Trekor Rides Copper Wave to Record Profits as New Green Mine Ramps Up

VANCOUVER, BC – August 05, 2026 – Trekor Metals Limited today announced some of its best financial results on record, posting an impressive $125 million in Adjusted EBITDA for the second quarter. The performance underscores how adeptly the company is capitalizing on a supercharged copper market, powered by the dual engines of strong production at its established Gibraltar mine and the successful ramp-up of its new, innovative Florence Copper project in Arizona.

Consolidated production surged 80% over the same period last year, a clear signal that Trekor's strategic investments are paying off at a moment of unprecedented opportunity for the critical metal. Revenues hit $331 million as the company sold nearly 38 million pounds of copper into a market hungry for supply.

“Record copper prices and strong production at Gibraltar led to some of the best results we have ever recorded,” commented Stuart McDonald, President & CEO of Trekor. “Operating cash flow of $183 million underscores Trekor's significant leverage to copper price with additional upside as Florence Copper progresses through its ramp-up.”

A Market Supercharged by Megatrends

Trekor’s results are not happening in a vacuum. They are a direct reflection of a global copper market experiencing what many analysts are calling a structural supercycle. With prices recently soaring past $14,000 per metric tonne, the metal is at the heart of two of the world's most significant technological shifts: the green energy transition and the explosive growth of artificial intelligence.

Demand from renewable energy infrastructure and electric vehicles continues to build, but the new accelerant is the voracious appetite of AI data centers. Each new hyperscale facility requires hundreds of tonnes of copper for power distribution and cooling. This new demand driver has led some market analysts to forecast that copper prices could push towards $20,000 per tonne in the coming years simply to incentivize the massive investment needed to bring new mines online.

This demand surge is colliding with a fragile supply chain. Years of underinvestment, declining ore grades at existing mines, and recent production disruptions in major producing nations like Chile have created what S&P Global predicts could be a substantial, long-term supply deficit. For established producers with growing output like Trekor, this market dynamic provides a powerful tailwind.

Florence Copper: A Blueprint for 21st Century Mining?

While the Gibraltar mine in British Columbia remains the company’s workhorse, producing 30.3 million pounds of copper in the quarter, the most significant long-term story may be unfolding in Arizona. The Florence Copper project, which just completed its first full quarter of operations, is a pioneering in-situ copper recovery (ISCR) operation. This isn't your grandfather's open-pit mine.

Instead of moving mountains of rock, the ISCR process involves injecting a weak acidic solution deep underground to dissolve copper directly from the ore body. The copper-rich solution is then pumped to the surface for processing into LME Grade A copper cathode. The environmental footprint is drastically smaller, with no massive pit, waste rock piles, or tailings dams. Trekor projects it will be among the lowest greenhouse gas intensity copper producers in North America.

In its first full quarter, Florence produced 5.2 million pounds of copper, with the company reporting a smooth ramp-up. Five drill rigs are currently operating on site to expand the wellfield, which will steadily increase production. “Florence Copper delivered its first quarter of production and we are encouraged by the early results from the ramp-up process,” McDonald noted.

This move toward less disruptive mining methods is more than just good PR; it's a strategic imperative. As manufacturers and consumers demand more transparency and environmental accountability in their supply chains, projects like Florence offer a tangible solution, providing responsibly sourced copper essential for North American industry.

Strategic Shifts to Capture the Opportunity

Beyond its operational execution, Trekor is making shrewd financial moves to maximize its exposure to the strong market. The company announced that its copper collar contracts, which capped its realized price at US$5.40 per pound, matured in June. This is a critical development, as it unshackles the company from a ceiling that was significantly below current market prices.

Going forward, Trekor has shifted its hedging strategy to primarily using put options, which protect against a price collapse but leave the upside completely open. This move signals a clear belief from management that copper's rally has legs and a determination to capture the full value of its production.

This strategic foresight extends to cost management. Despite facing inflationary pressures from higher diesel and explosives costs—a challenge across the entire mining sector—Trekor managed to lower its total operating cost at Gibraltar to US$2.41 per pound. This was achieved not only through higher production volumes but also through a significant by-product credit from molybdenum, which offset costs by US$0.65 per pound of copper produced.

Building the Next Generation of Supply

With two producing assets firing on all cylinders, Trekor is also advancing a pipeline of projects aimed at securing its long-term growth. The most prominent is the Yellowhead copper project in British Columbia, a massive deposit with a projected 25-year mine life capable of producing an average of 178 million pounds of copper annually.

Last week, the project achieved a major milestone, receiving a positive Readiness Decision from the BC Environmental Assessment Office, which formally moves it into the next phase of the permitting process. “Yellowhead permitting activities continue to advance steadily,” McDonald stated, highlighting the project's progress.

This focus on development is complemented by a modern approach to community and Indigenous relations, exemplified by the company's historic Teẑtan Biny Agreement for the New Prosperity project. This agreement, which gives the Tŝilhqot’in Nation a consent-based role in any future development, represents a new paradigm for resource projects in Canada, one that may prove essential for securing the social license needed to build the mines of the future.