Trekor Metals Limited (TGB) Stock Price & How to Invest
Last updated October 2026
Short answer
TGB is the NYSE American listing of Trekor Metals (the Vancouver-based copper miner that traded as Taseko Mines until June 2026), and it is a leveraged, two-asset bet on the copper price: the long-running Gibraltar mine in British Columbia plus the Florence Copper in-situ recovery operation in Arizona, which declared commercial production on 6 October 2026. Investors get it through any US brokerage as ordinary shares, and the whole thesis turns on whether Florence ramps to its 85 million pound design rate at low cost while copper stays elevated. Florence's 2026 guidance was cut to 25 to 28 million pounds in October 2026 because the wellfield build is about three months behind plan, with full capacity now expected in early 2027.
TGB stock price
As of 2026-11-03, Trekor Metals Limited (TGB) last closed at $7.42, up 77.1% over the past year. Over the past 52 weeks it has traded between $4.19 and $9.68.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or Trekor Metals Limited's investor relations page. Walnut is informational, not investment advice.
What does Trekor Metals Limited (TGB) do?
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 34 million pounds of copper and roughly 0.4 million pounds of molybdenum in the third quarter of 2026 (up about 12% from the second quarter), after a first-quarter total operating cost around US$2.63 per pound. Gibraltar's 2026 copper guidance was raised to 115 to 120 million pounds from 110 to 115 million. 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 copper in early 2026, produced about 5.2 million pounds in the second quarter and about 7 million pounds in the third, and declared commercial production on 6 October 2026. Its full-year guidance was lowered in October to 25 to 28 million pounds (from 30 to 35 million) against a design capacity near 85 million pounds, because wellfield expansion is running about three months behind the original plan, even though the solvent-extraction and electrowinning plant has run at design rate for several days. 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 $985 million on a trailing-twelve-month basis as of the second quarter of 2026, but trailing net income was only about $16 million (around $0.02 per share) because depletion, interest on roughly $765 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, and second-quarter revenue rose to roughly $331 million, with adjusted EPS of $0.11 against a $0.12 consensus. As of 16 October 2026 the shares closed near $8.06, a market capitalization near $2.95 billion, up about 44% year to date and about 99% over one year, though down about 7% in the past month. That price already discounts a good deal of the Florence build-out. Third-quarter financial results are expected around 11 November 2026, with consensus near $0.18 of EPS on roughly $334 million of revenue.
What's driving Trekor Metals Limited (TGB)?
1. 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. Output rose from 5.2 million pounds in the second quarter to about 7 million in the third, and commercial production was declared on 6 October 2026. Getting to design rate means drilling and commissioning many more wells while holding solution flow and grade. The schedule has slipped: management says wellfield expansion is about three months behind the original plan, cut 2026 guidance to 25 to 28 million pounds from 30 to 35 million, and now expects full capacity in early 2027. Initial well flow rates are above expectations, so the delay so far is about drilling pace rather than the deposit itself.
2. Copper price and the US premium
Nearly all of the earnings sensitivity runs through the copper price. COMEX copper has traded at a persistent premium to LME through 2026 as US tariff policy on refined copper is worked out, and Florence produces finished cathode inside the United States, which places it on the favourable side of that spread. That premium is a policy artefact rather than a physical one, so it can compress as quickly as it widened.
3. Gibraltar as the cash base, with cost pressure
Gibraltar is now 100% owned after the buyout of the remaining 12.5% Cariboo interest from Dowa and Furukawa, so the full production and the full cost flow to shareholders. It is a mature, large-tonnage, lower-grade operation, and the company has flagged elevated diesel and explosives pricing as a headwind on unit costs. Molybdenum, at roughly 0.5 to 0.7 million pounds a quarter, is a useful but secondary credit. Gibraltar produced about 34 million pounds in the third quarter of 2026 and its full-year guidance was raised to 115 to 120 million pounds, though management expects lower grades and recoveries in the fourth quarter as mining returns to the upper benches of the Connector Pit. The Gibraltar union agreement expires in May 2027.
4. A development pipeline that is optional, not imminent
Yellowhead is being advanced through British Columbia's environmental assessment as a potential 90,000 tonne per day open pit with a 25-year life, and Aley and New Prosperity sit behind it. None of these contribute anything to near-term cash flow, and each would require capital far beyond the company's current balance sheet. They function as long-dated optionality on the copper cycle rather than as a source of forecastable earnings.
What are the risks to Trekor Metals Limited (TGB)?
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 the October 2026 guidance cut (to 25 to 28 million pounds for 2026, with the wellfield about three months behind plan) shows that a shortfall would hit both cash flow and the growth narrative embedded in the share price. Financial risk is real given roughly $765 million of total debt, including US$500 million of 8.25% senior secured notes due 2030, against cash near $187 million at the end of June 2026, and trailing free cash flow was negative (about -$104 million) during the build, 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 99% one-year run. The May 2027 expiry of the Gibraltar union agreement adds a labour negotiation to the calendar all add to the range of outcomes.
Is TGB a buy or a sell?
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 the October 2026 guidance cut (to 25 to 28 million pounds for 2026, with the wellfield about three months behind plan) shows that 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.
Has Trekor Metals Limited (TGB) split its stock?
No. Trekor Metals Limited (TGB) has not split its stock in the last 10 years. That is a statement about the window we check rather than about the company’s entire history, so an older split is possible. It also matters less than it once did: fractional shares mean a high price per share no longer keeps smaller investors out, which removed most of the practical reason to split.
How is Trekor Metals Limited (TGB) valued? (approximate, October 2026)
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): ~$985M (Q2 2026 +~185% yoy)
- Q2 2026 revenue / adj. EPS: ~$331M / $0.11 vs $0.12 est.
- Margins (gross / operating / net): ~47% / ~22% / ~2%
- Net income (TTM): ~$16M (~$0.02 per share)
- P/E (trailing / forward): not meaningful (~400x) / ~10x
- Market cap / EV/EBITDA: ~$2.95B / ~13x
- Debt / cash: ~$765M total debt vs ~$187M cash at 30 June 2026
- Q3 2026 copper production: ~41M lb (Gibraltar ~34M, Florence ~7M)
Trailing EBITDA of roughly $278 million set against only about $16 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 10x is doing all the work. That forward number assumes Florence reaches design rate in early 2027 and copper holds near current levels, so it is a forecast rather than an observation. Third-quarter results are expected around 11 November 2026, with consensus near $0.18 of EPS on roughly $334 million of revenue.
Who competes with Trekor Metals Limited (TGB)?
Large diversified copper majors
Freeport-McMoRan (FCX), Southern Copper (SCCO), Teck Resources (TECK), BHP and Rio Tinto. These are the names TGB is measured against on cost per pound and reserve life. They carry far lower debt relative to cash flow, pay dividends and are diversified across many mines and often several metals, so they move less violently on the copper price than a two-asset producer does.
Mid-cap and single-region copper producers
Hudbay Minerals (HBM), Capstone Copper, Ero Copper (ERO), Lundin Mining and First Quantum. This is TGB's closest peer set: producers with a handful of mines, meaningful debt, and share prices that track copper with amplification. Comparisons here usually come down to C1 cost, jurisdiction and how much of the equity value sits in projects that are not yet producing.
US-focused copper development and passive exposure
Ivanhoe Electric, Arizona Sonoran Copper and other Arizona-focused developers compete for the same domestic-supply narrative Florence sits in, without the operating cash flow. Broad exposure alternatives include the Global X Copper Miners ETF (COPX) and the United States Copper Index Fund (CPER), which spread the copper-price bet across many issuers or track the metal directly instead of concentrating single-mine execution risk.
What stocks are similar to Trekor Metals Limited (TGB)?
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.
How to invest in Trekor Metals Limited (TGB)
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.
The bottom line on Trekor Metals Limited (TGB)
TGB is a small-cap copper producer whose earnings are thin today and whose valuation is priced off a Florence ramp that is running about a quarter late and not yet finished, so the stock behaves like a geared claim on copper rather than a steady-cash-flow miner.
More on Trekor Metals Limited (TGB)
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.
Wondering how TGB fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in Trekor Metals Limited with AI
Connect the broker you already use and ask Walnut's AI how TGB fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What does TGB stand for now that Taseko changed its name?
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TGB is still the NYSE American ticker, but the issuer is now Trekor Metals Limited. Shareholders approved the rename from Taseko Mines at the annual meeting on 24 June 2026, it took legal effect on 25 June, and the shares began trading under the new name on 29 June 2026. Tickers were unchanged: TGB in New York, TKO in Toronto and London.
What does the company actually produce?
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Copper, plus molybdenum as a by-product. Gibraltar in British Columbia produces copper concentrate and molybdenum from a conventional open pit and mill, about 34 million pounds of copper in the third quarter of 2026. Florence Copper in Arizona produces finished LME grade A copper cathode on site using in-situ recovery, about 7 million pounds in the third quarter of 2026 and ramping, with commercial production declared on 6 October 2026.
What is in-situ recovery and why does Florence matter?
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In-situ recovery pumps a dilute acid solution into a permeable oxide deposit through wells, then pumps the copper-bearing solution back up to a solvent-extraction and electrowinning plant. There is no pit, no mill and no tailings dam, which is why Florence's projected C1 cost of about US$1.11 per pound is roughly half Gibraltar's. It is designed for about 85 million pounds a year over a 22-year life.
Is TGB profitable?
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Marginally on a trailing basis. Trailing-twelve-month revenue through June 2026 was around $985 million with net income near $16 million, or about $0.02 per share, after depletion and interest. Quarterly results are better than the trailing figure suggests: the first quarter of 2026 produced roughly $94 million of adjusted EBITDA and $28 million of adjusted net income on a realized copper price of US$5.74 per pound, and analysts expect roughly $0.56 of EPS for 2026 and $1.13 for 2027.
Does TGB pay a dividend?
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No. The company retains cash to fund the Florence ramp-up, service roughly $765 million of debt including the US$500 million 8.25% notes due 2030, and advance its development projects. Investors comparing TGB with dividend-paying copper majors such as Southern Copper or Freeport are comparing a growth-and-debt profile with an income-and-scale one.
Is TGB a Canadian or US company for tax and trading purposes?
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It is incorporated in British Columbia and headquartered in Vancouver, with a primary listing on NYSE American and secondary listings in Toronto and London. It files with the SEC as a foreign private issuer using 6-K reports rather than 10-Qs, so quarterly disclosure follows Canadian timing and format. US holders should check the treatment of Canadian withholding with their own tax adviser.
What would change the picture from here?
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Three things: the pace of the Florence well-field build and whether solution grades and flow rates hold as more wells come online, the copper price and the size of the US COMEX premium as tariff policy on refined copper is settled, and unit costs at Gibraltar where diesel and explosives pricing has been a headwind. Florence guidance was already cut in October 2026, so the next markers are fourth-quarter well additions and third-quarter financial results, expected around 11 November 2026.
How did Trekor do in its latest quarter?
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For the second quarter of 2026, the latest reported financial quarter, revenue was roughly $331 million, up about 185% from a year earlier as Florence started contributing, and adjusted EPS was $0.11 against a $0.12 consensus, a narrow miss. The third-quarter production update on 8 October 2026 showed 41 million pounds of copper, with Gibraltar guidance raised and Florence guidance lowered to 25 to 28 million pounds for 2026.
How has TGB stock performed in 2026?
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As of the 16 October 2026 close near $8.06, TGB was up about 44% year to date and about 99% over one year, within a fifty-two week range of roughly $3.66 to $9.82. It fell about 7% over the month around the Florence guidance cut. Walnut is not an investment adviser, and these figures describe past performance only.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with Trekor Metals Limited's investor relations page or your broker before making investment decisions.