Trekor Metals Limited

Taseko reported quarterly revenue of $331 million, the highest ever for the company, from sales of 37 million pounds of copper plus $26 million of molybdenum. Adjusted EBITDA was $125 million, cash flow from operations was $183 million, net income was $22 million or $0.06 per share, and adjusted net income was $40 million or $0.11 per share. Florence produced just over 5 million pounds of cathode and contributed roughly $10 million of EBITDA, while Gibraltar produced 30 million pounds of copper and 32 million pounds of copper were sold from Gibraltar in the quarter. Management kept Florence’s 2026 production target at 30 to 35 million pounds and reiterated Gibraltar’s annual guidance of 110 to 115 million pounds, while saying Florence is still targeting capacity operation by year-end at about 7 million pounds per month.

Stuart McDonald framed the quarter as solid, highlighting strong operating performance at Gibraltar and the leverage to copper prices that produced very strong EBITDA and operating cash flow. He said Florence’s first full production quarter was encouraging, with the SXEW plant running smoothly and the key focus now on expanding the wellfield. He also pointed to Yellowhead permitting progress and other portfolio opportunities as longer-term value drivers.

Bryce Hamming emphasized that results benefited from an average LME copper price over $6 per pound and from COMEX-linked pricing that was about $0.35 per pound higher than LME. He noted the $331 million in revenue, $125 million in adjusted EBITDA, $183 million in operating cash flow, and $342 million in liquidity, including $186 million of cash. He also highlighted derivative losses of $24 million tied to prior hedge protection, said Gibraltar total site costs were $146 million including $28 million of capitalized stripping, and said Florence site operating costs were US$24 million with US$26 million of wellfield development costs. He added that management is beginning to review debt repayment strategies as copper prices remain strong and Florence production grows.

Analysts focused on Gibraltar’s second-half production cadence, asking whether grades and throughput would decline as mining moves into more difficult ore. Management said lower grades and recoveries are likely later in the year, especially in the fourth quarter, but they expect stronger cathode production in the second half as the SXEW plant benefits from the second leach pad and earlier electrical issues are behind them. Questions also centered on Florence sulfuric acid costs and wellfield development spend; management said spot prices are not very informative because most volume trades under long-term contracts, that acid cost will likely escalate next year, and that Q2 wellfield spending was elevated because drilling had started slowly earlier in the year and should be a bit lower in the second half.