Trekor Announces $125 Million of Adjusted EBITDA in Second Quarter

Trekor Metals, formerly known as Taseko Mines Limited (TKO), reported second-quarter 2026 earnings characterized by strong operating cash flow and EBITDA, a performance driven by elevated copper prices and production growth at its Gibraltar and Florence operations. The company posted revenue of $330.6 million, adjusted EBITDA of $125.1 million, and cash from operations of $183.4 million. Net income for the period was $22.2 million, or $0.06 per share.

Consolidated copper production reached 36 million pounds, representing an 80% year-over-year increase. Production at the Gibraltar mine totaled 30.3 million pounds with a C1 cost of US$2.41 per pound, while the Florence mine produced 5.2 million pounds of cathode at a C1 cost of US$4.72 per pound. Copper sales volume was 37.5 million pounds at an average realized price of US$6.10 per pound. The company also sold 575,000 pounds of molybdenum.

A realized derivative loss of $24.2 million was recorded from matured collar contracts with a ceiling of US$5.40 per pound. Looking ahead, the company has established Q3 hedging collars on 24 million pounds with ceilings between US$7.50 and US$8.50 per pound, and Q4 puts with no ceiling. As of the end of the quarter, the company held $186 million in cash and total liquidity of $342 million, which includes an undrawn revolver.

In corporate developments, the Yellowhead project received a positive Readiness Decision from the BC Environmental Assessment Office. The company maintained its annual production guidance, keeping Gibraltar targets at 110–115 million pounds and Florence targets at 30–35 million pounds unchanged.

Taseko Mines Limited (TKO) reported a second-quarter operating cash flow of $183.4 million, a significant increase from $93.9 million in the first quarter and $101 million in the fourth quarter of 2025. The company’s Gibraltar C1 cost improved to $2.41 per pound from $2.63 in Q1, a reduction achieved despite diesel price pressures and aided by a molybdenum by-product credit. Progress on the Florence ramp-up continued, with management reaffirming its guidance.

A $24.2 million loss on collar hedges acted as a drag on results, though the position was fully telegraphed, involving collars with a $5.40 ceiling on 27 million pounds. The transition to uncapped puts beginning in the fourth quarter removes a prior overhang associated with the hedging strategy. Following the release, the market reacted with a 4.5% gain on the day, consistent with a material beat versus expectations of elevated costs and hedging headwinds.

Trekor Metals is a North American copper producer operating two primary assets: the Gibraltar open-pit mine in British Columbia, Canada, which produces approximately 110–115 million pounds per year of copper and molybdenum, and the Florence ISCR project in Arizona, USA, which is ramping to a cathode capacity of 85 million pounds per year. The company also holds the Yellowhead development project in British Columbia, containing 5.0 billion pounds of indicated and inferred copper, the New Prosperity gold-copper deposit, which is subject to Indigenous agreement, and the Aley niobium project.

• Market cap: ~$4.2B (based on 365.6M shares at $11.51).
• Management: Stuart McDonald (CEO), experienced board.