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Trekor Metals
(TSX:TKO)
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Rating:63Neutral
Price Target:
C$12.50
▼(-2.50% Downside)
Action:Reiterated
Date:08/10/26
The score is driven primarily by improving financial performance—especially the rebound in operating and free cash flow—supported by constructive technical momentum. This is tempered by extreme valuation (very high P/E) and remaining execution/cost and profitability-consistency risks highlighted on the earnings call (hedging loss, elevated spend, and second-half operational headwinds).
Positive Factors
Improving cash generation & margins
Taseko's TTM operating cash flow (~$379.8M) and free cash flow (~$169.3M), alongside healthy gross (~36.8%) and EBIT (~14.8%) margins, indicate improving core profitability. Durable cash generation supports sustained capex, deleveraging and funding of development projects, enhancing financial resilience over the medium term.
Negative Factors
Meaningful leverage remains
Although leverage has improved, total debt around $756.9M versus equity ~$856.2M (D/E ~0.88) keeps balance sheet sensitivity elevated. This constrains financial flexibility, increases interest and refinancing exposure, and requires sustained cash flow to materially de-risk credit and fund growth without equity dilution.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving cash generation & margins
Taseko's TTM operating cash flow (~$379.8M) and free cash flow (~$169.3M), alongside healthy gross (~36.8%) and EBIT (~14.8%) margins, indicate improving core profitability. Durable cash generation supports sustained capex, deleveraging and funding of development projects, enhancing financial resilience over the medium term.
Read all positive factors
Trekor Metals (TKO) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$4.28B
Dividend YieldN/A
Average Volume (3M)1.20M
Price to Earnings (P/E)1016.2
Beta (1Y)2.65
Revenue Growth68.28%
EPS GrowthN/A
CountryCA
Employees191
SectorBasic Materials
Sector Strength58
IndustryCopper
Share Statistics
EPS (TTM)0.03
Shares Outstanding366,023,320
10 Day Avg. Volume1,139,479
30 Day Avg. Volume1,197,529
Financial Highlights & Ratios
PEG Ratio-0.80
Price to Book (P/B)3.23
Price to Sales (P/S)3.73
P/FCF Ratio-8.91
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$14.17Price Target Upside10.50% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)0.54
Revenue Forecast (FY)C$1.24B
Trekor Metals Business Overview & Revenue Model
Company Description
Taseko Mines Limited is an enterprise specializing in the mining sector, involved in the procurement, advancement, and operation of various mineral properties. The company's efforts are directed towards uncovering deposits of copper, molybdenum, g...
How the Company Makes Money
Taseko makes money primarily by producing and selling copper from its operating mine(s), with revenue recognized from the sale of copper (typically copper concentrate) to customers under offtake/sales contracts. A meaningful secondary revenue stre...
Trekor Metals Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 04, 2026
Earnings Call Sentiment Positive
The call presented a strong operational and financial quarter with record revenue, robust cash flow and EBITDA, steady Gibraltar production, and tangible ramp-up progress at Florence. Offsetting these positives were notable near-term costs and development spending (Florence wellfield, elevated sustaining capex at Gibraltar), a $24 million hedging loss, and upcoming ore/recovery challenges in the back half of the year. Management highlighted improving liquidity and a path to delever, maintained downside price protection, and reported several contractual and byproduct benefits that support margins going forward.Positive Updates
Record Quarterly Revenue
Total sales of 37 million pounds of copper generated revenue of $331 million in Q2, the highest ever for Taseko.
Negative Updates
Hedging Loss Impact
Realized loss on hedging derivative positions of $24 million in the quarter (from prior $5.40 copper calls), which reduced realized gains from elevated copper prices.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Quarterly Revenue
Total sales of 37 million pounds of copper generated revenue of $331 million in Q2, the highest ever for Taseko.
Read all positive updates
Company Guidance
Management reiterated Florence ramp-up targets and cost notes: still targeting 30–35 million lbs of cathode in 2026 with a year‑end plant run‑rate target of ~7 million lbs/month, reported Q2 C1 of US$4.72/lb (not indicative of steady state), US$24M site operating costs and US$26M of well‑field development in Q2, a fixed sulfuric acid contract at US$270/ton for 2026 and expectations of some 2027 escalation; Gibraltar guidance remains 110–115 million lbs annually after a Q2 build of 30 million lbs, Q2 total site costs of $146M, a 3.3:1 strip ratio, H1 sustaining capex of ~$48M, strong moly support (moly sales ~$26M, moly price ~$33/lb) and an average TCE next year around negative US$140/ton; financially the quarter delivered sales of ~37M lbs generating $331M revenue, cash flow from operations of $183M, adjusted EBITDA of $125M, net income of $22M ($0.06/sh) and adjusted net income $40M ($0.11/sh), liquidity of $342M (cash $186M), realized Q2 hedging loss of $24M (prior $5.40 calls) and near‑term downside protection via Q3 collars (ceilings $7.50/$8.50 with $4.75 downside) plus Q4 puts at $4.75 as the company begins to prioritize deleveraging.Trekor Metals Financial Statement Overview
Summary
Income Statement
63
Positive
Balance Sheet
58
Neutral
Cash Flow
71
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 982.55M | 673.17M | 608.09M | 524.97M | 391.61M | 433.28M |
| Gross Profit | 329.88M | 141.44M | 117.16M | 207.35M | 54.23M | 163.81M |
| EBITDA | 335.07M | 213.85M | 170.94M | 233.23M | 71.62M | 176.63M |
| Net Income | 15.68M | -30.08M | -13.44M | 82.73M | -25.97M | 36.47M |
Balance Sheet | ||||||
| Total Assets | 2.67B | 2.47B | 2.20B | 1.57B | 1.28B | 1.18B |
| Cash, Cash Equivalents and Short-Term Investments | 187.32M | 190.37M | 173.63M | 97.81M | 123.43M | 239.88M |
| Total Debt | 756.92M | 739.29M | 790.57M | 637.89M | 586.57M | 533.10M |
| Total Liabilities | 1.82B | 1.69B | 1.69B | 1.13B | 922.27M | 824.68M |
| Stockholders Equity | 856.18M | 778.66M | 503.22M | 434.15M | 356.41M | 358.52M |
Cash Flow | ||||||
| Free Cash Flow | 169.31M | -282.15M | 149.48M | 33.16M | 1.59M | 87.04M |
| Operating Cash Flow | 379.79M | 146.12M | 232.62M | 151.09M | 81.27M | 174.77M |
| Investing Cash Flow | -454.09M | -425.84M | -317.89M | -167.60M | -166.41M | -147.71M |
| Financing Cash Flow | 137.69M | 297.94M | 157.16M | -7.05M | -35.24M | 125.79M |
Trekor Metals Technical Analysis
Neutral
12.82
Price Trends
10.93
Positive
10.45
Positive
9.79
Positive
Market Momentum
0.28
Positive
49.10
Neutral
8.22
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:TKO, the sentiment is Neutral. The current price of 12.82 is above the 20-day moving average (MA) of 12.22, above the 50-day MA of 10.93, and above the 200-day MA of 9.79, indicating a neutral trend. The MACD of 0.28 indicates Positive momentum. The RSI at 49.10 is Neutral, neither overbought nor oversold. The STOCH value of 8.22 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:TKO.
Trekor Metals Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
83 Outperform | C$1.30B | 16.63 | 50.54% | 8.20% | 42.95% | 262.16% | |
83 Outperform | C$1.66B | 15.00 | 10.49% | ― | 4.77% | -43.42% | |
78 Outperform | C$5.03B | 11.70 | 30.09% | ― | 93.28% | 113.62% | |
63 Neutral | C$4.28B | 1,016.23 | 1.33% | ― | 68.28% | ― | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
49 Neutral | C$1.08B | -21.96 | -14.45% | ― | ― | -67.26% |
* Basic Materials Sector Average
TSE:TKO
Trekor Metals
11.69
6.91
144.56%
TSE:ARG
Amerigo Resources
8.05
5.97
287.02%
TSE:MARI
Marimaca Copper
8.02
-1.47
-15.49%
TSE:III
Imperial Metals
9.31
4.14
80.08%
TSE:ERO
Ero Copper
48.24
27.08
127.98%
Trekor Metals Corporate Events
Business Operations and StrategyFinancial Disclosures
Trekor Metals Delivers Strong Q2 on Copper Price Tailwinds and Florence Ramp-Up
Positive
Aug 5, 2026
Trekor reported second-quarter 2026 revenues of $331 million, driven by consolidated sales of 37.5 million pounds of copper and 575 thousand pounds of molybdenum, resulting in Adjusted EBITDA of $125 million and Adjusted net income of $40 million....
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.