Trekor Metals (TKO) Lytham Partners Fall 2026 Investor Conference summary

Positioning and copper outlook

• North American-focused copper producer with Gibraltar in British Columbia and Florence Copper in Arizona; Florence ramp-up underway, with full capacity targeted for 2027.

• Growth pipeline includes Yellowhead Copper, New Prosperity and Aley; Yellowhead is in environmental assessment, while Aley technical work continues.

• Copper demand supported by urban growth, electrification, data centers and AI; new large-scale mines take ~20 years to develop, while mine outages have constrained supply.

• Copper price cited at CAD 6.60, near all-time-high levels; strong demand and supply constraints underpin a bullish long-term outlook.

Q2 performance

• Q2 revenue was CAD 330 million, adjusted EBITDA CAD 125 million and cash flow CAD 180 million, supported by copper prices and Florence production.

• Q2 copper production was 35 million pounds and sales were 38 million pounds; production is expected to rise as Florence ramps up.

Gibraltar

• Remaining mine life is 19 years, with average annual production of 125 million-130 million pounds; current cash costs are CAD 2.50-CAD 2.60 per pound, pressured by diesel prices.

• Milling capacity expanded from ~30,000 tons per day to 85,000 tons per day; steady-state operation at higher capacity began in 2015.

• FY production guidance is 110 million-115 million pounds; H1 production was 60 million pounds, in line with guidance progress.

• At CAD 6.50 copper and CAD 2.60 per-pound cash costs, operating margin was estimated at ~CAD 700 million; annual sustaining capital is estimated at CAD 100 million-CAD 150 million.