ,344 Management fees 13 3 ,671 ,168 2 ,355 ,991 Dividends on securities held short 535 ,679 206 ,032 Professional fees 134 ,072 154 ,589 Directors ’ fees 13 105 ,000 105 ,000 Administration fees 95 ,939 89 ,719 Audit fees 17 88 ,279 77 ,000 Other expenses 15 301 ,538 424 ,421 Total expenses 28 ,505 ,947 13 ,177 ,772 Profit before income tax 109 ,837 ,778 7,049 ,018 Income tax expense 14 (33 ,895 ,176) (2 ,032 ,875) Net profit after income tax 75 ,942 ,602 5 ,016 ,143 Total comprehensive income for the year 75 ,942 ,602 5,016 ,143 Earnings per share for profit attributable to the ordinary equity holders of the Company: Basic earnings per share 12 1.01 0.06 Diluted earnings per share 12 1.01 0.06
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Tribeca Global Natural Resources Limited Statement of Financial Position As at 30 June 2026 The above Statement of Financial Position should be read in conjunction with the accompanying notes . - 15 - 30 June 30 June 202 6 202 5 Note $ $ Assets Current assets Cash at bank 1 ,867 ,503 5,846 ,868 Amounts due from brokers 10 70 ,629 ,011 71 ,148 ,159 Financial assets at fair value through profit or loss 3(b) 307 ,910 ,870 158 ,303 ,280 Manager Loan 13 29 ,394 352 ,726 Trade and other receivables 1 ,724 ,971 491 ,629 Prepayments 27 ,175 48 ,443 Total current assets 382 ,188 ,924 236 ,191 ,105 Non -current assets Deferred tax asset 14(c) – 11 ,994 ,148 Manager Loan 13 – 29 ,394 Total non-current assets – 12 ,023 ,542 Total assets 382 ,188 ,924 248 ,214 ,647 Liabilities Current liabilities Amounts due to brokers 10 128 ,172 ,776 72 ,063 ,197 Financial liabilities at fair value through profit or loss 3(b) 2 ,740 ,136 6,386 ,041 Trade and other payables 9 866 ,148 515 ,894 Performance fees payable 13 2 ,461 ,079 – Current tax liabilities 14(d) 10 ,749 ,911 384 Total current liabilities 144 ,990 ,050 78 ,965 ,516 Non -current liabilities Deferred tax liabilities 14(c) 9 ,671 ,429 – Total non-current liabilities 9 ,671 ,429 – Total liabilities 154 ,661 ,479 78 ,965 ,516 Net assets 227 ,527 ,445 169 ,249 ,131 Equity Issued capital 177 ,785 ,716 187 ,825 ,716 Retained earnings/(accumulated losses) 49 ,741 ,729 (18 ,576 ,585) Total equity 227 ,527 ,445 169 ,249 ,131 Total liabilities and equity 382 ,188 ,924 248 ,214 ,647
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Tribeca Global Natural Resources Limited Statement of Changes in Equity For the year ended 30 June 2026 The above Statement of Changes in Equity should be read in conjunction with the accompanying notes . - 16 - Issued Retained earnings/ (accumulated Total Capital losses) Equity Note $ $ $ Balance as at 1 July 2025 187 ,825 ,716 (18 ,576 ,585) 169 ,249 ,131 Net profit after income tax – 75 ,942 ,602 75 ,942 ,602 Total comprehensive income – 75 ,942 ,602 75 ,942 ,602 Dividend distribution – (7 ,624 ,288) (7 ,624 ,288) Transactions with owners in their capacity as owners Shares issued 11 911 ,621 – 911 ,621 Shares bought back 11 (10 ,951 ,621) – (10 ,951 ,621) Balance as at 30 June 202 6 177 ,785 ,716 49 ,741 ,729 227 ,527 ,445 Issued Retained earnings/ (accumulated Total Capital losses) Equity Note $ $ $ Balance as at 1 July 2024 187 ,825 ,716 (23 ,592 ,728) 164 ,232 ,988 Net profit after income tax – 5 ,016 ,143 5 ,016 ,143 Total comprehensive income – 5,016 ,143 5,016 ,143 Balance as at 30 June 2025 187 ,825 ,716 (18 ,576 ,585) 169 ,249 ,131
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Tribeca Global Natural Resources Limited Statement of Cash Flows For the year ended 30 June 2026 The above Statement of Cash Flows should be read in conjunction with the accompanying notes . - 17 - For the For the year ended year ended 30 June 30 June 202 6 202 5 Note $ $ Cash flows from operating activities Proceeds from sale of financial instruments at fair value through profit or loss 870 ,361 ,736 247 ,813 ,306 Purchase of financial instruments at fair value through profit or loss (831 ,691 ,171) (254 ,532 ,162) Dividends received 1 ,791 ,926 2,146 ,048 Interest income received 2 ,225 ,761 1,864 ,016 Other income received 298 ,990 – Performance fees paid (12 ,047 ,299) – Interest paid (3 ,894 ,350) (4 ,542 ,645) Dividends paid on securities sold short (535 ,266) (203 ,796) Brokerage fees paid (5 ,870 ,131) (5 ,480 ,676) Management fees paid (3 ,541 ,109) (2 ,346 ,286) Administration fees paid (95 ,637) (89 ,403) Other expenses paid (2 ,221 ,661) (257 ,191) Net cash flows from/(used in) operating activities 8 14 ,781 ,789 (15 ,628 ,789) Cash flows from financing activities Distributions paid to shareholders (6 ,712 ,667) – Shares redeemed (10 ,951 ,621) – Net cash flows used in financing activities (17 ,664 ,288) – Net decrease in cash at bank (2 ,882 ,499) (15 ,628 ,789) Effects of foreign currency exchange rate changes on cash at bank (1 ,096 ,866) (1 ,566 ,393) Cash at bank at beginning of year 5 ,846 ,868 23 ,042 ,050 Cash at bank at end of year 1,867 ,503 5,846 ,868 Significant non -cash transactions: Management fees offset against manager loan 13 352 ,726 352 ,726 Dividends reinvested 911 ,621 –
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Tribeca Global Natural Resources Limited Notes to the Financial Statements For the year ended 30 June 2026 - 18 - 1. Corporate information and summary of material accounting policy information The financial statements of Tribeca Global Natural Resources Limited (the “Company”) as of 30 June 2026 and for the year ended 30 June 2026 were authorised for issue in accordance with a resolution of the Directors on 28 August 2026. The Directors have the power to amend the financial report. The Company is a for-profit entity limited by shares , incorporated and domiciled in Australia , whose shares are publicly traded on the Australian Securities Exchange ( “ASX”). The Company was registered with the Australian Securities and Investments Commission ( “ASIC”) on 18 July 2018 and commenced operations on 12 October 2018, following its successful listing on the ASX. The Company has been established to provide investors with access to an actively managed and concentrated portfolio of natural resources securities, credit positions and commodity positions. The Company is managed by Tribeca Global Resources Pty Ltd (the “Investment Manager”). The Investment Manager’s investment strategy is an active long/short investment strategy that seeks to benefit from the inherent volatility in the natural resources sector . The Company’s registered office is Level 23, 1 O’Connell Street, Sydney NSW 2000, Australia. Basis of preparation These general purpose financial statements have been prepared in accordance with the Corporations Act 2001, Australian Accounting Standards and Interpretations of the Australian Accounting Standards Board (“AASB”) and International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). Material accounting policies adopted in the preparation of these financial statements are presented below and have been consistently applied unless stated otherwise. Except for cash flow information, the financial statements have been prepared on an accruals basis. The financial statements have also been prepared on a historical cost basis, except for financial assets and liabilities at fair value through profit or loss that have been measured at fair value. Assets and liabilities with recovery or settlement within 12 months after the reporting date and more than 12 months after the reporting date are presented in the statement of financial position . Basis of consolidation The Company is an investment entity ; therefore, it holds its investments in subsidiaries at fair value rather than consolidating them. Investments in subsidiaries are classified at fair value through profit or loss in accordance with AASB 10 Consolidated Financial Statements. Investments in subsidiaries: In accordance with the exceptions under AASB 10 Consolidated Financial Statements, the Company does not consolidate subsidiaries in the financial statements unless the subsidiary is not itself an investment entity and its main purpose and activities are providing services that relate to the Company’s investment activities. The Company measures unconsolidated subsidiaries at fair value through profit or loss.
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Tribeca Global Natural Resources Limited Notes to the Financial Statements (continued) For the year ended 30 June 2026 - 19 - 1. Corporate information and summary of material acco unting policy information (continued) Basis of consolidation (continued) i) Judgements Entities that meet the definition of an investment entity within AASB 10 are required to measure their subsidiaries at fair value through profit or loss rather than consolidate them. The criteria which define an investment entity are , as follows: An entity that obtains funds from one or more inve stors for the purpose of providing those investors with investment managements services. An entity that commits to its investors that its b usiness purpose is to invest funds solely for return from capital appreciation , investments income , or both. An entity that measures and evaluates the performa nce of substantially all of its investments on a fair value basis. The absence of one or more of these typical characteristics does not necessarily disqualify an entity from being classified as an investment entity but i ndicates that additional judgement is required in determining whether the entity is an investment entity. Financial instruments – initial recognition and subsequent measurement A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. i) Financial assets Initial recognition and measurement Financial assets are classified , at initial recognition , and subsequently measured at amortised cost or fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset ’s contractual cash flow characteristics and the Company ’s business model for managing them. With the exception of trade receivables that do not contain a significant financing component or for which the Company has applied the practical expedient , the Company initially measures a financial asset at its fair value plus , in the case of a financial asset not at fair value through profit or loss , transaction costs. In order for a financial asset to be classified and measured at amortised cost it needs to give rise to cash flows that are ‘solely payments of principal and interest ’ on the principal amount outstanding. The Company ’s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows , selling the financial assets , or both. Purchases or sales of financial assets that require delivery of assets within a timeframe established by regulation or convention in the market place (re gular way trades) are recognised on the trade date , i.e. , the date that the Company commits to purchase or sell the asset.
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Tribeca Global Natural Resources Limited Notes to the Financial Statements (continued) For the year ended 30 June 2026 - 20 - 1. Corporate information and summary of material ac counting policy information (continued) Financial instruments – initial recognition and subsequent measurement (continued) i) Financial assets (continued) Subsequent measurement For purposes of subsequent measurement , financial assets are classified in one of two categories: Financial assets at amortised cost Financial assets at fair value through profit or l oss Financial assets at amortised cost (debt instruments and trade receivables) The Company measures financial assets at amortised cost if both of the following conditions are met: The financial asset is held within a business mode l with the objective to hold financial assets in order to collect contractual cash flows ; and The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortised cost are subsequently measured using the effective interest method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised , modified or impaired. The Company ’s financial assets at amortised cost includes cash at bank , amounts due from brokers , manager loan and trade and other receivables. Financial assets at fair value through profit or loss Financial assets at fair value through profit or lo ss are carried in the statement of financial positi on at fair value with net changes in fair value recogn ised in the statement of profit or loss and other comprehensive income. Net gains or losses on financial assets and liabilities at fair value through profit or loss are chang es in the fair value of financial assets and liabilities held for trading or designated upon initial recognition as at fair value through profit or loss and exclude interest and dividend income and expenses. Unrealised gains and losses comprise changes in the fair value of financial instruments for the period and from reversal of the prior period ’s unrealised gains and losses for financial instrum ents which were realised in the reporting period. Realised gains and losses on disposals of financial instruments classified as at fair value through profit or loss are calculated using the first-in , first-out (FIFO) method. They represent the difference between an instrument ’s initial carrying amount and disposal amount , or cash payments or receipts made on derivative contracts (excluding payments or receipts on collateral margin accounts for such instruments). This category includes listed equity securities , debt securities , unlisted unit trusts and derivative instruments.
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Tribeca Global Natural Resources Limited Notes to the Financial Statements (continued) For the year ended 30 June 2026 - 21 - 1. Corporate information and summary of material ac counting policy information (continued) Financial instruments – initial recognition and subsequent measurement (continued) i) Financial assets (continued) Derecognition A financial asset is primarily derecognised when: The rights to receive cash flows from the asset ha ve expired ; or The Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in ful l without material delay to a third party under a ‘pass-through ’ arrangement ; and either (a) the Company has transferred substantially all the risks and rewards of the asse t , or (b) the Company has neither transferred nor retained substantially all the risk s and rewards of the asset , but has transferred control of the asset. When the Company has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement , it evaluates if , and to what extent , it has retained the risks and rewards of ownership. When it has neither transferred nor r etained substantially all of the risks and rewards of the asset , nor transferred control of the asset , the Company continues to recognise the transferred asset to the extent of its continuing involvement. In that case , the Company also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Company has retained. Impairment of financial assets The Company recognises an allowance for expected credit losses ( “ECLs ”) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Company expects to receive , discounted at an approximation of the original eff ective interest rate. The expected cash flows will include cash flows from the sale of coll ateral held or other credit enhancements that are integral to the contractual terms. ECLs are recognised in two stages. For credit expos ures for which there has not been a significant increase in credit risk since initial recognition , ECLs are provided for credit losses that result fr om default events that are possible within the next 12 months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition , a loss allowance is required for credit losses expected ov er the remaining life of the exposure (a lifetime ECL). The Company considers a financial asset in default when contractual payments are 90 days past due. However , in certain cases , the Company may also consider a financial asset to be in default when internal or external information indicates tha t the Company is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Company. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.
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Tribeca Global Natural Resources Limited Notes to the Financial Statements (continued) For the year ended 30 June 2026 - 22 - 1. Corporate information and summary of material ac counting policy information (continued) Financial instruments – initial recognition and subsequent measurement (continued) ii) Financial liabilities Initial recognition and measurement Financial liabilities are classified , at initial recognition , as financial liabilities at fair value through profit or loss or amortised cost , as appropriate. All financial liabilities are reco gnised initially at fair value and , in the case of loans and borrowings and payables , net of directly attributable transaction costs. The Company ’s financial liabilities include amounts due to brokers , derivative instruments and trade and other payables. Subsequent measurement The measurement of financial liabilities depends on their classification , as described below: Financial liabilities at amortised cost The Company measures financial liabilities at amort ised cost if both of the following conditions are met: The financial liability is held within a business model with the objective is to hold financial liabilities in order to collect contractual cash flows ; and The contractual terms of the financial liability g ive rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial liabilities at amortised cost are subsequently measured using the effective interest method. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. The Company ’s financial liabilities at amortised cost includes amounts due to brokers , performance fees payable and trade and other payables. Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss include financial liabilities held for trad ing and financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities are classified as held for tr ading if they are incurred for the purpose of repurchasing in the near term. This category includ es short listed equities and derivative financial instruments entered into by the Company that are no t designated as hedging instruments in hedge relationships as defined by AASB 9 Financial Instruments ( “AASB 9 ”). Separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments. Gains or losses on liabilities held for trading are recognised in the statement of profit or loss and other comprehensive income excluding interest and dividend income and expenses. Financial liabilities designated upon initial recog nition at fair value through profit or loss are designated at the initial date of recognition , and only if the criteria in AASB 9 are satisfied.
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Tribeca Global Natural Resources Limited Notes to the Financial Statements (continued) For the year ended 30 June 2026 - 23 - 1. Corporate information and summary of material ac counting policy information (continued) Financial instruments – initial recognition and subsequent measurement (continued) ii) Financial liabilities (continued) Derecognition A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms , or the terms of an existing liability are substant ially modified , such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective c arrying amounts is recognised in the statement of profit or loss and comprehensive income. iii) Offsetting of financial instruments Financial assets and financial liabilities are offset and the net amount is reported in the statement of financial position if there is a currently enforcea ble legal right to offset the recognised amounts an d there is an intention to settle on a net basis , to realise the assets and settle the liabilities simultaneously. Functional and presentation currency The functional currency is the currency of the primary economic environment in which the Company operates . The majority of the Company ’s income is Australian dollar-based , the capital is raised in Australian dollar ( “AUD ” or “$”), the performance is evaluated and its liquidity is managed in $ . Therefore , the Company concludes that the $ is its functional currency . The Company ’s presentation currency is also the $ . Foreign currency translations Transactions during the year , including purchases and sales of securities , income and expenses , are translated at the rate of exchange prevailing on the date of the transaction . Monetary assets and liabilities denominated in fore ign currencies are retranslated at the functional currency spot rate of exchange ruling at the reporting date . Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the ini tial transactions . Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined . Foreign currency transaction gains and losses on fi nancial instruments classified as at fair value through profit or loss are included in profit or lo ss in the statement of profit or loss and other comprehensive income as part of the ‘Net changes in fair value of financial assets and l iabilities at fair value through profit or loss ’. Income tax The income tax expense for the year comprises curre nt income tax expense and deferred tax expense.
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Tribeca Global Natural Resources Limited Notes to the Financial Statements (continued) For the year ended 30 June 2026 - 24 - 1. Corporate information and summary of material ac counting policy information (continued) Income tax (continued) Current income tax expense charged to profit or los s is the tax payable on taxable income . Current tax liabilities/(assets) are measured at the amount s expected to be paid to/(recovered from) the relevant taxation authority . Deferred income tax expense reflects movements in d eferred tax asset and deferred tax liability balances during the year as well as unused tax losses. Current and deferred income tax expense/(benefit) is charged or credited outside profit or loss when the tax relates to items that are recognised outside profit or loss. Deferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be available against which the losses c an be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised , based upon the likely timing and the level of future taxable profits , together with future tax planning strategies. Deferred tax assets and liabilities are calculated at the tax rates that are expected to apply to the year when the asset is realised or the liability is settled and their measurement also reflects the manner in which management expects to recover or se ttle the carrying amount of the related asset or liability . Deferred tax assets relating to temporary differences and unused tax losses are recognised only to the extent that it is probable that future taxable profit will be available against which the benefits of the deferred tax asset can be utilised . Current tax assets and liabilities are offset where a legally enforceable right of set-off exists and it is intended that net settlement or simultaneous realis ation and settlement of the respective asset and liability will occur . Deferred tax assets and liabilities are offset whe re: (a) a legally enforceable right of set-off exists ; and (b) the deferred tax assets and liabilities re late to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where it is intended that net settlement or simultaneous realis ation and settlement of the respective asset and liability will occur in future years in which signi ficant amounts of deferred tax assets or liabilitie s are expected to be recovered or settled . Goods and Services Tax ( “GST ”) Revenues , expenses and assets are recognised net of the amou nt of GST , unless GST incurred is not recoverable from the Australian Taxation Office ( “ATO ”). In this case it is recognised as part of the cost of acquisition of the asset or as part of the expense. The Company qualifies for Reduced Input Tax Credits ( “RITC ”) at a rate of at least 55%. Hence , fees for these services and other expenses have been recognised in the statement of profit or loss and other comprehensive income net of the amount of GST recoverable from the ATO. Receivables and payables are stated inclusive of the amount of GST receivable or payable . The net amount of GST recoverable from , or payable to , the tax authority is included in other receivables or other payables in the statement of financial position .
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Tribeca Global Natural Resources Limited Notes to the Financial Statements (continued) For the year ended 30 June 2026 - 25 - 1. Corporate information and summary of material ac counting policy information (continued) Interest income and expense Interest income and expense for financial instruments measured at amortised cost are recognised in the statement of profit or loss and other comprehen sive income for all interest-bearing financial instruments using the effective interest method . Interest income and expenses for financial instruments measured at fair value through profit or loss are recognised separately in the statement of profi t or loss and other comprehensive income and arises from financial assets and liabilities measured at fair value through profit or loss such as deb t securities and derivatives. Interest income are rec ognised based on the interest stated in the loan agreement while interest expense are recorded based on the interest from broker report. Dividend income and expense Dividend income is recognised on the date when the Company ’s right to receive the payment is established . Dividend income relating to exchange-traded equity instruments is recognised in the statement of profit or loss and other comprehensive income on the ex-dividend date with any related foreign withholding tax deducted as an expense . Dividend equivalent expense relating to equity securities sold short is recognised when the shareh olders ’ right to receive the payment is established . Cash at bank Cash at bank includes cash on hand and deposits held at call with financial institutions. Amounts due from/to brokers While the amounts due from brokers are highly liqui d , due to their restrictions , they have not been classified as cash at bank. Amounts due from and due to brokers include receiva bles for securities sold , margin amounts , collateral, encumbered cash and payables for securities purcha sed that have been contracted for , but not yet delivered , on the reporting date . Prepayments Prepayments represent expenses paid in advance by t he Company. They are deferred and amortised to expenses in the year which they are incurred. Issued capital Ordinary shares will be classified as equity . Costs directly attributable to the issue of ordinary shares will be recognised as a deduction from equity , net of any tax effects .
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Tribeca Global Natural Resources Limited Notes to the Financial Statements (continued) For the year ended 30 June 2026 - 26 - 1. Corporate information and summary of material ac counting policy information (continued) Earnings per share Basic and diluted earnings per share (i) Basic earnings per share is calculated by divid ing: - the profit attributable to owners of the Company , excluding any costs of servicing equity other than ordinary shares ; and - by the weighted average number of ordinary shares outstanding during the financial year , adjusted for bonus elements in ordinary shares issu ed during the year and excluding treasury shares . (ii) Diluted earnings per share Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account: - the after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares ; and - the weighted average number of additional ordinar y shares that would have been outstanding assuming the conversion of all dilutive potential ordinary shares . Comparative revisions Comparative information has been revised where appr opriate to enhance comparability. Where necessary , comparative figures have been adjusted to conform with changes in presentation in the current year. New Standard effective and adopted There are no standards , interpretations or amendments to existing standard s that are effective for the first time for the financial year beginning 1 J uly 2025 have a material impact on the amounts recognised in the prior periods or will affect the current or future periods. Standards issued but not yet effective AASB 18 – Presentation and Disclosure in Financial Statements The AASB has issued AASB 18 to improve how entities communicate in their financial statements , with a particular focus on information about financial performance in the statement of profit or loss. The key presentation and disclosure requirements established by AASB 18 are: - the presentation of newly defined subtotals in th e statement of profit or loss ; - the disclosure of management-defined performance measures ; and - enhanced requirements for grouping information (i .e. aggregation and disaggregation). These new requirements will enable investors and ot her financial statement users to make more informed decisions , including better allocations of capital , that will contribute to long-term financial stability.
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Tribeca Global Natural Resources Limited Notes to the Financial Statements (continued) For the year ended 30 June 2026 - 27 - 1. Corporate information and summary of material ac counting policy information (continued) Standards issued but not yet effective (continued) AASB 18 – Presentation and Disclosure in Financial Statements (continued) AASB 18 will replace AASB 101 Presentation of Financial Statements. For for-profit entities (other than superannuation entities applying AASB 1056 Superannuation Entities) preparing Tier 1 general purpose financial statements , AASB 18 applies to annual reporting periods beginning on or after 1 January 2027 , with earlier application permitted. AASB 18 incorporates IFRS 18 and makes consequentia l amendments to most of the AASB pronouncements. AASB S2 – Climate-related Disclosures AASB S2 Climate-related Disclosures sets out disclosure requirements for an entity to provide useful information to primary users of its general purpose financial report about climate-related risks and opportunities that could reasonably be expected to affect the entity ’s cash flows , access to finance or cost of capital over the short , medium or long term. The main climate-related financial disclosure requi rements relate to governance , strategy , risk management , and metrics and targets , including information about scenario analysis and Scope 1 , Scope 2 and Scope 3 greenhouse gas emissions. The standard also includes general requirements for the disclosure of climate-related financial information. The general requirements include the c onceptual foundations for reporting such information , the location of disclosures , the timing of reporting and disclosures relating to judgments , uncertainties and errors. This standard applies to annual reporting periods b eginning on or after 1 January 2027. Earlier application is permitted for annual periods beginning on or after 1 January 2025 but before 1 January 2027. The Corporations Act 2001 sets out which entities are required to comply wit h this standard and specifies three application dates (financial years beginning on or after 1 January 2025 , 1 July 2026 and 1 July 2027) for the various classes of entity. The Company is currently assessing the impact of th e new standards in the Company ’s financial statements. There are no other new standards and amendments to existing standards that are not yet effective for the year ended 30 June 2026 that would be expec ted to have a significant impact in the Company ’s financial statements. 2. Significant accounting judgements , estimates and assumptions The preparation of the Company ’s financial statements requires management to make judgements , estimates and assumptions as described in Note 3 , that affect the amounts and disclosures in the financial statements . Uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount of the asset or liability affected in the future years .
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Tribeca Global Natural Resources Limited Notes to the Financial Statements (continued) For the year ended 30 June 2026 - 28 - 2. Significant accounting judgements , estimates and assumptions (continued) Income Taxes The Company has recognised deferred tax liabilities of $9 ,671 ,429 (2025: deferred tax assets of $11 ,994 ,148) relating to current year tax gains and unrealised gains on investments of $32 ,238 ,097 at 30 June 2026 (2025: tax losses and unrealised losses on investments of $39 ,980 ,493). AASB Interpretation 23 Uncertainty over income tax treatments (“AASB 23 ”) provides clarification on how to apply recognition and measurement requirements when there is uncertainty over income tax treatments. Under AASB 23 , if an entity concludes that it is probable that th e tax authority will accept an uncertain tax treatment , the entity shall determine its accounting for inco me taxes consistently with that tax treatment. If an entity concludes that it is not probable that the treatmen t will be accepted , the entity shall reflect the effect of the uncerta inty in its income tax accounting in the period in which that determination is made. An entity shall reflect the effect of uncertainty for each uncertain tax treatment by using either the most likely amount method or the expected value method , depending on which method the entity expects to best predict the resolution of the uncertainty. As at 30 June 2026 and 30 June 2025, there is no material uncertainty relating to any tax treatments. 3. Fair value measurements Fair value measurement of financial instruments When the fair values of financial assets and financial liabilities recorded in the statement of financial position cannot be measured based on quoted prices in active markets , their fair value is measured using valuation techniques including the discounted cash flow model. The inputs to these models are taken from observable markets where possible , but where this is not feasible , a degree of judgement is required in establishing fair values. Judgements include considerations of inputs such as liquidity risk , credit risk and volatility. Changes in assumptions relating to these factors could affect the reported fair value of financial instruments. (a) Fair value estimation Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the meas urement date . The fair value measurement is based on the presumption that the transaction to se ll the asset or transfer the liability takes place either in the principal market for the asset or lia bility or , in the absence of a principal market , in the most advantageous market for the asset or liability . The principal or the most advantageous market must be accessible to the Company . The fair value of an asset or a liability is measu red using the assumptions that market participants would use when pricing the asset or liability , assuming that market participants act in their economic best interest . The fair value for financial instruments traded in active markets at the reporting date is based on their quoted price (closing price for both long positions and short positions) , without any deduction for transaction costs . For all other financial instruments not traded in a n active market , the fair value is determined using valuation techniques deemed to be appropriate in th e circumstances . Valuation techniques include the market approach (i.e., using recent arm ’s length market transactions , adjusted as necessary , and reference to the current market value of another in strument that is substantially the same) and the income approach (i .e., discounted cash flow analysis and option pricing m odels making use of available and supportable market data) .
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Tribeca Global Natural Resources Limited Notes to the Financial Statements (continued) For the year ended 30 June 2026 - 29 - 3. Fair value measurements (continued) Fair value measurement of financial instruments (continued) (a) Fair value estimation (continued) For assets and liabilities that are measured at fair value on a recurring basis , the Company identifies transfers between levels in the hierarchy by re-ass essing the categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) , and deems transfers to have occurred at the beginning of each reporting year. (b) Fair value hierarchy AASB 13 Fair Value Measurement requires the disclosure of fair value information using a fair value hierarchy reflecting the significance of the inputs in making the measurements . The fair value hierarchy consists of the following levels: Quoted prices (unadjusted) in active markets for i dentical assets or liabilities (Level 1) ; Inputs other than quoted prices included within Le vel 1 that are observable for the asset or liability , either directly (as prices) or indirectly (derived from prices) (Level 2) ; and Inputs for the asset or liability that are not bas ed on observable market data (unobservable inputs) (Level 3) . The following tables present the Company ’s assets and liabilities measured and recognised at fair value as at 30 June 2026 and 30 June 2025. 2026 Level 1 Level 2 Level 3 Total $ $ $ $ Financial assets at fair value through profit or loss Equity securities 269 ,089 ,036 – 12 ,547 ,025 281 ,636 ,061 Debt securities – – 2 ,624 ,035 2 ,624 ,035 Unlisted unit trusts – – 16 ,324 ,459 16 ,324 ,459 Derivative financial instruments 1 ,683 ,261 5 ,643 ,054 – 7 ,326 ,315 Total financial assets 270 ,772 ,297 5 ,643 ,054 31 ,495 ,519 307 ,910 ,870 Financial liabilities at fair value through profit or loss Equity securities (2 ,673 ,189) – – (2 ,673 ,189) Derivative financial instruments (66 ,947) – – (66 ,947) Total financial liabilities (2 ,740 ,136) – – (2 ,740 ,136)
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Tribeca Global Natural Resources Limited Notes to the Financial Statements (continued) For the year ended 30 June 2026 - 30 - 3. Fair value measurements (continued) Fair value measurement of financial instruments (continued) (b) Fair value hierarchy (continued) 2025 Level 1 Level 2 Level 3 Total $ $ $ $ Financial assets at fair value through profit or loss Equity securities 136 ,256 ,430 – 1 ,411 ,583 137 ,668 ,013 Debt securities – – 1 ,312 ,543 1 ,312 ,543 Unlisted unit trusts – – 19 ,103 ,666 19 ,103 ,666 Derivative financial instruments 15 ,139 – 203 ,919 219 ,058 Total financial assets 136 ,271 ,569 – 22 ,031 ,711 158 ,303 ,280 Financial liabilities at fair value through profit or loss Equity securities (6 ,386 ,041) – – (6 ,386 ,041) Total financial liabilities (6 ,386 ,041) – – (6 ,386 ,041) One equity security was transferred from level 1 to level 3 following the suspension of trading of its shares on ASX as of 29 September 2025. The Company ’s policy is to recognise transfers into and transfers out of fair value hierarchy levels as at the beginning of the reporting year. Valuation techniques When fair values of publicly traded equity securities are based on quoted market prices in an active market for identical assets without any adjustments, the instruments are included within Level 1 of the hierarchy . In the absence of a quoted price in an active market , managed funds and derivatives are valued using observable inputs such as recent transactions , the market price of underlying investment , forward rates and recently quoted prices from the issuer or compa rable issuers . Adjustments are made to the valuations when necessary to recognise differences in the instrument ’s terms . When the significant inputs are observable , the Company categorises these investments as Level 2 . For all other financial instruments not traded in a n active market , the fair value is determined using valuation techniques deemed to be appropriate in the circumstances . Valuation techniques include the market approach (i.e., using recent market transactions , adjusted as necessary , and reference to the current market value of another instrument that is substantially the same) and the income approach (i.e., discounted cash flow analysis and option pricing models making as much use of available and observable market data as possible) . For its unlisted unit trusts , net asset value ( “NAV ”) approach is used as the valuation method. The fair value is det ermined using the underlying fund ’s NAV as provided by the respective fund ’s fund administrator. The Company categorises these investments as Level 3.
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Tribeca Global Natural Resources Limited Notes to the Financial Statements (continued) For the year ended 30 June 2026 - 31 - 3. Fair value measurements (continued) Fair value measurement of financial instruments (continued) (b) Fair value hierarchy (continued) Valuation techniques (continued) The Company held nineteen (30 June 2025: fourteen) Level 3 positions at year end of which sixteen (30 June 2025: eleven) were fair valued externally by independent valuers , one (30 June 2025: two) were fair valued based on the underlying fund ’s NAV and two (30 June 2025: one) held at cost. The Investment Manager has reviewed the reasonableness of Level 3 valuations and is satisfied that it fairly represents the values of the assets held by the Company as at 30 June 2026 . The changes in investments measured at fair value for which the Company has classified as having significant Level 3 inputs to determine fair value are as follows: 30 June 30 June 2026 2025 $ $ Beginning value 22 ,031 ,711 23 ,322 ,451 Purchases 18 ,545 ,756 16 ,862 ,630 Sales (13 ,444 ,319) (18 ,420 ,915) Transfer in 267 ,300 – Realised loss (13 ,066 ,193) (20 ,383 ,852) Unrealised gain 17 ,161 ,264 20 ,651 ,397 Ending value 31 ,495 ,519 22 ,031 ,711
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Tribeca Global Natural Resources Limited Notes to the Financial Statements (continued) For the year ended 30 June 2026 - 32 - 3. Fair value measurements (continued) Fair value measurement of financial instruments (continued) (b) Fair value hierarchy (continued) Valuation techniques (continued) Quantitative information regarding the valuation techniques and significant unobservable inputs used for the Company ’s investments that are categorised within Level 3 of the fair value hierarchy are as follows: Fair value as at 30 June 202 6 Valuation Unobservable $ technique input Description Unlisted unit trusts 16 ,324 ,459 NAV approach Unit price - $1.15 Unlisted equity securities 4 ,021 ,034 Market Price Transaction price - $10.02 3,458 ,773 Market Price Transaction price - $9.95 2,422 ,489 Price of recent investment Transaction price - $8.55 1,668 ,320 Price of recent investment Transaction price - $8.14 424 ,714 Price of recent investment Transaction price - $9.56 191 ,768 Price of recent investment Transaction price - $0.01 151 ,470 Market Price Unit price - $0.02 145 ,413 Market Approach Comparable Company multiple - $0.84 63 ,044 NAV approach Unit price - $0.03 Unlisted debt securities 1 ,457 ,794 Market Approach Coupon rate - 8.00% 545 ,642 Market Approach Coupon rate - 13.50% 356 ,699 Market Approach Coupon rate - 10.00% 263 ,900 Market Approach Coupon rate - 12.00% Total 31 ,495 ,519
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Tribeca Global Natural Resources Limited Notes to the Financial Statements (continued) For the year ended 30 June 2026 - 33 - 3. Fair value measurements (continued) Fair value measurement of financial instruments (continued) (b) Fair value hierarchy (continued) Valuation techniques (continued) Fair value as at 30 June 2025 Valuation Unobservable $ technique input Description Unlisted unit trusts 16 ,450 ,293 NAV approach Unit price - $1.16 2,653 ,373 NAV approach Unit price - $0.23 Unlisted equity securities 1 ,077 ,595 Price of recent investment Transaction price - $5.26 129 ,065 Market approach Comparable Company multiple - $0.80 63 ,044 NAV approach Unit price - $0.03 141 ,879 NAV approach Unit price - $0.77 Unlisted debt securities 933 ,831 Market approach Coupon rate - 8.00% 378 ,712 Market approach Coupon rate - 12.00% Warrants 203 ,919 Option pricing model Exercise price - $1.10 Total 22 ,031 ,711
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Tribeca Global Natural Resources Limited Notes to the Financial Statements (continued) For the year ended 30 June 2026 - 34 - 3. Fair value measurements (continued) Fair value measurement of financial instruments (continued) (b) Fair value hierarchy (continued) Sensitivity analysis to significant changes in unobservable inputs within Level 3 hierarchy The significant unobservable inputs used in the fair value measurement categorised within Level 3 of the fair value hierarchy together with a quantitative sensitivity analysis as at 30 June 2026 and 30 June 2025 is as shown below: 30 June 202 6 Unobservable Sensitivity Effect input used on fair value Description $ Unlisted unit trusts Unit price +/-10% +/-1 ,632 ,446 Unlisted equity securities Transaction price +/-10% +/-402 ,103 Transaction price +/-10% +/-345 ,877 Transaction price +/-10% +/-242 ,249 Transaction price +/-10% +/-166 ,832 Transaction price +/-10% +/-42 ,471 Transaction price +/-10% +/-19 ,177 Unit price +/-10% +/-15 ,147 Comparable Company multiple +/-10% +/-14 ,541 Unit price +/-10% +/-6 ,304 Unlisted debt securities Coupon rate +/-10% +/-145 ,779 Coupon rate +/-10% +/-54 ,564 Coupon rate +/-10% +/-35 ,670 Coupon rate +/-10% +/-26 ,390
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Tribeca Global Natural Resources Limited Notes to the Financial Statements (continued) For the year ended 30 June 2026 - 35 - 3. Fair value measurements (continued) Fair value measurement of financial instruments (continued) (b) Fair value hierarchy (continued) Sensitivity analysis to significant changes in unob servable inputs within Level 3 hierarchy (continued) 30 June 2025 Unobservable Sensitivity Effect input used on fair value Description $ Unlisted unit trusts Unit price +/-10% +/-1 ,645 ,029 Unit price +/-10% +/-265 ,337 Unlisted equity securities Transaction price +/-10% +/-107 ,760 Comparable Company multiple +/-10% +/-12 ,907 Unit price +/-10% +/-6 ,304 Unit price +/-10% +/- 14 ,188 Unlisted debt securities Coupon rate +/-10% +/- 93 ,383 Coupon rate +/-10% +/- 37 ,871 Warrants Exercise price +/-10% +/-20 ,392 4. Derivative Contracts Typically , derivatives serve as a component of the Company ’s investment strategy and are utilised primarily to structure the portfolio or individual investments to economically match the investment objective of the Company. Option contracts Option contracts are derivative financial instruments that give the buyer , in exchange for a premium payment , the right , but not the obligation , to either purchase from (call option) or sell to ( put option) the writer a specified underlying instrument at a s pecified price on or before a specified date . The Company enters into option contracts to meet the re quirements of its risk management and trading activities . Any realised and unrealised gains and losses are i ncluded in net changes in fair value of financial assets and liabilities at fair value through profit or loss in the statement of profit or loss and other comprehensive income . The total notional amount of option contracts outs tanding as at 30 June 2026 amounts to $11 ,925 ,937 (2025: $600 ,262).
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Tribeca Global Natural Resources Limited Notes to the Financial Statements (continued) For the year ended 30 June 2026 - 36 - 4. Derivative Contracts (continued) Swap agreements Swap agreements ( “swaps ”) represent agreements that obligate two parties to exchange a series of cash flows at specified intervals based upon , or calculated by reference to , changes in specified prices or rates for a specified amount of an underl ying asset or otherwise determined notional amount . The payment flows are usually netted against each other , with the difference being paid by one party to the other . Therefore , amounts required for the future satisfaction of th e swap may be greater or less than the amount recorded . The realised gain/loss depends upon the prices at which the underlying financial instruments of the swap is valued at the swaps settlement date and is included in net changes in fair value of financial assets and liabilities at fair value through profit or loss in the statement of profit or loss and compreh ensive income . Swaps , which are not dealt in or traded through a clearing firm or an exchange , will be valued on the basis of the latest availabl e counterparty valuation . The total notional amount of equity swaps outstand ing as at 30 June 2026 amounts to $Nil (2025: $21 ,365 ,552). Warrants A warrant is a derivative security that gives the holder the right to purchase securities from the issuer at a specific price within a certain timeframe. War rants which are traded on an active market are valued at the quoted price. The Company may purchas e warrants to take opportunities to increase returns on the price movements of the financial ins trument underlying the warrant , or for use as an economic hedge against certain equity positions hel d in the Company ’s portfolio holdings. The Company purchases warrants through listed markets a nd some are part of debt securities purchased. Warrants purchased by the Company provid e the Company with the opportunity to purchase the underlying asset at an agreed-upon val ue either on (European style) or at any time before (American style) the expiration of the warra nt. The total notional amount of warrants outstanding as at 30 June 2026 amounts to $13 ,799 ,936 (2025: $1 ,386 ,617). The Company ’s derivative financial instruments at year end are detailed below: 30 June 2026 Contract/ Fair values Notional Assets Liabilities $ $ $ Equity options 11 ,925 ,937 7 ,326 ,315 (66 ,947) Warrants 13 ,799 ,936 – – Total derivatives 25 ,725 ,873 7,326 ,315 (66 ,947) 30 June 2025 Contract/ Fair values Notional Assets Liabilities $ $ $ Equity options 600 ,262 15 ,139 – Equity swaps 21 ,365 ,552 – – Warrants 1,386 ,617 203 ,919 – Total derivatives 23 ,352 ,431 219 ,058 –
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Tribeca Global Natural Resources Limited Notes to the Financial Statements (continued) For the year ended 30 June 2026 - 37 - 5. Financial risk management The Company ’s financial instruments consist mainly of cash in b ank , amounts due from/to brokers , trading portfolios , trade and other receivables and trade and other payables . The Company ’s activities expose it to a variety of financial ri sks: market risk (including interest rate risk , foreign exchange risk and price risk) , credit risk , liquidity risk and other risks . The Directors , with the Investment Manager have implemented a risk management framework to mitigate these risks . Risk management philosophy and approach The Company has appointed the Investment Manager to manage the portfolio . The Investment Manager will be primarily responsible for managing the risk of the portfolio . The Investment Manager utilises the Tribeca Group ’s proprietary risk management and portfolio management tools to ensure strict adherence to the company investment guidelines . The Investment Manager considers investment risk to be the risk of permanent loss of capital . The Investment Manager ’s risk policies and controls are designed to be rob ust and relevant to the Company ’s investment objectives and strategy . These tools also add value to the portfolio construction process through real time monitoring o f attributed risk and net exposures . The Investment Manager ’s portfolio management process also incorporates a number of compliance and control measures including: (a) pre-trade compliance in the Tribeca Group ’s order management system ; (b) post-trade compliance reviewed daily by the com pliance team ; and (c) market stress tests conducted daily on the Port folio in the Tribeca Group ’s risk management systems . The investment team , meaning the key investment personnel responsible f or implementation of the investment strategy , will maintain appropriate portfolio risk controls that monitor a variety of risk factors , including (without limitation) net portfolio marke t risk , individual stock contribution to net market risk and liquidity of long and short positions within the portfolio . The investment team meets at least once a week , and prior to any material change to the portfolio , to consider the portfolio and undertake a risk assessment . At these meetings , the portfolio managers assess the current risk metrics of the portfolio and model the impact from proposed changes . The Investment Manager is committed to robust corporate governance practices to create value and provide accountability and a control system commens urate with the risk involved . They ensure amongst other things the fair allocation of trades between all relevant entities and monitoring net and gross exposure within the portfolio . The Company manages risk by monitoring the Investme nt Manager ’s compliance with the investment guidelines . Under the investment management agreement , the Investment Manager must report to the Directors on a regular basis . These reports allow the Directors to monitor the Investment Manager and the portfolio to ensure ongoing compliance with the investment strategy and investment guidelines . Market risk Market risk is the risk that the fair value or futu re cash flows of a financial instrument will fluctu ate because of changes in market prices .
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Tribeca Global Natural Resources Limited Notes to the Financial Statements (continued) For the year ended 30 June 2026 - 38 - 5. Financial risk management (continued) Market risk (continued) The portfolio is exposed to market risk . The market risk of assets in the Company ’s portfolio can fluctuate as a result of market conditions . The value of the portfolio may be impacted by factors such as economic conditions , interest rates , regulations , sentiment and geopolitical events as well as environmental, social and technological changes . The Investment Manager seeks to reduce market and economic risks to the extent possible . Currency risk Investing in assets denominated in a foreign curren cy creates an exposure to foreign currency fluctuations , which can change the value of the portfolio ’s investments measured in $ . For example , if an equity investment is denominated in a foreign currency and that currency depreciates in value against the $ , the value of that investment may depreciate when t ranslated into $ and the portfolio may suffer a loss as a result , notwithstanding that the underlying equity has app reciated in value in its currency of denomination . The Investment Manager seeks to regularly monitor price movements for natural resources securities and if required , perform currency trades to continuously maintain an economically $ hedged portfolio . The table below summarises the fair value of the Company ’s monetary financial assets and liabilities , which are denominated in a currency other than the Australian dollar. 2026 United States Canadian British Pound Dollar Dollar Sterling (“USD ”) (“CAD ”) (“GBP ”) Others $ $ $ $ Financial assets Amounts due from brokers 66 ,783 ,522 2 ,521 ,419 561 ,212 6,572 Financial assets at fair value through profit or loss 11 ,775 ,645 42 ,533 ,441 – – Trade and other receivables 186 ,435 3,798 1,605 12 Total financial assets 78 ,745 ,602 45 ,058 ,658 562 ,817 6,584 Financial liabilities Amounts due to brokers – (23 ,298 ,441) (960 ,217) (148 ,934) Trade and other payables (347) (58 ,182) (3 ,393) (227) Total financial liabilities (347) (23 ,356 ,623) (963 ,610) (149 ,161) Net exposure 78 ,745 ,255 21 ,702 ,035 (400 ,793) (142 ,577)
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Tribeca Global Natural Resources Limited Notes to the Financial Statements (continued) For the year ended 30 June 2026 - 39 - 5. Financial risk management (continued) Market risk (continued) Currency risk (continued) 2025 USD CAD GBP Others $ $ $ $ Financial assets Amounts due from brokers 19 ,470 ,723 8 ,626 ,417 588 ,686 6,788 Financial assets at fair value through profit or loss 35 ,581 ,532 2,960 ,534 520 ,591 – Trade and other receivables 71 ,441 12 ,371 2,210 – Total financial assets 55 ,123 ,696 11 ,599 ,322 1,111 ,487 6,788 Financial liabilities Amounts due to brokers (40 ,664 ,019) (2) (5 ,145 ,367) (168 ,660) Financial liabilities at fair value through profit or loss – (207 ,061) – – Trade and other payables (138 ,894) (4 ,317) (30 ,617) (232) Total financial liabilities (40 ,802 ,913) (211 ,380) (5 ,175 ,984) (168 ,892) Net exposure 14 ,320 ,783 11 ,387 ,942 (4 ,064 ,497) (162 ,104) The table below summarises the fair value percentage of the Company ’s monetary financial assets and liabilities , which are denominated in a currency other than the Australian dollar. 202 6 USD CAD GBP Others Currency Exposure % % % % Financial assets Amounts due from brokers 94.56 3.57 0.79 0.01 Financial assets at fair value through profit or loss 3.82 13.81 0.00 0.00 Trade and other receivables 10.81 0.22 0.09 0.00 Financial liabilities Amounts due to brokers 0.00 18.18 0.75 0.12 Trade and other payables 0.04 6.72 0.39 0.03
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Tribeca Global Natural Resources Limited Notes to the Financial Statements (continued) For the year ended 30 June 2026 - 40 - 5. Financial risk management (continued) Market risk (continued) Currency risk (continued) 2025 USD CAD GBP Others Currency Exposure % % % % Financial assets Amounts due from brokers 27.37 12.12 0.83 0.01 Financial assets at fair value through profit or loss 22.48 1.87 0.33 0.00 Trade and other receivables 14.53 2.52 0.45 0.00 Financial liabilities Amounts due to brokers 56.43 0.00 7.14 0.23 Financial liabilities at fair value through profit or loss 0.00 3.24 0.00 0.00 Trade and other payables 26.92 0.84 5.93 0.04 Sensitivity analysis The following table indicates the currencies to whi ch the Company had significant exposure as at 30 June 2026 and 30 June 2025 on both its financial assets and liabilities. The analysis calculates the total effect of a reasonably possible movement of the currency rate against the $ on profit or loss with all other variables held constant. All amounts are stated in $. 2026 Change in USD CAD GBP Others Currency currency rate $ $ $ $ Financial assets Amounts due from brokers +/-10% +/-6,678 ,352 +/-252 ,142 +/-56 ,121 +/-657 Financial assets at fair value through profit or loss +/-10% +/-1,177 ,565 +/-4,253 ,344 +/-– +/-– Trade and other receivables +/-10% +/-18 ,644 +/-380 +/-161 +/-1 Total financial assets 7,874 ,561 4,505 ,866 56 ,282 658 Financial liabilities Amounts due to brokers +/-10% +/-– +/-2,329 ,844 +/-96 ,022 +/-14 ,893 Trade and other payables +/-10% +/-35 +/-5,818 +/-339 +/-23 Total financial liabilities 35 2,335 ,662 96 ,361 14 ,916
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Tribeca Global Natural Resources Limited Notes to the Financial Statements (continued) For the year ended 30 June 2026 - 41 - 5. Financial risk management (continued) Market risk (continued) Currency risk (continued) Sensitivity analysis (continued) 2025 Change in USD CAD GBP Others Currency currency rate $ $ $ $ Financial assets Amounts due from brokers +/-10% +/-1 ,947 ,072 +/- 862 ,642 +/-58 ,869 +/-679 Financial assets at fair value through profit or loss +/-10% +/-3 ,558 ,153 +/-296 ,053 +/-52 ,059 +/-– Trade and other receivables +/-10% +/-7 ,144 +/-1,237 +/-221 +/-– Total financial assets 5,512 ,369 1,159 ,932 111 ,149 679 Financial liabilities Amounts due to brokers +/-10% +/-4 ,066 ,402 +/-– +/-514 ,537 +/-16 ,866 Financial liabilities at fair value through profit or loss +/-10% +/-– +/-20 ,706 +/-– +/-– Trade and other payables +/-10% +/-13 ,889 +/-432 +/-3,062 +/-23 Total financial liabilities 4,080 ,291 21 ,138 517 ,599 16 ,889 Interest rate risk Interest rate risk is the risk that the fair value of future cash flows of interest bearing financial assets and financial liabilities will fluctuate because of changes in interest rates. The Company is exposed to risks associated with the effects of fluctuations in the prevailing levels of market interest rates on its financial position , financial performance and cash flows. The Company holds fixed income securities. The Company also has cash at bank and cash held with brokers that expose the Company to cash flow interest rate risk. The interest rate sensitivity for cash at bank and cash held with brokers is not significant to the Company. Financial instruments with a floating interest rate that resets as market rates change are exposed to cash flow interest rate risk. The dollar values of one basis point movement ( “DV01 ”) is a measure of interest rate risk that represents the dollar value change in a bond or fixed income securities for a one basis point. As at 30 June 2026 and 30 June 2025, the DV01 of the direct investments of the Company are $225 (2025: $83) which indicated that an increase/decrease of 100 basis point in interest rate will result in a gain/loss of $225 (2025: a gain/loss of $83) for the Company. Equity price risk There is a risk that securities will fall in value over short or extended years of time . Security markets tend to move in cycles , and individual share prices may fluctuate and unde rperform other asset classes over extended years of time . Shareholders in the Company are exposed to this risk through the Company ’s portfolio .
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Tribeca Global Natural Resources Limited Notes to the Financial Statements (continued) For the year ended 30 June 2026 - 42 - 5. Financial risk management (continued) Market risk (continued) Equity price risk (continued) This arises from investments held by the Company an d classified in the statement of financial position as financial assets and financial liabilities at fair value through profit or loss . The table below analyses the Company ’s concentration of equity price risk by geographica l distribution . 202 6 202 6 Long Short $ $ Equity Australia 207 ,773 ,083 (2 ,582 ,039) Canada 56 ,971 ,451 – Cayman Islands 7,479 ,807 – Ireland 93 ,527 – Switzerland – (91 ,150) United States 9,318 ,193 – Total 281 ,636 ,061 (2 ,673 ,189) Equity options Australia 7,326 ,315 (66 ,947) 2025 2025 Long Short $ $ Equity Australia 97 ,934 ,112 (5 ,850 ,463) Canada 9,482 ,079 (301 ,787) Ireland 102 ,040 – United Kingdom 238 ,950 (135 ,241) United States 29 ,910 ,832 (98 ,550) Total 137 ,668 ,013 (6 ,386 ,041) Equity options Australia 15 ,139 – Warrants Australia 203 ,919 –
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Tribeca Global Natural Resources Limited Notes to the Financial Statements (continued) For the year ended 30 June 2026 - 43 - 5. Financial risk management (continued) Market risk (continued) Equity price risk (continued) The table below analyses the Company ’s concentration of equity price risk by industrial distribution. 202 6 202 6 Long Short $ $ Consumer staples 145 ,413 – Energy 26 ,200 ,409 (422 ,113) Financials 3,244 ,719 – Healthcare 2 – Industrials 12 ,521 ,785 – Materials 246 ,850 ,048 (2 ,318 ,023) Total 288 ,962 ,376 (2 ,740 ,136) 2025 2025 Long Short $ $ Consumer staples 2,959 ,621 – Energy 51 ,119 ,609 (600 ,443) Healthcare 280 – Materials 83 ,807 ,561 (5 ,785 ,598) Total 137 ,887 ,071 (6 ,386 ,041) The sensitivity analysis below reflects the exposur e of equity price risk attributable to Australia , Canada and United States equities held by the Compa ny , including the effect of foreign currency exchange rates as at 30 June 2026 and 30 June 2025: 202 6 Effect on Change profit or loss in index and equity Market index % $ S&P/ASX 200 +/-8 +/-746 ,300 S&P/TSX Venture Composite Index +/-8 +/-677 ,070 NYSE Composite Index +/-8 +/-182 ,528 CSE Composite Index +/-8 +/-167 ,281
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Tribeca Global Natural Resources Limited Notes to the Financial Statements (continued) For the year ended 30 June 2026 - 44 - 5. Financial risk management (continued) Market risk (continued) Equity price risk (continued) 2025 Effect on Change profit or loss in index and equity Market index % $ S&P/ASX 200 +/-8 +/-683 ,594 NYSE Composite Index +/-8 +/-363 ,584 CSE Composite Index +/-8 +/-167 ,259 S&P/TSX Venture Composite Index +/-8 +/-8 ,135 Credit risk Credit risk is the risk that one party to a financi al instrument will cause a financial loss for the o ther party by failing to discharge an obligation . Credit risk primarily arises from investments in debt securities and from trading derivative products . The Company directly holds a fixed income security and indirectly holds a portfolio of fixed income securities through its unlisted unit trusts that ex pose the Company to credit risk. Other credit risk arises from cash at bank , broker balances , manager loan and deposits with banks and other financial institutions . The maximum exposure to credit risk , at the statement of financial position date to rec ognised financial assets , is the carrying amount , net of any provisions for impairment of those asse ts , as disclosed in the statement of financial position and notes to the financial statements . The Company held no collateral as security or any o ther credit enhancements. None of the assets exposed to a credit risk are overdue or considered to be impaired . The Company has pledged part of its short-term deposits in order to fulfill the collateral requirements. At 30 June 2026 , the fair values of the short-term deposits pledged were $Nil (30 June 2025: $4 ,383 ,060). The terms and conditions associated with the use of collateral are market standard terms and conditions. Financial assets subject to AASB 9 ’s impairment requirements The Company measures credit risk and ECL using probability of default , exposure at default and loss given default . The Company considers both historical analysis and forward looking information in determining any ECL . At 30 June 2026 , cash at bank , amounts due from brokers and receivables are held with counterparties with a credit rating o f AA- , A+ or A- (2025: AA- , A+ or A-) or higher . Management considers the probability of default to be close to zero as these instruments have a low risk of default and the counterparties have a stron g capacity to meet their contractual obligations in the near term . As a result , no loss allowance has been recognised based on 12- month ECL as any such impairment would be wholly insignificant to the Company .
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Tribeca Global Natural Resources Limited Notes to the Financial Statements (continued) For the year ended 30 June 2026 - 45 - 5. Financial risk management (continued) Credit risk (continued) Financial assets not subject to AASB 9 ’s impairment requirements The Company holds the Manager loan at amortised cos t. AASB 9 requires the Company to record ECLs either on a 12-month or lifetime basis. The Di rectors assessed that there have been no significant increase in credit risk of the creditor upon evaluating a range of possible outcomes and observing reasonable and supportable information that is available at the reporting date about current conditions and forecasts of future economic conditi ons. The Directors do not expect any significant impairment on this financial asset. The Company is exposed to credit risk on debt securities (directly and indirectly held) and derivative assets . These classes of financial assets are not subject to AASB 9 ’s impairment requirements as they are measured at fair value through profit or l oss . The carrying value of these assets under AASB 9 represents the Company ’s maximum exposure to credit risk on financial inst ruments not subject to the AASB 9 impairment requirements on th e respective reporting dates. Hence , no separate maximum exposure to credit risk disclosure is provided for these instruments . Risk concentration of maximum exposure to credit risk The Company has a concentration of credit risk in t hat all of its level 1 and level 2 investment positions and receivable from broker amounts are primarily held by and due from Morgan Stanley & Co. International plc and UBS AG , which are rated as A- and A+ (2025: A- and A+) , respectively by Standard and Poor ’s as at year end. The main concentrations of credit risk at the statement of financial position date were as follows: 30 June 30 June 2026 2025 $ $ Cash at bank 1,867 ,503 5,846 ,868 Amounts due from brokers 70 ,629 ,011 71 ,148 ,159 Financial assets at fair value through profit or loss 307 ,910 ,870 158 ,303 ,280 Manager loan 29 ,394 382 ,120 Trade and other receivables 1,724 ,971 491 ,629 Total 382 ,161 ,749 236 ,172 ,056
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Tribeca Global Natural Resources Limited Notes to the Financial Statements (continued) For the year ended 30 June 2026 - 46 - 5. Financial risk management (continued) Credit risk (continued) Risk concentration of maximum exposure to credit risk (continued) The table below shows the concentration of each asset per counterparty: Credit rating 30 June 30 June 2026 2025 Cash at bank Commonwealth Bank of Australia AA- AA- Amounts due from brokers Morgan Stanley & Co. International plc A- A- UBS AG A+ A+ Financial assets at fair value through profit or loss Morgan Stanley & Co. International plc A- A- UBS AG A+ A+ Trade and other receivables Morgan Stanley & Co. International plc A- A- UBS AG A+ A+ The following table analyses the concentration of credit risk by geographical distribution: 30 June 30 June 202 6 202 5 % % Australia 62.84 64.77 Canada 2.61 0.69 United Kingdom 0.00 0.48 United States 34.55 34.06 Total 100.00 100.00 The following table analyses the concentration of credit risk in the Fund ’s debt portfolio by industrial distribution: Debt securities 30 June 30 June 202 6 202 5 % % Energy 42.48 0.00 Industrials 0.00 28.85 Materials 57.52 71.15 Total 100.00 100.00
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Tribeca Global Natural Resources Limited Notes to the Financial Statements (continued) For the year ended 30 June 2026 - 47 - 5. Financial risk management (continued) Liquidity risk The Company is exposed to liquidity risk in relation to the investments within its portfolio . If a security cannot be bought or sold quickly enough to minimise potential loss the Company may have difficulty satisfying commitments associated with financial instruments . The table below summarises the maturity profile of the Company ’s financial liabilities based on contractual undiscounted receipts and payments as at 30 June 2026 and 30 June 2025: 202 6 1 to 3 3.1 to 12 More than No fixed On demand months months 1 year maturity Total $ $ $ $ $ $ Financial liabilities Amounts due to brokers 128 ,172 ,776 – – – – 128 ,172 ,776 Financial liabilities at fair value through profit or loss – – – – 2,740 ,136 2,740 ,136 Performance fees payable – – 2,461 ,079 – – 2,461 ,079 Trade and other payables – 866 ,148 – – – 866 ,148 Total 128 ,172 ,776 866 ,148 2,461 ,079 – 2,740 ,136 134 ,240 ,139 2025 1 to 3 3.1 to 12 More than No fixed On demand months months 1 year maturity Total $ $ $ $ $ $ Financial liabilities Amounts due to brokers 72 ,063 ,197 – – – – 72 ,063 ,197 Financial liabilities at fair value through profit or loss – – – – 6,386 ,041 6,386 ,041 Trade and other payables – 515 ,894 – – – 515 ,894 Total 72 ,063 ,197 515 ,894 – – 6,386 ,041 78 ,965 ,132 Other risk Foreign issuer and market risk The Company ’s investment objective and strategies are focused on natural resources securities and credit positions and commodity positions . Investments in foreign companies may be exposed to a higher degree of sovereign , political , economic , market and corporate governance risks than domestic investments .
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Tribeca Global Natural Resources Limited Notes to the Financial Statements (continued) For the year ended 30 June 2026 - 48 - 5. Financial risk management (continued) Other risk (continued) Collateral risk The Company uses the services of a prime broker to facilitate the lending of securities to short sell . Until the Investment Manager returns a borrowed security , it will be required to maintain assets with the prime broker as collateral . As such , the Company may be exposed to certain risks in res pect of that collateral. Counterparty risk Investment in securities and financial instruments generally involves third parties as custodial and counterparties to contracts . Use of third parties carries risk of default and f ailure to secure custody which could adversely affect the value of the Company . The Company will use the services of the prime brok er and outsource key operational functions including investment management , custody , execution , administration and valuation to a number of third party service providers . There is a risk that third party service providers may intentionally or unintentionally breach their obligations to the Com pany (such as a counterparty defaulting under a derivatives contract or a securities lender failing to deliver a borrowed security) or provide service s below standards which are expected by the Company , causing loss to the Company . Portfolio turnover risk The Investment Manager may adjust the portfolio as considered advisable in view of prevailing or anticipated market conditions and the Company ’s investment objectives , and there is no limitation on the length of time securities must be held , directly or indirectly , by the Company prior to being sold . Portfolio turnover rate will not be a limiting factor and will vary from year to year . Higher portfolio turnover rates involve correspondingly higher transaction costs , which are borne directly or indirectly by the Company . In addition , the Company may realise significant short term and long-term capital gains . Compensation fee structure risk The Investment Manager may receive compensation bas ed on the portfolio ’s performance . Performance fee arrangements may create an incentiv e for the Investment Manager to make investments that are riskier or more speculative than would be the case in the absence of a fee based on the performance of the portfolio . Regulatory risk All investments carry the risk that their value may be affected by changes in laws and regulations especially taxation laws . Regulatory risk includes risk associated with variations in the taxation laws of Australia or other jurisdictions in which the Company holds investments . Concentration risk The Company ’s typical portfolio is expected to hold 20 to 60 long and short positions (excluding the quantitative strategy) which represents moderate in vestment concentration . The lower the number of investments , the higher the concentration and , in turn , the higher the potential volatility .
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Tribeca Global Natural Resources Limited Notes to the Financial Statements (continued) For the year ended 30 June 2026 - 49 - 6. Offsetting financial assets and financial liabilit ies The Company presents the fair value of its derivative assets and liabilities on a gross basis , no such assets or liabilities have been offset in the statement of financial position. Certain derivative financial instruments are subject to enforceable master netting arrangements , such as an International Swaps and Derivatives Association master netting agreemen t , or similar agreements that cover similar financial instruments. The similar agreements include derivative clearing agreements , global master repurchase agreements , global master securities lending agreements , and any related rights to financial collateral. The similar financial instruments and transactions include derivatives , sale and repurchase agreements , reverse sale and repurchase agreements , securities borrowing , and securities lending agreements. The Company ’s agreements allow for offsetting following an event of default , but not in the ordinary course of business , and the Company does not intend to settle these transactions on a net basis or settle the assets and liabilities on a simultaneous basis. The tables below set out the carrying amounts of re cognised financial assets and liabilities that are subject to the above arrangements , together with collateral held or pledged against these assets and liabilities as at 30 June 2026 and 30 June 2025: 202 6 Amounts Gross offset in Net amount carrying accordance presented in Related amounts not set -off in the amounts with statement statement of financial position before offsetting of financial Financial Cash Net offsetting criteria positions instruments collateral exposure $ $ $ $ $ $ Financial assets Derivatives 7,326 ,315 – 7,326 ,315 (66 ,947) – 7,259 ,368 Amount due from brokers 70 ,629 ,011 – 70 ,629 ,011 (68 ,446 ,638) – 2,182 ,373 Total 77 ,955 ,326 – 77 ,955 ,326 (68 ,513 ,585) – 9,441 ,741 Financial liabilities Derivatives (66 ,947) – (66 ,947) 66 ,947 – – Amount due to brokers (128 ,172 ,776) – (128 ,172 ,776) 68 ,446 ,638 – (59 ,726 ,138) Total (128 ,239 ,723) – (128 ,239 ,723) 68 ,513 ,585 – (59 ,726 ,138)
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Tribeca Global Natural Resources Limited Notes to the Financial Statements (continued) For the year ended 30 June 2026 - 50 - 6. Offsetting financial assets and financial liabilities (continued) 2025 Amounts Gross offset in Net amount carrying accordance presented in Related amounts not set-off in the amounts with statement statement of financial position before offsetting of financial Financial Cash Net offsetting criteria positions instruments collateral exposure $ $ $ $ $ $ Financial assets Derivatives 219,058 – 219,058 – – 219,058 Amount due from brokers 71,148,159 – 71,148,159 (54,019,288) – 17,128,871 Total 71,367,217 – 71,367,217 (54,019,288) – 17,347,929 Financial liabilities Amount due to brokers (72,063,197) – (72,063,197) 54,019,288 – (18,043,909) Total (72,063,197) – (72,0 63 ,197) 54,019,288 – (18,0 43 ,909) 7. Segment information The Company has identified its operating segments based on the internal reports that are reviewed by the Investment Manager (who is identified as the Chief Operating Decision Makers (“CODM”) in assessing and determining the allocation of resources . The Company operates in one business segment, being investment in securities.
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Tribeca Global Natural Resources Limited Notes to the Financial Statements (continued) For the year ended 30 June 2026 - 51 - 8. Reconciliation of net profit to net cash from op erating activities 30 June 30 June 202 6 202 5 $ $ Net profit for the year 75 ,942 ,602 5,016 ,143 Adjustment for: Effect of foreign currency exchange rate changes on cash at bank 1,096 ,866 1,566 ,393 Adjustment to reconcile profit for the year to net cash from operating activities Net change in amounts due from brokers 519 ,148 (52 ,052 ,944) Net change in financial assets at fair value through profit or loss (149 ,607 ,590) 23 ,855 ,788 Net change in manager loan 352 ,726 352 ,727 Net change in trade and other receivables (1 ,233 ,342) (113 ,775) Net change in current tax assets – 110 ,051 Net change in prepayments 21 ,268 37 ,574 Net change in deferred tax assets 11 ,994 ,148 2 ,032 ,875 Net change in amounts due to brokers 56 ,109 ,579 (2 ,576 ,283) Net change in financial liabilities at fair value through profit or loss (3 ,645 ,905) 6 ,386 ,041 Net change in trade and other payables 350 ,254 (243 ,763) Net change in performance fees payable 2 ,461 ,079 – Net change in current tax liabilities 10 ,749 ,527 384 Net change in deferred tax liabilities 9 ,671 ,429 – Net cash from/ (used in) operating activities 14 ,781 ,789 (15 ,628 ,789) 9. Trade and other payables 30 June 30 June 202 6 202 5 $ $ Interest payable 480 ,442 189 ,821 Management fees payable 327 ,445 197 ,386 Audit fees payable 23 ,938 74 ,784 Administration fees payable 8,326 8,024 Other payables and accrued expenses 25 ,997 45 ,879 Total trade and other payables 866 ,148 515 ,894
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Tribeca Global Natural Resources Limited Notes to the Financial Statements (continued) For the year ended 30 June 2026 - 52 - 10 . Amounts due from/to brokers Amounts due from/to broker include cash balances with the clearing brokers and amounts receivable or payable for securities transactions which have not settled during the year . 30 June 30 June 202 6 202 5 $ $ Due from brokers Cash balances 69 ,872 ,725 63 ,568 ,770 Receivable for securities sold 756 ,286 7,579 ,389 Total 70 ,629 ,011 71 ,148 ,159 Due to brokers Cash balances 122 ,543 ,675 50 ,283 ,497 Payable for securities purchased 5,629 ,101 21 ,779 ,700 Total 128 ,172 ,776 72 ,063 ,197 Cash balances due from broker mainly include cash from short sales subject to withdrawal restrictions until the related securities are purchased . 11 . Issued capital The authorised share capital of the Company is $179 ,923 ,862 (2025: $189 ,963 ,862) divided into 73 ,693 ,826 (2025: 78 ,791 ,934) ordinary shares of $2.44 (2025: $2.41) per share (average issue price). All issued ordinary shares are fully paid and are listed on the ASX but the Company had bought back 5,098 ,108 (2025: Nil) shares during the year ended 30 Jun e 2026 as shown in the next page. The shares bought back are immediately redeemed by the Company. The Company ’s capital is represented by these ordinary shares. (a) Share capital 30 June 30 June 202 6 202 5 Number of ordinary shares 73 ,693 ,826 78 ,791 ,934
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Tribeca Global Natural Resources Limited Notes to the Financial Statements (continued) For the year ended 30 June 2026 - 53 - 11 . Issued capital (continued) (b) Movements in ordinary share capital Number of shares $ Opening balance at 1 July 2024 78 ,791 ,934 187 ,825 ,716 Shares issued – – Closing balance at 30 June 2025 78 ,791 ,934 187 ,825 ,716 Opening balance at 1 July 2025 78 ,791 ,934 187 ,825 ,716 Shares issued 442 ,416 911 ,621 Shares buy-back (5 ,540 ,524) (10 ,951 ,621) Closing balance at 30 June 2026 73 ,693 ,826 177 ,785 ,716 The on-market purchase of shares on the ASX in acco rdance with the DRP has commenced from 5 September 2025. All brokerage fees and other costs associated will be paid by the Investment Manager. Shares issued or transferred under the DRP will be issued or transferred at a price equal to the lesser of either: The average price of shares acquired on-market on the ASX over the relevant pricing period as defined in the DRP Booklet ; or $2.23 representing the most recent estimated post-tax NTA per share , as released to the ASX on 1 September 2025. Capital management policy The Board will regularly review the capital structure of the Company and , where the Board considers appropriate , undertake capital management initiates which may involve: (a) the issue of other shares (through bonus option s issues , placement , pro rata issues , etc .); or (b) the buy-back of its shares .
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Tribeca Global Natural Resources Limited Notes to the Financial Statements (continued) For the year ended 30 June 2026 - 54 - 12 . Earnings per share For the For the year ended year ended 30 June 30 June 202 6 202 5 $ $ Net profit after income tax used in the calculation of basic and diluted earnings per share 75 ,942 ,602 5,016 ,143 (a) Basic and diluted earnings per share 30 June 30 June 2026 2025 $ $ Basic earnings per share attributable to the ordinary equity holders of the Company 1.01 0.06 Diluted earnings per share attributable to the ordinary equity holders of the Company 1.01 0.06 (b) Weighted average number of shares used as denom inator No . of No . of shares shares 30 June 202 6 30 June 202 5 Weighted average number of ordinary shares outstanding during the period used in calculating basic and diluted earnings per share 75 ,462 ,083* 78 ,791 ,934* * The weighted average number of shares used as the denominator in calculating basic profit or losses per share is based on the average number of shares for the year ended 30 June 2026 and 30 June 2025 , respectively. As at the end of the year , there are no outstanding securities that are potentially dilutive in nature for the Company . 13. Related parties Details of key management personnel Key management personnel for the year ended 30 June 2026 are those persons who are identified as having authority and responsibility for planning , directing and controlling the activities of the Company , directly or indirectly , including Non-executive Directors of the Company.
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Tribeca Global Natural Resources Limited Notes to the Financial Statements (continued) For the year ended 30 June 2026 - 55 - 13. Related parties (continued) Details of key management personnel (continued) Names and positions held by Directors and Officers of the Company in office at any time during the financial year are: Name Title Earliest appointment date Last re-election date Rebecca O’Dwyer Chairperson 4 January 2021 17 November 2023 Nicholas Myers Non-executive Director 30 August 2021 22 November 2024 Bruce Robert Loveday* Non-executive Director 18 July 2018 25 November 2022 Todd Warren Non-executive Director 27 August 2025 21 November 2025 * Bruce Robert Loveday has resigned as Director effective 27 August 2025. T ribeca Global Natural Resources Credit Fund On 29 November 2024, the Directors of the investee fund approved the wind down of Tribeca Global Natural Resources Credit Fund. On 27 December 2024 , the Investee Fund has distributed all of its remaining cash. VT Carbon Fund As at 30 June 2026, the Company fully exited its position in VT Carbon and redeemed its entire investment (2025: $2,653,373) which represents Nil% (2025: 48.13%) of the NAV of the investee fund. The investee fund is managed by a related entity of the Investment Manager. Kimberley Syndicate Trust As at 30 June 2026, the Company held an investment in Kimberley Syndicate Trust with fair value of $16,324,459 (2025: $16, 450,293) which represents 62.87% (2025: 62.71%) of the NAV of the investee fund. The investee fund is managed by a related entity of the Investment Manager. Investment Manager As at 30 June 2026, the related entities of the Company held total shares as: Tribeca Global Resources Pty Ltd has Nil shares (2025: Nil shares) ; and Tribeca Investment Partners Pty Ltd has 363, 634 shares (2025: 357, 000 shares) which is equivalent to 0.49% of the Company’s NAV (2025: 0.45%) In February 2025, the Investment Manager effected an in-specie distribution of its 750,000 shares in the Company, allocating them directly to shareholders of the Investment Manager including Tribeca Investment Partners Pty Ltd. Manager loan The Company entered into a loan agreement with the Investment Manager on 21 February 2023. The Investment Manager has agreed to be responsible for the payment of share offer costs that the Company would be normally liable for. These costs will be paid upfront by the Company ; however, the Investment Manager will repay the share offer costs to the Company in accordance with the Manager loan.
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Tribeca Global Natural Resources Limited Notes to the Financial Statements (continued) For the year ended 30 June 2026 - 56 - 13. Related parties (continued) Manager loan (continued) The Manager loan is an unsecured loan that the Inve stment Manager may use for working capital purposes. The Investment Manager will use the Manag er loan to reimburse the Company for the costs of the share offer. The Investment Manager is required to repay the Man ager loan in monthly instalments over the 40-month term. Each instalment should be equal to a t least 1/40th of the total loan amount. If the Investment Manager ’s repayments remain in arrears , the loan will be subject to a monthly interest at the default interest equal to Reserve Bank of Australia cash rate plus 4% per annum. The Company will have a right to offset all payments otherwise due to the Investment Manager for so long the Investment Manager is in arrears. The Investment Manager may repay the Manager loan early at its absolute discretion. The Company has a right of recourse against the Investment Mana ger for the amounts owed under the Manager loan. During the year , the total share offer costs paid by the Company am ounted to $Nil (2025: $Nil). As at 30 June 2026 , the balance of the Company ’s Manager loan amounted to $29 ,394 (2025: $382 ,121) presented as current and non-current asset in the statement of financial position amounting to $29 ,394 (2025: $352 ,726) and $Nil (2025: $29 ,394), respectively. The management fees that was offset against manager loan during the year amounted to $352 ,726 (2025: $352 ,726). Management fees In return for the performance of its duties under t he investment management agreement , the Investment Manager is entitled to be paid , and the Company must pay to the Investment Manager a management fee equal to 1.5% per annum (plus GST) of the value of the portfolio (calculated on the last business day of each month and paid at the end of each month in arrears). The management fee is to be paid to the Investment Manager regardless of the performance of the Company. Management fees would increase if the valu e of the portfolio increases and decrease if the value of the portfolio decreases over the year. Management fees incurred during the year amounted t o $3 ,671 ,168 (2025: $2 ,355 ,991) of which $327 ,445 (2025: $197 ,386) remained payable. For the year ended 30 June 2 026, in its capacity as Investment Manager , Tribeca Global Resources Pty Ltd was partially paid management fees through reimbursement of the Company ’s share offer costs. Directors ’ fees Non-executive Directors are entitled to receive Dir ectors ’ fees of up to $150 ,000 per annum to be shared among the Directors . For the year ended 30 June 2026 , the amount incurred amounted to $105 ,000 (2025: $105 ,000), none of which remained payable (2025: $Nil).
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Tribeca Global Natural Resources Limited Notes to the Financial Statements (continued) For the year ended 30 June 2026 - 57 - 13. Related parties (continued) Performance fees In return for the performance of its duties as Inve stment Manager of the Portfolio , the Investment Manager is entitled to be paid and the Company must pay to the Investment Manager (which remuneration is to be obtained for the use and benefit of the Investment Manager) a fee (performance fee) of 20% (plus GST) of A , where A for a performance calculation period is calculated in accordance with the following formula: A = B - C Where: A is the base amount to be used in calculating the performance fee outlined above. B is the value of the portfolio after payment of management fees , calculated on the last business day of the relevant performance calculation period. C is the value of the portfolio , after payment of management fees and performance fees , calculated on the last business day of the last performance ca lculation period in which a performance fee was paid or if no prior performance fee has been paid to the Investment Manager , the value of the portfolio on the commencement date. If the value of the portfolio (after payment of management fees) calculated on the last business day of a performance calculation period is less than: (a) for the first performance calculation period , the value of the portfolio on the commencement date ; (b) thereafter , the highest value of the portfolio , after payment of management fees and performance fees , calculated on the last business day of any precedi ng performance calculation period , no performance fee is payable in respect of that perfo rmance calculation period. If the amount calculated for A is a negative number , no performance fee is payable in respect of that performance calculation period. In calculating the performance fee for a performance calculation period , changes in the value of the portfolio as a result of the issue of securities , capital reductions or share buy-backs undertaken b y the Company or payment of tax and dividend distribu tion will be disregarded or adjusted for in a manner determined by the auditor at the conclusion of that performance calculation period. Performance fees incurred during the year amounted to $13 ,519 ,170 (2025: $Nil). As at 30 June 2026 , the performance fees payable amounted to $2 ,461 ,079 (2025: $Nil). Out of this amount , $989 ,208 (2025: $Nil) is GST recoverable recorded as part of trade and other receivables.
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Tribeca Global Natural Resources Limited Notes to the Financial Statements (continued) For the year ended 30 June 2026 - 58 - 14 . Income tax For the year ended 30 June 2026 and 30 June 2025, the Company no longer qualify as base rate entity. The tax provision of the Company is calculated at a 30% tax rate. (a) Income tax expense attributable for the year di ffers from the prima facie amount on operating profit. The difference is reconciled as follows: For the For the year ended year ended 30 June 30 June 202 6 202 5 $ $ Profit before income tax 109 ,837 ,778 7,049 ,018 Prior year adjustments 4,139 ,229 – Franking credit 399 ,017 157 ,495 Foreign tax credit 26 ,593 94 ,721 Franking credit converted to tax loss – (524 ,985) Total 114 ,402 ,617 6,776 ,249 Prima facie income tax expense on the net income at 30% 34 ,320 ,785 2,032 ,875 Franking credit (399 ,016) – Foreign tax credit (26 ,593) – Income tax expense 33 ,895 ,176 2,032 ,875 (b) The major components of income tax expense are: For the For the year ended year ended 30 June 30 June 2026 2025 $ $ Current income tax 12 ,229 ,599 – Deferred income tax 21 ,665 ,577 2,032 ,875 33 ,895 ,176 2,032 ,875
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Tribeca Global Natural Resources Limited Notes to the Financial Statements (continued) For the year ended 30 June 2026 - 59 - 14 . Income tax (continued) (c) Deferred tax assets relate to the following: 30 June 30 June 202 6 202 5 $ $ Opening balance 11 ,994 ,148 14 ,027 ,023 Tax (losses)/gains carried forward (5 ,893 ,954) 6 ,844 ,767 Unrealised gains on investments (14 ,600 ,613) (8 ,892 ,554) Costs associated with the issue of shares 35 ,264 35 ,264 Prior year adjustments (1 ,241 ,769) – Accrued dividend 56 ,588 (21 ,036) Other temporary differences (21 ,093) 684 Deferred tax (liabilities)/assets (9 ,671 ,429) 11 ,994 ,148 Movements: Opening balance 11 ,994 ,148 14 ,027 ,023 Credited - directly to profit or loss (21 ,665 ,577) (2 ,032 ,875) Closing balance (9 ,671 ,429) 11 ,994 ,148 Statement of financial position Statement of profit or loss and other comprehensive income 202 6 202 5 202 6 202 5 $ $ $ $ Revaluation of financial assets at fair value through profit or loss (9 ,760 ,311) 4 ,840 ,303 (14 ,600 ,613) (8 ,892 ,554) Set up cost amortised in 5 years for tax purpose 282 ,189 246 ,925 35 ,264 35 ,264 Accruals and other items 824 ,568 789 ,074 35 ,494 (20 ,352) Tax loss carried forward 223 ,894 6 ,877 ,255 (5 ,893 ,953) 6 ,844 ,767 Prior year adjustments (1 ,241 ,769) (759 ,409) (1 ,241 ,769) – Deferred tax expense (21 ,665 ,577) (2 ,032 ,875) Net deferred tax (liabilities)/assets (9 ,671 ,429) 11 ,994 ,148
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Tribeca Global Natural Resources Limited Notes to the Financial Statements (continued) For the year ended 30 June 2026 - 60 - 14 . Income tax (continued) (d) Current tax assets relate to the following: 30 June 30 June 202 6 202 5 $ $ Opening balance (384) 110 ,051 Current tax paid (10 ,749 ,527) (110 ,435) Current tax liabilities (10 ,749 ,911) (384) 15. Other expenses For the For the year ended year ended 30 June 30 June 2026 2025 $ $ Insurance expense 184 ,318 297 ,443 Regulatory fees 60 ,951 80 ,697 Tax compliance service expense 17 ,957 18 ,385 Financial statement preparation fees 19 ,696 17 ,784 Operating expenses 18 ,616 10 ,112 Total other expenses 301 ,538 424 ,421 16 . Contingencies and commitments The Company had no contingent assets , liabilities or commitments as at 30 June 2026 and 30 June 2025.
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Tribeca Global Natural Resources Limited Notes to the Financial Statements (continued) For the year ended 30 June 2026 - 61 - 17. Remuneration of auditors During the year , the following fees were paid or payable for services provided by the auditor , Ernst & Young to the Company. Auditor ’s Remuneration 30 June 202 6 30 June 202 5 Fees to Ernst & Young (Australia) Fees for auditing the statutory financial report of the Company 88 ,279 77 ,000 Fees for other services - Tax compliance service 17 ,957 18 ,385 Total fees to Ernst & Young (Australia) 106 ,236 95 ,385 Total auditor ’s remuneration 106 ,236 95 ,385 The statutory audit requirements for the Company vary from year to year and can have an impact on the level of audit fees. The Company may decide to engage the auditor on other non-audit assignments in addition to their statutory audit duties where the auditor ’s expertise and experience with the Company is important. The auditor has provided an independence declaration and the Directors are satisfied that the work performed on other non-audit services was conducted by a team separate from the audit team and does not impact the independence of the auditor. 18. Significant event during the year Effective 27 August 2025 , Bruce Robert Loveday has retired as non-independen t Director of the Company. On the same date , Todd Warren was appointed as non-independent Direc tor of the Company. There were no other significant events during the year. 19. Events occurring after the reporting year No matter or circumstance has occurred subsequent to year end that has significantly affected , or may significantly affect , the operations of the Company , the results of those operations or the state of affairs of the Company in subsequent financial years.
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Tribeca Global Natural Resources Limited Consolidated Entity Disclosure Statement For the year ended 30 June 2026 - 62 - Consolidated entity disclosure statement Disclosure of subsidiaries and their country of tax residency , as required by the Corporations Act 2001 , does not apply to the Company as the Company is no t required by accounting standards to prepare consolidated financial statements.
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Tribeca Global Natural Resources Limited Directors’ Declaration For the year ended 30 June 2026 - 63 - In accordance with a resolution of the Directors of Tribeca Global Natural Resources Limited (the “Company”), I state that: 1) In the opinion of the Directors: (a) the financial statements and notes are in accordance with the Corporations Act 2001, including: (i) giving a true and fair view of the Company’s financial position as at 30 June 2026 and of its performance for the year ended on that date; and (ii) complying with Australian Accounting Standards and the Corporations Regulations 2001; (b) the consolidated entity disclosure statement required by section 295 (3A) of the Corporations Act 2001 is true and correct; and (c) the financial statements and notes also comply with International Financial Reporting Standards as disclosed in Note 1; and (d) there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable. 2) This declaration has been made after receiving the declarations required to be made to the Directors from the Investment Manager in accordance with section 295A of the Corporations Act 2001 for the financial year ended 30 June 2026. On behalf of the Board Rebecca O’Dwyer Independent Chairperson Sydney 28 August 2026
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Tribeca Global Natural Resources Limited ASX Information For the year ended 30 June 2026 - 64 - Below is the list of all investments held as requir ed by Australian Securities Exchange ( “ASX ”) Limited Listing Rule 4.10.20(a). As at 30 June 2026, the Company held investments in the following entities: 6K Additive Inc Dyno Nobel Limited Monash Gold Ltd Advance Metals Limited Eldorado Gold Corporation Ne w Hope Corporation Limited Aeris Resources Limited Elevra Lithium Limited Newm ont Corporation Alcoa Corporation Emerald Resources NL NexGen Energ y Ltd. Alkane Resources Ltd Evolution Mining Limited Nicke l Industries Limited Alpha HPA Limited Evolution Sponsor Holdings LLC No rtham Resources Limited Amaero Ltd FireFly Metals Ltd Northern Star Resourc es Limited Amcor PLC Fitzroy Minerals Inc. Nufarm Limited American Tungsten & Antimony Ltd FMR Resources Limited Odyssey Gold Limited American West Metals Limited Focus Minerals Limited Omega Oil & Gas Limited Amplitude Energy Limited Fortescue Ltd OnGold Resou rces Ltd. Ampol Limited Founders Metals Inc. Ora Banda Mining Limited Anax Metals Limited Freegold Limited Orica Limited Apollo Minerals Limited Freemantle Octopus Group Or ora Limited Arafura Rare Earths Limited Genesis Minerals Limite d Paladin Energy Ltd Australian Mines Limited Gorilla Gold Mines Ltd Pan toro Gold Limited Bannerman Energy Ltd Great Boulder Resources Limite d Perenti Limited Beach Energy Limited Greatland Resources Limited Pe rseus Mining Limited Bellavista Resources Limited Hemlo Mining Corp. PLS Group Limited Bellevue Gold Limited Horizon Gold Limited Predict ive Discovery Limited BHP Group Limited IGO Limited Ramelius Resources Li mited Black Cat Syndicate Limited Iluka Resources Limited Rapid Critical Metals Limited BlueScope Steel Limited Imdex Limited Regis Resourc es Limited BPM Minerals Limited IperionX Limited Resolute Mini ng Limited Brazilian Rare Earths Limited James Hardie Industri es plc Resolution Minerals Ltd Brightstar Resources Limited Jindalee Lithium Limit ed Resources & Energy Group Limited Burgundy Diamond Mines Limited Kapstream Investment Trust Rio Tinto Group Canyon Resources Limited Karoon Energy Ltd Rumble R esources Limited Capricorn Metals Ltd Kimberley Syndicate Trust Sand fire Resources Limited Capstone Copper Corp Kingsgate Consolidated Limited Santana Minerals Limited Catalyst Metals Limited Lake Resources NL Santos Li mited Chalice Brands Ltd. Li-FT Power Ltd. Silex Systems Limited Chalice Mining Limited Lindian Resources Limited Si ms Limited Champion Iron Limited Liontown Resources Limited So uth32 Limited Cobre Limited Liquid Instruments Inc. Southern Cros s Gold Consolidated Ltd. Corazon Mining Limited Lunnon Metals Limited St Bar bara Limited Cyprium Metals Limited Lynas Rare Earths Limited St acked Farm Holdings Pty Ltd Dateline Resources Limited Macmahon Holdings Limite d Stanmore Resources Limited Deep Yellow Limited Massive Metals Ltd Sunrise Ener gy Metals Limited Deterra Royalties Limited Metals X Limited Tamboran Resources Corporation Develop Global Limited Midas Minerals Limited Tambo urah Metals Limited DevEx Resources Limited Mineral Resources Limited T erra Metals Limited DPM Metals Ltd Minerals 260 Limited Titan Minerals Limited
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Tribeca Global Natural Resources Limited ASX Information (continued) For the year ended 30 June 2026 - 65 - Trion Battery Technologies Inc. Tusker Minerals Limited Vault Minerals Limited Viva Energy Group Limited Vulcan Energy Resources Limited WA1 Resources Ltd West African Resources Limited West Wits Mining Limited Westgold Resources Limited Whitehaven Coal Limited Woodside Energy Group Ltd Yancoal Australia Ltd
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Tribeca Global Natural Resources Limited Shareholder Information For the year ended 30 June 2026 - 66 - The Shareholder information set out below was applicable as at 30 June 2026. Additional information required by the Australian Securities Exchange (“ASX ”) Limited Listing Rules and not disclosed elsewhere in this report is listed below. A. Distribution of Shareholders Analysis of numbers of fully paid ordinary shares holders by size of holding: Holding Ranges Holders Total Units % 1 – 1,000 225 106 ,625 0.14 1,001 – 5,000 541 1,698 ,643 2.31 5,001 – 10 ,000 564 4,558 ,518 6.19 10 ,001 – 100 ,000 1,296 36 ,150 ,856 49.05 100 ,001 – 9,999 ,999 ,999 78 31 ,179 ,184 42.31 Total 2,704 73 ,693 ,826 100.00
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Tribeca Global Natural Resources Limited Shareholder Information (continued) For the year ended 30 June 2026 - 67 - B. Twenty largest shareholders Fully Paid Ordinary Shares Number Percentage of Name held issued shares % HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED 5 ,384 ,118 7.31% MR BENJAMIN JAMES CLEARY 4 ,100 ,000 5.56% CITICORP NOMINEES PTY LIMITED 2 ,570 ,603 3.49% NETWEALTH INVESTMENTS LIMITED <WRAP SERVICES A/C> 2 ,430 ,628 3.30% BNP PARIBAS NOMINEES PTY LTD <HUB24 CUSTODIAL SERV LTD> 2 ,277 ,504 3.09% NETWEALTH INVESTMENTS LIMITED <SUPER SERVICES A/C> 818 ,050 1.11% MR SIMON ROBERT EVANS + MRS KATHRYN MARGARET EVANS <KAMIYACHO SUPER FUND A/C> 500 ,000 0.68% ARIS NOMINEES PTY LTD <SHREEVE FAMILY A/C> 400 ,000 0.54% TRIBECA INVESTMENT PARTNERS PTY LTD 363 ,634 0.49% GUY JONES PTY LTD <THE GUY JONES FAMILY S/F A/C> 3 50 ,000 0.47% ARKY INVESTMENTS PTY LTD <ARKY A/C> 327 ,176 0.44% HABUVO PTY LTD <HABUVO PTY LTD S/F A/C> 324 ,953 0.44% TERRAFUND PTY LTD <KEMPNICH SUPER FUND NO 2 A/C> 314 ,946 0.43% BNP PARIBAS NOMINEES PTY LTD <IB AU NOMS RETAILCLIENT> 314 ,288 0.43% SROG INVESTMENTS PTY LTD 306 ,391 0.42% MR GLEN ROBERT MCIVOR <GLEN MCIVOR FAMILY A/C> 280 ,000 0.38% RICHARD SEVILLE AND ASSOCIATES PTY LTD <THE SEVILLE SUPER FUND A/C> 270 ,566 0.37% MR JAMES MICHAEL COLLOPY 269 ,845 0.37% ROBEV PTY LTD <LYNN SUPER FUND A/C> 263 ,061 0.36% MR DAVID COOPER + MS ADRIENNE WITTEMAN <PRIVATE SUPER FUND A/C> 253 ,930 0.34% Total of top twenty shareholders balance 22 ,119 ,693 30.02 % Total remaining holders balance 51 ,574 ,133 69.98 % Total shareholders balance 73 ,693 ,826 100.00% C. Substantial holders Number Percentage of Name held issued shares % HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED 5 ,384 ,118 7.31% MR BENJAMIN JAMES CLEARY 4 ,100 ,000 5.56%
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Tribeca Global Natural Resources Limited Shareholder Information (continued) For the year ended 30 June 2026 - 68 - D. Voting rights The voting rights attaching to each class of equity securities are set out below: Each share confers on its holder the right to vote at a general meeting of Shareholders (whether present in person or by any representative , proxy or attorney) on a show of hands (one vote per shareholder) and on a poll (one vote per Share on which there is no money due and payable) subject to the rights and restrictions on voting which may attach to or be imposed on Shares (at present there are none). E. Stock exchange listing Quotation has been granted for all of the ordinary shares and options of the Company on all Member Exchanges of the ASX Limited. F. Unquoted securities There are no unquoted shares. G. Securities subject to voluntary escrow There are no securities subject to voluntary escrow. H. Brokerage During the year ended 30 June 2026 , the Company recorded 4 ,118 transactions in securities. Total brokerage accrued was $5,787 ,029 (2025: $5 ,480 ,676) and all of which was paid as at 30 June 2026 (2025: $5 ,480 ,676). I. On market buy-back For the year ended 30 June 2026 , the buy-back amounted to $10 ,951 ,621. On market buy-back is still current.
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Tribeca Global Natural Resources Limited Independent Auditor’s Report For the year ended 30 June 2026 - 69 -
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Tribeca Global Natural Resources Limited Independent Auditor’s Report (continued) For the year ended 30 June 2026 - 70 -
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Tribeca Global Natural Resources Limited Independent Auditor’s Report (continued) For the year ended 30 June 2026 - 7 1 -
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Tribeca Global Natural Resources Limited Independent Auditor’s Report For the year ended 30 June 2026 - 72 -
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Tribeca Global Natural Resources Limited Independent Auditor’s Report (continued) For the year ended 30 June 2026 - 73 -
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Tribeca Global Natural Resources Limited Independent Auditor’s Report (continued) For the year ended 30 June 2026 - 74 -