Trekor Metals (NYSE: TGB) doubles revenue and ramps Florence Copper

Q: How did Trekor Metals (TGB) perform financially in Q2 2026?

Trekor Metals reported $330.6 million in Q2 2026 revenue and $22.2 million net income, or $0.06 basic EPS. First-half revenue was $567.6 million , with Adjusted EBITDA* of $218.6 million and Adjusted net income* of $68.0 million .

Q: What were Gibraltar’s copper production and costs for TGB in Q2 2026?

Gibraltar produced 30.3 million lbs of copper in Q2 2026 and sold 32.2 million lbs at an average realized price of US$6.10/lb. Total operating cost (C1) was US$2.41 per lb , lower than US$3.14/lb in Q2 2025, helped by strong molybdenum credits.

Q: How is the Florence Copper ramp-up progressing for Trekor Metals (TGB)?

Florence Copper produced 5.2 million lbs of cathode in Q2 2026 and 6.7 million lbs in the first half, with C1 costs of US$4.72/lb . Average solution flow was 3,182 gpm at 1.6 g/L PLS grade, and 2026 guidance is 30–35 million lbs .

Q: What is Trekor Metals (TGB)’s liquidity and debt position as of June 30, 2026?

Trekor held $185.8 million in cash at June 30, 2026 and reported total available liquidity of $342 million including its undrawn US$110 million revolving credit facility. Total debt was $765.3 million , primarily $700.6 million of senior secured notes due 2030.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

6-K

Rhea-AI Filing Summary

Trekor Metals, formerly Taseko Mines, is a copper-focused producer with the Gibraltar mine in British Columbia and Florence Copper in Arizona. For Q2 2026 it generated $330.6 million in revenue and $22.2 million of net income, with first-half revenue of $567.6 million and net income of $39.1 million. Operating cash flow was $183.4 million in Q2 and $277.2 million for the half, ending June 30 with $185.8 million of cash against $765.3 million of debt and total equity of $856.2 million.

Gibraltar produced 30.3 million lbs of copper in Q2 at total operating cost (C1) of US$2.41/lb, down from US$3.14/lb a year earlier, aided by strong molybdenum by-product credits, though diesel and explosives costs rose. Florence Copper contributed 5.2 million lbs of cathode at C1 of US$4.72/lb as ramp-up continued, with 2026 guidance of 30–35 million lbs. Trekor reported total liquidity of $342 million including its undrawn revolving facility and maintained a copper hedging program using collars and puts. The Yellowhead project advanced into the environmental assessment phase in British Columbia, underpinned by a technical study showing an after-tax NPV of $2.0 billion and 21% IRR over a 25-year, 4.4‑billion‑lb copper mine life.

Positive

First-half 2026 revenue more than doubled to $567.6 million from $255.2 million a year earlier, supported by higher copper production and initial contributions from Florence Copper.
Cash flow from operations increased to $277.2 million for the first six months of 2026, versus $81.8 million in the prior-year period, lifting total liquidity to $342 million including an undrawn revolving credit facility.
Gibraltar’s total operating cost (C1) fell to US$2.41/lb in Q2 2026 from US$3.14/lb in Q2 2025, driven by higher copper output and stronger molybdenum by-product credits.
Florence Copper ramp-up delivered 6.7 million lbs of cathode in the first half of 2026 and is guided to produce 30–35 million lbs for the full year, adding a second operating source of copper.
The Yellowhead project advanced into the environmental assessment phase in British Columbia and is supported by a study indicating an after-tax NPV of $2.0 billion and 21% IRR at a 25-year, 4.4‑billion‑lb copper operation.

Negative

Q2 2026 copper collar contracts with a ceiling price of US$5.40/lb generated a realized derivative loss of $24.2 million, which reduced reported earnings relative to underlying operating performance.
Higher energy and input costs are pressuring margins, with diesel prices about $0.40 per litre above February pre-war levels and expected to increase Gibraltar’s C1 costs by roughly US$0.15/lb in the second half of 2026.

Filing Explained

Issued shares were higher by June 30, while Mitsui’s 10% Florence Copper equity right remained conditional.

This Form 6-K, an interim report for a foreign private issuer, furnishes Trekor Metals’ unaudited financial statements and management discussion for the six months ended June 30, 2026.

At June 30, 2026, the company reported 365,830 thousand shares, versus 361,100 thousand at December 31, 2025, following 2,863 thousand option exercises and 1,867 thousand performance-share-unit settlements, and additional issued shares can reduce existing holders’ percentage ownership absent offsetting changes.

On August 4, 2026, Trekor again owned the Harmony project and entered a new option agreement allowing a future transfer if specified development milestones are achieved by January 1, 2028, ownership is therefore restored now, while the possible transfer remains conditional and incomplete.

The Florence Copper financing requires delivery of 2.67% of Florence copper production to Mitsui, while Mitsui has a conditional right, exercisable through October 15, 2028, to invest for a 10% Florence Copper equity interest, and the filing describes an existing delivery obligation and a contingent equity right, not a completed equity issuance.

The named checkpoints are the Harmony milestones due by January 1, 2028 and Mitsui’s Florence conversion deadline of October 15, 2028, which determine whether those conditional structures change state.

Key Figures

Q2 2026 revenue: $330,553 thousand H1 2026 revenue: $567,646 thousand Q2 2026 net income: $22,220 thousand +5 more

8 metrics

Q2 2026 revenue $330,553 thousand Three months ended June 30, 2026

H1 2026 revenue $567,646 thousand Six months ended June 30, 2026

Q2 2026 net income $22,220 thousand Net income for three months ended June 30, 2026

H1 2026 cash from operations $277,247 thousand Cash provided by operating activities for six months ended June 30, 2026

Cash balance $185,764 thousand Cash as at June 30, 2026

Total debt $765,285 thousand Total debt outstanding as at June 30, 2026

Gibraltar Q2 2026 C1 cost US$2.41 per pound Total operating cost (C1) per pound of copper produced at Gibraltar in Q2 2026

Florence Q2 2026 C1 cost US$4.72 per pound Total operating cost (C1) per pound of copper produced at Florence Copper in Q2 2026

Key Terms

total operating cost (C1), pregnant leach solution, in-situ copper recovery, Environmental Assessment, +2 more

6 terms

total operating cost (C1) financial

"Total operating costs (C1)* were US$2.41 per pound of copper produced"

pregnant leach solution technical

"higher solution flow rates and pregnant leach solution ("PLS") grades"

A pregnant leach solution is the liquid produced when ore is washed with chemicals to dissolve valuable metals; think of it like tea water that has absorbed the flavor from the leaves. It matters to investors because the metal concentration in that solution determines how much recoverable product and revenue a mine can yield, and it influences processing efficiency, operating costs and environmental or regulatory handling requirements.

in-situ copper recovery technical

"Florence Copper is an in-situ copper recovery operation in Arizona"

In-situ copper recovery is a mining method that extracts copper by pumping a mild chemical solution into underground rock to dissolve the metal and then pumping the copper-bearing fluid back to the surface for processing. It matters to investors because it often requires lower upfront capital, causes less surface disturbance than traditional open-pit or underground mines, and carries distinct operational and environmental regulatory risks that can affect project costs and timelines.

Environmental Assessment regulatory

"commencing the Environmental Assessment ("EA") process for Yellowhead"

An environmental assessment is a process that evaluates how a project or activity might impact the natural surroundings, such as air, water, land, and wildlife. It helps identify potential environmental risks and ensures that any negative effects are managed or minimized. For investors, this assessment provides insight into the sustainability and long-term viability of projects, which can influence their financial decisions and risk management.

Florence Copper Stream financial

"The Copper Stream, Equity Conversion Option, and Buy Back Option"

Cariboo consideration payable financial

"liabilities arising from these transactions are the Cariboo consideration payable"

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 08/06/2026 - 06:09 AM Accepted by SEC EDGAR 08/05/2026 - 07:53 PM

FAQ

How did Trekor Metals (TGB) perform financially in Q2 2026?

Trekor Metals reported $330.6 million in Q2 2026 revenue and $22.2 million net income, or $0.06 basic EPS. First-half revenue was $567.6 million, with Adjusted EBITDA* of $218.6 million and Adjusted net income* of $68.0 million.

What were Gibraltar’s copper production and costs for TGB in Q2 2026?

Gibraltar produced 30.3 million lbs of copper in Q2 2026 and sold 32.2 million lbs at an average realized price of US$6.10/lb. Total operating cost (C1) was US$2.41 per lb, lower than US$3.14/lb in Q2 2025, helped by strong molybdenum credits.

How is the Florence Copper ramp-up progressing for Trekor Metals (TGB)?

Florence Copper produced 5.2 million lbs of cathode in Q2 2026 and 6.7 million lbs in the first half, with C1 costs of US$4.72/lb. Average solution flow was 3,182 gpm at 1.6 g/L PLS grade, and 2026 guidance is 30–35 million lbs.

What is Trekor Metals (TGB)’s liquidity and debt position as of June 30, 2026?

Trekor held $185.8 million in cash at June 30, 2026 and reported total available liquidity of $342 million including its undrawn US$110 million revolving credit facility. Total debt was $765.3 million, primarily $700.6 million of senior secured notes due 2030.

What progress did Trekor Metals (TGB) make on the Yellowhead copper project?

In July 2026, Trekor submitted a Detailed Project Description and received approval to proceed to an environmental assessment in British Columbia. A technical report indicates after-tax NPV of $2.0 billion, 21% IRR, and 4.4 billion lbs of copper over 25 years.

How is Trekor Metals (TGB) managing copper price risk in 2026?

Trekor uses collars and puts to protect copper prices. For Q3 2026 it has collars on 24 million lbs with a US$4.75/lb floor and ceilings of US$7.50 and US$8.50, and for Q4 2026 owns puts on 27 million lbs at US$4.75/lb.

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of August 2026

Commission File Number: 001-31965

Trekor Metals Limited
(Translation of registrant's name into English)

12th Floor - 1040 West Georgia St., Vancouver, BC, V6E 4H1
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

[ ] Form 20-F [ x ] Form 40-F

SUBMITTED HEREWITH

Exhibits

Exhibit		Description

99.1		Interim Financial Statements for the period ended June 30, 2026
99.2		Management's Discussion and Analysis for the period ended June 30, 2026

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Trekor Metals Limited
	(Registrant)

Date: August 5, 2026	By:	/s/ Bryce Hamming

		Bryce Hamming
	Title:	Chief Financial Officer

(formerly Taseko Mines Limited)

Condensed Consolidated Interim Financial Statements

For the three and six months ended June 30, 2026 and 2025

(Unaudited)

TREKOR METALS LIMITED

(formerly Taseko Mines Limited)

Condensed Consolidated Interim Balance Sheets
(Cdn$ in thousands)
(Unaudited)

		June 30,		December 31,
	Note	2026		2025
ASSETS
Current assets
Cash		185,764		187,961
Accounts receivable	8	27,311		13,037
Inventories	9	141,587		133,557
Prepaids		6,855		7,922
Other financial assets	10	1,560		2,409
		363,077		344,886
Property, plant and equipment	11	2,219,493		2,045,452
Inventories	9	56,276		54,030
Deferred tax assets		27,056		21,511
Other financial assets	10	957		957
Goodwill		5,859		5,651
		2,672,718		2,472,487
LIABILITIES
Current liabilities
Accounts payable and accrued liabilities		139,787		100,273
Interest payable		9,756		9,409
Current portion of long-term debt	12	33,881		35,697
Current portion of Cariboo consideration payable	13	43,827		23,597
Current portion of Florence financings	14	25,959		13,058
Current portion of deferred revenue	15	23,697		15,313
Current income tax payable		7,192		3,498
Other financial liabilities	5b, 10	8,948		29,165
		293,047		230,010
Long-term debt	12	731,404		711,299
Cariboo consideration payable	13	95,886		132,006
Florence financings	14	223,190		199,100
Deferred revenue	15	84,583		82,617
Provision for environmental rehabilitation		158,227		155,651
Deferred tax liabilities		200,223		158,846
Other financial liabilities	10	29,977		24,295
		1,816,537		1,693,824
EQUITY
Share capital		814,483		800,489
Contributed surplus		59,807		62,653
Non-controlling interest		1		1
Accumulated other comprehensive income ("AOCI")		50,534		23,228
Deficit		(68,644	)	(107,708	)
		856,181		778,663
		2,672,718		2,472,487
Commitments and contingencies	18
Subsequent events	5b

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

TREKOR METALS LIMITED

(formerly Taseko Mines Limited)

Condensed Consolidated Interim Statements of Comprehensive Income (Loss)

(Cdn$ in thousands, except share and per share amounts)
(Unaudited)

		Three months ended				Six months ended
		June 30,				June 30,
	Note	2026		2025		2026		2025
Revenues	3	330,553		116,082		567,646		255,231
Cost of sales
Production costs	4	(176,576	)	(95,382	)	(299,108	)	(195,740	)
Depletion and amortization	4	(39,245	)	(25,210	)	(68,411	)	(47,635	)
Other operating (costs) income	4	-		4,008		(952	)	4,008
Earnings from mining operations		114,732		(502	)	199,175		15,864

General and administrative		(4,071	)	(4,116	)	(8,669	)	(7,440	)
Share-based compensation expense	16c	(4,320	)	(4,740	)	(13,337	)	(9,744	)
Project evaluation expense		(1,190	)	(322	)	(1,533	)	(1,491	)
Changes in derivatives and other fair value instruments	5a	(27,942	)	(11,055	)	(35,775	)	(36,144	)
Other (expense) income		293		(107	)	71		(51	)
Income (loss) before financing costs and income taxes		77,502		(20,842	)	139,932		(39,006	)

Finance income		1,058		124		2,532		1,454
Finance expense	6	(17,562	)	(10,228	)	(27,181	)	(22,435	)
Accretion expense	6	(7,370	)	(13,715	)	(17,965	)	(20,385	)
Foreign exchange gain (loss)		(12,517	)	39,090		(22,706	)	38,261
Income (loss) before income taxes		41,111		(5,571	)	74,612		(42,111	)

Income tax (expense) recovery	7	(18,891	)	27,439		(35,548	)	35,419
Net income (loss)		22,220		21,868		39,064		(6,692	)

Other comprehensive income (loss):
Items that will remain permanently in other comprehensive income:
(Loss) gain on financial assets		(345	)	435		(849	)	686
Items that may in the future be reclassified to income (loss):
Foreign currency translation reserve		14,057		(32,731	)	28,155		(32,174	)
Total other comprehensive income (loss)		13,712		(32,296	)	27,306		(31,488	)

Total comprehensive income (loss)		35,932		(10,428	)	66,370		(38,180	)

Earnings (loss) per share attributable to owners of the Company
Basic	17	0.06		0.07		0.11		(0.02	)
Diluted	17	0.06		0.07		0.10		(0.02	)

Weighted average shares outstanding (thousands)
Basic	17	365,714		315,992		364,851		313,224
Diluted	17	373,781		318,897		373,278		313,224

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

TREKOR METALS LIMITED

(formerly Taseko Mines Limited)

Condensed Consolidated Interim Statements of Cash Flows
(Cdn$ in thousands)

(Unaudited)

		Three months ended				Six months ended
		June 30,				June 30,
	Note	2026		2025		2026		2025
Operating activities
Net income (loss) for the period		22,220		21,868		39,064		(6,692	)
Adjustments for:
Depletion and amortization		39,354		25,455		68,621		47,880
Income tax expense (recovery)	7	18,891		(27,439	)	35,548		(35,419	)
Finance income		(1,058	)	(124	)	(2,532	)	(1,454	)
Finance expense	6	17,562		10,228		27,181		22,435
Accretion expense	6	7,370		13,715		17,965		20,385
Recognition of deferred revenue	15b	(1,730	)	(752	)	(2,881	)	(2,361	)
Changes in derivatives and other fair value instruments	5a	27,942		11,055		35,775		36,144
Unrealized foreign exchange loss (gain)		13,890		(40,335	)	26,061		(38,261	)
Share-based compensation expense		4,505		4,820		11,124		8,989
Other operating activities		(587	)	(2,662	)	(737	)	(5,458	)
Net change in working capital	19	35,031		10,125		22,058		35,658
Cash provided by operating activities		183,390		25,954		277,247		81,846

Investing activities
Gibraltar capitalized stripping costs	11	(27,849	)	(30,765	)	(43,018	)	(68,847	)
Gibraltar capital expenditures	11	(25,993	)	(16,115	)	(48,353	)	(29,716	)
Florence Copper wellfield development	11	(38,428	)	-		(53,387	)	-
Florence Copper start-up and commissioning costs	11	-		-		(21,153	)	-
Florence Copper development costs	11	(3,142	)	(79,068	)	(12,891	)	(159,049	)
Other project development costs	11	(3,064	)	(1,506	)	(6,435	)	(2,100	)
Settlements of copper price options	5b	(19,393	)	-		(32,024	)	-
Other investing activities		1,058		124		2,532		1,454
Cash used for investing activities		(116,811	)	(127,330	)	(214,729	)	(258,258	)

Financing activities
Interest paid		(29,199	)	(32,633	)	(31,028	)	(35,613	)
Proceeds from Florence financings		-		4,553		-		18,934
Repayment of Florence financings	14	(802	)	-		(802	)	-
Repayment of Florence equipment and lease financings	12e, 12f	(2,241	)	(1,641	)	(4,437	)	(3,239	)
Repayment of Gibraltar equipment and lease financings	12d, 12f	(8,375	)	(8,015	)	(15,457	)	(16,645	)
Advances from revolving credit facility		-		76,113		-		76,113
Net proceeds from sale of non-controlling interest		-		71,778		-		71,778
Payment of Cariboo consideration payable	13	(9,926	)	(6,645	)	(22,464	)	(16,645	)
Net proceeds from share issuances		-		-		-		29,630
Proceeds from exercise of share options		528		1,273		6,707		1,962
Cash (used for) provided by financing activities		(50,015	)	104,783		(67,481	)	126,275
Effect of exchange rate changes on cash		566		(2,197	)	2,766		(607	)
Increase (decrease) in cash		17,130		1,210		(2,197	)	(50,744	)
Cash, beginning of period		168,634		120,778		187,961		172,732
Cash, end of period		185,764		121,988		185,764		121,988
Supplementary cash flow information	19

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

TREKOR METALS LIMITED

(formerly Taseko Mines Limited)

Condensed Consolidated Interim Statements of Changes in Equity

(Cdn$ in thousands)
(Unaudited)

	Number of	Share	Contributed		Non-controlling
	shares ('000)	capital	surplus		interest⁽¹⁾	AOCI		Deficit		Total
Balance as at January 1, 2025	304,676	529,413	57,786		-	52,845		(136,822	)	503,222
Share-based compensation	-	-	9,147		-	-		-		9,147
Exercise of options	3,193	8,655	(3,099	)	-	-		-		5,556
Share issuances, net	53,231	262,421	-		-	-		-		262,421
Settlement of performance share units	-	-	(1,181	)	-	-		-		(1,181	)
Sale of non-controlling interest	-	-	-		1	-		68,428		68,429
Tax effect on sale of non-controlling interest	-	-	-		-	-		(9,238	)	(9,238	)
Total comprehensive loss for the year	-	-	-		-	(29,617	)	(30,076	)	(59,693	)
Balance as at December 31, 2025	361,100	800,489	62,653		1	23,228		(107,708	)	778,663

Balance as at January 1, 2026	361,100	800,489	62,653		1	23,228		(107,708	)	778,663
Share-based compensation	-	-	4,441		-	-		-		4,441
Exercise of options	2,863	10,468	(3,761	)	-	-		-		6,707
Settlement of performance share units	1,867	3,526	(3,526	)	-	-		-		-
Total comprehensive income for the period	-	-	-		-	27,306		39,064		66,370
Balance as at June 30, 2026	365,830	814,483	59,807		1	50,534		(68,644	)	856,181

⁽¹⁾ For the six months ended June 30, 2026 and the year ended December 31, 2025, all net income (loss) and total comprehensive income (loss) were wholly attributable to owners of the Company. The non-controlling interest relates to the 22.5% interest in the New Prosperity project beneficially owned by the Tsilhqot'in Nation.

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

TREKOR METALS LIMITED
(formerly Taseko Mines Limited)
Notes to the Condensed Consolidated Interim Financial Statements
(Cdn$ in thousands)
(Unaudited)

1. Reporting Entity

Trekor Metals Limited (formerly Taseko Mines Limited) (the "Company" or "Trekor") is a corporation governed by the British Columbia Business Corporations Act. On June 25, 2026, the Company changed its legal name from Taseko Mines Limited to Trekor Metals Limited. The name change had no effect on the Company's legal status, operations, assets, liabilities, or shareholders' equity.

These unaudited condensed consolidated interim financial statements (the "interim financial statements") comprise the Company and its controlled subsidiaries as at and for the three and six months ended June 30, 2026. The Company is principally engaged in the production and sale of copper metal and copper concentrates, as well as related activities, including mine permitting and development, within the Province of British Columbia, Canada, and the State of Arizona, USA.

2. Material Accounting Policies

2.1 Statement of compliance

These interim financial statements have been prepared in compliance with International Financial Reporting Standards ("IFRS Accounting Standards") as issued by the International Accounting Standards Board ("IASB") as applicable to the preparation of interim financial statements under IAS 34, Interim Financial Reporting.

The Company's Audit and Risk Committee authorized the issuance of these financial statements on August 5, 2026.

2.2 Material accounting policies and significant accounting judgments and estimates

The preparation of these interim financial statements in accordance with IFRS Accounting Standards requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis, and revisions are recognized in the period in which the estimates are revised and in any future periods affected.

These interim financial statements should be read in conjunction with the Company’s audited annual consolidated financial statements as at and for the year ended December 31, 2025. The accounting policies applied in these financial statements are consistent with those disclosed in the annual financial statements, except as described in Note 2.3. There have been no significant changes in accounting policy judgments or key sources of estimation uncertainty during the six months ended June 30, 2026.

2.3 New accounting standards issued but not yet effective

In May 2024, the IASB issued Amendments to the Classification and Measurement of Financial Instruments – Amendments to IFRS 9 and IFRS 7. These amendments updated classification and measurement requirements in IFRS 9, Financial Instruments and related disclosure requirements in IFRS 7, Financial Instruments: Disclosures. The amendments are effective for periods beginning on or after January 1, 2026, and adoption of these amendments did not have a material effect on these interim financial statements. For financial liabilities settled in cash using an electronic payment system, the Company applied the election to deem these financial liabilities to be discharged before the settlement date. The amendments have been applied retrospectively with no restatement of comparative information, in accordance with transition requirements on initial application of IFRS 9. The impact of adoption on the Company’s comparative cash balance as at December 31, 2025 was not material and is therefore not presented as a separate line item in the consolidated statements of cash flows.

TREKOR METALS LIMITED
(formerly Taseko Mines Limited)
Notes to the Condensed Consolidated Interim Financial Statements
(Cdn$ in thousands)
(Unaudited)

In April 2024, the IASB issued IFRS 18, Presentation and Disclosure in Financial Statements, which replaces IAS 1, Presentation of Financial Statements. IFRS 18 introduces new requirements for the presentation and disclosure of information in the financial statements, including a prescribed structure for the statement of income, new defined subtotals, and enhanced disclosures for management-defined performance measures ("MPMs"). The standard also includes new guidance on the aggregation and disaggregation of information in the financial statements.

IFRS 18 is effective for annual reporting periods beginning on or after January 1, 2027, with retrospective application required. Early adoption is permitted.

The Company is currently evaluating the impact of adopting IFRS 18 on its interim financial statements. The standard is expected to result in changes to the presentation of the Company's consolidated statements of comprehensive income by requiring all income and expenses to be classified into the three main categories of operating, investing, and financing. Specifically, the Company anticipates changes to the presentation of certain income and expense items. For example, foreign exchange gains and losses will be classified in the same category as the items that gave rise to the exchange difference, rather than being combined into a single line item. The consolidated statement of cash flows will begin with the new IFRS 18-specified subtotal of operating profit. The Company will also provide enhanced note disclosures for any identified MPMs. The Company intends to adopt the standard on its effective date.

TREKOR METALS LIMITED
(formerly Taseko Mines Limited)
Notes to the Condensed Consolidated Interim Financial Statements
(Cdn$ in thousands)
(Unaudited)

3. Revenues

	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Revenue from contracts with customers:
Copper contained in concentrate	257,364		110,539		456,000		239,322
Copper cathode	45,959		-		57,565		-
Molybdenum concentrate	20,966		4,546		43,644		14,313
Silver	815		755		1,268		2,496
Gold	86		351		653		740
	325,190		116,191		559,130		256,871
Copper price adjustments on concentrate	511		(377	)	(789	)	(915	)
Copper price adjustments on cathode	(59	)	-		62		-
Molybdenum price adjustments on concentrate	4,911		268		9,243		(725	)
Revenues	330,553		116,082		567,646		255,231

4. Cost of Sales and Other Operating Costs (Income)

	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Site operating costs	146,681		86,067		282,623		154,984
Production royalties	4,430		-		5,458		-
Transportation costs	10,501		5,720		16,896		11,704
Changes in inventories:
Changes in finished goods	7,165		(2,123	)	(12,710	)	587
Changes in sulphide ore stockpiles	9,547		17,975		11,054		46,238
Changes in oxide ore	(1,939	)	(12,257	)	(2,114	)	(17,773	)
Changes in inventories of copper in solutions	191		-		(2,099	)	-
	176,576		95,382		299,108		195,740
Depletion and amortization	39,245		25,210		68,411		47,635
Cost of sales	215,821		120,592		367,519		243,375

Other operating costs (income):
Research and development tax credits	-		(4,008	)	952		(4,008	)
Other operating costs (income)	-		(4,008	)	952		(4,008	)

Site operating costs include personnel costs, mine operating costs, repair and maintenance costs, consumables, operating supplies and external services.

During the three and six months ended June 30, 2025, the Company recognized $5,624 of non-refundable scientific research and experimental development tax credits related to qualifying activities performed at the Gibraltar mine through 2023. Consistent with the accounting treatment of the related qualifying expenditures, $4,008 was recognized as other operating income and $1,616 as a reduction of property, plant and equipment. During the six months ended June 30, 2026, the Company recognized a provision of $952 against these tax credits following a reassessment of their recoverability.

TREKOR METALS LIMITED
(formerly Taseko Mines Limited)
Notes to the Condensed Consolidated Interim Financial Statements
(Cdn$ in thousands)
(Unaudited)

5. Derivatives and Other Fair Value Instruments

a) Derivatives and other financial instruments measured at fair value

The following is a summary of derivative fair value gains and losses for the three and six months ended June 30, 2026, and 2025:

	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Realized loss on settled copper options	24,192		1,285		41,607		2,571
Reversal of unrealized (loss) gain on settled copper options previously recognized	(11,331	)	(1,296	)	(30,659	)	21,782
Unrealized (gain) loss on outstanding copper options	2,767		2,380		859		880
Realized loss on fuel call options	-		281		-		548
Unrealized gain on fuel call options	-		(217	)	-		(229	)
Net loss on copper price and fuel contracts (b)	15,628		2,433		11,807		25,552

Fair value adjustment on Cariboo contingent performance payments (Note 13)	3,294		5,136		3,548		1,826
Fair value adjustment on Florence copper stream derivative (Note 14)	9,020		3,486		20,420		8,766
Changes in derivatives and other fair value instruments	27,942		11,055		35,775		36,144

b) Copper contracts

The following is a summary of derivative transactions entered into by the Company during the six months ended June 30, 2026.

Date of purchase	Contract	Quantity	Strike Price	Period	Cost
January 2026	Copper collar	12 million lbs	US$4.75 / US$7.50 per lb	Q3 2026	90
January 2026	Copper collar	12 million lbs	US$4.75 / US$8.50 per lb	Q3 2026	Zero cost
May 2026	Copper put	13.5 million lbs	US$4.75 per lb	Q4 2026	740
May 2026	Copper put	13.5 million lbs	US$4.75 per lb	Q4 2026	745

Details of the outstanding options contracts as at June 30, 2026 are summarized in the following table:

Contract	Quantity	Strike price	Period	Cost	Fair value
Copper collar	9.0 million lbs	US$4.00 / US$5.40 per lb	June 2026	Zero cost ⁽¹⁾	(9,672)
Copper collar	12 million lbs	US$4.75 / US$7.50 per lb	Q3 2026	90	(39)
Copper collar	12 million lbs	US$4.75 / US$8.50 per lb	Q3 2026	Zero cost	11
Copper put	27.5 million lbs	US$4.75 per lb	Q4 2026	1,485	752
Derivative liability as at June 30, 2026 (December 31, 2025 - Derivative liability of $29,165)					(8,948)
⁽¹⁾ The copper collar payable was settled on July 2, 2026.

TREKOR METALS LIMITED
(formerly Taseko Mines Limited)
Notes to the Condensed Consolidated Interim Financial Statements
(Cdn$ in thousands)
(Unaudited)

6. Finance and Accretion Expense

	Three months ended June 30,			Six months ended June 30,
	2026	2025		2026		2025
Interest expense	16,909	17,145		33,108		34,491
Amortization of deferred financing charges (Note 12)	653	620		1,294		1,237
Less: interest expense capitalized (Note 11)	-	(7,537	)	(7,221	)	(13,293	)
Finance expense	17,562	10,228		27,181		22,435

Accretion on deferred revenue (Note 15)	2,318	2,320		4,606		5,031
Accretion on provision for environmental rehabilitation	931	710		1,683		1,434
Accretion on Cariboo consideration payable (Note 13)	1,765	4,484		3,026		5,148
Accretion on Florence royalty obligation (Note 14)	2,356	6,201		8,650		8,772
Accretion expense	7,370	13,715		17,965		20,385

Total Finance and Accretion expense	24,932	23,943		45,146		42,820

Borrowing costs were capitalized using an average capitalization rate of 8.25% (2025 - 8.25%).

7. Income Tax

	Three months ended June 30,			Six months ended June 30,
	2026	2025		2026	2025
Current income tax expense (recovery)	1,751	(1,243	)	3,695	(1,243	)
Deferred income tax expense (recovery)	17,140	(26,196	)	31,853	(34,176	)
Income tax expense (recovery)	18,891	(27,439	)	35,548	(35,419	)

8. Accounts Receivable

	June 30, 2026	December 31, 2025
Trade and settlement receivables	26,508	12,808
Other receivables	803	229
Accounts receivable	27,311	13,037

TREKOR METALS LIMITED
(formerly Taseko Mines Limited)
Notes to the Condensed Consolidated Interim Financial Statements
(Cdn$ in thousands)
(Unaudited)

9. Inventories

	June 30, 2026	December 31, 2025
Current:
Copper concentrate	17,631	10,815
Copper cathode	9,365	2,498
Molybdenum concentrate	671	489
Copper in solutions	2,720	-
Oxide ore on leach pads	6,495	6,361
Sulphide ore stockpiles	43,122	58,972
Materials and supplies	61,583	54,422
	141,587	133,557

Long-term:
Oxide ore on leach pads	56,276	25,406
Oxide ore stockpiles	-	28,624
	56,276	54,030

10. Other Financial Assets and Other Financial Liabilities

	June 30, 2026		December 31, 2025
Marketable securities	1,560		2,409
Current portion of other financial assets	1,560		2,409

Investments in private companies	500		500
Reclamation deposits	457		457
Long-term portion of other financial assets	957		957

Copper price options (Note 5b)	(8,948	)	(29,165	)
Current portion of financial liabilities	(8,948	)	(29,165	)

Deferred share unit settlement liability ⁽¹⁾	(28,977	)	(22,295	)
Other liabilities	(1,000	)	(2,000	)
Long-term portion of other financial liabilities	(29,977	)	(24,295	)

⁽¹⁾ The deferred share units ("DSUs") issued to members of the board of the Company that vest upon their completion of service are accounted for as cash-settled share-based payment awards. The DSU liability is recognized based on the quoted market value of the Company's common shares on the date of grant and is re-measured to fair value each reporting period thereafter to reflect changes in the market value of the Company's common shares. The changes in fair value in the period are recorded in the statement of comprehensive income (loss) as "Share-based compensation expense".

TREKOR METALS LIMITED
(formerly Taseko Mines Limited)
Notes to the Condensed Consolidated Interim Financial Statements
(Cdn$ in thousands)
(Unaudited)

11. Property, Plant and Equipment

Cost	Property acquisition costs		Mineral properties		Plant and equipment		Construction in progress		Total
As at January 1, 2025	121,187		928,965		1,082,749		425,751		2,558,652
Additions	-		175,756		43,844		225,136		444,736
Changes in rehabilitation provision	-		(10,355	)	-		-		(10,355	)
Disposals	-		-		(40,550	)	-		(40,550	)
Transfer between categories	-		132,286		36,402		(168,688	)	-
Foreign exchange translation	(2,836	)	(10,634	)	(1,548	)	(25,069	)	(40,087	)
As at December 31, 2025	118,351		1,216,018		1,120,897		457,130		2,912,396
Additions	-		63,290		13,208		127,749		204,247
Changes in rehabilitation provision	-		1,024		-		-		1,024
Disposals	-		-		(34,164	)	-		(34,164	)
Transfers between categories	-		32,551		82,850		(115,401	)	-
Foreign exchange translation	2,105		11,715		1,431		24,688		39,939
As at June 30, 2026	120,456		1,324,598		1,184,222		494,166		3,123,442

Accumulated depreciation
As at January 1, 2025	-		364,466		424,084		-		788,550
Depletion and amortization	-		35,481		80,976		-		116,457
Disposals	-		-		(38,063	)	-		(38,063	)
As at December 31, 2025	-		399,947		466,997		-		866,944
Depletion and amortization	-		29,462		41,016		-		70,478
Disposals	-		-		(33,861	)	-		(33,861	)
Foreign exchange translation	-		260		128		-		388
As at June 30, 2026	-		429,669		474,280		-		903,949

Net book value
As at December 31, 2025	118,351		816,071		653,900		457,130		2,045,452
As at June 30, 2026	120,456		894,929		709,942		494,166		2,219,493

TREKOR METALS LIMITED
(formerly Taseko Mines Limited)
Notes to the Condensed Consolidated Interim Financial Statements
(Cdn$ in thousands)
(Unaudited)

The following schedule shows the continuity of property, plant and equipment net book value by project for the six months ended June 30, 2026:

Net book value	Gibraltar Mine		Florence Copper		Yellowhead	Aley	Other		Total
As at January 1, 2026	964,366		1,027,722		33,676	18,401	1,287		2,045,452
Net additions	106,797		90,472		5,788	700	187		203,944
Changes in rehabilitation cost asset	11		1,013		-	-	-		1,024
Depletion and amortization	(57,621	)	(12,685	)	-	-	(172	)	(70,478	)
Foreign exchange translation	-		39,551		-	-	-		39,551
As at June 30, 2026	1,013,553		1,146,073		39,464	19,101	1,302		2,219,493

During the three and six months ended June 30, 2026, the Company incurred wellfield development costs of $33,381 and $52,212, respectively, and other capital expenditures of $7,632 and $9,886, respectively, in connection with the Florence Copper project. During the six months ended June 30, 2026, the Company also capitalized start-up and commissioning costs of $21,153 and interest on borrowings of $7,221.

During the three and six months ended June 30, 2025, the Company capitalized development costs of $58,794 and $142,021, respectively, and interest on borrowings of $7,537 and $13,293, respectively, in connection with the Florence Copper project.

During the three and six months ended June 30, 2026, non-cash additions to capitalized stripping costs at Gibraltar included $3,565 and $5,516, respectively (2025 - $4,798 and $10,734), related to depreciation of mining assets.

Depreciation expense related to right-of-use assets for the three and six months ended June 30, 2026 was $2,241 and $4,478 (2025 - $3,677 and $6,476), respectively.

TREKOR METALS LIMITED
(formerly Taseko Mines Limited)
Notes to the Condensed Consolidated Interim Financial Statements
(Cdn$ in thousands)
(Unaudited)

12. Debt

Net book value	Senior secured notes (a)		Revolving credit facility (b)		Gibraltar equipment loans (d)		Florence equipment loans (e)		Lease liabilities (f)		Total
As at January 1, 2025	705,756		-		48,998		29,158		13,296		797,208
Additions and advances	-		103,842		-		4,553		20,104		128,499
Principal payments	-		(103,995	)	(18,183	)	(6,905	)	(15,194	)	(144,277	)
Amortization of deferred financing charges	2,388		-		115		-		-		2,503
Unrealized foreign exchange movements	(34,030	)	153		(1,265	)	-		(359	)	(35,501	)
Foreign currency translation	-		-		-		(1,363	)	(73	)	(1,436	)
As at December 31, 2025	674,114		-		29,665		25,443		17,774		746,996
Additions and advances	-		-		-		-		10,202		10,202
Principal payments	-		-		(9,602	)	(3,808	)	(6,405	)	(19,815	)
Amortization of deferred financing charges (Note 6)	1,255		-		39		-		-		1,294
Unrealized foreign exchange movements	25,200		-		423		-		(45	)	25,578
Foreign currency translation	-		-		-		843		187		1,030
Total debt, June 30, 2026	700,569		-		20,525		22,478		21,713		765,285
Less: current portion of long-term debt	-		-		14,235		8,369		11,277		33,881
Long-term debt, June 30, 2026	700,569		-		6,290		14,109		10,436		731,404

Total debt, December 31, 2025	674,114		-		29,665		25,443		17,774		746,996
Less: current portion of long-term debt	-		-		19,500		7,705		8,492		35,697
Long-term debt, December 31, 2025	674,114		-		10,165		17,738		9,282		711,299

TREKOR METALS LIMITED
(formerly Taseko Mines Limited)
Notes to the Condensed Consolidated Interim Financial Statements
(Cdn$ in thousands)
(Unaudited)

a) Senior secured notes

On April 23, 2024, the Company completed an offering of US$500,000 aggregate principal amount of senior secured notes due 2030 (the "Notes"). The Notes mature on May 1, 2030 and bear interest at a rate of 8.25% per annum, payable semi-annually on May 1 and November 1.

The Notes are secured by liens on the shares of the Company's wholly-owned subsidiary, Gibraltar Mines Ltd. ("Gibraltar Mines"), and Gibraltar Mine's rights under the Gibraltar joint venture agreement, as well as the shares of Curis Holdings (Canada) Ltd. ("Curis"), Florence Holdings Inc. ("Florence Holdings") and Cariboo Copper Corp. ("Cariboo"). The Notes are guaranteed by each of the Company's existing and future restricted subsidiaries. The liens on the collateral securing the notes and the guarantees rank behind the liens securing the revolving credit facility. The Company is subject to customary restrictions on asset sales, the issuance of preferred shares, dividends and other restricted payments. The Notes do not contain financial performance covenants.

The Notes contain customary prepayment options, certain of which constitute embedded derivatives and are measured at fair value through profit or loss. The Company has estimated the fair value of the prepayment options to be nominal.

b) Revolving credit facility

The Company has a US$110,000 revolving credit facility (the "Facility") secured by first liens against the Company's rights under the Gibraltar joint venture, as well as the shares of Gibraltar Mines, Curis, Florence Holdings, and Cariboo. The Facility matures on November 6, 2027.

Amounts drawn under the Facility bear interest SOFR plus 4.0% per annum, while undrawn amounts are subject to a standby fee of 1.0% per annum. As at June 30, 2026 and December 31, 2025, no amounts were outstanding under the Facility.

The Facility contains customary covenants, including requirements for the Company to maintain a maximum senior debt-to-EBITDA ratio, a minimum interest coverage ratio, a minimum tangible net worth and minimum liquidity, as defined in the facility agreement. The Company was in compliance with all covenants as at June 30, 2026.

c) Letter of credit facilities

The Gibraltar joint venture ("Gibraltar") has in place a $7,000 credit facility for the purpose of providing letters of credit ("LC") to key suppliers of Gibraltar to assist with trade finance and working capital requirements.

LC's issued under the facility are guaranteed by Export Development Canada ("EDC") under its Account Performance Security Guarantee program. The facility is unsecured, renewable annually and contains no financial covenants. As at June 30, 2026, letters of credit issued and outstanding under this facility totalled $3,750 (December 31, 2025 - $3,750).

The Company also has a US$4,000 credit facility for the sole purpose of issuing LCs to certain key contractors in connection with the development of Florence Copper. Any LCs issued under this facility will also be guaranteed by EDC. The facility is renewable annually, is unsecured, and contains no financial covenants. As at June 30, 2026 and December 31, 2025, no LCs were issued and outstanding under this LC facility.

d) Gibraltar equipment loans

As at June 30, 2026, the equipment loans are secured by substantially all existing mobile mining equipment at the Gibraltar mine. The loans were entered into between December 2022 and December 2024, have repayment terms of 48 months and require monthly principal and interest payments. Interest rates range from 6.3% to 9.4%.

TREKOR METALS LIMITED
(formerly Taseko Mines Limited)
Notes to the Condensed Consolidated Interim Financial Statements
(Cdn$ in thousands)
(Unaudited)

e) Florence equipment loans

In 2023, the Company entered into a US$25,000 equipment financing facility with Banc of America Leasing & Capital LLC, secured by specific equipment associated with the Florence Copper project. Advances of US$20,000 and US$5,000 were received in October 2023 and December 2023, respectively. On May 7, 2025, the Company obtained an additional US$3,300 under the facility.

The facility does not contain financial covenants and requires monthly repayments over a 60-month term. Interest rates under the facility range from 7.2% to 9.4%.

f) Lease liabilities

Lease liabilities have monthly repayment terms ranging from 12 to 72 months.

13. Cariboo Consideration Payable to Prior Owners of Cariboo

In transactions occurring in 2023 and 2024, the Company acquired Cariboo, which increased its effective ownership in Gibraltar from 75% to 100%. On March 15, 2023, the Company acquired Sojitz Corporation's ("Sojitz") 50% interest in Cariboo, resulting in a 12.5% increase in its effective interest in Gibraltar from 75% to 87.5%. On March 25, 2024, the Company acquired the remaining 50% of Cariboo from Dowa Metals & Mining Co. Ltd. ("Dowa") and Furukawa Co. Ltd. ("Furukawa"). The liabilities arising from these transactions are collectively referred to as the "Cariboo consideration payable".

Sojitz transaction

The acquisition price consisted of a minimum amount of $60,000 payable over a five-year period ("Sojitz Minimum Payments") and potential contingent performance payments depending on Gibraltar copper revenues and copper prices over the next five years ("Sojitz Contingent Consideration"). There is no interest payable on the minimum amounts. An initial $10,000 was paid to Sojitz upon closing and the remaining minimum amount is payable in $10,000 annual instalments over five years thereafter. The Sojitz Minimum Payments are a financial liability measured at amortized cost, using an effective discount rate of 7.16%.

The Sojitz Contingent Consideration payments are payable annually for five years only if the average LME copper price exceeds US$3.50 per pound in a year. The payments are calculated by multiplying Gibraltar copper revenues by a price factor, which is based on a sliding scale ranging from 0.38% at US$3.50 per pound copper to a maximum of 2.13% at US$5.00 per pound copper or above. Total contingent payments cannot exceed $57,000 over the five-year period, limiting the acquisition cost to a maximum of $117,000. The Sojitz Contingent Consideration is a financial liability measured at fair value through profit and loss.

The fourth annual instalment payment of $10,000 was paid in February 2026 and the contingent payment of $9,926 for the 2025 calendar year was paid on April 1, 2026.

Dowa and Furukawa transaction

Amounts owing by Cariboo to Dowa and Furukawa are by way of non-interest bearing secured and unsecured promissory notes of $45,500 and $71,500, respectively, totaling $117,000 (collectively, the "Cariboo Notes") which are guaranteed by Trekor.

The secured Cariboo Notes are collateralized by Cariboo's 25% Gibraltar joint venture interest. An initial payment of $5,000 was made to Dowa and Furukawa against the Cariboo Notes on closing with the remaining principal payable in annual instalments over a 10-year period commencing in April 2026, with the secured Cariboo Notes repayable first. At average LME copper prices below US$4.00 per pound, the annual repayments of the Cariboo Notes will be up to $5,000.

TREKOR METALS LIMITED
(formerly Taseko Mines Limited)
Notes to the Condensed Consolidated Interim Financial Statements
(Cdn$ in thousands)
(Unaudited)

This repayment amount will increase proportionally, reaching a maximum of $15,250 when average LME copper prices are US$5.00 per pound or higher.

If average LME copper prices exceed an annual average of US$5.00 per pound or higher each year over the repayment period, up to $25,000 in contingent consideration is payable to Dowa and Furukawa (the "Dowa and Furukawa Contingent Performance Payments"). The Dowa and Furukawa Contingent Performance Payments is a financial liability measured at fair value through profit and loss. The Company estimates this liability to have nil value as at June 30, 2026.

In combination, total annual payments to Dowa and Furukawa cannot exceed 6.25% of Gibraltar's annual cashflow between 2025 and 2028, and 10% between 2029 and 2033. Any remaining balance of the Cariboo Notes will be paid as a final balloon payment in April 2034. The fair value of the Cariboo Notes on the Acquisition Date was determined to be $71,116. The Cariboo Notes are a financial liability measured at amortized cost, with estimated annual instalments considering the repayment mechanism described above.

As at June 30, 2026, the carrying value of the Cariboo consideration payable is as follows:

	Sojitz		Dowa and Furukawa		Total
Balance as at January 1, 2026	70,652		84,951		155,603
Consideration paid	(19,926	)	(2,538	)	(22,464	)
Fair value adjustment (Note 5a)	3,548		-		3,548
Accretion on minimum consideration payable (Note 6)	715		2,311		3,026
Balance as at June 30, 2026	54,989		84,724		139,713

As at June 30, 2026, the current and long-term portions of the Cariboo consideration payable is as follows:

	Sojitz	Dowa and Furukawa	Total
Minimum consideration payable	18,505	84,725	103,230
Contingent performance payments payable	36,483	-	36,483
Total Cariboo consideration payable	54,988	84,725	139,713
Less: current portion of Cariboo consideration payable
Minimum consideration payable	9,571	14,479	24,050
Contingent performance payments payable	19,777	-	19,777
Long-term portion of Cariboo consideration payable	25,640	70,246	95,886

TREKOR METALS LIMITED
(formerly Taseko Mines Limited)
Notes to the Condensed Consolidated Interim Financial Statements
(Cdn$ in thousands)
(Unaudited)

14. Florence Financings

Florence Copper Stream

On December 19, 2022, the Company formed a strategic partnership with Mitsui to develop the Florence Copper project, which includes a copper stream arrangement (the "Copper Stream"), an equity conversion option, and a buyback option.

Under the Copper Stream, Mitsui advanced a total of US$50,000 in installments, and the Company is obligated to deliver 2.67% of copper produced at Florence Copper to Mitsui, with Mitsui to make ongoing payments equal to 25% of the monthly average LME price of copper.

Mitsui has the option to convert the Copper Stream and invest an additional US$50,000 for a 10% equity interest in Florence Copper (the "Equity Conversion Option"). The Equity Conversion Option is exercisable up to October 15, 2028, which is the date three years after the Company completed construction of the commercial production facility, as defined in the agreement. If the Equity Conversion Option is exercised, the Copper Stream will terminate. If not exercised, the Company may repurchase the stream under the buyback option through a cash payment to Mitsui that would provide an internal rate of return of 10% on the stream deposits advanced (the "Buy Back Option"). Otherwise, the Copper Stream will terminate upon delivery of 40 million pounds of copper under the agreement.

Trekor and Mitsui have also entered into an offtake contract for 81% of the copper cathode produced at Florence during the initial years of production. The contract will cease and be replaced with a marketing agency agreement if the Equity Conversion Option is exercised by Mitsui. Mitsui's offtake entitlement would also reduce to 30% if the Equity Conversion Option is not exercised, until such time as the Copper Stream deposit is reduced to nil. The offtake contract is also terminated in the event the Company exercises its Buy Back Option. The Copper Stream, Equity Conversion Option, and Buy Back Option are accounted for as a compound derivative instrument and measured at each reporting period. Fair value is determined using a valuation model that incorporates discounted cash flow techniques and Monte Carlo simulation. The valuation is categorized as a Level 3 fair value measurement due to the use of significant unobservable inputs, including long-term production forecasts and contract-specific assumptions.

Florence Royalty Obligation

On February 2, 2024, Florence Holdings, an indirect wholly-owned subsidiary of Trekor, received US$50,000 from Taurus Mining Royalty Fund L.P. ("Taurus"), pursuant to agreements entered into with Taurus for the sale of a perpetual gross revenue royalty interest in certain real property, mining and other rights held by Florence Copper ("Florence Royalty Obligation"). The effective royalty rate is 2.05% of the gross revenue from the sale of all copper from Florence Copper for the life of mine. Proceeds from the royalty transaction were contributed to Florence Copper to fund the construction and development of the commercial production facility.

For accounting purposes, the Florence Royalty Obligation is a financial liability at amortized cost. The current portion of the royalty obligation is an estimate based on anticipated gross revenue over the next twelve months.

TREKOR METALS LIMITED
(formerly Taseko Mines Limited)
Notes to the Condensed Consolidated Interim Financial Statements
(Cdn$ in thousands)
(Unaudited)

As at June 30, 2026, the carrying value of Florence financings are as follows:

	Florence Copper Stream		Florence Royalty Obligation		Total
Balance as at January 1, 2026	98,245		113,913		212,158
Payments	(357	)	(445	)	(802	)
Fair value adjustment (Note 5a)	20,420		-		20,420
Accretion	-		8,650		8,650
Foreign exchange translation	4,256		4,467		8,723
Balance as at June 30, 2026	122,564		126,585		249,149
Less: current portion of Florence financings	15,058		10,901		25,959
Long-term portion of Florence financings	107,506		115,684		223,190

15. Deferred Revenue

	June 30, 2026	December 31, 2025
Current:
Customer advance payments (a)	15,415	6,789
Gibraltar silver stream agreement (b)	8,282	8,524
Current portion of deferred revenue	23,697	15,313
Long-term portion of Gibraltar silver stream agreement (b)	84,583	82,617
Total deferred revenue	108,280	97,930

a) Customer advance payments

As at June 30, 2026, the Company had received advance payments from a customer on 1.9 million pounds of copper concentrate inventory (December 31, 2025 - 1.0 million pounds).

b) Gibraltar silver stream agreement

In 2017 and as subsequently amended, the Company entered into silver stream purchase and sale agreements with OR Royalties Inc. (formerly Osisko Gold Royalties Ltd.) (the "Gibraltar Silver Stream"). Under the amended Gibraltar Silver Stream, the Company received total upfront cash deposits of US$62.0 million for the sale of an amount equivalent to 100% of the Company's share of Gibraltar payable silver production until 6.8 million ounces of silver have been delivered in aggregate. Thereafter, the Company is required to deliver an amount equivalent to 35% of its share of all future payable silver production from Gibraltar.

TREKOR METALS LIMITED
(formerly Taseko Mines Limited)
Notes to the Condensed Consolidated Interim Financial Statements
(Cdn$ in thousands)
(Unaudited)

The current portion of deferred revenue is an estimate based on deliveries anticipated over the next twelve months:

Gibraltar silver stream as at January 1, 2026	91,141
Accretion (Note 6)	4,606
Recognition of deferred revenue	(2,882	)
Gibraltar silver stream as at June 30, 2026	92,865
Less: current portion of Gibraltar silver stream	8,282
Long-term portion of Gibraltar silver stream as at June 30, 2026	84,583

16. Share-based Compensation

a) Share options

	Options (thousands)		Average price per share
Outstanding as at January 1, 2025	9,033		2.01
Granted	2,813		3.06
Exercised	(3,193	)	1.74
Forfeited	(158	)	2.47
Outstanding as at January 1, 2026	8,495		2.45
Granted	1,244		9.55
Exercised	(2,863	)	2.34
Forfeited	(47	)	4.86
Outstanding as at June 30, 2026	6,829		3.77
Exercisable as at June 30, 2026	5,135		2.97

During the six months ended June 30, 2026, the Company granted 1,243,900 (2025 - 2,813,300) share options to directors, executives and employees, exercisable at an average exercise price of $9.55 per common share (2025 - $3.06 per common share), vesting over two years and exercisable within five years of grant date. The total fair value of options granted was $6,244 (2025 - $4,867) based on a weighted average grant-date fair value of $5.02 (2025 - $1.73) per option.

TREKOR METALS LIMITED
(formerly Taseko Mines Limited)
Notes to the Condensed Consolidated Interim Financial Statements
(Cdn$ in thousands)
(Unaudited)

As at June 30, 2026, the outstanding options have the following ranges of exercise price and life remaining:

Range of exercise price	Options (thousands)	Average life (years)
$1.74 to $1.82	16	2.34
$1.83 to $2.57	2,845	2.05
$2.58 to $3.05	632	0.55
$3.06 to $3.51	2,121	3.50
$3.52 to $9.81	1,215	4.53

The fair value of options granted was measured at the grant date using the Black-Scholes formula. Expected volatility is estimated by considering historic average share price volatility. The weighted-average of inputs used in the Black-Scholes valuation for share options are as follows:

		2026		2025
Expected terms (years)		5.0		5.0
Volatility		59%		64%
Dividend yield		0%		0%
Risk-free interest rate		2.9%		3.2%
Weighted-average fair value per option	$	5.02	$	1.73

b) Deferred, performance and restricted share units

	DSUs (thousands)	PSUs (thousands)		RSUs (thousands)
Outstanding as at January 1, 2025	2,605	2,305		790
Granted	262	742		489
Forfeited	-	-		(186	)
Settled	-	(595	)	-
Outstanding as at January 1, 2026	2,870	2,452		1,093
Granted	93	226		222
Forfeited	-	-		(39	)
Settled	-	(830	)	(270	)
Outstanding as at June 30, 2026	2,963	1,848		1,006

During the six months ended June 30, 2026, 93,617 DSUs were issued to directors (2025 - 264,900), 226,000 PSUs to senior executives (2025 - 741,600) and 222,000 RSUs to non-executives (2025 - 489,000).

The fair value of DSUs, PSUs and RSUs granted was $6,099 (2025 - $5,593), with a weighted average fair value at the grant date of $9.46 per unit for the DSUs (2025 - $3.06 per unit), $14.72 per unit for the PSUs (2025 - $4.43 per unit), and $9.30 per unit for the RSUs (2025 - $3.06 per unit).

Deferred share units are accounted for as cash settled share-based compensation. Performance share units and restricted share units are accounted for as equity settled share-based compensation.

TREKOR METALS LIMITED
(formerly Taseko Mines Limited)
Notes to the Condensed Consolidated Interim Financial Statements
(Cdn$ in thousands)
(Unaudited)

c) Share-based compensation summary

Share-based compensation expense is comprised as follows:

	Three months ended June 30,		Six months ended June 30,
	2026	2025	2026	2025
Expensed as share-based compensation expense:
Change in fair value of deferred share units	2,774	3,099	6,683	5,046
Performance share units expense	761	778	1,523	1,556
Restricted share units expense	338	231	1,020	481
Share options expense⁽¹⁾	447	632	4,111	2,661
	4,320	4,740	13,337	9,744
Expensed as production costs:
Share options expense ⁽¹⁾	184	71	634	417
	184	71	634	417

⁽¹⁾ Estimated forfeiture rate of 0% based on historically low level of forfeitures observed for the Company's stock option awards.

17. Earnings (Loss) per Share

	Three months ended June 30,		Six months ended June 30,
	2026	2025	2026	2025
Net income (loss) attributable to owners of the Company	22,220	21,868	39,064	(6,692	)
(in thousands of common shares)
Weighted-average number of common shares	365,714	315,992	364,851	313,224
Effect of dilutive securities:
Stock options	4,222	2,905	4,655	-
Restricted share units	1,003	-	974	-
Performance share units	2,842	-	2,798	-
Weighted-average number of diluted common shares	373,781	318,897	373,278	313,224
Earnings (loss) per common share:
Basic earnings (loss) per share	0.06	0.07	0.11	(0.02	)
Diluted earnings (loss) per share	0.06	0.07	0.10	(0.02	)

TREKOR METALS LIMITED
(formerly Taseko Mines Limited)
Notes to the Condensed Consolidated Interim Financial Statements
(Cdn$ in thousands)
(Unaudited)

18. Commitments and Contingencies

a) Commitments

The Company is a party to certain contracts relating to service and supply agreements. Future minimum payments under these agreements as at June 30, 2026, are presented in the following table:

Remainder of 2026		4,792
2027		7,141
2028		5,400
2029		1,350
2030 and thereafter		-
Total commitments		18,683

As at June 30, 2026, the Company had commitments to incur capital expenditures of $2,067 (December 31, 2025 - $1,132) for Florence Copper and $5,543 (December 31, 2025 - $24,156) for Gibraltar.

b) Contingencies

There are no known contingencies that would impact the financial position or performance of the Company as at June 30, 2026.

19. Supplementary Cash Flow Information

	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Change in non-cash working capital items
Accounts receivable	(7,011	)	754		(14,274	)	(646	)
Inventories	9,128		(3,347	)	(12,236	)	20,068
Prepaids	476		(3,405	)	1,067		(1,022	)
Accounts payable and accrued liabilities ⁽¹⁾	28,174		15,638		38,876		14,163
Customer advance payments	4,264		485		8,625		3,095
	35,031		10,125		22,058		35,658
Non-cash investing and financing activities
Right-of-use assets acquired	9,651		8,215		12,130		14,067

⁽¹⁾Excludes accounts payable and accrued liability changes on capital expenditures

TREKOR METALS LIMITED
(formerly Taseko Mines Limited)
Notes to the Condensed Consolidated Interim Financial Statements
(Cdn$ in thousands)
(Unaudited)

20. Fair Value Measurements

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy establishes three levels to classify the inputs to valuation techniques used to measure fair value, based on the reliability of the inputs used to estimate the fair values.

Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities;

Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices); and

Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).

The fair value of the senior secured notes, a Level 1 measurement, is determined based upon publicly available information. The fair values of the senior secured notes are $742,735 (December 31, 2025 - $728,782) and the face value is $710,500 (December 31, 2025 - $685,300) as at June 30, 2026.

The Company has certain financial assets and liabilities that are measured at fair value on a recurring basis, either at fair value through profit or loss ("FVPL") or fair value through other comprehensive income ("FVOCI"), and uses the fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value, with Level 1 inputs having the highest priority.

	Level 1		Level 2		Level 3		Total
June 30, 2026
Financial assets and liabilities classified as FVPL
Derivative liability copper options	-		(8,948	)	-		(8,948	)
Cariboo contingent performance payable	-		-		(36,483	)	(36,483	)
Florence Copper Stream and Buy Back Option	-		-		(122,564	)	(122,564	)
Settlement receivables	21,823		-		-		21,823
Settlement payables	(2,015	)	-		-		(2,015	)
	19,808		(8,948	)	(159,047	)	(148,187	)
Financial assets designated as FVOCI
Marketable securities	1,560		-		-		1,560
Investment in private companies	-		-		500		500
	1,560		-		500		2,060
December 31, 2025
Financial assets and liabilities classified as FVPL
Derivative liability copper options	-		(29,165	)	-		(29,165	)
Cariboo contingent performance payable	-		-		(42,862	)	(42,862	)
Florence Copper Stream and Buy Back Option	-		-		(98,245	)	(98,245	)
Settlement receivables	10,820		-		-		10,820
Settlement payables	(1,485	)	-		-		(1,485	)
	9,335		(29,165	)	(141,107	)	(160,937	)
Financial assets designated as FVOCI
Marketable securities	2,409		-		-		2,409
Investment in private companies	-		-		500		500
	2,409		-		500		2,909

TREKOR METALS LIMITED
(formerly Taseko Mines Limited)
Notes to the Condensed Consolidated Interim Financial Statements
(Cdn$ in thousands)
(Unaudited)

There have been no transfers between fair value levels during the reporting period. The carrying value of cash, accounts receivables, accounts payable and accrued liabilities approximate their fair value as at June 30, 2026 due to their short-term nature.

The Company's metal concentrate sales contracts are subject to provisional pricing with the selling price adjusted at the end of the quotational period. At each reporting date, the Company's settlement receivable on these contracts are marked-to-market based on a quoted forward price for which there exists an active commodity market.

The Cariboo contingent performance payables (Note 13) and the Florence Copper Stream (Note 14) are each Level 3 instruments, as the inputs to their valuation are not based on observable market data.

21. Related Parties

Compensation for key management personnel (including all members of the Board of Directors and executive officers) is as follows:

	Three months ended June 30,		Six months ended June 30,
	2026	2025	2026	2025
Salaries and benefits	1,044	1,122	3,720	4,235
Post-employment benefits	161	220	321	440
Share-based compensation	3,928	4,274	9,674	8,274
	5,133	5,616	13,715	12,949

TREKOR METALS LIMITED
(formerly Taseko Mines Limited)
Notes to the Condensed Consolidated Interim Financial Statements
(Cdn$ in thousands)
(Unaudited)

22. Segmented Information

The Company has identified three reportable segments, Gibraltar, Florence Copper, and Yellowhead, based on the primary locations where it generates, expects to generate, or plans to generate revenue. These segments are reviewed regularly by the Chief Executive Officer, who is the Chief Operating Decision Maker ("CODM"), for the purposes of resource allocation and performance assessment. Corporate activities do not meet the definition of a reportable segment and are therefore presented separately as a reconciliation to the consolidated totals. These activities primarily comprise corporate development initiatives and centralized functions that provide administrative, technical, financial, and other support to the operating segments. For operating segments in production, the CODM evaluates performance primarily based on earnings from mining operations. "Other operating expenses" include general and administrative costs, share-based compensation, project evaluation expenditures, changes in the fair value of derivatives and other financial instruments, and other (expense) income not directly attributable to mining operations. "Net finance and other expense" include finance income, finance expense, accretion expense, and foreign exchange gain (loss). Total assets do not include intra-group receivables between segments.

Three months ended June 30, 2026
	Gibraltar		Florence Copper		Yellowhead	Corporate		Total
Revenue	288,732		41,821		-	-		330,553
Cost of sales
Production costs	(143,103	)	(33,473	)	-	-		(176,576	)
Depletion and amortization	(29,225	)	(10,020	)	-	-		(39,245	)
Other operating costs	-		-		-	-		-
Earnings (loss) from mine operations	116,404		(1,672	)	-	-		114,732
Other expenses	(15,809	)	(8,117	)	-	(13,304	)	(37,230	)
Income (loss) before financing costs and income taxes	100,595		(9,789	)	-	(13,304	)	77,502
Net finance and other expenses	(5,325	)	(3,169	)	-	(27,897	)	(36,391	)
Income (loss) before income taxes	95,270		(12,958	)	-	(41,201	)	41,111

Six months ended June 30, 2026
	Gibraltar		Florence Copper		Yellowhead	Corporate		Total
Revenue	521,296		46,350		-	-		567,646
Cost of sales
Production costs	(262,158	)	(36,950	)	-	-		(299,108	)
Depletion and amortization	(57,222	)	(11,189	)	-	-		(68,411	)
Other operating costs	(952	)	-		-	-		(952	)
Earnings (loss) from mine operations	200,964		(1,789	)	-	-		199,175
Other expenses	(12,130	)	(19,747	)	-	(27,366	)	(59,243	)
Income (loss) before financing costs and income taxes	188,834		(21,536	)	-	(27,366	)	139,932
Net finance and other expenses	(10,675	)	(9,520	)	-	(45,125	)	(65,320	)
Income (loss) before income taxes	178,159		(31,056	)	-	(72,491	)	74,612

TREKOR METALS LIMITED
(formerly Taseko Mines Limited)
Notes to the Condensed Consolidated Interim Financial Statements
(Cdn$ in thousands)
(Unaudited)

Three months ended June 30, 2025
	Gibraltar		Florence Copper		Yellowhead	Corporate		Total
Loss from mine operations	(397	)	(105	)	-	-		(502	)
Other income (expenses)	(2,733	)	(1,742	)	-	(15,865	)	(20,340	)
Loss before financing costs and income taxes	(3,130	)	(1,847	)	-	(15,865	)	(20,842	)
Net finance and other income (expenses)	(10,231	)	(7,300	)	-	32,802		15,271
Income (loss) before income taxes	(13,361	)	(9,147	)	-	16,937		(5,571	)

Six months ended June 30, 2025
	Gibraltar		Florence Copper		Yellowhead	Corporate		Total
Loss from mine operations	16,071		(207	)	-	-		15,864
Other income (expenses)	(25,999	)	(7,852	)	-	(21,019	)	(54,870	)
Loss before financing costs and income taxes	(9,928	)	(8,059	)	-	(21,019	)	(39,006	)
Net finance and other income (expenses)	(13,142	)	(8,524	)	-	18,561		(3,105	)
Loss before income taxes	(23,070	)	(16,583	)	-	(2,458	)	(42,111	)

As at June 30, 2026
	Gibraltar	Florence Copper	Yellowhead	Corporate	Total
Property, plant and equipment	1,013,553	1,146,073	39,464	20,403	2,219,493
Total assets	1,261,565	1,192,546	39,695	178,912	2,672,718
Total liabilities	649,846	327,887	2,297	836,507	1,816,537

As at December 31, 2025
	Gibraltar	Florence Copper	Yellowhead	Corporate	Total
Property, plant and equipment	964,366	1,027,722	33,676	19,688	2,045,452
Total assets	1,194,865	1,043,439	33,944	200,239	2,472,487
Total liabilities	641,071	276,473	1,031	775,249	1,693,824

TREKOR METALS LIMITED
Management's Discussion and Analysis

This management's discussion and analysis ("MD&A") is intended to help the reader understand Trekor Metals Limited (formerly Taseko Mines Limited; "Trekor", "we", "our" or the "Company"), our operations, financial performance, and current and future business environment. This MD&A is intended to supplement and complement the consolidated financial statements and notes thereto, prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS Accounting Standards") as applicable to the preparation of interim financial statements under IAS 34, Interim Financial Reporting for the three and six months ended June 30, 2026 (the "Financial Statements"). You are encouraged to review the Financial Statements in conjunction with your review of this MD&A and the Company's other public filings, which are available on the Canadian Securities Administrators' website at www.sedarplus.ca ("SEDAR+") and on the Electronic Data Gathering, Analysis and Retrieval ("EDGAR") system on the United States Securities and Exchange Commission's ("SEC") website at www.sec.gov.

This MD&A is prepared as of August 5, 2026. All dollar figures stated herein are expressed in thousands of Canadian dollars ("$", "Cdn$"), unless otherwise indicated. Included throughout this MD&A are references to non-GAAP performance measures which are denoted with an asterisk. An explanation of these non-GAAP measures and their calculations are provided on page 27.

Cautionary Statement on Forward-Looking Information

This discussion includes certain statements that may be deemed "forward-looking statements". All statements in this discussion, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploration activities, and events or developments that the Company expects are forward- looking statements. Although we believe the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. All of the forward-looking statements made in this MD&A are qualified by these cautionary statements. We disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except to the extent required by applicable law. Further information concerning risks and uncertainties associated with these forward-looking statements and our business may be found in the Company's other public filings with the SEC and Canadian provincial securities regulatory authorities.

TREKOR METALS LIMITED
Management's Discussion and Analysis

Table of Contents

Overview	3

Highlights	3

Review of Operations	5

Operations Analysis	6

Long-term Growth Strategy	9

Annual General Meeting	11

Annual Sustainability Report	11

Market Review	12

Financial Performance	13

Financial Condition Review	20

Summary of Quarterly Results	24

Critical Accounting Policies and Estimates	24

Changes in Accounting Policies	25

Internal and Disclosure Controls Over Financial Reporting	25

Key Management Personnel	26

Non-GAAP Performance Measures	26

Technical Information	31

TREKOR METALS LIMITED
Management's Discussion and Analysis

Overview

Trekor Metals Limited (formerly Taseko Mines Limited) is a copper-focused mining company that seeks to create long-term shareholder value by acquiring, developing and operating large tonnage mineral deposits in stable jurisdictions that are capable of supporting a mine for decades. The Company's principal assets are the wholly-owned Gibraltar mine ("Gibraltar"), which is located in central British Columbia ("BC") and is one of the largest copper mines in North America, and Florence Copper ("Florence" or "Florence Copper"), which is located in Arizona and is ramping up commercial operations. Trekor also owns the Yellowhead copper, New Prosperity copper-gold, Aley niobium, and Harmony gold projects in British Columbia.

Highlights

	Three months ended June 30,				Six months ended June 30,
Operating data	2026	2025	Change		2026	2025	Change
Gibraltar
Tons mined (millions)	26.2	30.4	(4.2	)	50.4	53.6	(3.2	)
Tons milled (millions)	7.2	7.7	(0.5	)	14.2	15.6	(1.4	)
Production (million pounds Cu)	30.3	19.8	10.5		60.2	39.8	20.4
Sales (million pounds Cu)	32.2	19.0	13.2		59.1	40.8	18.3

Florence Copper
Average flow rate (gpm)	3,182	-	3,182		2,768	-	2,768
Average PLS grade (g/L)	1.6	-	1.6		1.7	-	1.7
Production (million pounds Cu)	5.2	-	5.2		6.7	-	6.7
Sales (million pounds Cu)	5.3	-	5.3		5.9	-	5.9

	Three months ended June 30,					Six months ended June 30,
Financial data	2026	2025		Change		2026	2025		Change
Revenues	330,553	116,082		214,471		567,646	255,231		312,415
Cash flows from operations	183,390	25,954		157,436		277,247	81,846		195,401
Net income (loss)	22,220	21,868		352		39,064	(6,692	)	45,756
Per share - Basic ("EPS")	0.06	0.07		(0.01	)	0.11	(0.02	)	0.13
Earnings from mining operations before depletion, amortization and non-recurring items*	153,977	20,700		133,277		268,538	59,491		209,047
Adjusted EBITDA*	125,094	17,432		107,662		218,557	51,682		166,875
Adjusted net income (loss)*	40,487	(13,025	)	53,512		68,022	(19,968	)	87,990
Per share - Basic ("Adjusted EPS")*	0.11	(0.04	)	0.15		0.19	(0.06	)	0.25

TREKOR METALS LIMITED
Management's Discussion and Analysis

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.

TREKOR METALS LIMITED
Management's Discussion and Analysis

Review of Operations

Operating data		Q2 2026			Q1 2026			Q4 2025			Q3 2025			Q2 2025
Gibraltar
Tons mined (millions)		26.2			24.2			28.0			29.3			30.4
Tons milled (millions)		7.2			7.0			7.2			7.8			7.7
Strip ratio		3.3			2.6			2.2			1.5			2.3
Site operating cost per ton milled*	$	16.47		$	18.15		$	16.61		$	14.98		$	11.23
Copper concentrate
Head grade (%)		0.25			0.25			0.26			0.22			0.20
Recovery (%)		81.6			82.6			80.9			77.2			63.2
Production (million pounds Cu)		29.7			29.2			29.8			26.7			19.4
Sales (million pounds Cu)		31.7			26.0			30.8			25.4			19.0
Inventory (million pounds Cu)		3.8			5.9			2.9			4.0			2.7
Copper cathode
Production (thousand pounds Cu)		643			733			919			895			395
Sales (thousand pounds Cu)		470			938			783			905			-
Molybdenum concentrate
Production (thousand pounds Mo)		559			717			830			558			180
Sales (thousand pounds Mo)		575			708			953			421			178
Per unit data (US$ per Cu pound produced)¹
Site operating cost*	$	2.81		$	3.09		$	2.80		$	3.09		$	3.15
By-product credit*		(0.65	)		(0.62	)		(0.59	)		(0.39	)		(0.19	)
Site operating cost, net of by-product credit*		2.16			2.47			2.21			2.70			2.96
Off-property cost*		0.25			0.16			0.26			0.17			0.18
Total operating cost (C1)*	$	2.41		$	2.63		$	2.47		$	2.87		$	3.14

¹ Gibraltar copper pounds produced includes copper in concentrate and copper cathode.

TREKOR METALS LIMITED
Management's Discussion and Analysis

Operations Analysis

Gibraltar

Second Quarter Review

Gibraltar continued to deliver steady copper production, supported by more consistent ore characteristics as mining activities focused in the lower benches of the Connector pit. Gibraltar produced 30.3 million pounds of copper in the quarter, including 0.6 million pounds of copper cathode, in line with management expectations.

A total of 26.2 million tons were mined in the quarter at an average strip ratio of 3.3, as ongoing waste stripping activities create access to the next phases of the Connector pit.

Mill throughput was 7.2 million tons, which was consistent with the previous quarter but lower than the second quarter of 2025 due to softer ore feed in the prior year. Copper head grades averaged 0.25% and recoveries averaged 82%, remaining consistent with the previous quarter and in line with life of mine averages.

The Gibraltar SX/EW plant was taken offline in April to allow for integration of a second leach pad, impacting second quarter cathode production. The plant was restarted in May and ramped-up by the end of June and is now producing at higher levels.

Copper sales from Gibraltar totaled 32.2 million pounds in the period, which included a drawdown of finished goods inventory at the end of the first quarter.

Gibraltar total site costs* were $145.8 million (including capitalized stripping of $27.8 million) in the quarter reflecting higher costs for key inputs and higher costs related to maintenance activities that were brought forward. Diesel costs increased $7.1 million compared to the second quarter of 2025, primarily driven by higher diesel prices as a result of the ongoing conflict in the Middle East. Explosives costs increased $4.9 million compared to the second quarter of 2025, driven by higher usage and higher unit costs. Repairs and maintenance costs were also higher as some mill maintenance activities originally planned for July and August were brought forward and completed in June.

Molybdenum production was 559 thousand pounds in the quarter and reflects lower recoveries in the Gibraltar molybdenum plant. At an average molybdenum price of US$29.63 per pound for the quarter, molybdenum provided a significant by-product credit of US$0.65 per pound of copper produced.

Off-property costs were US$0.25 per pound of copper produced in the second quarter, compared to US$0.18 per pound of copper produced in the second quarter of 2025, reflecting higher sales volumes in the quarter and some higher treatment and refining charges ("TCRC") for the last year of a longer-term contract.

Total operating costs (C1)* were US$2.41 per pound of copper produced for the quarter, compared to US$3.14 per pound of copper produced for the second quarter of 2025. The decrease in total operating costs (C1)* was primarily driven by higher copper production and higher molybdenum by-product credits from higher molybdenum sales prices and volume, partially offset by higher prices of key inputs, particularly diesel and explosives, higher repairs and maintenance costs, and SX/EW operating costs which were just beginning in 2025.

TREKOR METALS LIMITED
Management's Discussion and Analysis

Gibraltar Outlook

Gibraltar continues to provide consistent operating performance from the Connector pit. The second leach pad has also now been integrated into the Gibraltar oxide operation. Annual Gibraltar copper production guidance for 2026 remains unchanged at 110 to 115 million pounds.

Site landed diesel prices have eased from their peak in April but remain elevated due to the continued conflict in the Middle East. Diesel prices are currently around $0.40 per litre higher than February pre-war levels. These higher diesel prices would increase Gibraltar's operating costs will increase by approximately US$0.15 per pound in the second half compared to the prior year.

Molybdenum production in 2026 is expected to remain at similar levels as the first half of the year, and with molybdenum prices currently at US$32.00 per pound, we continue to expect strong molybdenum by-product credits.

The Company has offtake agreements covering substantially all of Gibraltar's copper concentrate production for 2026, which contain low and in certain cases negative TCRC rates reflecting the continued tight copper smelting market. Based on the contract terms, the Company expects overall TCRCs to be nominal in 2026, similar to 2025. The Company has recently tendered additional 2027 tonnage to take advantage of favorable market conditions obtaining terms which include payable gold and deeply negative TCRCs.

The Company has a prudent hedging program in place to protect a minimum copper price and during the ramp-up of commercial operations at Florence Copper. Currently, the Company has copper collar contracts in place with a floor of US$4.75 per pound and a ceiling of US$7.50 and US$8.50 per pound for 24 million pounds of copper production for the third quarter of 2026. For the fourth quarter of 2026 and beyond, there is no ceiling price in place, and the Company expects to purchase copper put options going forward to protect a minimum copper price without selling any call options. The Company has copper put options at US$4.75 per pound for 27 million pounds of copper production for the fourth quarter of 2026 (refer to "Financial Condition Review-Hedging Strategy" for details).

TREKOR METALS LIMITED
Management's Discussion and Analysis

Florence Copper

Second Quarter Review

Operating data		Q2 2026
Average PLS recovery flow (gpm)		3,182
Average PLS grade (g/L)		1.6
Operating production well count		110
Copper cathode
Production (million pounds Cu)		5.2
Sales (million pounds Cu)		5.3
Inventory (million pounds Cu)		0.8
Per unit data (US$ per Cu pound produced)
Site operating cost*	$	4.02
Production royalties¹ and other off-property costs*		0.70
Total operating cost (C1)*	$	4.72

1 Production royalties include royalties payable to the State of Arizona and Conoco Inc.

Florence Copper is an in-situ copper recovery operation, located in Arizona, USA. It produces LME Grade A copper cathode without conventional open-pit mining methods or major surface disturbance. Florence Copper is projected to rank among the lowest greenhouse gas ("GHG") intensity primary copper producers in North America, delivering environmentally responsible copper to North American manufacturers and consumers. Florence Copper has an annual production capacity of 85 million pounds of copper over a current mine life of 22 years. Florence Copper is expected to be in the lowest quartile of primary producers on the global copper cost curve based on its long-term operating parameters once at full production capacity.

The production ramp-up at Florence Copper advanced smoothly during the quarter, with the operations team making significant progress stabilizing key process circuits and achieving consistent copper production from the initial production wells. Florence Copper produced a total of 5.2 million pounds of copper cathode in the second quarter compared to 1.5 million pounds in the first quarter, driven by higher solution flow rates from the wellfield.

Wellfield drilling re-commenced in late 2025, and there are currently five drill rigs operating on site. The first new production wells were successfully integrated into the system in early June, resulting in higher solution flow rates and pregnant leach solution ("PLS") grades and increased copper production for the month. At the end of the quarter, there were 110 production wells operating and feeding the SX/EW plant with flow rates of approximately 3,400 gallons per minute and PLS grades of 1.8 grams per liter.

Sales for the quarter were 5.3 million pounds of copper. Cathode quality has met all customer specifications and trucking logistics have been running smoothly to-date.

Florence Copper has a fixed price contract in place for all sulphuric acid requirements for 2026, so there is no expected near-term impact from reported disruptions in global acid supply chains due to geopolitical events in the Middle East.

TREKOR METALS LIMITED
Management's Discussion and Analysis

Florence Copper site costs (US$ in thousands)	Three months ended June 30, 2026	Six months ended June 30, 2026
Wellfield development capital expenditures	26,475	39,550
Commissioning and start-up costs	-	15,175
Site operating costs	23,813	31,227
Total site costs	50,288	85,952

Florence Outlook

The ramp-up of the Florence Copper operation is advancing on plan. The site operating team continues to refine and optimize wellfield operations to maximize copper production from the existing wells. Wellfield expansion is also a key focus for the ongoing ramp-up, and Florence Copper is on track to bring an additional 26 wells online in August with regular monthly additions of new wells for the remainder of the year. Ongoing expansion of the wellfield will be required to support copper production over the life of mine. Annual Florence Copper production guidance for 2026 is 30 to 35 million pounds.

Long-term Growth Strategy

Trekor's strategy has been to grow the Company by acquiring and developing a pipeline of projects focused on copper in North America. We continue to believe this will generate long-term returns for shareholders. Our other development projects are located in BC, Canada.

Yellowhead copper project

In July 2025, the Company published a new report titled "Technical Report Update on the Yellowhead Copper Project, British Columbia, Canada" (the "Yellowhead Technical Report"). Based on the Yellowhead Technical Report, the Yellowhead copper project is expected to produce 4.4 billion pounds of copper over a 25-year mine life at an average C1 cost, net of by-product credit, of US$1.90 per pound of copper produced. During the first 5 years of operations, the Yellowhead project is expected to produce an average of 206 million pounds of copper per year at an average C1 cost, net of by-product credit, of US$1.62 per pound of copper produced. The Yellowhead project also contains valuable precious metal by-products with 282,000 ounces of gold production and 19.4 million ounces of silver production over the life of mine.

The economic analysis in the Yellowhead Technical Report was prepared using a copper price of US$4.25 per pound, a gold price of US$2,400 per ounce, and a silver price of US$28.00 per ounce.

Project highlights based on the Yellowhead Technical Report are detailed below:

• Average annual copper production of 178 million pounds over a 25 year mine life at total cash costs (C1) of US$1.90 per pound of copper produced;

• Over the first 5 years of the mine life, copper grade is expected to average 0.32% producing an average of 206 million pounds of copper at total cash costs (C1) of US$1.62 per pound of copper produced;

• Concentrator designed to process 90,000 tonnes per day of ore with an expected copper recovery of 90%, and produce a clean copper concentrate with payable gold and silver by-products;

• Conventional open pit mining with a low strip ratio of 1.4;

• After-tax net present value of $2.0 billion (8% after-tax discount rate) and after-tax internal rate of return of 21%;

TREKOR METALS LIMITED
Management's Discussion and Analysis

• Initial capital costs of $2.0 billion with a payback period of 3.3 years; and

• Expected to be eligible for the Canadian federal Clean Technology Manufacturing Investment Tax Credit, with 30% (approximately $540 million) of eligible initial capital costs reimbursed in year 1 of operation.

In June 2025, the Yellowhead project's Initial Project Description was filed and accepted by the British Columbia Environmental Assessment Office ("BC EAO") and Impact Assessment Agency of Canada, formally commencing the Environmental Assessment ("EA") process.

In April 2026, the Government of BC announced that the Yellowhead copper project has been added to its list of priority major projects.

In July 2026, a Detailed Project Description ("DPD") was submitted to the BC EAO providing more information about the proposed Yellowhead project, incorporating additional technical work and community and Indigenous feedback received during the Early Engagement Phase of the EA process. More than 1,000 local community members have participated in a series of open houses and events hosted by the project team.

The DPD submission marks an important milestone, advancing the Project to the next phase of the provincial EA process and informing the Readiness Decision and Process Planning phases to come. Process planning and scoping work is also underway for the Simpcw Process - an Indigenous-led, consent-based decision-making model.

On July 30, 2026, the EAO issued a Notice of the Decision for Yellowhead to proceed to an environmental assessment and published the Readiness Decision Report and Notice of Decision. Yellowhead will now proceed to the process planning phase of the EA, formalizing how the EA will be carried out and what information must be provided, who will be involved in the EA and how they will be engaged.

In July 2026, the Company also released an Economic Impact Study, which evaluates the potential economic impact of the construction and operation of the Yellowhead project. The study highlights the Yellowhead project as a major economic driver, with the potential to generate value-added GDP of $27 billion, significant employment and economic opportunities for local communities and businesses, and $7 billion in total government payments.

New Prosperity copper-gold project

In June 2025, the Company, the Tŝilhqot'in Nation and the Province of BC reached a historic agreement concerning the New Prosperity project (the "Teẑtan Biny Agreement"). The Teẑtan Biny Agreement ended litigation among the parties while providing certainty with respect to how the significant copper-gold resource at New Prosperity may be developed in the future.

As part of the Teẑtan Biny Agreement, Trekor contributed a 22.5% equity interest in the New Prosperity mineral tenures to a trust for the future benefit of the Tŝilhqot'in Nation. The trust will transfer the property interest to the Tŝilhqot'in Nation if and when it consents to a proposal to pursue mineral development in the project area. Trekor retains a majority interest (77.5%) in the New Prosperity mineral tenures and can divest some or all of its interest at any time, including to other mining companies that could advance a project with the consent of the Tŝilhqot'in Nation. However, Trekor has committed not to be the proponent (operator) of mineral exploration and development activities at New Prosperity, nor the owner of a future mine development. Trekor has also entered into a consent agreement with the Tŝilhqot'in Nation, whereby no mineral exploration or development activity can proceed in the New Prosperity project area without the free, prior and informed consent of the Tŝilhqot'in Nation. The Province of BC and the Tŝilhqot'in Nation have agreed to negotiate the process by which the consent of the Tŝilhqot'in Nation will be sought for any proposed mining project to proceed through an environmental assessment process and have also agreed to undertake a land-use planning process for the area of the mineral tenures and a broader area of land within Tŝilhqot'in territory.

TREKOR METALS LIMITED
Management's Discussion and Analysis

Aley niobium project

Recent activities at the Aley niobium project have been focused on product marketing initiatives. The converter pilot test is ongoing to provide additional process data to support the design of commercial process facilities. In 2025, the Company produced on-spec ferro-niobium, and the process is now scaling up to provide product samples to support marketing initiatives. The Company is also conducting a scoping study to investigate the potential for Aley to produce high-purity niobium oxides to supply the emerging niobium-based battery technology market.

Harmony gold project

In 2021, Trekor entered into an agreement to sell the Harmony Gold Project to JDS Gold Inc. ("JDS"), a subsidiary of JDS Energy & Mining Inc. The Harmony Gold Project is a high-grade development-stage gold project located on Graham Island in Haida Gwaii. As part of the transaction, Trekor retained a 15% carried interest in the Project and a 2% net smelter return royalty on the Project. Trekor also had the right to terminate the Agreement and revert to 100% ownership of the Project if JDS did not achieve project development milestones and an IPO or liquidity event within an agreed timeframe. The agreed milestones were not achieved and Trekor exercised its reversionary right to receive the Harmony mineral tenures back from JDS in late 2025. On August 4, 2026, Trekor became the owner of the Harmony project again, and entered into a new option agreement with a company controlled by JDS Energy & Mining Inc. and affiliates. This option agreement allows for the future transfer of the Project, on the same terms as the original 2021 transaction, if certain development milestones are achieved by January 1, 2028.

Annual General Meeting

The Company's Annual General Meeting was held on June 24, 2026 and shareholders voted in favor of all items of business before the meeting, including the ordinary resolutions to approve the Company's name change to Trekor Metals Limited from Taseko Mines Limited and certain amendments to the Company's existing deferred share unit plan, the Advisory Resolution on executive compensation (Say-on-Pay) and the election of all director nominees. The name change became legally effective on June 25, 2026. Detailed voting results for the 2026 Annual General Meeting are available on SEDAR+ at www.sedarplus.ca.

Annual Sustainability Report

In July 2026, the Company published its annual Sustainability Report titled Growth with Purpose (the "Report"). The Report highlights Trekor's operational, environmental and social performance in 2025, showcasing how the Company's continued growth is creating lasting value for employees, Indigenous partners, local communities, business partners and shareholders.

The Sustainability Report reflects a transformational year for Trekor, marked by the completion of construction and the onset of commercial operations at Florence Copper in Arizona, Trekor's second operating asset and the first greenfield in-situ copper recovery operation in the world.

The Report illustrates how operational excellence can remain fundamental to business success in combination with environmental and social performance. The Company remains focused on creating long-term, sustainable value for all stakeholders by producing the copper needed for the global energy transition while strengthening the communities where it operates.

The full report can be viewed and downloaded at www.trekormetals.com/sustainability/overview.

TREKOR METALS LIMITED
Management's Discussion and Analysis

Market Review

Copper	Molybdenum	Canadian dollar/US dollar Exchange

1 Commodity prices in US dollars per pound.

2 Sources: London Metals Exchange for copper prices, Platts Metals for molybdenum prices, Bank of Canada for Canadian dollar/US dollar exchange rates.

Copper prices on the London Metal Exchange ("LME") are currently around US$6.45 per pound compared to US$6.05 per pound at June 30, 2026 and the second quarter average of US$6.05 per pound, while COMEX prices continue to trade at a premium due to US tariff-related market pressures. Copper prices have remained near record levels despite volatility from escalating tensions in the Middle East and elevated energy prices reviving concerns over inflation, slower economic growth and tighter monetary policy. Demand fundamentals have remained robust despite a mixed global economic backdrop, supported by electrification, artificial intelligence, and power grid investment themes.

Supply side conditions remain challenging. Production disruptions at several major mines limited the industry's ability to respond to higher copper prices. Disruptions in the availability of copper concentrate continued to pressure smelters, driving treatment and refining charges to historical low levels.

Longer-term demand for copper is expected to remain strong driven by strong structural demand trends in electrification, renewable energy, artificial intelligence, and overall industrial activity. At the same time, tighter long-term supply conditions are expected to continue due to production challenges at large mines, declining ore grades and few available sources of significant new primary copper supply. These factors support a higher copper price in the longer term as significant new mine supply lags behind growth in copper demand.

Approximately 10% of the Company's revenue is made up of molybdenum sales. Molybdenum prices are currently around US$33.25 per pound compared to US$31.38 per pound at June 30, 2026 and the second quarter average of US$29.63 per pound. The Company's sales agreements specify molybdenum pricing based on published Platts Metals reports.

The Company's mining operations at Gibraltar, are significant consumers of diesel fuel and other petroleum-based products. A material and sustained increase in oil prices will increase the Company's operating costs, which could adversely affect profitability and cash flows. At current diesel prices, the increase in C1 cost is estimated to be around US$0.15 per pound. Operations at Florence Copper consume a significant amount of sulfuric acid and could be impacted by higher sulfuric acid prices and increased transportation costs in 2027 and beyond.

TREKOR METALS LIMITED
Management's Discussion and Analysis

Financial Performance

Earnings

	Three months ended June 30,						Six months ended June 30,
(Cdn$ in thousands)	2026		2025		Change		2026		2025		Change
Net income (loss)	22,220		21,868		352		39,064		(6,692	)	45,756
Unrealized foreign exchange loss (gain)	13,890		(40,335	)	54,225		26,061		(38,261	)	64,322
Unrealized loss (gain) on outstanding copper and fuel options	2,767		2,380		387		859		651		208
Reversal of unrealized (loss) gain on settled copper options previously recognized	(11,331	)	(1,296	)	(10,035	)	(30,659	)	21,782		(52,441	)
Fair value adjustment on Cariboo contingent performance payments	3,294		5,136		(1,842	)	3,548		1,826		1,722
Accretion on Cariboo consideration payable	1,765		4,484		(2,719	)	3,026		5,148		(2,122	)
Fair value adjustment on Florence copper stream derivative	9,020		3,486		5,534		20,420		8,766		11,654
Accretion on Florence royalty obligation	2,356		6,201		(3,845	)	8,650		8,772		(122	)
Realized costs of Florence copper stream and royalty obligation	(1,875	)	-		(1,875	)	(1,875	)	-		(1,875	)
Tax effect of sale of non-controlling interest in New Prosperity	-		(9,285	)	9,285		-		(9,285	)	9,285
Estimated tax effect of adjustments	(1,619	)	(5,447	)	3,828		(1,072	)	(12,675	)	11,603
Adjusted net income (loss)	40,487		(13,025	)	53,512		68,022		(19,968	)	87,990

The Company recorded Adjusted net income of $40.5 million ($0.11 Adjusted earnings per share) in the second quarter, compared to Adjusted net loss of $13.0 million ($0.04 Adjusted loss per share) in the second quarter of 2025, primarily driven by higher revenue resulting from higher realized copper prices as well as higher production and sales volumes as Gibraltar returned to more normalized mining operations in the Connector pit, and contribution from the ramp up of Florence Copper. The increase in Adjusted net income was partially offset by the realized loss on the Company's second quarter copper collars of $24.2 million, and higher site operating costs, primarily due to higher costs for diesel and explosives, and higher maintenance expenditures.

Net income was $22.2 million ($0.06 earnings per share) in the second quarter, which included unrealized losses on foreign exchange of $13.9 million due to the effect of a stronger US dollar on the Company’s US dollar-denominated debt, unrealized losses on outstanding copper and fuel options of $2.8 million, fair value adjustments on the Florence copper stream of $9.0 million, accretion on Florence royalty obligation of $2.4 million, and accretion on Cariboo consideration payable of $1.8 million, reflecting higher prevailing copper price trends and the impact on the valuation of the respective instruments, partially offset by a reversal of unrealized losses on settled copper collars that were previously recognized of $11.3 million.

Net income was $21.9 million ($0.07 earnings per share) in the second quarter of 2025, which included unrealized gains on foreign exchange of $40.3 million as well as the recognition of a deferred tax asset on net capital losses previously unrecognized that were used to offset the gain on proceeds received for New Prosperity recognized directly in equity. Net income was partially reduced from the impact of unrealized losses on derivatives primarily due to the increasing copper price trend in the prior year quarter, accretion on the Florence royalty obligation to Taurus, and accretion and fair value adjustments on Cariboo consideration payable.

TREKOR METALS LIMITED
Management's Discussion and Analysis

Adjusted net income was $68.0 million ($0.19 Adjusted earnings per share) in the first half of 2026, compared to Adjusted net loss of $20.0 million in the first half of 2025, primarily driven by higher revenue resulting from higher realized copper prices and higher production and sales volumes, partially offset by the realized loss of $41.6 million on the Company's copper collars covering the first half of 2026, lower capitalized stripping costs, higher site operating costs primarily due to higher costs for diesel and explosives, and higher maintenance costs as maintenance projects scheduled for July and August were advanced and completed in June.

Net income was $39.1 million ($0.11 earnings per share) in the first half of 2026, which included unrealized losses on foreign exchange of $26.1 million, fair value adjustments on the Florence copper stream of $20.4 million, accretion on Florence royalty obligation of $8.7 million and accretion on Cariboo consideration payable of $3.0 million, reflecting higher prevailing copper price trends and the impact on the valuation of the respective instruments, partially offset by reversal of unrealized losses on settled copper collars that were previously recognized of $30.7 million.

Net loss was $6.7 million ($0.02 loss per share) in the first half of 2025 after adjusting for unrealized foreign exchange gains of $38.2 million and deferred tax recovery recognized on the Company’s sale of a non-controlling interest in New Prosperity of $9.3 million, unrealized losses on derivatives of $33.0 million, accretion on Florence royalty obligation of $8.8 million and accretion and fair value adjustments on Cariboo consideration payable of $5.1 million.

Revenues

Gibraltar	Three months ended June 30,					Six months ended June 30,
(Cdn$ in thousands)	2026		2025	Change		2026		2025	Change
Copper contained in concentrate	258,168		109,325	148,843		455,237		237,060	218,177
Copper cathode	4,224		-	4,224		11,786		-	11,786
Molybdenum concentrate	25,878		4,814	21,064		52,887		13,588	39,299
Silver	816		755	61		1,269		2,496	(1,227	)
Gold	86		351	(265	)	653		740	(87	)
Treatment and refining (costs) premiums	(440	)	837	(1,277	)	(536	)	1,347	(1,883	)
Gibraltar revenue	288,732		116,082	172,650		521,296		255,231	266,065

Florence Copper	Three months ended June 30,					Six months ended June 30,
(Cdn$ in thousands)	2026		2025	Change		2026		2025	Change
Copper cathode	41,938		-	41,938		46,550		-	46,550
Marketing costs	(117	)	-	(117	)	(200	)	-	(200	)
Florence Copper revenue	41,821		-	41,821		46,350		-	46,350

TREKOR METALS LIMITED
Management's Discussion and Analysis

Consolidated	Three months ended June 30,					Six months ended June 30,
(Cdn$ in thousands)	2026		2025	Change		2026		2025	Change
Copper contained in concentrate	258,168		109,325	148,843		455,237		237,060	218,177
Copper cathode	46,162		-	46,162		58,336		-	58,336
Molybdenum concentrate	25,878		4,814	21,064		52,887		13,588	39,299
Silver	816		755	61		1,269		2,496	(1,227	)
Gold	86		351	(265	)	653		740	(87	)
Treatment and refining (costs) premiums	(557	)	837	(1,394	)	(736	)	1,347	(2,083	)
Revenue	330,553		116,082	214,471		567,646		255,231	311,848

Copper sales (thousand pounds)	36,173		18,322	17,851		62,722		39,229	23,493
Average realized copper price (US$ per pound)	6.10		4.32	1.78		5.94		4.29	1.65
Average LME copper price (US$ per pound)	6.05		4.32	1.73		5.93		4.28	1.65
Average exchange rate (CAD/USD)	1.38		1.38	-		1.38		1.41	(0.03	)

Revenues from the sales of copper in concentrate increased by $148.8 million to $258.2 million in the second quarter, compared to $109.3 million in the second quarter of 2025. The increase in revenues from the sales of copper in concentrate was attributable to a favorable price variance of $75.0 million reflecting a higher average realized copper price of US$1.79 per pound, a favorable volume variance of $72.3 million reflecting a higher sales volumes of 12.1 million pounds, and a favorable foreign exchange variance of $1.5 million.

Revenues from the sales of copper in concentrate increased by $218.2 million to $455.2 million in the first half of 2026, compared to $237.0 million in the first half of 2025. The increase in revenues from the sales of copper in concentrate was attributable to a favorable price variance of $130.1 million reflecting a higher average realized copper price of US$1.66 per pound and a favorable volume variance of $97.9 million reflecting higher sales volumes of 16.2 million pounds, partially offset by an unfavorable foreign exchange variance of $9.8 million.

Copper cathode sales at Gibraltar contributed $4.2 million to Gibraltar revenues on sales of 0.5 million pounds in the second quarter, and $11.8 million in the first half of 2026 on sales of 1.4 million pounds.

Copper cathode sales at Florence Copper generated $41.9 million in revenues on sales of 5.3 million pounds in the second quarter, and $46.6 million in revenues on sales of 5.9 million pounds in the first half of 2026.

Molybdenum revenues increased by $21.1 million to $25.9 million in the second quarter, compared to $4.8 million in the second quarter of 2025, primarily attributable to a favorable price variance of $11.0 million and a favorable volume variance of $10.1 million. Molybdenum revenues increased by $39.3 million to $52.9 million in the first half of 2026, compared to $13.6 million in the first half of 2025, primarily attributable to a favorable price variance of $23.2 million and a positive volume variance of $17.9 million.

Cost of sales

Gibraltar	Three months ended June 30,						Six months ended June 30,
(Cdn$ in thousands)	2026		2025		Change		2026		2025		Change
Site operating costs	117,924		86,067		31,857		244,946		154,984		89,962
Transportation costs	9,934		5,720		4,214		16,329		11,704		4,625
Changes in inventories:
Changes in finished goods	7,637		(2,123	)	9,760		(8,057	)	587		(8,644	)
Changes in sulphide ore stockpiles	9,547		17,975		(8,428	)	11,054		46,238		(35,184	)
Changes in oxide ore stockpiles	(1,939	)	(12,257	)	10,318		(2,114	)	(17,773	)	15,659
Production costs	143,103		95,382		47,721		262,158		195,740		66,418
Depletion and amortization	29,225		25,210		4,015		57,222		47,635		9,587
Cost of sales	172,328		120,592		51,736		319,380		243,375		76,005

TREKOR METALS LIMITED
Management's Discussion and Analysis

Florence Copper	Three months ended June 30,					Six months ended June 30,
(Cdn$ in thousands)	2026		2025	Change		2026		2025	Change
Site operating costs	28,758		-	28,758		37,677		-	37,677
Production royalties	4,430		-	4,430		5,458		-	5,458
Transportation costs	567		-	567		567		-	567
Changes in inventories:
Changes in finished goods	(473	)	-	(473	)	(4,653	)	-	(4,653	)
Changes in inventories of copper in solution	191		-	191		(2,099	)	-	(2,099	)
Production costs	33,473		-	33,473		36,950		-	36,950
Depletion and amortization	10,020		-	10,020		11,189		-	11,189
Cost of sales	43,493		-	43,493		48,139		-	48,139

Consolidated	Three months ended June 30,						Six months ended June 30,
(Cdn$ in thousands)	2026		2025		Change		2026		2025		Change
Site operating costs	146,683		86,067		60,615		282,623		154,984		127,639
Production royalties	4,430		-		4,430		5,458		-		5,458
Transportation costs	10,501		5,720		4,781		16,896		11,704		5,192
Changes in inventories:
Changes in finished goods	7,164		(2,123	)	9,287		(12,710	)	587		(13,297	)
Changes in sulphide ore stockpiles	9,547		17,975		(8,428	)	11,054		46,238		(35,184	)
Changes in oxide ore stockpiles	(1,939	)	(12,257	)	10,318		(2,114	)	(17,773	)	15,659
Changes in inventories of copper in solutions	191		-		191		(2,099	)	-		(2,099	)
Production costs	176,576		95,382		81,194		299,108		195,740		103,368
Depletion and amortization	39,245		25,210		14,035		68,411		47,635		20,776
Cost of sales	215,821		120,592		95,229		367,519		243,375		124,144

Gibraltar site operating costs increased by $31.9 million to $117.9 million in the second quarter, compared to $86.1 million in the second quarter of 2025, primarily due to higher input costs on key commodities, particularly diesel and explosives, as well as costs related to scheduled maintenance projects that were advanced from the third quarter. Diesel costs were $19.3 million in the second quarter, compared to $12.1 million in the second quarter of 2025, primarily due to higher diesel prices resulting from geopolitical tensions in the Middle East and higher consumption reflecting longer haul distances as mining goes deeper in the Connector pit. Explosives costs were $11.9 million in the second quarter, compared to $7.0 million in the second quarter of 2025, reflecting a 30% increase in consumption volume and a 30% increase in the price of explosives. Gibraltar maintenance costs were $9.0 million higher in the second quarter, compared to the second quarter of 2025, as major maintenance projects for the mill originally scheduled for July and August were completed in June. Other site costs generally increased in line with inflation.

Gibraltar site operating costs increased by $90.0 million to $244.9 million in the first half of 2026, compared to $155.0 million in the first half of 2025, primarily due to lower capitalized stripping in the current period. Capitalized stripping costs were $43.0 million in the first half of 2026, compared to $68.8 million in the first half of 2025, as the comparative period benefited from capitalized stripping costs associated with the pushback in the Connector pit. Current period costs also reflect higher input costs on consumables, particularly diesel and explosives, longer haul distances, the advancement of major maintenance projects, and the operation of the Gibraltar SX/EW plant in 2026.

TREKOR METALS LIMITED
Management's Discussion and Analysis

Gibraltar transportation costs were $9.9 million in the second quarter and $16.3 million in the first half of 2026, compared to $5.7 million in the second quarter of 2025 and $11.7 million in the first half of 2025, respectively, and generally reflect the higher sales volume in the current period.

Florence Copper contributed $28.8 million to site operating costs in the second quarter and $37.7 million in site operating costs in the first half of 2026 as operations ramp-up at the Florence Copper production facility. Production royalties associated with the Florence Copper property added $4.4 million and $5.5 million to production costs in the second quarter and the first half of 2026, respectively.

Cost of sales was also impacted by changes in inventories. Gibraltar processed 1.7 million tons of sulphide ore from stockpiles during the second quarter and 2.3 million tons during the first half of 2026. The drawdown of these stockpiles increased production costs by $9.5 million in the second quarter and $11.1 million in the first half of 2026. Gibraltar copper concentrate inventory increased by 3.0 million pounds in the first quarter and subsequently decreased by 2.1 million pounds in the second quarter due to the timing of shipments, resulting in an increase to production costs of $7.6 million in the second quarter and a decrease to production costs of $8.1 million in the first half of 2026.

Florence Copper had 0.8 million pounds of finished copper cathode inventory at the end of the period and contributed to a $4.7 million year-to-date decrease in production costs. Dissolved copper extracted from the Florence Copper wellfield into the pregnant leach solution through the ponds and plants resulted in $2.1 million of production costs reclassified into work-in-process inventories of copper in solutions.

Depletion and amortization increased by $14.0 million for the second quarter and $20.8 million for the first half of 2026, primarily due to amortization of Florence Copper assets and Gibraltar's transition of mining activities to the Connector pit and the associated amortization of previously deferred stripping costs.

Other expenses (income)

	Three months ended June 30,						Six months ended June 30,
(Cdn$ in thousands)	2026		2025		Change		2026		2025	Change
General and administrative	4,071		4,116		(45	)	8,669		7,440	1,229
Share-based compensation expense	4,320		4,740		(420	)	13,337		9,744	3,593
Realized loss on settled copper options and fuel call options	24,192		1,566		22,626		41,607		3,119	38,488
Reversal of unrealized gain on settled copper collars previously recognized	(11,331	)	(1,296	)	(10,035	)	(30,659	)	21,782	(52,441	)
Unrealized loss on outstanding copper options and fuel call options	2,767		2,380		387		859		651	208
Fair value adjustment on Florence copper stream derivative	9,020		3,486		5,534		20,420		8,766	11,654
Fair value adjustment on Cariboo contingent performance payments	3,294		5,136		(1,842	)	3,548		1,826	1,722
Project evaluation expense	1,190		322		868		1,533		1,491	42
Other expenses (income), net	(293	)	107		(400	)	(71	)	51	(122	)
Other expenses	37,230		20,340		16,890		59,243		54,870	4,373

TREKOR METALS LIMITED
Management's Discussion and Analysis

General and administrative expenses were $4.1 million in the second quarter, comparable to $4.1 million in the second quarter of 2025, and $8.7 million in the first half of 2026, compared to $7.4 million in first half of 2025. The increase in general and administrative expenses was attributable to increased personnel and scaling of corporate functions to support overall growth in operations.

Share-based compensation relates to expenses associated with the vesting of share options, restricted share units, and performance share units over their respective vesting periods, and fair value adjustments on deferred share units. Share-based compensation expenses were $4.3 million in the second quarter, compared to $4.7 million in the second quarter of 2025, and $13.3 million in the first half of 2026, compared to $9.7 million in the first half of 2025, primarily reflecting the increase in the Company's share price in 2026 and its impact on the valuation of the Company's long-term incentive awards. For more information, refer to Financial Statements-Note 16.

The Company realized a loss on derivatives of $24.2 million in the second quarter and $41.6 million in the first half of 2026, reflecting the settlement of copper collar contracts that had a call price of US$5.40 per pound. These collars were entered into as part of the Company’s hedging strategy to support its project finance and capital build out and ramp-up of Florence Copper. In turn, unrealized losses previously recognized of $11.3 million for the second quarter and $30.7 million for the first half of 2026 were reversed on these copper collar contracts.

The changes in fair value of $2.8 million in the second quarter and $0.9 million in the first half of 2026 on the Company’s outstanding copper collar positions for future quarter was due to prevailing copper prices.

Fair value adjustment on Florence copper stream derivative was $9.0 million in the second quarter and $20.4 million in the first half of 2026. Fair value adjustment on Cariboo contingent performance payment was $3.3 million in the second quarter and $3.5 million in the first half of 2026. These fair value changes reflect increases in forecast copper prices applied over the term of the respective instruments.

Project evaluation expense represents costs associated with the New Prosperity project and other technical expenditures undertaken by Trekor's engineering and technical teams on various project initiatives.

Finance expenses and income

	Three months ended June 30,						Six months ended June 30,
(Cdn$ in thousands)	2026		2025		Change		2026		2025		Change
Interest expense	16,909		17,145		(236	)	33,108		34,491		(1,383	)
Amortization of deferred financing charges	653		620		33		1,294		1,237		57
Finance income	(1,058	)	(124	)	(934	)	(2,532	)	(1,454	)	(1,078	)
Less: Capitalized interest expense	-		(7,537	)	7,537		(7,221	)	(13,293	)	6,072
Finance expenses, net	16,504		10,104		6,400		24,649		20,981		3,668

Accretion on deferred revenue	2,318		2,320		(2	)	4,606		5,031		(425	)
Accretion on provision for environmental rehabilitation	931		710		221		1,683		1,434		249
Accretion on Cariboo consideration payable	1,765		4,484		(2,719	)	3,026		5,148		(2,121	)
Accretion on Florence royalty obligation	2,356		6,201		(3,845	)	8,650		8,772		(122	)
Accretion expenses	7,370		13,715		(6,345	)	17,965		20,385		(2,420	)

Net finance expenses were $16.5 million in the second quarter, compared to $10.1 million in the second quarter of 2025, and $24.6 million in the first half of 2026, compared to $21.0 million in the first half of 2025. Interest expense decreased by $0.2 million for the second quarter and $1.4 million for the first half of 2026 as the Company de-levers and continues to pay down its outstanding equipment loans. The Company also stopped capitalizing interest related to borrowings used to finance the capital spend on the Florence Copper commercial production facility in the second quarter as it determined that substantially all activities necessary to prepare the asset for intended use were complete.

TREKOR METALS LIMITED
Management's Discussion and Analysis

Accretion on Cariboo consideration payable was $1.8 million in the second quarter and $3.0 million in the first half of 2026, and reflects changes in the timing of expected cash flows arising from changes in forecast copper price assumptions applied over the remaining term of the Sojitz earn-out and the Dowa and Furukawa earn-out obligations.

Accretion on Florence royalty obligation was $2.4 million in the second quarter and $8.7 million in the first half of 2026, and reflects accretion and changes in the timing of expected cash flows arising from changes in prevailing copper price forecasts applied over the term of the Florence royalty obligation.

Income tax

	Three months ended June 30,				Six months ended June 30,
(Cdn$ in thousands)	2026	2025		Change	2026	2025		Change
Current income tax expense (recovery)	1,751	(1,243	)	2,994	3,695	(1,243	)	4,938
Deferred income tax expense (recovery)	17,140	(26,196	)	43,336	31,853	(34,176	)	66,029
Income tax expense (recovery)	18,891	(27,439	)	46,330	35,548	(35,419	)	70,967

Effective tax rate	46.0%	492.5%		(446.5)%	47.6%	84.1%		(36.5)%
Canadian statutory rate	27.0%	27.0%		-	27.0%	27.0%		-
BC mineral tax rate	9.5%	9.5%		-	9.5%	9.5%		-

A reconciliation of the effective tax rate is presented below:

	Three months ended June 30,						Six months ended June 30,
(Cdn$ in thousands)	2026		2025		Change		2026		2025		Change
Income tax expense at Canadian statutory rate of 36.5%	15,065		(2,033	)	17,098		27,289		(15,366	)	42,655
Permanent differences	6,089		(6,847	)	12,936		9,423		(1,619	)	11,042
Foreign tax rate differentials	1,564		48		1,516		2,039		200		1,839
Unrecognized tax benefits	825		(14,439	)	15,264		1,412		(14,590	)	16,002
Deferred tax adjustments related to prior periods	(4,652	)	(4,168	)	(484	)	(4,616	)	(4,044	)	(572	)
Income tax expense (recovery)	18,891		(27,439	)	46,330		35,547		(35,419	)	70,966

The effective tax rate for the first quarter is higher than the combined BC mineral tax rate and the federal and provincial statutory income tax rate due to certain expenses such as finance charges, derivative losses, and general and administrative costs that are not deductible for BC mineral tax purposes.

TREKOR METALS LIMITED
Management's Discussion and Analysis

As foreign exchange revaluations on the senior secured notes are not recognized for tax purposes until realized, and in the case of capital losses, until they are applied, the effective tax rate may be significantly higher or lower than statutory rates.

Financial Condition Review

Balance sheet review

(Cdn$ in thousands, unless otherwise indicated)	June 30, 2026	December 31, 2025	Change
Cash	185,764	187,961	(2,197	)
Other current assets	177,313	156,925	20,388
Property, plant and equipment	2,219,493	2,045,452	174,041
Other assets	90,148	82,149	7,999
Total assets	2,672,718	2,472,487	200,231

Current liabilities¹	259,166	194,313	64,853
Debt:
Senior secured notes	700,569	674,114	26,455
Equipment-related financings	64,716	72,882	(8,166	)
Cariboo consideration payable	95,886	132,006	(36,120	)
Florence royalty obligation	115,684	107,599	8,085
Florence copper stream	107,506	91,501	16,005
Deferred revenue	84,583	82,617	1,966
Other liabilities	388,427	338,792	49,635
Total liabilities	1,816,537	1,693,824	122,713
Equity	856,181	778,663	77,518

Net debt (debt minus cash)	579,521	559,035	20,486
Total common shares outstanding (million shares)	365.8	361.1	4.7

1 Current liabilities exclude the current portion of long-term debt.

The Company's asset base is principally comprised of property, plant and equipment reflecting the capital-intensive nature of its large scale, open pit mining operation at Gibraltar and the commercial SX/EW facility at Florence Copper. Other current assets primarily include accounts receivable, inventories (concentrate and cathode inventories, ore stockpiles, copper in solution, and supplies), prepaid expenses, and marketable securities. Copper inventories, accounts receivable and cash balances can fluctuate due to the timing of sales and cash settlements.

Property, plant and equipment increased by $174.0 million during the first half of 2026, which includes Florence Copper capital expenditures of $83.3 million (which includes wellfield development costs of $52.2 million and capitalized commissioning costs of $21.2 million) and Gibraltar capital expenditures of $106.8 million (which includes capitalized stripping costs of $48.5 million and other capital expenditures of $58.3 million).

Net debt increased by $20.5 million during the first half of 2026, primarily due to the effect of a stronger US dollar on the Company's US dollar-denominated debt.

Cariboo consideration payable relates to earn-out obligations arising from the acquisition of Cariboo. Cariboo consideration payable decreased by $36.1 million during the first half of 2026, primarily due to payments made to Sojitz, Dowa and Furukawa during the period.

TREKOR METALS LIMITED
Management's Discussion and Analysis

Florence royalty obligation increased by $8.1 million, primarily reflecting changes in the timing of expected cash flows driven by changes in forecast copper prices applied over the term of the obligation. Florence copper stream increased $16.0 million, primarily due to the fair value impacts associated with higher forecast copper prices applied over the term of the stream.

Deferred revenue relates to the advance payments received from OR Royalties Inc. for the sale of future silver production from Gibraltar.

Other liabilities increased by $49.6 million primarily due to changes in deferred tax liabilities. Deferred tax liabilities increased primarily due to timing differences arising on deduction of capitalized stripping costs for both Canadian income tax and BC mineral tax purposes.

At August 5, 2026, there were 366,023,318 common shares and 6,630,297 stock options outstanding. More information on these instruments and the terms of their exercise can be found in Financial Statements-Notes 16 and 17.

Liquidity, cash flow and capital resources

At June 30, 2026, the Company had cash of $185.8 million (December 31, 2025 - $188.0 million) and available liquidity of approximately $342.1 million including its undrawn US$110 million revolving credit facility (December 31, 2025 - $338.7 million).

Cash provided by operating activities was $183.3 million in the second quarter, compared to $26.0 million in the second quarter of 2025, and $277.2 million in the first half of 2026, compared to $81.8 million in the first half of 2025. The increase in cash provided by operating activities was primarily driven by increased revenues from Gibraltar reflecting higher sales volumes and higher prevailing copper prices during the current quarter, partially offset by higher input costs for key commodities, particularly diesel and explosives, and continued spend at Florence Copper to support ramp-up activities.

Cash used for investing activities was $116.7 million in the second quarter, compared to $127.3 million in the second quarter of 2025. Investing activities include $53.8 million in capital expenditures at Gibraltar ($27.8 million in capitalized stripping and $26.0 million in other capital expenditures), and $41.5 million in capital expenditures at Florence Copper ($38.4 million in wellfield development costs and $3.1 million in other development costs). The Company also paid $19.4 million related to copper collar contracts that settled in-the-money in the second quarter.

Cash used for investing activities was $214.7 million in the first half of 2026, compared to $258.3 million in the first half of 2025, and includes $91.4 million in capital expenditures at Gibraltar ($43.0 million in capitalized stripping and $48.4 million in other capital expenditures), and $87.4 million in capital expenditures at Florence Copper ($53.4 million in wellfield development costs, $21.2 million in capitalized commissioning and start-up costs, and $12.9 million in other development costs). The Company also paid $32.0 million related to copper collar contracts that settled in-the-money in the first half of 2026.

Cash used for financing activities was $50.0 million in the second quarter, compared to cash provided by financing activities of $104.8 million in the second quarter of 2025. Financing activities include $29.2 million in interest payments (including US$20.6 million interest payment on the Notes in May), $10.6 million in equipment debt repayments, and $9.9 million performance payment to Sojitz.

Cash used for financing activities was $67.5 million in the first half of 2026, compared to cash provided by financing activities of $126.3 million in the first half of 2025. Financing activities include $31.0 million in interest payments, $19.9 million in equipment debt repayments, and $22.5 million in payments related to the Cariboo earn-outs to Sojitz, Dowa and Furukawa.

TREKOR METALS LIMITED
Management's Discussion and Analysis

Liquidity outlook

At June 30, 2026, the Company had approximately $342.1 million of available liquidity including $185.8 million in cash and US$110 million undrawn capacity on its corporate revolving credit facility.

Based on current copper prices and with copper hedges in place, the Company expects stable operating margins and cash flows from Gibraltar for the remainder of 2026.

Wellfield drilling continues at Florence Copper, with five drill rigs on site, to continue the expansion of the commercial wellfield and support higher solution flow rates and increased copper production. The Florence Copper SX/EW plant continues its ramp-up of production as additional wells and flow are added.

If needed, the Company could raise further additional capital through equity financings or asset sales, including royalties, sales of project interests, joint ventures, or additional credit facilities, including additional notes offerings or increasing borrowings from commercial banks or credit funds through one or more credit facilities including increases to its existing revolving credit facility. The Company evaluates these financing alternatives based on a number of factors, including the prevailing metal prices and projected operating cash flows from Gibraltar, relative valuation, liquidity requirements, covenant restrictions and other factors, in order to optimize the Company's cost of capital and maximize shareholder value.

Following a successful Florence Copper ramp-up, the Company will be focused on capital allocation and any excess liquidity in the future will be earmarked for additional debt repayment to target lower leverage levels. Once target leverage levels are met, the Company may also evaluate potential returns to shareholders including share buy backs while balancing capital needs throughout its operations and development project.

Future changes in copper and molybdenum market prices could also impact the timing and amount of cash available for future investment in the Company's capital and development projects, debt obligations and other uses of capital including potential returns to shareholders. To mitigate commodity price risks in the short term, copper price options are entered into for a substantial portion of Gibraltar's copper production and the Company has a long track history of doing so. The Company currently has copper price protection in place for 24 million pounds of production for the third quarter at an LME floor price of US$4.75 per pound and a ceiling of US$7.50 and US$8.50 per pound and for 27 million pounds of production for the fourth quarter at an LME floor price of US$4.75 per pound.

Hedging strategy

The Company generally fixes all or substantially all of the copper prices of its copper concentrate shipments at the time of shipment. Where the customer's offtake contract does not provide a price fixing option, the Company may look to undertake a quotational period hedge directly with a financial institution as the counterparty in order to fix the price of the shipment.

To protect against sudden and unexpected copper price volatility in the market, the Company's hedging strategy aims to secure a minimum price for a significant portion of future copper production using copper put options that are either purchased outright or substantially funded by the sale of copper call options that are out of the money. The amount and duration of the copper hedge positions is based on an assessment of business-specific risk elements combined with the copper pricing outlook. Copper price and quantity exposure are reviewed regularly to ensure that adequate revenue protection is in place.

TREKOR METALS LIMITED
Management's Discussion and Analysis

Hedge positions are typically extended by adding incremental quarters at established floor prices (the strike price of the copper put option) to provide the necessary price protection. Considerations for the cost of the hedging program include an assessment of Gibraltar's, and Florence Copper's, estimated production costs, copper price trends and the Company's fixed capital requirements during the relevant period. During periods of volatility or step changes in the copper price, the Company may revisit outstanding hedging contracts and determine whether copper put (floor) or call (ceiling) levels should be adjusted in line with the market while maintaining copper price protection. The Company expects to revert to shorter term floor price protection purchasing out-of-the-money put options for a modest premium once Florence Copper is through commissioning and ramp-up.

From time to time, the Company will look at potential hedging opportunities that mitigate the risk of rising input costs, including foreign exchange and fuel prices, where such a strategy is cost effective. To protect against a potential operating margin squeeze that could arise from oil and diesel price shocks, the Company has purchased fuel call options in the past to provide a price ceiling for diesel that is used by the mining fleet and may do so in the future. The Company does not have any fuel price protection at this time.

A summary of the Company's outstanding hedge positions is as follows:

	Notional amount	Strike price	Term to maturity	Original cost
At June 30, 2026
Copper collars	12 million lbs	Floor - US$4.75 per lb Ceiling - US$7.50 per lb	Q3 2026	$0.1 million
Copper collars	12 million lbs	Floor - US$4.75 per lb Ceiling - US$8.50 per lb	Q3 2026	$nil
Copper puts	27 million lbs	US$4.75 per lb	Q4 2026	$1.4 million

Commitments and contingencies

	Payments due
(Cdn$ in thousands)	Remainder 2026	2027	2028	2029	2030	Thereafter	Total
Debt
2030 Notes	-	-	-	-	710,500	-	710,500
Interest	29,308	58,616	58,616	58,616	29,308	-	234,464
Equipment loans
Principal	14,570	14,831	12,432	779	458	-	43,070
Interest	1,547	1,753	605	74	8	-	3,987
Lease liabilities
Principal	7,207	7,882	3,355	2,223	938	133	21,738
Interest	688	802	260	117	36	6	1,909
Cariboo consideration payable¹	-	25,250	25,250	15,250	15,250	48,462	129,462
PER²	-	-	-	-	-	158,227	158,227
Capital expenditures	7,610	-	-	-	-	-	7,610
Other expenditures:
Transportation-related services³	4,792	7,141	5,400	1,350	-	-	18,683

TREKOR METALS LIMITED
Management's Discussion and Analysis

1 On March 15, 2023, the Company completed the acquisition of 50% of Cariboo from Sojitz Corporation ("Sojitz"). The acquisition price payable to Sojitz is a minimum of $60 million payable over 5 years and potential contingent payments dependent upon Gibraltar copper revenue and average annual LME copper prices. As of June 30, 2026, $40 million of the $60 million minimum amount has been paid to Sojitz. The remaining minimum amounts will be paid in $10 million annual instalments over the next 2 years. There is no interest payable on these minimum amounts. The Company also estimates $36.5 million of contingent payments payable over the next 2 years, which have not been included in the table above.

On March 25, 2024, the Company completed the acquisition of the remaining 50% of Cariboo from Dowa and Furukawa. The acquisition price payable to Dowa and Furukawa is a minimum $117 million payable over 10 years. The amount and timing of these payments is dependent upon Gibraltar cash flow and average annual LME copper prices.

2 Provision for environmental rehabilitation ("PER") represents the net present value of estimated costs of legal and constructive obligations required to retire an asset, including decommissioning and other site restoration activities, primarily for Gibraltar and Florence Copper. At June 30, 2026, the Company has provided surety bonds for $140.9 million for Gibraltar's reclamation security and US$36.1 million for Florence Copper's reclamation security.

3 Transportation-related services include ocean freight and port handling services, which are both cancelable upon certain operating circumstances.

We have $2 million of committed annual contributions remaining in connection with the Teẑtan Biny Agreement that was signed in June 2025.

Summary of Quarterly Results

(Cdn$ in thousands, except per share amounts)		2026				2025											2024
(Cdn$ in thousands, except per share amounts)		Q2		Q1		Q4		Q3			Q2			Q1			Q4			Q3
Revenues		330,553		237,093		243,767		173,906			116,082			139,149			167,799			155,617
Net income (loss)		22,220		16,844		4,454		(27,838	)		21,868			(25,814	)		(21,207	)		(180	)
Basic EPS		0.06		0.05		0.01		(0.09	)		0.07			(0.08	)		(0.07	)		-
Adjusted net income (loss)*		40,487		27,535		41,525		5,584			(13,025	)		(7,117	)		10,468			8,228
Adjusted basic EPS		0.11		0.08		0.11		0.02			(0.04	)		(0.02	)		0.03			0.03
Adjusted EBITDA*		125,094		93,463		116,464		62,137			17,432			34,391			55,602			47,689

Gibraltar copper sales (million pounds)		32.2		27.0		31.6		26.3			19.0			21.8			27.4			26.3
Gibraltar realized copper price (US$ per pound)	$	6.11	$	5.74	$	5.13	$	4.49		$	4.32		$	4.24		$	4.13		$	4.23
Gibraltar total operating (C1) cost* (US$ per pound)	$	2.41	$	2.63	$	2.47	$	2.87		$	3.14		$	2.26		$	2.42		$	2.92

Financial results for the last eight quarters reflect volatile copper, molybdenum prices and foreign exchange rates that impacted realized sales prices, and the variability in quarterly sales volumes due to copper grades and timing of shipments which impacted revenue recognition.

Critical Accounting Policies and Estimates

The Company's material accounting policies are presented in Note 2.2 of the consolidated financial statements for the year ended December 31, 2025. The preparation of the consolidated financial statements in conformity with IFRS Accounting Standards requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis, and revisions are recognized in the periods in which the estimates are revised and in any future periods affected.

There were no changes in accounting policies during the six months ended June 30, 2026.

TREKOR METALS LIMITED
Management's Discussion and Analysis

Changes in Accounting Policies

In April 2024, the IASB issued IFRS 18, Presentation and Disclosure in Financial Statements, which replaces IAS 1, Presentation of Financial Statements. IFRS 18 introduces new requirements for the presentation and disclosure of information in the financial statements, including a prescribed structure for the statement of income, new defined subtotals, and enhanced disclosures for management-defined performance measures ("MPMs"). The standard also includes new guidance on the aggregation and disaggregation of information in the financial statements.

IFRS 18 is effective for annual reporting periods beginning on or after January 1, 2027, with retrospective application required. Early adoption is permitted.

Internal and Disclosure Controls Over Financial Reporting

The Company's management is responsible for establishing and maintaining adequate internal controls over financial reporting ("ICFR") and disclosure controls and procedures ("DC&P").

The Company's internal control system over financial reporting is designed to provide reasonable assurance to management and the Board of Directors regarding the preparation and fair presentation of published financial statements. Internal controls over financial reporting include those policies and procedures that:

(1) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of assets of the Company;

(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with IFRS Accounting Standards, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and,

(3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company's assets that could have a material effect on the financial statements.

The Company's internal control system over disclosure controls and procedures is designed to provide reasonable assurance that material information relating to the Company is made known to management and disclosed to others and information required to be disclosed by the Company in its annual filings, interim filings or other reports filed or submitted by us under securities legislation is recorded, processed, summarized and reported within the time periods specified in the securities legislation.

TREKOR METALS LIMITED
Management's Discussion and Analysis

All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined effective can provide only reasonable assurance with respect to financial reporting and disclosure.

There have been no changes in our internal control over financial reporting and disclosure controls and procedures during the six months ended June 30, 2026 that have materially affected, or are reasonably likely to materially affect, internal control over financial reporting and disclosure.

Key Management Personnel

Key management personnel ("KMP") include the members of the Board of Directors and executive officers of the Company.

The Company contributes to a post-employment defined contribution pension plan on behalf of certain KMP. This retirement compensation arrangement (the "RCA Trust") was established to provide benefits to certain executive officers on or after retirement in recognition of their long service. Upon retirement, the participant is entitled to the distribution of the accumulated value of the contributions under the RCA Trust. Obligations for contributions to the defined contribution pension plan are recognized as compensation expense in the periods during which services are rendered by the executive officers.

Certain executive officers are entitled to termination and change in control benefits. In the event of termination without cause, other than a change in control, these executive officers are entitled to an amount ranging from 12-months' to 18-months' salary. In the event of a change in control, if a termination without cause or a resignation occurs within 12 months following the change in control, these executive officers are entitled to receive, among other things, an amount ranging from 12-months' to 24-months' salary and accrued bonus, and all stock options held by these individuals will fully vest.

Executive officers and directors also participate in the Company's share option program (refer to Financial Statements-Note 16).

Compensation for KMP (including all members of the Board of Directors and executive officers) is as follows:

	Three months ended June 30,		Six months ended June 30,
(Cdn$ in thousands)	2026	2025	2026	2025
Salaries and benefits	1,044	1,122	3,720	4,235
Post-employment benefits	161	220	321	440
Share-based compensation	3,928	4,274	9,674	8,274
Total KMP compensation	5,133	5,616	13,715	12,949

Non-GAAP Performance Measures

This MD&A includes certain non-GAAP performance measures that do not have a standardized meaning prescribed by IFRS Accounting Standards. These measures may differ from those used by, and may not be comparable to such measures as reported by, other issuers. The Company believes that these measures are commonly used by certain investors, in conjunction with conventional IFRS Accounting Standards measures, to enhance their understanding of the Company's performance. These measures have been derived from the Company's financial statements and applied on a consistent basis. The following tables below provide a reconciliation of these non-GAAP measures to the most directly comparable IFRS Accounting Standards measures.

TREKOR METALS LIMITED
Management's Discussion and Analysis

Total operating cost and site operating cost, net of by-product credit

Total operating cost includes all costs absorbed into inventory, as well as transportation costs and insurance recoverable. Site operating cost is calculated by removing net changes in inventory, depletion and amortization, insurance recoverable, and transportation costs from cost of sales. Site operating cost, net of by-product credit is calculated by subtracting by-product credits from site operating cost. Site operating cost, net of by-product credit per pound is calculated by dividing the aggregate of the applicable costs by pounds of copper produced. Total operating cost per pound is the sum of site operating costs, net of by-product credits and off-property costs divided by pounds of copper produced. By-product credit is calculated based on actual sales of molybdenum (net of treatment costs), silver and gold during the period divided by the total pounds of copper produced during the period. These measures are calculated on a consistent basis for the periods presented.

Gibraltar (Cdn$ in thousands)		Q2 2026			Q1 2026			Q4 2025			Q3 2025			Q2 2025
Gibraltar cost of sales		172,328			147,051			146,919			134,664			120,592
Less:
Depletion and amortization		(29,225	)		(27,997	)		(27,207	)		(27,876	)		(25,210	)
Changes in inventories of finished goods		(7,637	)		15,694			(2,611	)		1,425			2,123
Changes in inventories of ore stockpiles		(7,608	)		(1,332	)		13,473			16,685			(5,718	)
Transportation costs		(9,934	)		(6,395	)		(10,989	)		(7,247	)		(5,720	)
Gibraltar site operating costs		117,924			127,021			119,585			117,651			86,067
Less by-product credits:
Molybdenum, net of treatment costs		(25,878	)		(27,009	)		(25,095	)		(13,903	)		(4,814	)
Silver, excluding amortization of deferred revenue		(1,252	)		2,026			312			(295	)		(58	)
Gold		(86	)		(567	)		(619	)		(761	)		(351	)
Gibraltar site operating costs, net of by-product credits		90,708			101,471			94,183			102,692			80,844
Gibraltar total copper produced (thousand pounds)		30,323			29,893			30,712			27,593			19,813
Total costs per pound produced (CA$ per pound)		2.99			3.39			3.07			3.72			4.08
Average exchange rate for the period (CAD/USD)		1.38			1.37			1.39			1.38			1.38
Gibraltar site operating costs, net of by-product credits (US$ per pound)		2.17			2.47			2.21			2.70			2.96
Gibraltar site operating costs, net of by-product credits		90,708			101,471			94,183			102,692			80,844
Add off-property costs:
Treatment and refining costs		363			96			394			(512	)		(837	)
Transportation costs		9,934			6,395			10,989			7,247			5,720
Gibraltar total operating costs		101,005			107,962			105,566			109,427			85,727
Gibraltar total operating costs (C1) (US$ per pound)	$	2.41		$	2.63		$	2.47		$	2.87		$	3.14

TREKOR METALS LIMITED
Management's Discussion and Analysis

Florence Copper (Cdn$ in thousands)		Q2 2026
Florence Copper cost of sales		43,493
Less:
Depletion and amortization		(10,020	)
Changes in inventories of finished goods		473
Changes in copper inventories in solution		(191	)
Production royalties		(4,430	)
Transportation costs		(567	)
Florence Copper site operating costs		28,758
Add off-property costs:
Production royalties		4,430
Transportation and marketing costs		567
Florence Copper total operating costs		33,755
Florence Copper total copper produced (thousand pounds)		5,183
Total costs per pound produced (CA$ per pound)		6.51
Average exchange rate for the period (CAD/USD)		1.38
Florence Copper total operating costs (C1) (US$ per pound)	$	4.72

Gibraltar total site costs

Gibraltar total site costs include site operating costs charged to cost of sales and mining costs capitalized to property, plant and equipment in the period. This measure is intended to capture total site operating costs incurred at Gibraltar during the period calculated on a consistent basis for the periods presented.

Gibraltar
(Cdn$ in thousands)

Q2 2026

Q1 2026

Q4 2025

Q3 2025

Q2 2025

Gibraltar site operating costs (included in cost of sales)

117,924

127,021

119,585

117,651

86,067

Gibraltar capitalized stripping costs

27,848

15,169

5,986

6,106

30,765

Total site costs

145,772

142,190

125,571

123,757

116,832

Adjusted net income (loss) and Adjusted EPS

Adjusted net income (loss) removes the effect of the following transactions from net income (loss) as reported under IFRS Accounting Standards:

• Unrealized foreign currency gains and losses;

• Unrealized gains and losses on derivatives (including any reversals for prior periods);

• Other operating costs;

• Realized gains on processing of ore stockpiles;

• Accretion on Cariboo consideration payable;

• Accretion on Florence royalty obligation;

• Realized costs of Florence financing obligations; and

• Tax effect of sale of non-controlling interest in New Prosperity.

TREKOR METALS LIMITED
Management's Discussion and Analysis

Management believes that these transactions do not reflect the underlying operating performance of the Company's core mining business and are not necessarily indicative of future operating results. Furthermore, unrealized gains and losses on derivative instruments, changes in the fair value of financial instruments, and unrealized foreign currency gains and losses are not necessarily reflective of the underlying operating results for the periods presented.

Adjusted earnings per share ("Adjusted EPS") is Adjusted net income (loss) attributable to common shareholders of the Company divided by the weighted average number of common shares outstanding for the period.

(Cdn$ in thousands)		Q2 2026			Q1 2026			Q4 2025			Q3 2025
Net income (loss)		22,220			16,844			4,454			(27,838	)
Unrealized foreign exchange loss (gain)		13,890			12,171			(9,000	)		14,287
Unrealized (gain) loss and fair value adjustments on derivatives		3,750			(9,582	)		37,676			14,977
Accretion on Cariboo consideration payable		1,765			1,261			4,048			4,041
Accretion on Florence royalty obligation		2,356			6,294			18,415			6,991
Realized costs of Florence copper stream and royalty obligation		(1,875	)		-			-			-
Estimated tax effect of adjustments		(1,619	)		547			(14,068	)		(6,874	)
Adjusted net income		40,487			27,535			41,525			5,584
Adjusted EPS	$	0.11		$	0.08		$	0.11		$	0.02

(Cdn$ in thousands)		Q2 2025			Q1 2025			Q4 2024			Q3 2024
Net income (loss)		21,868			(28,560	)		(21,207	)		(180	)
Unrealized foreign exchange (gain) loss		(40,335	)		2,074			40,462			(7,259	)
Unrealized loss (gain) and fair value adjustments on derivatives		9,489			23,536			(25,514	)		1,821
Accretion on Cariboo consideration payable		4,484			664			4,543			9,423
Accretion on Florence royalty obligation		6,201			2,571			3,682			3,703
Other operating costs		-			-			4,132			4,098
Realized gain on processing of ore stockpiles¹		-			-			1,905			3,266
Tax effect of sale of non-controlling interest in New Prosperity		(9,285	)		-			-			-
Estimated tax effect of adjustments		(5,447	)		(7,228	)		2,465			(6,644	)
Adjusted net income (loss)		(13,025	)		(6,943	)		10,468			8,228
Adjusted EPS	$	(0.04	)	$	(0.02	)	$	0.03		$	0.03

1 Realized gain on processing of ore stockpiles relates to ore stockpile inventories held at March 25, 2024 that was written-up to fair value as part of the acquisition of control of Gibraltar and subsequently processed. The realized portion of these gains have been added back to Adjusted net income (loss) in the period the inventories were processed.

Adjusted EBITDA

Adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") is presented as a supplemental measure of the Company's performance and ability to service debt. Adjusted EBITDA is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the industry, many of which present adjusted EBITDA when reporting their results. Issuers of "high yield" securities also present adjusted EBITDA because investors, analysts and rating agencies considering it useful in measuring the ability of those issuers to meet debt service obligations.

TREKOR METALS LIMITED
Management's Discussion and Analysis

Adjusted EBITDA represents net income before interest, income taxes, depreciation and amortization, and also eliminates the impact of a number of transactions that are not considered indicative of ongoing operating performance. Certain items of expense are added back and certain items of income are deducted from net income that are not likely to recur or are not indicative of the Company's underlying operating results for the reporting periods presented or for future operating performance and consist of:

• Unrealized foreign exchange gains and losses;

• Unrealized gains and losses on derivative (including any reversals for prior periods);

• Realized costs of Florence financing obligations;

• Amortization of share-based compensation expense;

• Other operating costs; and

• Realized gains on processing of ore stockpiles.

(Cdn$ in thousands)	Q2 2026		Q1 2026		Q4 2025		Q3 2025
Net income (loss)	22,220		16,844		4,454		(27,838	)
Depletion and amortization	39,839		29,166		27,207		27,974
Finance and accretion expenses	24,932		20,214		36,925		24,888
Finance income	(1,058	)	(1,474	)	(1,098	)	(1,368	)
Income tax expense	18,891		16,657		13,096		2,918
Unrealized foreign exchange loss (gain)	13,890		12,171		(9,000	)	14,287
Unrealized (gain) loss and fair value adjustments on derivatives	3,750		(9,582	)	37,676		14,977
Realized costs of Florence copper stream and royalty obligation	(1,875	)	-		-		-
Share-based compensation expense	4,505		9,467		7,204		6,299
Adjusted EBITDA	125,094		93,463		116,464		62,137

(Cdn$ in thousands)	Q2 2025		Q1 2025		Q4 2024		Q3 2024
Net income (loss)	21,868		(28,560	)	(21,207	)	(180	)
Depletion and amortization	25,210		22,425		24,641		20,466
Finance and accretion expenses	23,943		18,877		21,473		25,685
Finance income	(124	)	(1,330	)	(1,674	)	(1,504	)
Income tax expense (recovery)	(27,439	)	(7,980	)	11,707		(200	)
Unrealized foreign exchange loss (gain)	(40,335	)	2,074		40,462		(7,259	)
Unrealized loss (gain) and fair value adjustments on derivatives	9,489		23,536		(25,514	)	1,821
Share based compensation expense (recovery)	4,820		5,349		(323	)	1,496
Other operating costs	-		-		4,132		4,098
Realized gain on processing of ore stockpiles	-		-		1,905		3,266
Adjusted EBITDA	17,432		34,391		55,602		47,689

Earnings from mining operations before depletion, amortization and non-recurring items

Earnings from mining operations before depletion, amortization and non-recurring items is earnings from mining operations with depletion and amortization, and any items that are not considered indicative of ongoing operating performance added back. The Company discloses this measure, which has been derived from the Company's financial statements and applied on a consistent basis, to assist in understanding the results of the Company's operations and financial position, and it is meant to provide further information about the financial results to investors.

TREKOR METALS LIMITED
Management's Discussion and Analysis

Three months ended
June 30,

Six months ended
June 30,

(Cdn$ in thousands)

2026

2025

2026

2025

Earnings (loss) from mining operations

114,732

(502

)

199,175

15,864

Add:

Depletion and amortization

39,245

25,210

68,411

47,635

Other operating costs

(4,008

)

952

(4,008

)

Earnings from mining operations before depletion, amortization and non-recurring items

153,977

20,700

268,538

59,491

Gibraltar site operating costs per ton milled

The Company discloses this measure, which has been derived from the Company's financial statements and applied on a consistent basis, to assist in understanding the Company's Gibraltar site operations on a tons milled basis.

Gibraltar
(Cdn$ in thousands)

Q2 2026

Q1 2026

Q4 2025

Q3 2025

Q2 2025

Gibraltar site operating costs (included in cost of sales)

117,924

127,021

119,585

117,651

86,067

Gibraltar tons milled (thousand tons)

7,159

7,000

7,200

7,852

7,663

Site operating costs per ton milled

16.47

18.15

16.61

14.98

11.23

Technical Information

The technical information contained in this MD&A related to Florence Copper is based on the report titled "NI 43-101 Technical Report - Florence Copper Project, Pinal County, Arizona" issued on March 30, 2023 with an effective date of March 15, 2023 (the "Florence 2023 Technical Report"), which is available on SEDAR+. The Florence 2023 Technical Report was prepared under the supervision of Richard Tremblay, P. Eng., MBA, Richard Weymark, P. Eng., MBA, and Robert Rotzinger, P. Eng. Mr. Tremblay is employed by the Company as Chief Operating Officer, Mr. Weymark is employed by the Company as Vice President, Engineering, and Mr. Rotzinger is employed by the Company as Vice President, Capital Projects. All three are Qualified Persons as defined by NI 43-101.

The technical information contained in this MD&A related to Yellowhead is based on the report titled "Technical Report Update on the Yellowhead Copper Project, British Columbia, Canada" issued on July 10, 2025 with an effective date of June 15, 2025 (the "Yellowhead 2025 Technical Report"), which is available on SEDAR+. The Yellowhead 2025 Technical Report was prepared under the supervision of Richard Weymark, P. Eng., MBA, Jeremy Guichon, P. Eng., and Adil Cheema, P. Eng. Mr. Weymark is employed by the Company as Vice President, Engineering, Mr. Guichon is employed by the Company as Director, Mine Engineering, and Mr. Cheema is employed by the Company as Director, Process Engineering. All three are Qualified Persons as defined by NI 43-101.

Source: View Original Filing on SEC EDGAR

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Trekor Metals (NYSE: TGB) doubles revenue and ramps Florence Copper

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