Trekor Announces $164 Million of Adjusted EBITDA in Third Quarter

Taseko Mines Limited (TKO) released its third-quarter 2026 financial results, following the pre-release of key operating numbers and guidance changes on Oct. 8, 2026. For the quarter, the company reported C$342.2 million in revenue from consolidated sales of 37.4 million pounds of copper and 358,000 pounds of molybdenum. Adjusted EBITDA stood at C$164.2 million, while net income was C$33.6 million, or C$0.09 per share. Adjusted net income reached C$54.6 million, or C$0.15 per share, and cash flow from operations totaled C$122.1 million.

Cash holdings at Sept. 30, 2026, rose to C$214 million, an increase from C$185.8 million at June 30, 2026. At its Gibraltar mine, production reached 33.9 million pounds of copper, including 1.3 million pounds of cathode, marking a 12% quarter-over-quarter increase. Head grade was 0.28%, with a recovery rate of 77.1% and mill throughput of 7.5 million tons. C1 costs at Gibraltar were US$2.72 per pound.

The Florence operation produced 7.0 million pounds of copper cathode, up 35% quarter-over-quarter. The site maintained an average flow rate of 4,454 gallons per minute, a PLS grade of 1.5 g/L, and 141 operating wells. C1 costs at Florence were US$3.54 per pound.

Guidance for 2026 was adjusted, with Gibraltar’s production forecast raised to 115-120 million pounds from the previous range of 110-115 million pounds. Conversely, Florence’s 2026 guidance was cut to 25-28 million pounds from 30-35 million pounds. Full capacity at Florence is now expected in early 2027, as wellfield development trails the original plan by approximately three months.

Looking ahead to the fourth quarter, Gibraltar grades and recoveries are expected to decline as mining transitions back to the upper benches of the Connector pit. Unit costs have increased by roughly US$0.30 per pound compared to the prior year due to higher diesel and explosives expenses.

Regarding development projects, the Yellowhead project advanced through the British Columbia environmental assessment process. The Detailed Project Description (DPD) was submitted in July 2026, and a Notice of Decision to proceed to environmental assessment was issued on July 30, 2026. Updates on the New Prosperity, Aley, and Harmony projects were also included, though they are not considered new financial drivers.

To manage price volatility, Taseko has put options in place for US$4.75 per pound covering 27 million pounds in Q4 2026, and for US$5.00 per pound covering 45 million pounds in the first half of 2027.

Taseko Mines Limited (TKO) reported third-quarter results that delivered record adjusted EBITDA and net income, though the financial performance largely confirmed expectations set by the company’s October 8 operations update. The quarter’s production totals, the raised guidance for the Gibraltar mine, and the cut guidance for the Florence operation had already been disclosed, leaving the financial translation as the primary new information. The company reported C$164.2 million in adjusted EBITDA, C$33.6 million in net income, C$54.6 million in adjusted net income, C$122.1 million in operating cash flow, and ended the quarter with C$214 million in cash.

The strong financial results were driven by mechanical factors, including the sale of 37.4 million pounds of copper at a realized price of US$6.40 per pound, alongside molybdenum credits, which generated C$342.2 million in revenue. This volume and pricing helped expand the adjusted EBITDA margin to 48.0%, an increase from 37.8% in the second quarter and 35.7% in the third quarter of 2025.

Consolidated guidance for the full year remains largely stable, with a midpoint of 144 million pounds compared to the prior midpoint of 145 million pounds. The updated guidance projects 115-120 million pounds from Gibraltar and 25-28 million pounds from Florence, shifting the production mix toward Gibraltar and away from Florence. This shift is margin-accretive in the near term but delays the timeline for the growth asset.

Despite the strong quarterly performance, several operational challenges persist. Florence’s 2026 guidance is 18.5% below the prior midpoint, and the wellfield is three months behind schedule. Additionally, fourth-quarter grades and recoveries at Gibraltar are expected to fall, and all-in sustaining costs (C1) at Gibraltar rose to US$2.72 per pound from US$2.41 per pound in the second quarter.

Taseko Mines Limited, trading on the TSX as TKO, NYSE American as TGB, and LSE as TKO, is a North American copper producer with two operating assets and a pipeline of development projects. The company’s Gibraltar mine, a 100%-owned open-pit copper-molybdenum operation in the Cariboo-Chilcotin region of British Columbia, serves as a steady-state cash generator with a presentation mine life of more than 19 years.

In Arizona, the company operates Florence Copper, a 100%-owned in-situ copper recovery facility that produces LME Grade A cathode without conventional open-pit mining. The asset has a 22-year mine life and an 85M lb/year nameplate capacity.

The company’s development pipeline includes the Yellowhead project, a 100%-owned copper-gold-silver deposit in BC with a 25-year mine life, 178M lb/year lifetime of mine copper production, and first-five-year production of 206M lb/year. Other projects include the Aley niobium development in BC, which has a 24-year mine life and 14,000 t/year ferroniobium capacity; the New Prosperity copper-gold project in BC, which is 77.5%-owned and subject to Tŝilhqot’in consent; and the Harmony gold project in BC, which reverted to 100% ownership and is subject to a new option agreement with JDS affiliates.