Trekor Metals Limited (TGB) Stock Price & How to Invest

Trekor Metals, which trades as TGB on NYSE American and as TKO in Toronto and London, is a copper producer with two operating assets it owns outright. Gibraltar, near Williams Lake in British Columbia, is one of the largest open-pit copper mines in Canada and produced about 30 million pounds of copper and roughly 0.6 million pounds of molybdenum in the second quarter of 2026, at a first-quarter total operating cost around US$2.63 per pound. Florence Copper in Pinal County, Arizona is the newer and more consequential asset: instead of digging and milling ore, it pumps a weak acid solution through a permeable oxide deposit and recovers copper from the returning solution through a solvent-extraction and electrowinning plant, producing LME grade A cathode on site. Florence poured its first commercial copper in early 2026, produced about 5.2 million pounds in the second quarter with roughly 110 wells running, and is guided at 30 to 35 million pounds for the full year against a design capacity near 85 million pounds. The company also holds the undeveloped Yellowhead, Aley and New Prosperity projects in British Columbia. The Taseko name was retired on 25 June 2026 after a shareholder vote, with the ticker unchanged.

The investment picture is a ramp-up story attached to a commodity price. Revenue was roughly $552 million on a trailing-twelve-month basis, but trailing net income was only about $11 million (around $0.03 per share) because depletion, interest on roughly $540 million of debt including the US$500 million 8.25% notes due 2030, and the cost of bringing Florence online all sit between revenue and the bottom line. The first quarter of 2026 showed what the assets can do when copper cooperates: about $237 million of revenue, roughly $94 million of adjusted EBITDA and a realized copper price near US$5.74 per pound. At around $7.80 per share and a market capitalization near $2.9 billion after a roughly 150% one-year move, the shares already discount a good deal of the Florence build-out. Second-quarter financial results are due after the close on 5 August 2026, which will be the first full quarter with both assets contributing.

The dominant risk is that Florence's in-situ recovery does not scale as modelled: well-field hydrology, solution grade decay and recovery rates at commercial scale are still being demonstrated, and a shortfall would hit both cash flow and the growth narrative embedded in the share price. Financial risk is real given roughly $540 million of total debt, including US$500 million of 8.25% senior secured notes due 2030, against cash near $170 million at the end of the first quarter, plus contingent payments owed on the Gibraltar buyout. Hedging cuts both ways: the copper collars carry ceilings (for example a US$5.40 per pound cap on 27 million pounds in the second quarter of 2026) that can leave realized prices well below spot when copper rallies. Concentration is high, since two assets in two jurisdictions generate all revenue, and Gibraltar is an aging mine facing diesel and explosives inflation. Finally, US copper tariff policy, Arizona permitting and community opposition history at Florence, and the ordinary volatility of a small-cap miner after a roughly 150% one-year run all add to the range of outcomes.

We give no verdict on Trekor Metals Limited. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. The Florence ramp is the swing factor. Florence is designed for about 85 million pounds of annual cathode at a C1 cost near US$1.11 per pound, roughly half of Gibraltar's cost per pound.

The case against. The dominant risk is that Florence's in-situ recovery does not scale as modelled: well-field hydrology, solution grade decay and recovery rates at commercial scale are still being demonstrated, and a shortfall would hit both cash flow and the growth narrative embedded in the share price.

Read the full bull and bear case on TGB, including what would have to change to break either one. Walnut is not an investment adviser.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Trekor Metals Limited's investor relations page or your broker.

• Revenue (TTM): ~$552M
• Q1 2026 revenue / adjusted EBITDA: ~$237M / ~$94M
• Net income (TTM): ~$11M (~$0.03 per share)
• Market cap / enterprise value: ~$2.9B / ~$3.3B
• Valuation multiples: ~5x trailing sales, ~29x trailing EV/EBITDA, ~14x forward earnings
• Debt / cash: ~$540M total debt vs ~$170M cash at 31 March 2026

The gap between roughly $115 million of trailing EBITDA and only about $11 million of trailing net income is mostly depletion, interest on the 2030 notes and the cost of starting Florence, which is why the trailing P/E is meaningless and the forward multiple near 14x is doing all the work. That forward number assumes Florence keeps ramping and copper holds near current levels, so it is a forecast rather than an observation. Second-quarter figures land after the close on 5 August 2026 and will be the first quarter with a full three months of Florence cathode in the revenue line.

Other names that sit close to TGB: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get TGB exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so TGB sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where TGB fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

TGB is a small-cap copper producer whose earnings are thin today and whose valuation is priced off a Florence ramp that is on schedule but not yet finished, so the stock behaves like a geared claim on copper rather than a steady-cash-flow miner.

Whether TGB is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is TGB a buy or a sell?, and where the stock could go from here in the TGB stock forecast.

For income investors, whether TGB pays a dividend and how the payout looks is covered in does TGB pay a dividend? And to weigh TGB against a peer, read the full side-by-side comparisons: TGB vs FCX and TGB vs SCCO.