$125M of Adjusted EBITDA in Q2

August 5, 2026, Vancouver, BC - 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.

• McDonald concluded, "Yellowhead permitting activities continue to advance steadily. Last week, another notable milestone was achieved as the BC Environmental Assessment Office issued a positive Readiness Decision, which confirms the project is ready to move into process planning and the next phases of the Environmental Assessment."

Production guidance remains unchanged for Gibraltar (110 to 115 million pounds) and Florence Copper (30 to 35 million pounds).

Second Quarter Highlights

• Earnings from mining operations before depletion, amortization and non-recurring items* was $154.0 million, Adjusted EBITDA* was $125.1 million and cash flow from operations was $183.4 million;
• Net income was $22.2 million ($0.06 per share) and Adjusted net income* was $40.5 million ($0.11 per share);
• Gibraltar produced 30.3 million pounds of copper, including 0.6 million pounds of copper cathode, at a total operating cost (C1)* of US$2.41 per pound of copper produced. Copper head grades averaged 0.25% and recoveries averaged 82%;
• Gibraltar site costs remain at a higher level in the second quarter compared to 2025 as a result of higher diesel and explosive costs which could remain elevated in the coming quarters due to market factors;
• Gibraltar sold 32.2 million pounds of copper at an average realized copper price of US$6.10 per pound contributing to total revenues of $330.6 million for Trekor;
• Florence produced 5.2 million pounds of copper cathode in the second quarter. Drilling and expansion of the wellfield will continue in 2026 to support the ongoing ramp-up of copper production at Florence;
• In July 2026, the Company submitted a Detailed Project Description ("DPD") for the Yellowhead project to the BC Environmental Assessment Office ("BC EAO"). The DPD provides more information about the proposed Yellowhead project, incorporating additional technical work and community feedback received to date. On July 30, 2026, the BC EAO issued a Notice of Decision for Yellowhead to proceed to an environmental assessment;
• The Company had copper collar contracts that matured in the second quarter for 27 million pounds with a ceiling price of US$5.40 per pound, resulting in a realized derivative loss of $24.2 million. Going forward, the ceiling price for the third quarter is US$7.50 and US$8.50 per pound. The Company has reverted to using put options with no ceiling for the fourth quarter; and
• At June 30, 2026, the Company had a cash balance of $186 million and total available liquidity of $342 million including its undrawn corporate revolving credit facility.

*Non-GAAP performance measure. See