Highlights

• Record adjusted EBITDA of about C$164 million in the third quarter of 2026, more than double the prior-year quarter

• Gibraltar 2026 copper guidance raised to 115 to 120 million pounds; Florence Copper production up about 35% from the second quarter

• Revolving Credit Facility extended to October 2029 and increased to USD 130 million; cash of USD 214 million and Liquidity of about USD 400 million

Trekor Metals Limited (TSX:TKO) reported record third quarter adjusted EBITDA in results released after the market close on Wednesday, November fourth, following a production update issued earlier in October. The Vancouver-based copper producer, which operates the Gibraltar mine in British Columbia and the Florence Copper project in Arizona, also raised its Gibraltar production guidance and secured a larger, longer revolving credit facility.

Two copper operations on two sides of the border

Trekor's profile rests on two assets. Gibraltar, located in the interior of British Columbia, is a long-established open pit copper mine that also produces molybdenum as a by-product. Florence Copper, in central Arizona, is a newer in-situ recovery operation that extracts copper through wells rather than conventional Mining and produces cathode. The company also advances the Yellowhead copper project in British Columbia, which sits in the development stage.

The company's shares are listed in Toronto, on the NYSE American and in London, which reflects an investor base that spans several markets. For Canadian readers, the combination gives exposure to copper production in a domestic Jurisdiction alongside a United States project that has only recently moved into commercial output.

A record quarter in financial terms

Adjusted EBITDA for the quarter was about one hundred and sixty-four million Canadian dollars, a record and more than double the prior-year figure. Over the most recent four quarters the measure has approached five hundred million dollars. Revenue of roughly three hundred and forty-two million dollars was about double the level of a year earlier, supported by higher copper sales volumes, a realized copper price of about six dollars and forty cents per pound and stronger molybdenum pricing.

Cash flow from operations of roughly one hundred and twenty-two million dollars was lower than the Earnings figure would suggest. Management attributed the gap to higher finished inventory at Gibraltar, payments that reduced Accounts Payable and the Reversal of some deferred revenue from the second quarter, all of which are Working Capital effects that can reverse over time.

Gibraltar: best quarter of the year, with a softer finish ahead

Gibraltar produced roughly thirty-four million pounds of copper in the third quarter, twelve percent more than the second quarter and the best result of the year. Head grade averaged just under three-tenths of one percent and recovery was about seventy-seven percent. Molybdenum sales added a by-product credit that partly offset unit costs.

Operating costs rose to roughly two dollars and seventy cents per pound, with diesel adding around twenty cents per pound compared with a year earlier and explosives costs also higher. Full-year guidance for the mine was raised to a range of one hundred and fifteen to one hundred and twenty million pounds, up from one hundred and ten to one hundred and fifteen million. Management cautioned that the fourth quarter will step down because mining is moving to oxidized and supergene ore benches with lower grades and recoveries, and that capital spending will increase next year for tailings storage and water management.

Florence Copper: ramping with more wells

Florence is the project most closely watched for operational momentum. Production in the third quarter was about seven million pounds of cathode, up roughly thirty-five percent from the second quarter, while unit operating costs fell by about a quarter to roughly three dollars and fifty cents per pound. Twenty new wells came online in August, lifting solution flow rates by about forty percent, and the company plans to complete one hundred wells this year at a wellfield spending rate of about twenty-five million dollars per quarter.

Guidance for the year remains twenty-five to twenty-eight million pounds, and the company is targeting about seven million pounds per month in early next year. The production update in October noted that wellfield expansion is running roughly three months behind the original plan. Sulfuric acid is the principal consumable in this type of operation, and management expects acid costs to rise in two thousand twenty-seven, with pricing still under negotiation.

Financing, liquidity and growth spending

On October thirtieth the revolving credit facility was extended to October two thousand twenty-nine and increased from one hundred and ten million to one hundred and thirty million American dollars, with an uncommitted accordion of fifty million. Cash was reported at about two hundred and fourteen million American dollars and total liquidity at about four hundred million. Net Debt relative to trailing twelve-month EBITDA fell to roughly one times, and management reiterated that deleveraging remains a priority.

Readers following Metal & Mining Stocks will note that Yellowhead spending is climbing. Development expenditures through the first three quarters were about nineteen million dollars, roughly double all of last year, and are expected to keep rising into next year as the project advances through study and permitting stages.

Risks and what to watch

Operating risks are concentrated in grade and recovery at Gibraltar during the fourth quarter, the pace of wellfield construction at Florence and the cost of consumables such as diesel and sulfuric acid. A drop in copper prices would reduce margins quickly, given cost Inflation noted in the results. Foreign exchange adds another layer, as revenue is linked to American dollar pricing while a share of costs and the reporting currency are Canadian.

Higher capital spending at Gibraltar for tailings and water, the continuing Florence wellfield program and growing Yellowhead development outlays will compete with debt reduction for cash. The extended credit facility provides flexibility, but the balance among these priorities will be visible in coming quarterly reports.

Why in-situ recovery matters to the story

The Florence design differs from a conventional open pit in ways that affect how results are read. Rather than moving large volumes of rock through a mill, the operation circulates solution through wells drilled into the orebody and recovers dissolved copper at surface. Output therefore depends on the number of wells, solution flow rates and the chemistry of the underground system, which explains why management frames progress in terms of wells completed and flow improvements rather than tonnes milled. The company has described the lift in solution flow after the August well additions as a sign that the wellfield is responding as intended, though the timeline to full capacity has slipped modestly from the original plan.

Index context and calendar

On the Toronto exchange, Trekor trades among copper producers within the materials sector, which carries a heavy weight in the [S&P/TSX Composite Index]. Broader sentiment toward the sector depends on copper Demand linked to electrification and data infrastructure, the Canadian dollar and the Bank of Canada policy path. Future milestones include fourth quarter production figures, the progress of the Florence wellfield toward its early-year target and any further disclosure on Yellowhead.