14 Jan

December 2021 - NTA Statement

Syd ney Level 2 3, 1 O'Con nell Stree t Sydne y NSW 2000 Au stralia T +6 1 2 9640 2600 Singapore Leve l 16, Singapore Land Tower 50 Raffles Place , Si n g a p ore 04 8 6 2 3 T +65 6320 7718 Web: www.t ribeca ip.com /lic Email : TGF inv estors@t ri becaip .com ABN: 1 6 6 27 5 96 418 14 January 2022 ASX Market Announcements ASX Limited 20 Bridge Street Sydney NSW 2000 BY ELECTRONIC LODGEMENT Monthly NTA Statement and Inves t m e n t Update as at 31 December 2021 In accordance with ASX Listing Rule 4.12, please find attached s tatement of TGF’s n et t angible a sset backing of its quoted securities as at 31 December 2021 . Fo r any enquiries please contact TGF at TGFinvestors@tribecaip.com.au or by calling +61 2 9640 2600. Authorised for release by th e Board of Tribeca G lobal Natural Resources Limited. Ken Liu Company Secretary T r ib e c a Global N a tu ral Resources Limited Sydney Level 23, 1 O'Connell Street Sydney NSW 2000 Australia T +61 2 9640 2600 Singapore Level 16, Singapore Land Tower 50 Raffles Place, Singapore 048623 T +65 6320 7718 Web: www.tribecaip.com/lic Email: TGFinvestors@tribecaip.com ABN: 16 627 596 418 Monthly NTA Statement Investment Update as at 31 December 2021 The Company finished the calendar year with its NTA increasing by a further 5.83 % on a pre - tax basis and 4. 30 % on a post - tax basis (from $ 1 77.1 m to $ 184.7 m ) . T his brought the Company’s NTA gain to 37.49% on a post - tax basis for the 2021 calendar year . In terms of sector attribution, the strongest contributor for December was base metals (+3.80%) , b attery metals ( +2.10 %) and precious metals (+1. 4 6 %) were a lso strong contributors along with carbon credits . (+ 1.16 %) . The primary detractor was the Company’s exposure to u ranium ( - 1.93%). As we saw during the second half of November, market concerns over the Omicron variant of Covid - 19, alongside the potential for more hawkish Federal Reserve interest rate policies continued to knock market confidence in the first half of December . However, as the month progressed, sentiment improved and, despite the typical seasonal slow down in trading activity, resources markets staged a nice rally into the end of the year. T wo recent additions to the portfolio ’s battery metals holdings were strong contributors to performance. We added both American Pacific Bor ates (ABR AU) , listed in Australia, and Canadian - listed Rock Tech Lithium (RCK CN) via direct private placements with the companies – taking advantage of our direct market access, strong corporate relationships, and attractive ness as a long - term specialist institutional investor. Borates are salts containing boron, an element essential for the transition to green energy given its use in wind turbines, electric vehicles, and insulation, while it is also used as an essential micronutrient in fertili s ers to increase yields and decrease emissions. The boron market is largely a duopoly (>80%) supplied by the Turkish Government and Rio Tinto. However, ABR owns the onl y permitted project of any significance globally . F ollowing our investment, the company is funded through to first production. An imminent listing on the US NASDAQ exchange, along with news flow from an updated feasibility study a nd first production, should support an upward share price trajectory. Rock Tech Lithium, while Canadian - listed, is largely focused on building lithium hydroxide conversion and refining facilities in Europe. RCK has developed a zero - waste method of processing both lithium concentrates and recycled material. Having successfull y operated a pilot facility, RCK is now in the process of finalizing funding for its commercial - scale production facility in the heart of the German automotive industry in Brandenberg. Once complete, the facility will be capable of producing 24kt of lithiu m hydroxide per year, or enough to equip around 500,000 electric vehicles with lithium - ion batteries. Nickel Nickel prices have jumped to their highest level in more than a decade, surpassing US$22k/t or $10/lb . Exchange inventories continue to erode, as surging demand from EVs has accompanied key demand driver Chinese stainless steel which is gradually recovering as the country’s power shortage subsides. The portfolio’s nickel focused holdings performed strongly in December, with Western Areas (WSA AU) and Mincor (MCR AU) , the two biggest positive contributors to performance. The long - rumo u red takeover of WSA by IGO Limited (IGO AU) was finally formalised with IGO announcing an all - cash bid for WSA. Mincor had a very strong month, not just as a result of the halo - effect of the WSA takeover, but also due to the announcement of earlier than expected development ore bein g extracted at its Kambalda operations which also came at very high grades. 2 We see something of a “Game of Thrones” taking place in the Western Australia n nickel sector . IGO is moving to increase its nickel presence, at the same time as entities associate d with mining magnate Andrew Forrest continue to hoover up stakes in nickel producers and developers . At the same time, traditionally dominant player BHP appears set to ramp up its investment in its nickel operations. With the portfolio’s lar ge exposures to highly - strategic nickel sulfide assets, we feel we are very well positioned to take maximum advantage as the battle for the nickel throne transpires. Key Details as at 31 December 2021 ASX Code TGF Share Price $ 2. 58 Shares on Issue 61. 50 million Market Capitalisation $ 15 8.67 million Listing Date 12 October 2018 Net Tangible Assets (NTA) Per Share NTA Pre - Tax $ 3.2121 NTA Post - Tax $ 3.0031 Source: Citco Fund Services Net Performance 1 Month (Pre - tax) 5. 8 3 % 1 Month (Post - tax) 4. 30 % Financial YTD (Post - tax) 18.13 % Total Return Since Inception (Post - tax) 20.12 % 15 Largest Long Equity Holdings (in alphabetical order) Alpha HPA Ltd A4N AU Aluminum Corp of China Ltd 2600 HK American Pacific Borates Ltd ABR AU Boss Resources Ltd BOE AU Chalice Mining Limited CHN AU Develop Global Limited DVP AU Energy Fuels Inc GBR CA Hudbay Minerals Inc HBM CA Mincor Resources MCR AU Neo Performance Materials NEO AU Nickel Mines NIC AU Northern Star Resources NST AU Santos Limited STO AU Teck Resources Ltd TECKB CA Western Areas WSA AU Private Credit Exposure Breakdown by Sector Soft Commodities Services 49 % Diversified Commodities & Other 34 % Gas 4 % Soft Commodities 7 % Bulk Mining 7% Source: Tribeca Investment Partners 3 -20% 30% 80% 130% 180% Historical Exposures Long Exposure (%) Short Exposure (%) Gross Exposure (%) Net Exposure (%) 0% 10% 20% 30% 40% Soft Commodities Credit and Unlisted Renewables Services Credit Fund Bulks Oil and Gas Uranium Carbon Credits Diversified Precious Metals Battery Metals Base Metals Net Exposures by Sector 5.2% 82.2% 12.6% Breakdown of Gross Exposure by Strategy Private Credit Listed Equities Carbon Credits Board of Directors Key Contacts Chairman : Independent Director: Independent Director: Director : Director : Bruce Loveday Rebecca O’Dwyer Nicholas Myers Benjamin Cleary Todd Warren Company Secretary: Ken Liu Investor Relations: TGFinvestors@tribecaip.com.au Share Registry: Boardroom Pty Ltd Level 12, 225 George Street Sydney NSW 2000 Disclaimer: This document has been prepared for Tribeca Global Natural Resources Limited (ABN 16 627 596 418) by its investme nt manager, Tribeca Global Resources Pty Ltd (ABN 11 606 707 662) under AFS License 239070 (Tribeca Investment Partners Pty Ltd). T he information provided in this document is intended for general use only. It does not consider the particular circumstances, investment objectives or needs of any specific individual and as such does not constitute investment advice no r personal securitie s recommendation. Under no circumstances should investments be based solely on the information herein. Investing involves risks, including risk of capital loss. Fin ancial position and performance data contained in this document is unaudited. Whilst every effort is made to ensure the information is accurate at the time of preparing, Tribeca Global Resources Pty Ltd nor any of it s related parties, their employees or directors, does not guarantee its accuracy, reliability or completeness nor does it undertak e to correct any information subsequently found to be inaccurate. Past performance is not a reliable indicator of future performance.
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