Trekor reports record third-quarter adjusted EBITDA as copper output rises

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Trekor reports record Q3 EBITDA

Highlights

Trekor reports record third-quarter 2026 adjusted EBITDA of $164 million and net income of $34 million, driven by 37.4 million pounds copper sales.
Gibraltar copper production rises 12% quarter-over-quarter to 34 million pounds, prompting Trekor to raise 2026 full-year guidance to 115–120 million pounds.
Florence Copper output increases 35% to seven million pounds in Q3 as new wells lift solution flow rates 40%, with 2026 site production forecast at 25–28 million pounds.

Third-quarter earnings and production update

As reported by London Stock Exchange, citing Globe Newswire, Trekor Metals Limited says third-quarter 2026 adjusted EBITDA reaches $164 million, while cash flow from operations totals $122 million on revenue of $342 million. Net income stands at $34 million, or $0.09 per share, and adjusted net income is $55 million, or $0.15 per share, supported by consolidated sales of 37.4 million pounds of copper and 358 thousand pounds of molybdenum.

President and CEO Stuart McDonald says another solid production quarter at Gibraltar and continued strength in copper prices drive the company's financial performance. He adds that both net income and adjusted EBITDA in the third quarter surpass any previous quarter in Trekor's history.

At Gibraltar, copper production reaches 34 million pounds in the quarter, up 12% from the prior quarter, helped by higher copper grades and mill throughput. Copper sales from the site total 30.5 million pounds, trailing production because of shipment timing, while recoveries are affected by more challenging ore as mining operations begin transitioning out of the bottom of the Connector Pit.

Through the first three quarters, Gibraltar produces 94 million pounds of copper, leading Trekor to increase its full-year guidance to 115 million to 120 million pounds from 110 million to 115 million pounds. McDonald also says the company continues to face inflationary pressure on diesel and explosives, which lift unit costs by about U.S.$0.30 per pound from a year earlier, although stronger molybdenum by-product credits and favorable treatment and refining terms offset part of that impact.

Florence ramp-up and market implications

Florence produces seven million pounds of copper in the third quarter, a 35% increase from the previous period, as the ramp-up continues with steady monthly gains. In August, the site brings 20 new wells online, lifting solution flows to the plant and pushing flow rates 40% above second-quarter levels.

Average pregnant leach solution grades decline slightly during the quarter, which the company says is expected until newly developed sections of the wellfield are fully acidified and begin yielding more copper in solution. Trekor says its immediate focus remains on expanding the wellfield and adding new wells each month.

Total production at Florence Copper in 2026 is expected to reach 25 million to 28 million pounds. Trekor says rising flow rates and stable pregnant leach solution grades are expected to lift output to capacity run rates in early 2027, reinforcing its exposure to the copper market as supply growth remains a key industry focus.

Hainan Rubber’s proposed subordinated perpetual sustainable securities were the focus of our earlier coverage, detailing how the company aimed to refinance offshore debt through notes issued by its majority-owned unit Halcyon Agri and guaranteed on a subordinated basis. We also highlighted the key instrument features (subordination and coupon deferral) alongside the group’s leverage and liquidity profile, framing what the structure could mean for funding flexibility and credit risk in a commodity-exposed business.

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