Earnings

Trekor Metals Reports Third Quarter Adjusted Net Income of C$54.6 Million

The Tip Desk · November 5, 2026 · 2 min read

The copper-focused miner saw third-quarter revenues rise to C$342.2 million from C$173.9 million in the prior-year period

Trekor Metals Limited (TGB), a copper-focused mining company, reported adjusted net income of C$54.6 million, or C$0.15 a share, for the three months ended September 30, 2026. This compared to C$5.6 million, or C$0.02 a share, for the same period in 2025.

Revenues for the third quarter rose to C$342.2 million from C$173.9 million in the prior-year period. The company attributed the growth to higher realized copper prices, increased production and sales volumes as the Gibraltar mine returned to more normalized operations in the Connector pit, and contributions from the ramp-up of Florence Copper. For the nine months ended September 30, 2026, revenues reached C$909.9 million, up from C$429.1 million in 2025.

Net income for the third quarter was C$33.6 million, or C$0.09 a share. This result included C$12.7 million in accretion on the Florence royalty obligation and C$10.7 million in fair value adjustments on the Florence copper stream derivative.

Operating costs increased alongside revenues. Production costs for the third quarter were C$171.6 million, compared to C$106.8 million in the prior-year period. The company said the increase in site operating costs was primarily due to higher costs for explosives and diesel.

Copper production showed growth across its primary assets. At the Gibraltar mine, production for the third quarter rose to 33.9 million pounds of copper from 27.6 million pounds in 2025. The Florence Copper facility added 7.0 million pounds of copper production during the same three-month period. For the nine months ended September 30, 2026, total copper production from both sites reached 107.8 million pounds, compared to 67.4 million pounds from Gibraltar alone in the same period of 2025.

As of September 30, 2026, the company held C$214.2 million in cash, up from C$188.0 million at the end of 2025. Total assets were C$2.8 billion, while total liabilities stood at C$1.9 billion.

The company noted that operations at Florence Copper consume significant amounts of sulfuric acid and could be impacted by increased transportation costs and higher sulfuric acid prices in 2027 and beyond.

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