$125 Million of Adjusted EBITDA in Second Quarter

VANCOUVER, British Columbia, Aug. 05, 2026 (GLOBE NEWSWIRE) -- Trekor Metals Limited (TSX: TKO; NYSE American: TGB; LSE: TKO) ("Trekor" or the "Company") reports second quarter 2026 Adjusted EBITDA* of $125 million. Earnings from mining operations before depletion and amortization and non-recurring items* was $154 million. Revenues in the second quarter were $331 million from consolidated sales of 37.5 million pounds of copper and 575 thousand pounds of molybdenum. Second quarter net income was $22 million ($0.06 per share) and Adjusted net income* was $40 million ($0.11 per share).

Stuart McDonald, President & CEO of Trekor, commented, “Record copper prices and strong production at Gibraltar led to some of the best results we have ever recorded. Operating cash flow of $183 million underscores Trekor's significant leverage to copper price with additional upside as Florence Copper progresses through its ramp-up. We expect strong financial performance in the coming quarters with production growth at Florence Copper, and as our margins are no longer limited by the US$5.40 copper collars which matured in June.”

Gibraltar produced 30 million pounds of copper and copper sales volumes were 32 million pounds. Mining activities in the second quarter were focused in the lower benches of the Connector Pit, which delivered grades in line with the life of mine average. Copper cathode production was temporarily reduced during the quarter due to planned SX/EW plant downtime in April for the integration of a second leach pad, which will support higher cathode production going forward. Molybdenum revenue remains an important by-product to offset inflation of Gibraltar’s cost structure from higher diesel prices. A total of 559 thousand pounds of molybdenum were produced in the second quarter, and the realized price of nearly US$30 per pound resulted in a by-product credit of US$0.65 per pound of copper.

Florence Copper produced 5.2 million pounds of copper in the second quarter, the first full quarter of plant operations. Copper cathode production is primarily driven by two key operating metrics: solution flows (SX/EW feed) and pregnant leach solution ("PLS") grades. In the second quarter, flow rates averaged 3,200 gallons per minute, which was 16% higher than in the first quarter from the addition of 20 new production wells in June. PLS grades in the quarter averaged 1.6 grams per litre. Solution flows and PLS grades have stabilized at expected levels, and wellfield operating practices continue to be optimized to increase production from existing wells. Wellfield expansion remains a key focus for the site operating team, and new wells to be added in the second half of the year will increase the amount of copper flowing to the SX/EW plant.

Consolidated production in the second quarter reached 36 million pounds, an 80% increase over the same period in 2025. Growth came from improved production from Gibraltar as well as early stage ramp up production from Florence Copper.

“Strong operating performance in the quarter was underpinned by continued steady operations at Gibraltar and the new cathode production from Florence Copper. Florence Copper delivered its first quarter of production and we are encouraged by the early results from the ramp-up process. An additional 18 wells are being integrated into the wellfield this week, with more to be commissioned in coming weeks, providing a further boost to production later this quarter. With the five drill rigs we have operating today, we expect to achieve the required drilling to support the planned production ramp-up this year,” added Mr. McDonald.

*Non-GAAP performance measure. See