Trekor Announces 41 Million Pounds of Copper Production from Gibraltar and Florence Copper in the Third Quarter

Taseko Mines Limited (TKO) released its third-quarter production and operations update on October 8, 2026. The report contains no revenue, cost, capital expenditure, cash flow, or balance-sheet data.

Consolidated copper production for the third quarter of 2026 totaled 41 million pounds. This output came from Gibraltar, which produced 34 million pounds of copper plus 380,000 pounds of molybdenum, and Florence Copper, which produced 7 million pounds of copper cathode.

At Gibraltar, the 34 million pounds of copper represented a 12% sequential increase. The company attributed this rise to strong grades at the bottom of the Connector Pit, higher mill throughput, and improved SX/EW plant performance. Copper sales from Gibraltar were 31 million pounds.

Florence Copper produced 7 million pounds of cathode, a 36% sequential increase, with sales matching production at 7 million pounds. Management stated that initial wellfield flow rates continue to exceed expectations. The SX/EW plant produced high-quality cathode with no impurities and ran at design capacity for several days without issue.

Gibraltar’s full-year 2026 guidance was raised to 115–120 million pounds of copper, up from the original 110–115 million pounds, based on the strength of three quarters of production. Conversely, Florence’s full-year 2026 guidance was cut to 25–28 million pounds of copper, down from 30–35 million pounds. The wellfield expansion is now about three months behind the original plan, with full production capacity expected in early 2027.

Management warned that fourth-quarter production at Gibraltar will see lower grades and recoveries as mining transitions back to the upper benches of the Connector Pit.

Corporate updates included an October 6 event in Arizona marking the onset of commercial production at Florence, which was attended by EPA Administrator Lee Zeldin. An analyst and investor site tour took place on October 8, with the presentation posted to the company website.

Notably absent from the release were any C1 or AISC figures for either asset, any capital expenditure figures, any hedging commentary, and any mention of the third-quarter molybdenum decline.

Taseko Mines Limited (TKO) provided new guidance on October 8, announcing a formal cut to its Florence production targets, a delay in the ramp-up timing, and an increase in Gibraltar output. Consolidated tonnage remains nearly flat, with the prior 2026 guidance midpoint of 145.0 million pounds (112.5 million pounds from Gibraltar and 32.5 million pounds from Florence) shifting to a new midpoint of 144.0 million pounds (117.5 million pounds from Gibraltar and 26.5 million pounds from Florence), a decrease of 0.7%.

The shift in production mix is value-negative, as the pounds lost are from Florence, the lowest-cost asset in the portfolio. Florence carries a life-of-mine C1 cost of US$1.11 per pound, compared to Gibraltar’s C1 costs of US$2.63 per pound in Q1 2026 and US$2.41 per pound in Q2 2026. Florence is also the only US-jurisdiction, tariff-advantaged, smelter-free pound in the company’s book. The pounds gained are from Gibraltar, which are higher-cost and more metallurgically complex.

Timing changes are also value-negative. Pushing full Florence capacity from year-end 2026 to early 2027 defers the high-margin run-rate. On the company’s own numbers, Florence carries an after-tax net present value (NPV) of US$930 million at US$3.75 per pound copper and US$2.1 billion at US$6.00 per pound copper. A one-quarter delay to full capacity represents a modest NPV hit in isolation but compounds a track record problem.

Implied fourth-quarter production is weaker than the headline suggests. Consolidated Q4 2026 implied production is 32.0–40.0 million pounds (Gibraltar 20.7–25.7 million pounds plus Florence 11.3–14.3 million pounds), compared to 41 million pounds actually produced in Q3, a decrease of about 13% sequentially at the midpoint. Florence alone must deliver 11.3–14.3 million pounds in Q4 after 7.0 million pounds in Q3, a greater than 60% sequential step-up, to hit the already-cut guidance.

Market context shows shares fell from C$13.14 on September 22 to C$12.15 on October 7, a 7.5% decline, into the release, after peaking at C$13.44 on August 27. Some de-risking had already occurred, which caps the downside surprise but does not neutralize it.

However, it is not routine, as the guidance was cut against a four-times-reaffirmed, explicitly promised number at the asset the equity story is built on, with the stock priced at roughly 12.7x LTM EV/EBITDA and 5.2x book.

Taseko Mines Limited (ticker TKO) completed a corporate name change from Trekor Metals Limited effective June 25, 2026, with trading under the new name beginning June 29, 2026. The company retains its existing share capital and ticker symbols across the TSX (TKO), NYSE American (TGB), and LSE (TKO), while adopting a new CUSIP of 89472Y107.

The company’s portfolio consists of five assets. Gibraltar, a 100%-owned operating copper-molybdenum mine in the Cariboo-Chilcotin region of British Columbia, serves as the primary cash generator. The company consolidated remaining minority interests by acquiring a 25% stake from Sojitz in the first quarter of 2023, followed by purchases from Dowa and Furukawa in the first quarter of 2024. The mine has a life-of-mine average production of 130 million pounds of copper and 2.3 million pounds of molybdenum per year over more than 19 years.

Florence Copper, a 100%-owned operating facility in Arizona, produces copper cathode via in-situ copper recovery. It is the first greenfield commercial-scale in-situ copper recovery operation globally, operating on a footprint under one square mile without smelting or refining steps. The company claims the process uses 65% less energy, 75% less CO2, and 78% less water per pound than a conventional open pit. All output is destined for the US market.

Yellowhead, a 100%-owned development project in the Thompson-Nicola region of British Columbia, is designated as a priority project by the Province of BC. An environmental assessment review commenced in July 2025, with a Preliminary Development Plan (DPD) filed on July 7, 2026, and a positive BCEAO Readiness Decision issued on July 30, 2026. The project is designed for 178 million pounds of copper per year over 25 years, which would make it Canada's second-largest copper mine. It carries an initial capital cost of C$2.0 billion, with no disclosed funding plan.

Aley, a 100%-owned development project in the Mackenzie region of British Columbia, is an early-stage niobium operation. The company has produced market-grade ferroniobium using a patented flotation flowsheet and is currently marketing the product and seeking offtake agreements. No construction decision, timeline, or capital estimate has been disclosed.

New Prosperity, located in the Cariboo-Chilcotin region of British Columbia, is an advanced-stage project in which the company holds a 77.5% interest. Under the June 2025 Teztan Biny Agreement, the company received $75 million from the Province of BC and placed 22.5% of the interest in trust for the Tsilhqot'in Nation. The company is not permitted to be the proponent of any development without the free, prior, and informed consent of the Nation.

Pro-forma combined capacity from Gibraltar and Florence reaches approximately 215 million pounds of copper per year once Florence is at nameplate production, representing a 65% increase over Gibraltar's standalone 130 million pounds.

The company employs 888 people, with 42% of Gibraltar employees being local. The Indigenous workforce grew by 15% between 2024 and 2025, and women comprise 33% of employees across operations. The company made $650,000 in charitable donations and sponsorships in 2025.

Stuart McDonald serves as President and CEO. The board includes Chairman Ron Thiessen, Russell Hallbauer, Ken Pickering, Anu Dhir, Crystal Smith, Peter Mitchell, Robert Dickinson, and Rita Maguire. An inconsistency exists in the provided materials regarding the Chief Operating Officer: an August 19, 2026, Aley release identifies Richard Tremblay as Chief Operating Officer, while the investor presentation lists him as Chief Financial Officer and Rob Rotzinger as Director/Chief Operating Officer.