Trekor Metals Reports First Half Net Income of Cdn$39.1 Million
The copper-focused miner saw first-half revenues climb to Cdn$567.6 million from Cdn$255.2 million a year earlier
Trekor Metals Ltd (TGB), a copper-focused mining company, reported net income of Cdn$39.1 million for the first half of 2026, compared to a net loss of Cdn$6.7 million in the same period of 2025. The company, which changed its legal name from Taseko Mines Limited on June 25, 2026, attributed the turnaround to higher realized copper prices and increased production and sales volumes.
Revenues for the six months ended June 30, 2026, rose to Cdn$567.6 million from Cdn$255.2 million in the prior-year period. This growth was driven largely by the Gibraltar mine, which generated Cdn$521.3 million in revenue during the first half of 2026, up from Cdn$255.2 million in 2025. The company noted that the increase in revenues from copper in concentrate was supported by a favorable price variance of Cdn$130.1 million and a volume variance of Cdn$72.3 million.
Operating performance at the Gibraltar mine showed a rise in production to 60.2 million pounds of copper in the first half of 2026, compared to 39.8 million pounds in 2025. However, the company flagged that site costs remained elevated in the second quarter due to higher diesel and explosive costs, which it expects could remain high in coming quarters.
Trekor also began contributing revenue from its Florence Copper project in Arizona, which generated Cdn$46.4 million in the first half of 2026. The project produced 6.7 million pounds of copper cathode during the period. The company stated that drilling and wellfield expansion will continue throughout 2026 to support the ongoing ramp-up of production at the Florence site.
Financial results were impacted by several non-cash items. Net income included unrealized foreign exchange losses of Cdn$26.1 million and fair value adjustments on the Florence copper stream of Cdn$20.4 million. These were partially offset by a Cdn$30.7 million reversal of previously recognized unrealized losses on settled copper collars.
As of June 30, 2026, the company held Cdn$185.8 million in cash. In July 2026, Trekor submitted a Detailed Project Description for the Yellowhead project to the BC Environmental Assessment Office.