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

Strategic focus and market positioning

• Operations are concentrated in North America, with two producing copper mines: Gibraltar in British Columbia and Florence in Arizona, emphasizing political stability and supply security.

• Florence Copper Mine began production in February 2026, with ramp-up to full capacity targeted for 2027; Gibraltar continues steady output with a 19-year mine life remaining.

• The company maintains a strong balance sheet and prudent financial management, reinvesting cash flows into expansion and new projects.

• Copper is the core focus due to its critical role in electrification, data centers, and urban growth, with bullish long-term demand outlook.

• Industry-wide supply constraints and underperformance at major mines are supporting high copper prices near all-time highs.

Operational and financial performance

• Q2 2026 saw record results: CAD 330 million in revenue, CAD 125 million in Adjusted EBITDA, and CAD 180 million in cash flow, driven by strong copper prices and Florence's initial output.

• Gibraltar produced 60 million pounds of copper in H1 2026, on track for annual guidance of 110–115 million pounds, with cash costs currently at CAD 2.50–2.60 per pound due to high diesel prices.

• Florence is expected to reach 80–85 million pounds annual production by 2027, with industry-low cash costs of about CAD 1.10 per pound using in-situ recovery mining.

• Florence's economics are robust, with NPV ranging from nearly $1 billion at $3.75 copper to over $2 billion at $6 copper, and it will be the third largest copper cathode producer in the U.S.

• Florence's copper cathode is a finished product, commanding a premium in the U.S. market due to its purity and domestic production.

Growth projects and future outlook

• Yellowhead project in BC is in environmental assessment, with 3–4 years of permitting ahead; projected to produce 180 million pounds of copper annually over 25 years, with NPV up to CAD 3.6 billion at $5.25 copper.

• New Prosperity, a major undeveloped gold-copper project, recently reached a significant agreement with local indigenous groups and the province, potentially unlocking future development.

• Aley niobium project, one of the largest outside South America, is undergoing technical and marketing work, with value realization dependent on finding a strategic partner.

• Ongoing expansion at Florence includes drilling 100 new wells annually to support production ramp-up and long-term output.

• The company is positioned to unlock further value from its asset base as permitting and development progress on long-term projects.