Trekor Announces 36 Million Pounds of Copper Production from Gibraltar and Florence Copper in the Second Quarter
Trekor Announces 36 Million Pounds of Copper Production from Gibraltar and
Florence Copper in the Second Quarter
VANCOUVER, British Columbia, July 14, 2026 -- Trekor Metals Limited (TSX: TKO; NYSE American: TGB; LSE: TKO)
(“Trekor” or the "Company") is pleased to announce second quarter production results for its 100%-owned Gibraltar mine and
Florence Copper production facility.
Gibraltar produced 30.3 million pounds of copper and 559 thousand pounds of molybdenum in the second quarter. Mining
activities were focussed in the lower benches of the Connector Pit, which delivered ore grades in line with the life of mine
average. Mill throughput and recoveries were also consistent with the previous two quarters. Copper sales from Gibraltar
totalled 32.2 million pounds in the period.
At Florence Copper, the production ramp-up has advanced smoothly in recent months. A total of 5.2 million pounds of copper
cathode was produced in the second quarter, in line with management expectations, as consistent copper production was
achieved from the initial wells. With the wellfield and SX/EW plant operating steady-state, the first new production wells were
integrated into the system in early June, resulting in higher pregnant leach solution (“PLS”) grades and increased copper
production for the month.
Sales for the quarter were 5.3 million pounds of copper. Cathode quality has met all customer specifications and trucking
logistics have been running smoothly to-date.
Annual copper production guidance for 2026 remains unchanged for Gibraltar (110 to 115 million pounds) and Florence Copper
(30 to 35 million pounds).
Stuart McDonald, President & CEO of Trekor, commented, “We are pleased with production performance at both our
producing assets this quarter. At Gibraltar, production has remained consistent for the past three quarters as mining
operations are well established in the Connector Pit. Operating costs continue to be impacted by higher diesel and explosive
costs.”
“The Florence ramp-up is advancing on plan, and the team has made excellent progress stabilizing all key circuits. At the end
of the quarter, there were 110 production wells operating and feeding the SX/EW plant with flow rates of approximately 3,400
gallons per minute and PLS grades of 1.8 grams per liter. The site operating team continues to refine and optimize wellfield
operations to maximize copper production from the existing wells. Wellfield expansion is also a key focus for the ongoing
ramp-up, and we’re on track to bring an additional 26 wells online in August with regular monthly additions of new wells for the
remainder of the year,” concluded Mr. McDonald.
For further information on Trekor, see the Company’s website at trekormetals.com or contact:
• Investor Enquiries: Brian Bergot, Vice President, Investor Relations - 778-373-4533 or toll-free 1-877-441-4533
Stuart McDonald
President and CEO
No regulatory authority has approved or disapproved of the information contained in this news release
Caution Regarding Forward-Looking Information
This document contains “forward-looking statements” that were based on Trekor’s expectations, estimates and projections as
of the dates as of which those statements were made. Generally, these forward-looking statements can be identified by the
use of forward-looking terminology such as “outlook”, “anticipate”, “project”, “target”, “believe”, “estimate”, “expect”, “intend”,
“should” and similar expressions.
Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the
Company’s actual results, level of activity, performance or achievements to be materially different from those expressed or
implied by such forward-looking statements. These included but are not limited to:
• uncertainties about the future market price of copper and the other metals that we produce or may seek to produce;
• changes in general economic conditions, the financial markets and in the market price for our input costs including due
to inflationary impacts, such as diesel fuel, acid, steel, concrete, electricity and other forms of energy, mining
equipment, and fluctuations in exchange rates, particularly with respect to the value of the U.S. dollar and Canadian
dollar, and the continued availability of capital and financing;
• inherent risks associated with mining operations, including our current mining operations at Gibraltar and Florence
Copper, and their potential impact on our ability to achieve our production estimates;
• our high level of indebtedness and its potential impact on our financial condition and the requirement to generate cash
flow to service our indebtedness and refinance such indebtedness from time to time;
• any increases in interest rates may increase our borrowing costs and impact the profitability of our operations;
• the amounts we are required to pay for our acquisition of Cariboo will increase with higher copper prices;
• the risk of inadequate insurance or inability to obtain insurance to cover our business risks;
• uncertainties related to the accuracy of our estimates of Mineral Reserves (as defined below), Mineral Resources (as
defined below), production rates and timing of production, future production and future cash and total costs of
production and milling;
• the risk that we may not be able to expand or replace Mineral Reserves as our existing Mineral Reserves are mined;
• the risk that the ramp-up of the Florence Copper commercial production facility does not proceed within projected
timelines or cost estimates, or that initial operations do not achieve results consistent with the projections in the
Florence Copper Technical Report, including with respect to operating costs, revenue, sustaining capital, rates of return
and cash flows from operations;
• our ability to comply with all conditions imposed under the APP and UIC permits for the operation of Florence Copper;
• the availability of, and uncertainties relating to, any additional financing necessary for the continued ramp-up and
commercial operation of Florence Copper, including with respect to our ability to obtain any additional financing, if
needed, to continue and expand commercial operations at Florence Copper;
• shortages of water supply, critical spare parts, acid, diesel, maintenance service and new equipment and machinery or
our ability to manage surplus water on our mine sites may materially and adversely affect our operations and
development projects;
• our ability to comply with the extensive governmental regulation to which our business is subject;
• uncertainties related to our ability to obtain necessary title, licenses and permits for our development projects and
project delays due to third party opposition;
• uncertainties related to Indigenous people’s claims and rights, and legislation and government policies regarding the
same;
• our reliance on the availability of infrastructure necessary for development and on operations, including on rail
transportation and port terminals for shipping of our copper concentrate production from Gibraltar, and rail transportation
and power for the feasibility of our other British Columbia development projects;
• uncertainties related to unexpected judicial or regulatory proceedings;
• changes in, and the effects of, the laws, regulations and government policies affecting our exploration and development
activities and mining operations;
• potential changes to the mineral tenure system in British Columbia, which is undergoing reform including for
compliance with the British Columbia Declaration on the Rights of Indigenous Peoples Act (“DRIPA”);
• our dependence solely on our 100% interest in Gibraltar and in due course, Florence Copper for our revenues and our
operating cash flows;
• our ability to extend existing concentrate off-take agreements and cathode purchase agreements or enter into new
agreements;
• environmental issues and liabilities associated with mining including processing and stockpiling ore;
• labour strikes, work stoppages, or other interruptions to, or difficulties in, the employment of labour in markets in which
we operate mines, industrial accidents, equipment failure or other events or occurrences, including third party
interference that interrupt the production of minerals in our mines;
• environmental hazards and risks associated with climate change, including the potential for damage to infrastructure
and stoppages of operations due to extreme cold, extreme heat, forest fires, flooding, drought, earthquakes or other
natural events in the vicinity of our operations;
• litigation risks and the inherent uncertainty of litigation;
• our actual costs of reclamation and mine closure may exceed our current estimates of these liabilities;
• our ability to renegotiate our existing union agreement for Gibraltar when it expires in May 2027;
• the capital intensive nature of our business both to sustain current mining operations and to develop any new projects;
• our ability to develop new mining projects in British Columbia may be impacted by joint decision-making and consent
agreements being implemented by the Government of British Columbia with First Nations under DRIPA;
• The ability to develop the New Prosperity Project is subject to the restrictions set out in our June 2025 Tripartite
Agreement with the Province of British Columbia and the Tŝilhqot’in Nation (the “Teẑtan Biny Agreement”), under which
the New Prosperity Project is subject to a land use planning process with the Province of British Columbia and we are
not permitted to be the proponent of any development of the New Prosperity Project;
• our reliance upon key personnel;
• the competitive environment in which we operate;
• the effects of forward selling instruments to protect against fluctuations in copper prices and other input costs including
diesel and acid;
• the risk of changes in accounting policies and methods we use to report our financial condition, including uncertainties
associated with critical accounting assumptions and estimates;
• uncertainties relating to the war in Ukraine, the escalating military conflict involving Iran and broader Middle East
instability, and other future geopolitical events including social unrest, which could disrupt financial markets, commodity
markets, supply chains, the price and availability of energy, availability of materials and equipment and execution
timelines for any project development;
• uncertainties relating to the delivery of oil through the Strait of Hormuz resulting from Middle East instability, which
could have an adverse effect on global economic activity and potentially increase operating costs generally and reduce
global demand for copper, and have a material adverse effect on our business, operations, and the feasibility of our
development projects;
• changes to U.S. trade policies and tariff measures, including retaliatory tariffs imposed or threatened by Canada and
other trading partners, may adversely impact overall economic conditions, copper markets, supply chains, metal prices
and input costs; and
Copper Cathode at Florence Copper
Copper Cathode at Florence Copper
• other risks detailed from time-to-time in our annual information forms, annual reports, MD&A, quarterly reports and
material change reports filed with and furnished to securities regulators, and those risks which are discussed under the
heading “Risk Factors”.
For further information on Trekor, investors should review the Company’s annual report on Form 40-F filed with the United
States Securities and Exchange Commission and available at www.sec.gov and home jurisdiction filings that are available at
www.sedarplus.ca.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/b4193c9f-a8a2-43cc-9861-2d394037ff21