Trekor Metals Returns to Profit as Copper Revenues Climb
The mining company reported net income of Cdn$16.8 million for the first quarter, reversing a Cdn$28.6 million loss in the prior year period.
Trekor Metals Ltd (TGB), a copper-focused mining company, returned to profitability in the first quarter ended March 31, 2026, driven by higher sales volumes and prevailing copper prices. The company reported net income of Cdn$16.8 million, or 0.05 a share, compared to a net loss of Cdn$28.6 million, or 0.09 a share, in the same period last year.
Revenues rose to Cdn$237.1 million from Cdn$139.1 million in the comparative quarter. This growth was supported by copper contained in concentrate, which generated Cdn$198.6 million in revenue. The company said the increase was primarily due to a Cdn$25.0 million variance from higher sales volumes of 4.1 million pounds, though this was partially offset by a Cdn$9.6 million negative foreign exchange variance.
Molybdenum revenues also increased to Cdn$27.0 million from Cdn$9.7 million. The company attributed this to a stronger price environment and increased sales volumes as the Gibraltar mine realized higher expected molybdenum grades and recoveries from Connector pit ore.
Operating costs rose during the period, with site operating costs reaching Cdn$137.0 million, up from Cdn$68.9 million in the prior year. The company said Gibraltar site costs were higher because of lower capitalized stripping costs, which fell to Cdn$15.2 million from Cdn$38.1 million. Other drivers included longer loaded hauls, higher costs for explosives and diesel, and the restart of the Gibraltar SX/EW plant. Additionally, the Florence Copper project contributed Cdn$9.9 million to site operating costs as operations commenced.
Cash provided by operating activities rose to Cdn$93.9 million from Cdn$55.9 million. The company used Cdn$97.9 million for investing activities, including Cdn$37.5 million in capital expenditures at Gibraltar and Cdn$45.9 million at Florence Copper. The Florence expenditures included Cdn$21.2 million in capitalized commissioning costs and Cdn$15.0 million in wellfield development.
Financing activities resulted in a cash outflow of Cdn$17.5 million. This included Cdn$12.5 million in payments for Cariboo consideration payable.
As of March 31, 2026, the company held Cdn$168.6 million in cash. Total available liquidity was approximately Cdn$322.0 million, which includes an undrawn US$110 million revolving credit facility.