Trekor Metals (TKO) Q3 2026 earnings summary

Executive summary

• Strong copper prices and higher Gibraltar output drove quarterly record net income and Adjusted EBITDA; Florence continued ramping up.

• Gibraltar’s nine-month production supported higher 2026 guidance, with Florence targeting capacity run rates in early 2027.

Financial highlights

• Q3 revenue was $342.2 million versus $173.9 million a year earlier; nine-month revenue was $909.9 million versus $429.1 million.

• Q3 net income was $33.6 million versus a $27.8 million loss; nine-month net income was $72.7 million versus a $34.5 million loss.

• Q3 Adjusted EBITDA was $164.2 million versus $62.1 million; nine-month Adjusted EBITDA was $382.3 million versus $114.0 million.

• Q3 operating cash flow was $122.1 million versus $36.5 million; nine-month operating cash flow was $399.4 million versus $118.3 million.

Outlook and guidance

• 2026 Gibraltar copper production guidance increased to 115–120 million lb from 110–115 million lb; production through Q3 was 94.1 million lb.

• Florence 2026 production is expected at 25–28 million lb, with a 7 million lb/month capacity run rate targeted in early 2027.

• Gibraltar expects lower grades and recoveries as mining returns to upper Connector Pit benches; the second heap-leach pad is expected to support higher solution flows and grades.

• Florence wellfield expansion was ~3 months behind plan; six drill rigs were operating, with 100 wells planned for completion in 2026.

• Higher 2027 sulfuric acid prices are expected amid supply disruptions; 2027 supply negotiations were underway.