Trekor Metals (TKO) investor relations material

Executive summary

• Achieved record second quarter Adjusted EBITDA of $125 million and net income of $22 million ($0.06/share), with Adjusted net income of $40 million ($0.11/share), driven by strong copper prices and production growth at Gibraltar and Florence Copper.

• Revenues reached $331 million from sales of 37.5 million pounds of copper and 575 thousand pounds of molybdenum.

• Operating cash flow was $183 million, reflecting leverage to copper prices and operational improvements.

• Florence Copper delivered its first full quarter of production, producing 5.2 million pounds of cathode and supporting an 80% year-over-year increase in consolidated copper output.

• Gibraltar maintained consistent production, delivering 30.3 million pounds of copper for the quarter and remains on track for annual guidance.

Financial highlights

• Adjusted EBITDA was $125 million; cash flow from operations totaled $183 million; revenues reached $331 million.

• Net income was $22 million ($0.06/share); Adjusted net income was $40 million ($0.11/share).

• Realized derivative loss of $24.2 million from copper collar contracts maturing in Q2.

• Cash balance at June 30, 2026: $186 million; total available liquidity: $342 million.

• Gibraltar copper sales: 32.2 million pounds at an average realized price of $6.10/lb.

Outlook and guidance

• Production guidance for 2026: Gibraltar 110–115 million pounds, Florence Copper 30–35 million pounds.

• Florence Copper ramp-up progressing on plan, with additional wells to be added throughout the year to support production growth.

• Gibraltar expects continued strong molybdenum by-product credits and stable operating performance, though lower grades and recoveries are expected in Q4 due to transitional ore.

• Florence's C1 costs are expected to decline as production ramps up and fixed costs are spread over higher output.

• Copper collar contracts for Q3 have higher ceilings ($7.50–$8.50/lb); Q4 will use put options with no ceiling.