Trekor Metals swings to C$33.6M profit in Q3 2026

Q: What was TGB’s revenue in Q3 2026?

TGB reported third-quarter 2026 revenue of C$342.2 million, compared with C$173.9 million in the third quarter of 2025. Nine-month revenue was C$909.9 million, versus C$429.1 million. Revenue included copper, molybdenum concentrate, silver, gold, and copper and molybdenum price adjustments.

Q: Did TGB make a profit in Q3 2026?

TGB reported net income of C$33.6 million, compared with a net loss of C$27.8 million in the third quarter of 2025.

Third-quarter revenue and operating cash flow were above year-earlier figures, while Florence’s wellfield development remained about three months behind its original plan.

Available on EDGAR 11/05/2026 - 06:02 AM EST Accepted by SEC EDGAR 11/04/2026 - 06:30 PM EST

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)How Sentiment works

Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

How Sentiment works How the balance works

Form Type

6-K

Rhea-AI Filing Summary

Trekor Metals Limited (TGB) reported third-quarter and nine-month 2026 operating and financial results. Third-quarter revenue was C$342.2 million, compared with C$173.9 million a year earlier; net income was C$33.6 million versus a C$27.8 million loss. Cash provided by operating activities was C$122.1 million, compared with C$36.5 million. Nine-month revenue was C$909.9 million and operating cash flow was C$399.4 million, versus C$429.1 million and C$118.3 million.

Gibraltar produced 33.9 million pounds of copper and Florence Copper produced 7.0 million pounds in the quarter. Trekor expects 2026 production of 115 to 120 million pounds at Gibraltar and 25 to 28 million pounds at Florence; Florence wellfield development remained about three months behind the original plan.

On October 30, 2026, Trekor amended and extended its revolving credit facility, increasing its size from US$110 million to US$130 million, extending maturity to October 31, 2029, and adding an uncommitted accordion for an additional US$50 million.

3 points · 0 major

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance works How Sentiment works

0 major · 0 points

How the balance works

Positive

Moderate pointThird-quarter revenue was C$342.2 million, versus C$173.9 million a year earlier.
Moderate pointThird-quarter net income was C$33.6 million, versus a C$27.8 million loss.
Moderate pointThird-quarter operating cash flow was C$122.1 million, compared with C$36.5 million.

Negative

None.

Filing Explained

Mitsui can invest US$50,000 thousand for a 10% Florence stake by October 15, 2028; exercise ends the stream and changes offtake arrangements.

The November 4 Form 6-K furnishes interim results and records 3,796 thousand shares from option exercises and 1,867 thousand from performance-unit settlements, and outstanding shares were 366,763 thousand at September 30, versus 361,100 thousand at January 1, reducing unchanged holders’ ownership percentages absent offsets.

At Florence, Mitsui’s copper stream requires delivery of 2.67% of production, with ongoing payments equal to 25% of the monthly average LME copper price.

Mitsui may invest an additional US$50,000 thousand for a 10% Florence stake through October 15, 2028; if exercised, the stream ends and the 81% offtake agreement is replaced by a marketing agency agreement, while without exercise Mitsui’s offtake entitlement falls to 30% until the stream deposit is reduced to nil.

Separately, a Taurus transaction gives it a perpetual 2.05% royalty on gross revenue from Florence copper sales; Florence Holdings received US$50,000 thousand, contributed to project construction and development.

Key Figures

Third-quarter revenue: C$342.2 million Third-quarter net income: C$33.6 million Third-quarter cash provided by operating activities: C$122.1 million +5 more

8 metrics

Third-quarter revenue C$342.2 million Three months ended September 30, 2026; C$173.9 million in 2025

Third-quarter net income C$33.6 million Three months ended September 30, 2026; net loss of C$27.8 million in 2025

Third-quarter cash provided by operating activities C$122.1 million Three months ended September 30, 2026; C$36.5 million in 2025

Nine-month revenue C$909.9 million Nine months ended September 30, 2026; C$429.1 million in 2025

Nine-month cash provided by operating activities C$399.4 million Nine months ended September 30, 2026; C$118.3 million in 2025

Gibraltar copper production 33.9 million pounds Third quarter of 2026

Florence Copper production 7.0 million pounds Third quarter of 2026

Revolving credit facility size US$130 million Amended October 30, 2026

Key Terms

Pregnant leach solution, SX/EW, Level 3 fair value measurement, accordion feature

4 terms

Pregnant leach solution technical

"Pregnant leach solution."

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.

SX/EW technical

"SX/EW plant"

SX/EW stands for solvent extraction and electrowinning, a two-step chemical process used to extract and produce pure metals (commonly copper) from low-grade ores or mining leach solutions. Think of it like using a sponge to pull metal out of a liquid and then plating the metal onto sheets; it lets miners turn dilute material into saleable metal with lower energy and capital costs than traditional smelting. Investors watch SX/EW capacity because it affects production cost, output flexibility, and cash flow predictability for mining companies.

Level 3 fair value measurement financial

"a Level 3 fair value measurement"

accordion feature financial

"with an uncommitted accordion feature for an additional US$50,000"

An accordion feature is a clause in a loan or financing agreement that allows a company to expand the size of a credit line or the amount of securities available under the same contract without drafting a completely new deal. Like a suitcase that can be extended to hold more items, it gives a company quick flexibility to raise extra money, which can help fund growth but may increase debt or dilute existing shareholders—so investors watch it for changes in risk and ownership.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What was TGB’s revenue in Q3 2026?

TGB reported third-quarter 2026 revenue of C$342.2 million, compared with C$173.9 million in the third quarter of 2025. Nine-month revenue was C$909.9 million, versus C$429.1 million. Revenue included copper, molybdenum concentrate, silver, gold, and copper and molybdenum price adjustments.

Did TGB make a profit in Q3 2026?

TGB reported net income of C$33.6 million, compared with a net loss of C$27.8 million in the third quarter of 2025.

How much was outstanding under TGB’s revolving credit facility at September 30, 2026?

No amounts were outstanding under the revolving credit facility as at September 30, 2026.

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

Form 6-K: How Foreign Companies Report to the SEC →

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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 November 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

Exhibit		Description

99.1		Interim Financial Statements for the period ended September 30, 2026
99.2		Management's Discussion and Analysis for the period ended September 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: November 4, 2026	By:	/s/ Bryce Hamming

		Bryce Hamming
	Title:	Chief Financial Officer

(formerly Taseko Mines Limited)
Condensed Consolidated Interim Financial Statements
For the three and nine months ended September 30, 2026 and 2025
(Unaudited)

TREKOR METALS LIMITED
(formerly Taseko Mines Limited)
Condensed Consolidated Interim Balance Sheets
(Cdn$ in thousands)
(Unaudited)

		September 30,		December 31,
	Note	2026		2025

ASSETS
Current assets
Cash		214,174		187,961
Accounts receivable	8	29,154		13,037
Inventories	9	159,860		133,557
Prepaids		7,682		7,922
Other financial assets	10	2,663		2,409
		413,533		344,886
Property, plant and equipment	11	2,259,187		2,045,452
Inventories	9	56,393		54,030
Deferred tax assets		34,451		21,511
Other financial assets	10	1,132		957
Goodwill		5,850		5,651
		2,770,546		2,472,487

LIABILITIES
Current liabilities
Accounts payable and accrued liabilities		149,065		100,273
Interest payable		24,372		9,409
Current portion of long-term debt	12	28,986		35,697
Current portion of Cariboo consideration payable	13	46,292		23,597
Current portion of Florence financings	14	34,275		13,058
Current portion of deferred revenue	15	8,013		15,313
Current income tax payable		7,281		3,498
Other financial liabilities	5b, 10	-		29,165
		298,284		230,010
Long-term debt	12	726,284		711,299
Cariboo consideration payable	13	98,890		132,006
Florence financings	14	236,565		199,100
Deferred revenue	15	85,559		82,617
Provision for environmental rehabilitation		161,387		155,651
Deferred tax liabilities		232,092		158,846
Other financial liabilities	10	38,559		24,295
		1,877,620		1,693,824
EQUITY
Share capital		818,474		800,489
Contributed surplus		59,974		62,653
Non-controlling interest		1		1
Accumulated other comprehensive income ("AOCI")		49,516		23,228
Deficit		(35,039	)	(107,708	)
		892,926		778,663
		2,770,546		2,472,487
Commitments and contingencies	18
Subsequent events	12b

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				Nine months ended
		September 30,				September 30,
	Note	2026		2025		2026		2025

Revenues	3	342,222		173,906		909,868		429,137
Cost of sales
Production costs	4	(171,586	)	(106,788	)	(470,694	)	(302,528	)
Depletion and amortization	4	(44,877	)	(27,876	)	(113,288	)	(75,511	)
Other operating (costs) income	4	-		-		(952	)	4,008
Earnings from mining operations		125,759		39,242		324,934		55,106

General and administrative		(4,363	)	(3,439	)	(13,032	)	(10,879	)
Share-based compensation expense	16c	(10,021	)	(6,205	)	(23,358	)	(15,949	)
Project evaluation expense		(1,453	)	(649	)	(2,986	)	(2,140	)
Changes in derivatives and other fair value instruments	5a	(16,275	)	(16,084	)	(52,050	)	(52,228	)
Other income (expense)		22		22		93		(29	)
Income (loss) before financing costs and income taxes		93,669		12,887		233,601		(26,119	)

Finance income		1,238		1,368		3,770		2,822
Finance expense	6	(17,545	)	(10,582	)	(44,726	)	(33,017	)
Accretion expense	6	(17,784	)	(14,306	)	(35,749	)	(34,691	)
Foreign exchange (loss) gain		1,261		(14,287	)	(21,445	)	23,974
Income (loss) before income taxes		60,839		(24,920	)	135,451		(67,031	)

Income tax (expense) recovery	7	(27,234	)	(2,918	)	(62,782	)	32,501
Net income (loss)		33,605		(27,838	)	72,669		(34,530	)

Other comprehensive income (loss):
Items that will remain permanently in other comprehensive income:
(Loss) gain on financial assets		2		234		(847	)	920
Items that may in the future be reclassified to income (loss):
Foreign currency translation reserve		(1,020	)	12,112		27,135		(20,062	)
Total other comprehensive income (loss)		(1,018	)	12,346		26,288		(19,142	)

Total comprehensive income (loss)		32,587		(15,492	)	98,957		(53,672	)

Earnings (loss) per share attributable to owners of the Company
Basic	17	0.09		(0.09	)	0.20		(0.11	)
Diluted	17	0.09		(0.09	)	0.19		(0.11	)

Weighted average shares outstanding (thousands)
Basic	17	366,327		316,824		365,345		314,437
Diluted	17	374,132		316,824		373,573		314,437

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

TREKOR METALS LIMITED
(formerly Taseko Mines Limited)
Condensed Consolidated Interim Statements of Cash Flows
(Cdn$ in thousands)
(Unaudited)

		Three months ended				Nine months ended
		September 30,				September 30,
	Note	2026		2025		2026		2025

Operating activities
Net income (loss) for the period		33,605		(27,838	)	72,669		(34,530	)
Adjustments for:
Depletion and amortization		45,013		27,974		113,634		75,854
Income tax expense (recovery)	7	27,234		2,918		62,782		(32,501	)
Finance income		(1,238	)	(1,368	)	(3,770	)	(2,822	)
Finance expense	6	17,545		10,582		44,726		33,017
Accretion expense	6	17,784		14,306		35,749		34,691
Recognition of deferred revenue	15b	(1,627	)	(1,442	)	(4,508	)	(3,803	)
Changes in derivatives and other fair value instruments	5a	16,275		16,084		52,050		52,228
Unrealized foreign exchange loss (gain)		273		14,287		26,334		(23,974	)
Share-based compensation expense		10,175		6,299		21,299		15,288
Other operating activities		(522	)	(123	)	(1,259	)	(5,581	)
Net change in working capital	19	(42,386	)	(25,201	)	(20,328	)	10,457
Cash provided by operating activities		122,131		36,478		399,378		118,324

Investing activities
Gibraltar capitalized stripping costs	11	(10,219	)	(6,106	)	(53,237	)	(74,953	)
Gibraltar capital expenditures	11	(21,481	)	(15,830	)	(69,834	)	(45,546	)
Florence Copper capital expenditures	11	(24,723	)	(58,496	)	(112,154	)	(217,545	)
Other project development costs	11	(12,626	)	(4,065	)	(19,061	)	(6,165	)
Settlements of copper price options	5b	(11,985	)	(1,494	)	(44,009	)	(1,494	)
Other investing activities		1,238		1,368		3,770		2,822
Cash used for investing activities		(79,796	)	(84,623	)	(294,525	)	(342,881	)

Financing activities
Interest paid		(4,386	)	(4,486	)	(35,414	)	(40,099	)
Proceeds from Florence financings		-		-		-		18,934
Repayment of Florence financings	14	(1,688	)	-		(2,490	)	-
Repayment of Florence equipment and lease financings	12e, 12f	(2,315	)	(1,206	)	(6,752	)	(4,445	)
Repayment of Gibraltar equipment and lease financings	12d, 12f	(8,072	)	(7,966	)	(23,529	)	(24,611	)
Advances from revolving credit facility		-		27,882		-		103,995
Net proceeds from sale of non-controlling interest		-		-		-		71,778
Payment of Cariboo consideration payable	13	-		-		(22,464	)	(16,645	)
Net proceeds from share issuances		-		-		-		29,630
Proceeds from exercise of share options		2,565		1,869		9,272		3,831
Cash (used for) provided by financing activities		(13,896	)	16,093		(81,377	)	142,368
Effect of exchange rate changes on cash		(29	)	835		2,737		228
Increase (decrease) in cash		28,410		(31,217	)	26,213		(81,961	)
Cash, beginning of period		185,764		121,988		187,961		172,732
Cash, end of period		214,174		90,771		214,174		90,771
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	-	-	6,034		-	-		-		6,034
Exercise of options	3,796	14,459	(5,187	)	-	-		-		9,272
Settlement of performance share units	1,867	3,526	(3,526	)	-	-		-		-
Total comprehensive income for the period	-	-	-		-	26,288		72,669		98,957
Balance as at September 30, 2026	366,763	818,474	59,974		1	49,516		(35,039	)	892,926

⁽¹⁾ For the nine months ended September 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 nine months ended September 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 November 4, 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 nine months ended September 30, 2026.

2.3 Adoption of new and amended IFRS Accounting Standards

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)

2.4 New accounting standards issued but not yet effective

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.

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

3. Revenues

	Three months ended September 30,			Nine months ended September 30,
	2026	2025		2026		2025
Revenue from contracts with customers:
Copper contained in concentrate	252,288	150,387		708,288		389,709
Copper cathode	70,427	6,460		127,992		6,460
Molybdenum concentrate	15,079	12,807		58,723		27,120
Silver	2,412	1,737		3,680		4,233
Gold	-	761		653		1,501
	340,206	172,152		899,336		429,023
Copper price adjustments on concentrate	106	1,656		(683	)	741
Copper price adjustments on cathode	177	(998	)	239		(998	)
Molybdenum price adjustments on concentrate	1,733	1,096		10,976		371
Revenues	342,222	173,906		909,868		429,137

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

	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
Site operating costs	162,814		117,651		445,437		272,635
Production royalties	5,648		-		11,106		-
Transportation costs	11,424		7,247		28,320		18,951
Changes in inventories:					-		-
Changes in finished goods	(6,654	)	(1,425	)	(19,364	)	(838	)
Changes in sulphide ore stockpiles	(1,959	)	(15,279	)	9,095		30,959
Changes in oxide ore	(116	)	(1,406	)	(2,230	)	(19,179	)
Changes in inventories of copper in solutions	429		-		(1,670	)	-
	171,586		106,788		470,694		302,528
Depletion and amortization	44,877		27,876		113,288		75,511
Cost of sales	216,463		134,664		583,982		378,039

Other operating costs (income):
Research and development tax credits	-		-		952		(4,008	)
Other operating costs (income)	-		-		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 nine months ended September 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 nine months ended September 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 nine months ended September 30, 2026 and 2025:

	Three months ended September 30,		Nine months ended September 30,
	2026	2025	2026		2025
Realized loss on settled copper options	103	1,107	41,710		3,678
Reversal of unrealized (loss) gain on settled copper options previously recognized	-	1,679	(30,659	)	23,461
Unrealized loss on outstanding copper options	1,832	1,923	2,691		2,803
Realized loss on fuel call options	-	-	-		548
Unrealized gain on fuel call options	-	-	-		(229	)
Net loss on copper price and fuel contracts (b)	1,935	4,709	13,742		30,261

Fair value adjustment on Cariboo contingent performance payments (Note 13)	3,652	5,155	7,200		6,981
Fair value adjustment on Florence copper stream derivative (Note 14)	10,688	6,220	31,108		14,986
Changes in derivatives and other fair value instruments	16,275	16,084	52,050		52,228

b) Copper contracts

The following is a summary of derivative transactions entered into by the Company during the nine months ended September 30, 2026:

Period Covered	Contract	Quantity	Strike price	Date of Purchase	Cost
Q3 2026	Copper collar	12 million lbs	US$4.75 / US$7.50 per lb	January 2026	90
Q3 2026	Copper collar	12 million lbs	US$4.75 / US$8.50 per lb	January 2026	Zero cost
Q4 2026	Copper put	13.5 million lbs	US$4.75 per lb	May 2026	740
Q4 2026	Copper put	13.5 million lbs	US$4.75 per lb	May 2026	745
Q1 2027	Copper put	30 million lbs	US$5.00 per lb	August 2026	1,433
Q2 2027	Copper put	15 million lbs	US$5.00 per lb	September 2026	874

The following is a summary of derivative transactions entered into by the Company during the nine months ended September 30, 2025:

Period Covered	Contract	Quantity	Strike price	Date of Purchase	Cost
Q1 2026	Copper collar	27 million lbs	US$4.00 / US$5.40 per lb	September 2025	1,494
Q2 2026	Copper collar	27 million lbs	US$4.00 / US$5.40 per lb	September 2025	Zero cost

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

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

Contract	Quantity	Strike price	Period	Cost	Fair value
Copper put	27 million lbs	US$4.75 per lb	Q4 2026	1,485	2
Copper put	30 million lbs	US$5.00 per lb	Q1 2027	1,433	390
Copper put	15 million lbs	US$5.00 per lb	Q2 2027	874	709
Derivative asset as at September 30, 2026 (December 31, 2025 - Derivative liability of $29,165)					1,101

6. Finance and Accretion Expense

	Three months ended September 30,			Nine months ended September 30,
	2026	2025		2026		2025
Interest expense	16,879	18,935		49,987		53,426
Amortization of deferred financing charges (Note 12)	666	629		1,960		1,866
Less: interest expense capitalized (Note 11)	-	(8,982	)	(7,221	)	(22,275	)
Finance expense	17,545	10,582		44,726		33,017

Accretion on deferred revenue (Note 15)	2,332	2,558		6,938		7,589
Accretion on provision for environmental rehabilitation	854	716		2,537		2,150
Accretion on Cariboo consideration payable (Note 13)	1,817	4,041		4,843		9,189
Accretion on Florence royalty obligation (Note 14)	12,781	6,991		21,431		15,763
Accretion expense	17,784	14,306		35,749		34,691

Total Finance and Accretion expense	35,329	24,888		80,475		67,708

7. Income Tax

	Three months ended September 30,		Nine months ended September 30,
	2026	2025	2026	2025
Current income tax expense (recovery)	2,654	652	6,349	(591	)
Deferred income tax expense (recovery)	24,580	2,266	56,433	(31,910	)
Income tax expense (recovery)	27,234	2,918	62,782	(32,501	)

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

8. Accounts Receivable

	September 30,	December 31,
	2026	2025
Trade and settlement receivables	28,635	12,808
Other receivables	519	229
Accounts receivable	29,154	13,037

9. Inventories

	September 30,	December 31,
	2026	2025
Current:
Copper concentrate	26,265	10,815
Copper cathode	7,500	2,498
Molybdenum concentrate	895	489
Copper in solutions	2,819	-
Oxide ore on leach pads	6,495	6,361
Sulphide ore stockpiles	45,400	58,972
Materials and supplies	70,486	54,422
	159,860	133,557

Long-term:
Oxide ore on leach pads	56,393	25,406
Oxide ore stockpiles	-	28,624
	56,393	54,030

10. Other Financial Assets and Other Financial Liabilities

	September 30,		December 31,
	2026		2025
Marketable securities	1,562		2,409
Copper price options (Note 5b)	1,101		-
Current portion of financial assets	2,663		2,409

Investment in private companies	500		500
Reclamation deposits	632		457
Long-term portion of financial assets	1,132		957

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

Deferred share unit settlement liability	(37,559	)	(22,295	)
Other liabilities	(1,000	)	(2,000	)
Long-term portion of other financial liabilities	(38,559	)	(24,295	)

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	-		89,046		28,815		172,323		290,184
Changes in rehabilitation provision	-		3,641		-		-		3,641
Disposals	-		-		(37,964	)	-		(37,964	)
Transfer between categories	-		81,808		469,600		(551,408	)	-
Foreign exchange translation	1,268		17,572		17,417		2,609		38,866
As at September 30, 2026	119,619		1,408,085		1,598,765		80,654		3,207,123

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	-		50,800		66,610		-		117,410
Disposals	-		-		(36,806	)	-		(36,806	)
Foreign exchange translation	-		260		128		-		388
As at September 30, 2026	-		451,007		496,929		-		947,936

Net book value
As at December 31, 2025	118,351		816,071		653,900		457,130		2,045,452
As at September 30, 2026	119,619		957,078		1,101,836		80,654		2,259,187

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 business segments for the nine months ended September 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	141,177		128,520		17,439	1,619	271		289,026
Changes in rehabilitation cost asset	16		3,625		-	-	-		3,641
Depletion and amortization	(93,627	)	(23,505	)	-	-	(278	)	(117,410	)
Foreign exchange translation	-		38,478		-	-	-		38,478
As at September 30, 2026	1,011,932		1,174,840		51,115	20,020	1,280		2,259,187

During the three and nine months ended September 30, 2026, the Company incurred capital expenditures of $35,657 and $97,755, respectively, in connection with the Florence Copper project. During the nine months ended September 30, 2026, the Company also capitalized start-up and commissioning costs of $21,153 and interest costs of $7,221 on borrowings related to the Florence Copper project.

During the three and nine months ended September 30, 2025, the Company capitalized development costs of $45,616 and $187,637, and interest on borrowings of $8,982 and $22,275, respectively, in connection with the Florence Copper project.

During the three and nine months ended September 30, 2026, non-cash additions to capitalized stripping costs at Gibraltar included $1,316 and $6,832, respectively (2025 - $865 and $11,599), related to depreciation of mining assets.

Depreciation expense related to right-of-use assets for the three and nine months ended September 30, 2026 was $3,810 and $8,288 (2025 - $3,546 and $10,022), 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	-		-		-		-		11,282		11,282
Principal payments	-		-		(14,611	)	(5,808	)	(9,892	)	(30,311	)
Amortization of deferred financing charges (Note 6)	1,871		-		53		-		-		1,924
Unrealized foreign exchange movements	24,100		-		351		-		(40	)	24,411
Foreign currency translation	-		-		-		792		176		968
Total debt, September 30, 2026	700,085		-		15,458		20,427		19,300		755,270
Less: current portion of long-term debt	-		-		10,171		8,552		10,263		28,986
Long-term debt, September 30, 2026	700,085		-		5,287		11,875		9,037		726,284

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 September 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 September 30, 2026.

On October 30, 2026 the Company amended and extended the facility with National Bank and ING. The term was extended to mature on October 31, 2029 and the size of the facility was increased to US$130,000 with an uncommitted accordion feature for an additional US$50,000.

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.

As at September 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. As at September 30, 2026 and December 31, 2025, no LCs were issued and outstanding under this LC facility.

d) Gibraltar equipment loans

As at September 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 September 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 September 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)	7,200		-		7,200
Accretion on minimum consideration payable (Note 6)	1,041		3,802		4,843
Balance as at September 30, 2026	58,967		86,215		145,182

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

	Sojitz	Dowa and Furukawa	Total
Minimum consideration payable	18,831	86,215	105,046
Contingent performance payments payable	40,136	-	40,136
Total Cariboo consideration payable	58,967	86,215	145,182
Less: current portion of Cariboo consideration payable
Minimum consideration payable	9,740	14,733	24,473
Contingent performance payments payable	21,819	-	21,819
Long-term portion of Cariboo consideration payable	27,408	71,482	98,890

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 September 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	(1,107	)	(1,383	)	(2,490	)
Fair value adjustment	31,108		-		31,108
Accretion	-		21,431		21,431
Foreign exchange translation	4,200		4,433		8,633
Balance as at September 30, 2026	132,446		138,394		270,840
Less: current portion of Florence financings	19,988		14,287		34,275
Long-term portion of Florence financings	112,458		124,107		236,565

15. Deferred Revenue

	As at September 30,	As at December 31,
	2026	2025
Current:
Customer advance payments (a)	-	6,789
Gibraltar silver stream agreement (b)	8,013	8,524
Current portion of deferred revenue	8,013	15,313
Long-term portion of Gibraltar silver stream agreement (b)	85,559	82,617
Total deferred revenue	93,572	97,930

a) Customer advance payments

As at September 30, 2026, there were no advance payments from customers on 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)	6,938
Recognition of deferred revenue	(4,508	)
Gibraltar silver stream as at September 30, 2026	93,571
Less: current portion of Gibraltar silver stream	8,013
Long-term portion of Gibraltar silver stream as at September 30, 2026	85,559

16. Share-based Compensation

a) Share options

	Options		Average Price
	(thousands)		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	(3,796	)	2.44
Forfeited	(52	)	5.33
Outstanding as at September 30, 2026	5,891		3.93
Exercisable as at September 30, 2026	4,292		3.02

During the nine months ended September 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 September 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	12	2.09
$1.83 to $2.57	2,453	1.85
$2.58 to $3.05	276	0.30
$3.06 to $3.51	1,971	3.26
$3.52 to $9.81	1,179	4.32

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:

		As at September 30,		As at September 30,
		2026		2025
Expected term (years)		5.00		5.00
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	265	742		489
Cancelled	-	-		(186	)
Settled	-	(595	)	-
Outstanding as at January 1, 2026	2,870	2,452		1,093
Granted	102	226		222
Cancelled	-	-		(42	)
Settled	-	(830	)	(270	)
Outstanding as at September 30, 2026	2,972	1,848		1,003

During the nine months ended September 30, 2026, 102,144 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 $6,441 (2025 - $5,593), with a weighted average fair value at the grant date of $9.70 per unit for the DSUs (2025 - $3.06 per unit), $14.72 per unit for the PSUs (2025 - $4.43 per unit), and $9.56 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 September 30,		Nine months ended September 30,
	2026	2025	2026	2025
Expensed as share-based compensation expense:
Change in fair value of deferred share units	8,582	4,591	15,265	9,637
Performance share units expense	762	779	2,285	2,335
Restricted share units expense	336	223	1,356	704
Share options expense ⁽¹⁾	341	612	4,452	3,273
	10,021	6,205	23,358	15,949
Expensed in production costs
Share options expense ⁽¹⁾	154	94	788	511
	154	94	788	511

⁽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 September 30,			Nine months ended September 30,
	2026	2025		2026	2025
Net income (loss) attributable to owners of the Company	33,605	(27,838	)	72,669	(34,530	)
(in thousands of common shares)
Weighted-average number of common shares	366,327	316,824		365,345	314,437
Effect of dilutive securities:
Stock options	3,961	-		4,433	-
Restricted share units	1,003	-		982	-
Performance share units	2,842	-		2,812	-
Weighted-average number of diluted common shares	374,132	316,824		373,572	314,437

Earnings (loss) per common share:
Basic earnings (loss) per share	0.09	(0.09	)	0.20	(0.11	)
Diluted earnings (loss) per share	0.09	(0.09	)	0.19	(0.11	)

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 September 30, 2026, are presented in the following table:

Remainder of 2026			207
2027			7,138
2028			5,400
2029			1,350
2030 and thereafter			-
Total commitments			14,095

As at September 30, 2026, the Company had commitments to incur capital expenditures of $1,884 (December 31, 2025 - $1,132) for Florence Copper and $14,613 (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 September 30, 2026.

19. Supplementary Cash Flow Information

	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
Change in non-cash working capital items
Accounts receivable	(1,843	)	(3,378	)	(16,117	)	(4,024	)
Inventories	(13,717	)	(15,921	)	(25,953	)	4,147
Prepaids	(827	)	2,215		240		1,193
Accounts payable and accrued liabilities¹	(10,585	)	(7,070	)	28,291		7,093
Customer advance payments	(15,414	)	(1,047	)	(6,789	)	2,048
	(42,386	)	(25,201	)	(20,328	)	10,457
Non-cash investing and financing activities
Right-of-use assets acquired	950		3,119		11,938		17,186

⁽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 $705,331 (December 31, 2025 - $728,782) and the face value is $709,400 (December 31, 2025 - $685,300) as at September 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
September 30, 2026
Financial assets and liabilities classified as FVPL
Derivative liability copper options	-		1,101		-		1,101
Cariboo contingent performance payable	-		-		(40,136	)	(40,136	)
Florence Copper Stream and buy back option	-		-		(132,446	)	(132,446	)
Settlement receivables	5,467		-		-		5,467
Settlement payables	(841	)	-		-		(841	)
	4,626		1,101		(172,582	)	(166,855	)
Financial assets designated as FVOCI
Marketable securities	1,562		-		-		1,562
Investment in private companies	-		-		500		500
	1,562		-		500		2,062
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	2409		-		-		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 September 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 September 30,		Nine months ended September 30,
	2026	2025	2026	2025
Salaries and benefits	1,044	1,105	4,764	5,340
Post-employment benefits	161	418	482	858
Share-based compensation	9,730	5,770	19,404	14,044
	10,935	7,293	24,650	20,242

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 September 30, 2026
	Gibraltar		Florence Copper		Yellowhead	Corporate		Total
Revenue	282,188		60,034		-	-		342,222
Cost of Sales
Production Costs	(134,757	)	(36,829	)	-	-		(171,586	)
Depletion and amortization	(34,836	)	(10,041	)	-	-		(44,877	)
Other operating costs	-		-		-	-		-
Earnings from mine operations	112,595		13,164		-	-		125,759
Changes in derivatives and other fair value instruments	(1,935	)	(10,687	)	-	(3,653	)	(16,275	)
Other expenses	(488	)	(712	)	-	(14,615	)	(15,815	)
Income (loss) before financing costs and income taxes	110,172		1,765		-	(18,268	)	93,669
Net finance and other expenses	(3,756	)	(13,432	)	-	(15,642	)	(32,830	)
Income (loss) before income taxes	106,416		(11,667	)	-	(33,910	)	60,839

Nine months ended September 30, 2026
	Gibraltar		Florence Copper		Yellowhead	Corporate		Total
Revenue	803,484		106,384		-	-		909,868
Cost of Sales
Production Costs	(396,915	)	(73,779	)	-	-		(470,694	)
Depletion and amortization	(92,058	)	(21,230	)	-	-		(113,288	)
Other operating costs	(952	)	-		-	-		(952	)
Earnings from mine operations	313,559		11,375		-	-		324,934
Changes in derivatives and other fair value instruments	(13,742	)	(31,107	)	-	(7,201	)	(52,050	)
Other expenses	(811	)	(39	)	-	(38,433	)	(39,283	)
Income (loss) before financing costs and income taxes	299,006		(19,771	)	-	(45,634	)	233,601
Net finance and other expense	(14,431	)	(22,952	)	-	(60,767	)	(98,150	)
Income (loss) before income taxes	284,575		(42,723	)	-	(106,401	)	135,451

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

Three months ended September 30, 2025
	Gibraltar		Florence Copper		Yellowhead	Corporate		Total
Earnings from mine operations	39,242		-		-	-		39,242
Changes in derivatives and other fair value instruments	(4,709	)	(6,220	)	-	(5,155	)	(16,084	)
Other expenses	(579	)	255		-	(9,947	)	(10,271	)
Income (loss) before financing costs and income taxes	33,954		(5,965	)	-	(15,102	)	12,887
Net finance and other expenses	(8,708	)	(6,998	)	-	(22,101	)	(37,807	)
Income (loss) before income taxes	25,246		(12,963	)	-	(37,203	)	(24,920	)

Nine months ended September 30, 2025
	Gibraltar		Florence Copper		Yellowhead	Corporate		Total
Earnings from mine operations	55,106		-		-	-		55,106
Changes in derivatives and other fair value instruments	(30,261	)	(14,987	)	-	(6,980	)	(52,228	)
Other expenses	(1,026	)	1,170		-	(29,141	)	(28,997	)
Income (loss) before financing costs and income taxes	23,819		(13,817	)	-	(36,121	)	(26,119	)
Net finance and other expenses	(21,850	)	(15,522	)	-	(3,540	)	(40,912	)
Income (loss) before income taxes	1,969		(29,339	)	-	(39,661	)	(67,031	)

As at September 30, 2026
	Gibraltar	Florence Copper	Yellowhead	Corporate	Total
Property, plant and equipment	1,011,932	1,174,840	51,115	21,300	2,259,187
Total assets	1,422,882	1,236,373	51,757	59,534	2,770,546
Total liabilities	615,085	355,886	7,962	898,687	1,877,620

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 nine months ended September 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 November 4, 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 26.

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

Market Review	11

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 the Florence Copper production facility ("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 September 30,				Nine months ended September 30,
Operating data	2026	2025	Change		2026	2025	Change
Gibraltar
Tons mined (millions)	26.1	29.3	(3.2	)	76.5	82.9	(6.2	)
Tons milled (millions)	7.5	7.8	(0.3	)	21.7	23.4	(1.7	)
Production (million pounds Cu)	33.9	27.6	6.3		94.1	67.4	26.7
Sales (million pounds Cu)	30.4	26.3	4.1		89.6	67.1	22.5

Florence Copper
Average flow rate (gpm)	4,454	-	4,454		3,042	-	3,042
Average PLS grade (g/L)	1.5	-	1.5		1.5	-	1.5
Production (million pounds Cu)	7.0	-	7.0		13.7	-	13.7
Sales (million pounds Cu)	6.9	-	6.9		12.8	-	12.8

	Three months ended September 30,				Nine months ended September 30,
Financial data	2026	2025		Change	2026	2025		Change
Revenues	342,222	173,906		168,316	909,868	429,137		480,731
Cash flows from operations	122,131	36,478		85,653	399,378	118,324		281,054
Net income (loss)	33,605	(27,838	)	61,443	72,669	(34,530	)	107,199
Per share - Basic ("EPS")	0.09	(0.09	)	0.18	0.20	(0.11	)	0.31
Earnings from mining operations before depletion, amortization and non-recurring items*	170,636	67,118		103,518	439,174	126,609		312,565
Adjusted EBITDA*	164,164	62,137		102,027	382,336	113,960		268,376
Adjusted net income (loss)*	54,589	5,584		49,005	122,611	(14,384	)	136,995
Per share - Basic ("Adjusted EPS")*	0.15	0.02		0.13	0.34	(0.05	)	0.39

TREKOR METALS LIMITED

Management's Discussion and Analysis

Third Quarter Highlights

• Earnings from mining operations before depletion, amortization and non-recurring items* was $170.6 million, Adjusted EBITDA* was $164.2 million and cash flow from operations was $122.1 million;

• Net income was $33.6 million ($0.09 per share) and Adjusted net income* was $54.6 million ($0.15 per share);

• Gibraltar produced 33.9 million pounds of copper, including 1.3 million pounds of copper cathode, at a total operating cost (C1)* of US$2.72 per pound of copper produced. Copper head grades averaged 0.28% and recoveries averaged 77%;

• Gibraltar sold 30.4 million pounds of copper at an average realized copper price of US$6.40 per pound contributing to total revenues of $342.2 million for Trekor;

• Florence produced 7.0 million pounds of copper cathode in the third quarter. Wellfield expansion continues to support the ongoing ramp-up of copper production at Florence. Florence brought online 32 new operating wells in the third quarter;

• 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; and

• At September 30, 2026, the Company had a cash balance of $214 million.

TREKOR METALS LIMITED

Management's Discussion and Analysis

Review of Operations

Operating data		Q3 2026			Q2 2026			Q1 2026			Q4 2025			Q3 2025
Gibraltar
Tons mined (millions)		26.1			26.2			24.2			28.0			29.3
Tons milled (millions)		7.5			7.2			7.0			7.2			7.8
Strip ratio		2.2			3.3			2.6			2.2			1.5
Site operating cost per ton milled*	$	17.79		$	16.47		$	18.15		$	16.61		$	14.98
Copper concentrate
Head grade (%)		0.28			0.25			0.25			0.26			0.22
Recovery (%)		77.1			81.6			82.6			80.9			77.2
Production (million pounds Cu)		32.6			29.7			29.2			29.8			26.7
Sales (million pounds Cu)		29.3			31.7			26.0			30.8			25.4
Inventory (million pounds Cu)		6.8			3.8			5.9			2.9			4.0
Copper cathode
Production (thousand pounds Cu)		1,271			643			733			919			895
Sales (thousand pounds Cu)		1,175			470			938			783			905
Molybdenum concentrate
Production (thousand pounds Mo)		380			559			717			830			558
Sales (thousand pounds Mo)		358			575			708			953			421
Per unit data (US$ per Cu pound produced)¹
Site operating cost*	$	2.83		$	2.81		$	3.09		$	2.80		$	3.09
By-product credit*		(0.35	)		(0.65	)		(0.62	)		(0.59	)		(0.39	)
Site operating cost, net of by-product credit*		2.48			2.16			2.47			2.21			2.70
Off-property cost*		0.24			0.25			0.16			0.26			0.17
Total operating cost (C1)*	$	2.72		$	2.41		$	2.63		$	2.47		$	2.87

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

TREKOR METALS LIMITED

Management's Discussion and Analysis

Operations Analysis

Gibraltar

Third Quarter Review

Gibraltar delivered another strong quarter of operating performance, supported by higher grade ore mined from the lower benches of the Connector pit. Gibraltar produced 33.9 million pounds of copper in the quarter, including 1.3 million pounds of copper cathode.

Mill throughput was 7.5 million tons in the third quarter, compared to 7.2 million tons in the second quarter. Copper head grades averaged 0.28% and recoveries averaged 77% and were impacted by lower-recovery supergene ore from the upper benches of the next phase of mining.

The Gibraltar SX/EW plant operated with material from two leach pads during the third quarter following the successful integration of the second heap leach dump, and benefitted from increased PLS flow rates and grade. The additional leach material contributed to higher copper cathode production of 1.3 million pounds in the third quarter.

A total of 26.1 million tons were mined in the third quarter at an average strip ratio of 2.2, as ongoing waste stripping activities continued to provide access to the next phases of the Connector pit.

Gibraltar copper sales totaled 30.4 million pounds in the quarter. Sales were affected by the timing of shipments resulting in a build-up of an additional 3.0 million pounds of inventory during the quarter.

Gibraltar total site costs* were $144.5 million (including capitalized stripping of $10.2 million) in the third quarter, which is in line with the previous two quarters but higher than the prior year. Diesel costs increased $9.6 million compared to the third quarter of 2025, primarily driven by higher diesel prices as a result of the ongoing conflict in the Middle East. Explosives costs increased $3.9 million compared to the third quarter of 2025, primarily driven by higher explosives prices. Other site costs have generally trended higher than 2025 due to broader inflationary pressures.

Molybdenum production was 380 thousand pounds in the third quarter and reflects lower recoveries in the Gibraltar molybdenum plant. At an average molybdenum price of US$32.98 per pound for the quarter, molybdenum provided a by-product credit of US$0.35 per pound of copper produced.

Off-property costs were US$0.24 per pound of copper produced in the third quarter, compared to US$0.17 per pound of copper produced in the third quarter of 2025, reflecting higher treatment and refining charges ("TCRC") for the last year of a longer-term contract.

Total operating costs (C1)* were US$2.72 per pound of copper produced for the third quarter, compared to US$2.87 per pound of copper produced for the third quarter of 2025. The decrease in total operating costs (C1)* was primarily driven by higher copper production and higher capitalized stripping costs, partially offset by higher site costs.

TREKOR METALS LIMITED

Management's Discussion and Analysis

Gibraltar Outlook

Gibraltar continues to provide consistent operating performance. Mining operations are focused in the Connector pit, which will be the primary source of ore for the next several years. Lower grades and recoveries are expected as mining transitions back to the upper benches of the Connector Pit for the next phase of mining. The second heap leach pad was integrated into the Gibraltar SX/EW circuit earlier this year and should continue to provide higher PLS flow rates and grades going forward. Gibraltar is expected to produce 115 to 120 million pounds of copper in 2026, an increase over original production guidance of 110 to 115 million pounds.

Site landed diesel prices remain elevated due to the continued conflict in the Middle East. Diesel prices are currently around $0.85 per litre higher than February pre-war levels. These higher diesel prices have increased Gibraltar's operating costs by approximately US$0.20 per pound over 2025 levels.

Molybdenum production is expected to remain at similar levels as Gibraltar advances through the Connector pit. Strong molybdenum by-product credits are expected to continue with current molybdenum prices around US$33.00 per pound.

The Company has offtake agreements covering Gibraltar's copper concentrate production for the remainder of 2026, which contain low, and in certain cases, negative treatment and refining charges ("TCRCs") reflecting the continued tight copper smelting market. Based on the contract terms, the Company expects overall TCRCs to be nominal in 2026. The Company has also tendered substantially all of its 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. Currently, the Company has copper put options in place with a strike price of US$4.75 per pound for 27 million pounds covering the fourth quarter of 2026, and US$5.00 per pound for 45 million pounds covering the first half of 2027. The Company expects to purchase copper put options going forward to provide downside price protection while retaining full exposure to increases in the copper price. Refer to "Financial Condition Review-Hedging Strategy" for details.

TREKOR METALS LIMITED

Management's Discussion and Analysis

Florence Copper

Third Quarter Review

Operating data		Q3 2026		Q2 2026
Florence Copper
Average PLS¹ flow rate (gpm)		4,454		3,182
Average PLS grade (g/L)		1.5		1.6
Operating production well count		141		110
Copper cathode
Production (million pounds Cu)		7.0		5.2
Sales (million pounds Cu)		6.9		5.3
Inventory (million pounds Cu)		1.0		0.8
Per unit data (US$ per Cu pound produced)
Site operating cost*	$	2.89	$	4.02
Production royalties² and other off-property costs*		0.65		0.70
Total operating cost (C1)*	$	3.54	$	4.72

1 Pregnant leach solution.

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

Florence Copper is an in-situ copper recovery operation, located in Arizona, USA, designed to produce LME Grade A copper cathode without conventional open-pit mining methods or major surface disturbance. Florence Copper has an annual production capacity of 85 million pounds of copper over the current mine life of 22 years.

Florence Copper is ramping-up production in 2026 and steady progress continued in the third quarter. Copper production increased month-over-month and no wellfield performance issues of any significance were encountered. The operations team has stabilized key process circuits and is focusing on wellfield flow rates and PLS grades. Florence Copper produced 7.0 million pounds of copper cathode in the third quarter compared to 5.2 million pounds in the previous quarter, driven by higher solution flow rates from the wellfield.

There are currently six 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 PLS grades and increased copper production. At the end of the third quarter, there were 141 production wells providing solutions to the SX/EW plant at flow rates of approximately 5,100 gallons per minute and PLS grades of 1.5 grams per litre.

Copper cathode sales for the third quarter were 6.9 million pounds. Cathode quality has met all customer specifications and trucking logistics have been running smoothly.

Florence Copper site costs (US$ in thousands)	Three months ended September 30, 2026	Nine months ended September 30, 2026
Wellfield development capital expenditures	25,457	65,007
Commissioning and start-up costs	-	15,175
Site operating costs	24,457	55,684
Total site costs	49,914	135,866

TREKOR METALS LIMITED

Management's Discussion and Analysis

Florence Outlook

Initial flow rates across the wellfield have exceeded expectations, and work is ongoing to establish best practices for wellfield operations. The SX/EW plant has been operating very well, producing high-quality copper cathode with no impurities. The one area where progress remains behind the initial plan is the wellfield expansion. Drilling rates have improved in recent months and new wells are being added on a monthly basis, however overall wellfield development is still about three months behind the original plan set out at the start of the year.

Total production at Florence Copper in 2026 is expected to be 25 to 28 million pounds of copper. Wells recently brought online, together with those expected to come online shortly, are anticipated to support a significant increase in copper cathode production, completing the ramp-up to full production capacity in early 2027.

Florence Copper has had a fixed price contract in place for all sulfuric acid requirements in 2026. Negotiations are in progress to establish an acid supply contract for 2027 Higher acid prices are expected next year due to reported disruptions in global acid supply chains and geopolitical events in the Middle East.

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 five 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 five 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%;

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

TREKOR METALS LIMITED

Management's Discussion and Analysis

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

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 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 participated in a series of open houses and events hosted by the project team.

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 is now in 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. Scoping work is also underway for the Simpcw process - an Indigenous led, consent-based decision-making model.

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

In August, the Company provided an update on technical work that has been performed on the Aley project in recent years. Niobium is a strategically important material for high-performance steels, stainless steels, niobium alloys, superalloys, emerging magnetic materials, superconductors, energy systems, and other critical technologies.

The Company completed a Pre-Feasibility Study in 2014. Trekor's recent technical work has been focused on refinements to the process flowsheet. Metallurgical testwork, using material from a bulk sample taken in 2018, has confirmed the operability of a new, optimized flotation process that has yielded higher niobium recoveries and improved concentrate grades with much reduced reagent consumption. The niobium concentrate produced was used to develop a two-stage smelting process which successfully produced marketable ferroniobium. The proprietary flotation process has been patented by Trekor in the United States, Australia, Brazil and in Europe. The project team is also developing a hydrometallurgical flowsheet that would produce niobium oxide from Aley's flotation concentrate.

To support technical development, market positioning and commercial strategy for Aley, the Company is building a team with experience in materials engineering, metallurgy, and new business development. The team will work with Trekor's existing technical team to advance flowsheet optimization, production plan development and market engagement.

Harmony gold project

In 2021, Trekor entered into an agreement (the "Harmony Agreement") to sell the Harmony gold project ("Harmony") 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 Harmony and a 2% net smelter return royalty on the project. Trekor also had the right to terminate the Harmony Agreement and revert to 100% ownership of Harmony if JDS did not achieve certain 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 Harmony project, on the same general terms as the original 2021 transaction, if certain development milestones are achieved by January 1, 2028.

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.

TREKOR METALS LIMITED

Management's Discussion and Analysis

Copper prices strengthened in the third quarter supported by tightening mine supply and continued expectations for strong long-term copper demand associated with electrification, artificial intelligence and related power infrastructure. The average benchmark LME copper price was US$6.57 in the third quarter, compared to US$6.05 per pound in the second quarter. LME copper prices reached an all-time high of around US$6.75 per pound in the third quarter and are currently around US$6.40 per pound. Copper prices have remained at record levels despite volatility from tensions in the Middle East, and elevated energy prices reviving concerns over inflation, slower economic growth and tighter monetary policy.

Copper markets continued to be influenced by uncertainty surrounding United States trade policy. Expectations for potential tariffs on refined copper contributed to the movement of substantial volumes of copper into the United States, contributing to lower available inventories in other markets and supporting higher copper prices.

Supply side conditions remain challenging. Production disruptions at several major mining operations limited the industry's ability to respond to higher copper prices, while growth in global smelting capacity has continued to outpace the availability of copper concentrate. In Chile, a leading copper producing nation, production continues to be hindered by a combination of extreme weather and safety incidents compounding other operational setbacks from declining ore grades and prolonged underinvestment. Disruptions in the availability of copper concentrate continued to pressure smelters, with treatment and refining charges remaining at historically low levels. These conditions continue to indicate a tight market for copper concentrate and underscore the challenges facing the global copper supply chain.

Longer-term demand for copper is expected to remain strong, driven by strong structural demand trends in electrification, renewable energy, large-scale cloud computing and data centre infrastructure to power 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.

Molybdenum prices remained strong in the third quarter, supported by constrained supply and stable demand from steel and specialty alloy markets and a strong oil and gas market. Molybdenum prices are currently around US$33.00 per pound compared to US$33.30 per pound at September 30, 2026 and the third quarter average of US$32.98 per pound. The Company's sales agreements specify molybdenum pricing based on published Platts Metals reports. Approximately 8% of the Company's revenue is made up of molybdenum sales.

Certain input costs remain elevated and may continue to fluctuate with market conditions. The Company's mining operations at Gibraltar are significant consumers of diesel fuel and other petroleum-based products, and as a result, higher energy prices could adversely affect the Company's operating costs, profitability and cash flows. 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 September 30,						Nine months ended September 30,
(Cdn$ in thousands)	2026		2025		Change		2026		2025		Change
Net income (loss)	33,605		(27,838	)	61,443		72,669		(34,530	)	107,199
Unrealized foreign exchange loss (gain)	273		14,287		(14,014	)	26,334		(23,974	)	50,308
Unrealized loss (gain) on outstanding copper and fuel options	1,832		1,923		(91	)	2,691		2,574		117
Reversal of unrealized (loss) gain on settled copper options previously recognized	-		1,679		(1,679	)	(30,659	)	23,461		(54,120	)
Fair value adjustment on Cariboo contingent performance payments	3,652		5,155		(1,503	)	7,200		6,981		219
Accretion on Cariboo consideration Payable	1,817		4,041		(2,224	)	4,843		9,189		(4,346	)
Fair value adjustment on Florence copper stream derivative	10,688		6,220		4,468		31,108		14,986		16,122
Accretion on Florence royalty obligation	12,781		6,991		5,790		21,431		15,763		5,668
Realized costs of Florence copper stream and royalty obligation	(2,399	)	-		(2,399	)	(4,274	)	-		(4,274	)
Tax effect of sale of non-controlling interest in New Prosperity	-		-		-		-		(9,285	)	9,285
Estimated tax effect of adjustments	(7,660	)	(6,874	)	(786	)	(8,732	)	(19,549	)	10,817
Adjusted net income (loss)	54,589		5,584		49,005		122,611		(14,384	)	136,995

The Company recorded Adjusted net income of $54.6 million ($0.15 Adjusted earnings per share) in the third quarter, compared to $5.6 million ($0.02 Adjusted earnings per share) in the third 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 higher site operating costs, primarily due to higher costs for diesel and explosives, and lower capitalized stripping costs.

Net income was $33.6 million ($0.09 earnings per share) in the third quarter, which included accretion on the Florence royalty obligation of $12.7 million, fair value adjustments on the Florence copper stream of $10.7 million, fair value adjustments on the Cariboo contingent performance payments of $3.7 million, accretion on Cariboo consideration payable of $1.8 million, and unrealized losses on outstanding copper put options of $1.8 million, reflecting higher prevailing copper price trends and the impact on the valuation of the respective instruments.

Net loss was $27.8 million ($0.09 loss per share) in the third quarter of 2025, which included unrealized losses on foreign exchange of $14.3 million related to the strengthening of the US dollar and the impact on the Company's US-dollar denominated debt, accretion on the Florence royalty obligation of $7.0 million, fair value adjustments on the Florence copper stream of $6.2 million, fair value adjustments on Cariboo contingent performance payments of $5.2 million, and accretion on Cariboo consideration payable of $4.0 million, reflecting higher prevailing copper price trends and the impact on the valuation of the respective instruments.

Adjusted net income was $122.6 million ($0.34 Adjusted earnings per share) in the first nine months of 2026, compared to Adjusted net loss of $14.4 million in the first nine months 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 $41.7 million on the Company's copper collars covering the first half of 2026, lower capitalized stripping costs, and higher site operating costs primarily due to higher costs for diesel and explosives.

TREKOR METALS LIMITED

Management's Discussion and Analysis

Net income was $72.7 million ($0.20 earnings per share) in the first nine months of 2026, which included unrealized losses on foreign exchange of $26.3 million, fair value adjustments on the Florence copper stream of $31.1 million, accretion on Florence royalty obligation of $21.4 million, fair value adjustments on Cariboo contingent performance payments of $7.2 million, and accretion on Cariboo consideration payable of $4.8 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 $34.5 million ($0.11 loss per share) in the first nine months of 2025 after adjusting for accretion on Florence royalty obligation of $15.8 million, fair value adjustments on Florence copper stream of $15.0 million, accretion on Cariboo consideration payable of $9.2 million, and fair value adjustments on Cariboo contingent performance payments of $7.0 million, reflecting higher prevailing copper price trends and the impact on the valuation of the respective instruments. Net loss for this prior period was also impacted by the reversal of unrealized gains on settled copper options that were previously recognized of $23.5 million, partially offset by deferred tax recovery recognized on the Company's sale of a non-controlling interest in New Prosperity of $9.3 million.

Revenues

Gibraltar	Three months ended September 30,					Nine months ended September 30,
(Cdn$ in thousands)	2026		2025	Change		2026		2025	Change
Copper contained in concentrate	252,692		151,357	101,335		707,929		388,417	319,512
Copper cathode	10,860		5,636	5,224		22,646		5,636	17,010
Molybdenum concentrate	16,812		13,903	2,909		69,699		27,491	42,208
Silver	2,411		1,737	674		3,680		4,233	(553	)
Gold	-		761	(761	)	653		1,501	(848	)
Treatment and refining (costs) premiums	(587	)	512	(1,099	)	(1,123	)	1,859	(2,982	)
Gibraltar revenue	282,188		173,906	108,282		803,484		429,137	374,347

Florence Copper	Three months ended September 30,					Nine months ended September 30,
(Cdn$ in thousands)	2026		2025	Change		2026		2025	Change
Copper cathode	61,004		-	61,004		107,554		-	107,554
Marketing costs	(970	)	-	(970	)	(1,170	)	-	(1,170	)
Florence Copper revenue	60,034		-	60,034		106,384		-	106,384

TREKOR METALS LIMITED

Management's Discussion and Analysis

Consolidated	Three months ended September 30,					Nine months ended September 30,
(Cdn$ in thousands)	2026		2025	Change		2026		2025	Change
Copper contained in concentrate	252,692		151,357	101,335		707,929		388,417	319,512
Copper cathode	71,864		5,636	66,228		130,200		5,636	124,564
Molybdenum concentrate	16,812		13,903	2,909		69,699		27,491	42,208
Silver	2,411		1,737	315		3,680		4,233	(553	)
Gold	-		761	(761	)	653		1,501	(848	)
Treatment and refining (costs) premiums	(1,557	)	512	(2,069	)	(2,293	)	1,859	(4,152	)
Revenue	342,222		173,906	168,316		909,868		429,137	480,731

Copper sales (thousand pounds)	36,172		24,397	11,775		98,894		63,626	35,268
Average realized copper price (US$ per pound)	6.40		4.49	1.91		6.11		4.36	1.75
Average LME copper price (US$ per pound)	6.40		4.44	1.96		6.09		4.33	1.76
Average exchange rate (CAD/USD)	1.40		1.38	0.02		1.39		1.40	(0.01	)

Revenues from the sales of copper in concentrate increased by $101.3 million to $252.7 million in the third quarter, compared to $151.4 million in the third quarter of 2025. The increase in revenues from the sales of copper in concentrate was attributable to a favorable price variance of $75.2 million reflecting a higher average realized copper price, a favorable volume variance of $72.3 million reflecting a higher sales volume, and a favorable foreign exchange variance of $3.9 million.

Revenues from the sales of copper in concentrate increased by $319.5 million to $707.9 million in the first nine months of 2026, compared to $388.4 million in the first nine months of 2025. The increase in revenues from the sales of copper in concentrate was attributable to a favorable price variance of $203.7 million reflecting a higher average realized copper price and a favorable volume variance of $121.4 million reflecting higher sales volumes, partially offset by an unfavorable foreign exchange variance of $5.6 million.

Copper cathode sales at Gibraltar contributed $10.9 million to Gibraltar revenues on sales of 1.2 million pounds in the third quarter, and $22.6 million in the first nine months of 2026 on sales of 2.6 million pounds.

Copper cathode sales at Florence Copper generated $61.0 million in revenues on sales of 6.9 million pounds in the third quarter, and $107.6 million in revenues on sales of 12.8 million pounds in the first nine months of 2026.

Molybdenum revenues increased by $2.9 million to $16.8 million in the third quarter, compared to $13.9 million in the third quarter of 2025, primarily attributable to a favorable price variance of $4.8 million partially offset by an unfavorable volume variance of $1.9 million. Molybdenum revenues increased by $42.2 million to $69.7 million in the first nine months of 2026, compared to $27.5 million in the first nine months of 2025, primarily attributable to a favorable price variance of $23.1 million and a favorable volume variance of $19.1 million.

Cost of sales

Gibraltar	Three months ended September 30,						Nine months ended September 30,
(Cdn$ in thousands)	2026		2025		Change		2026		2025		Change
Site operating costs	134,238		117,651		16,587		379,184		272,635		106,549
Transportation costs	10,668		7,247		3,421		26,997		18,951		8,046
Changes in inventories:
Changes in finished goods	(8,075	)	(1,425	)	(6,650	)	(16,132	)	(838	)	(15,294	)
Changes in sulphide ore stockpiles	(1,958	)	(15,279	)	13,321		9,096		30,959		(21,863	)
Changes in oxide ore stockpiles	(116	)	(1,406	)	1,290		(2,230	)	(19,179	)	16,949
Production costs	134,757		106,788		27,969		396,915		302,528		94,387
Depletion and amortization	34,836		27,876		6,960		92,058		75,511		16,547
Cost of sales	169,593		134,664		34,929		488,973		378,039		110,934

TREKOR METALS LIMITED

Management's Discussion and Analysis

Florence Copper	Three months ended September 30,			Nine months ended September 30,
(Cdn$ in thousands)	2026	2025	Change	2026		2025	Change
Site operating costs	28,575	-	28,575	66,252		-	66,252
Production royalties	5,648	-	5,648	11,106		-	11,106
Transportation costs	756	-	756	1,323		-	1,323
Changes in inventories:
Changes in finished goods	1,421	-	1,421	(3,232	)	-	(3,232	)
Changes in inventories of copper in solution	429	-	429	(1,670	)	-	(1,670	)
Production costs	36,829	-	36,829	73,779		-	73,779
Depletion and amortization	10,041	-	10,041	21,230		-	21,230
Cost of sales	46,870	-	46,870	95,009		-	95,009

Consolidated	Three months ended September 30,						Nine months ended September 30,
(Cdn$ in thousands)	2026		2025		Change		2026		2025		Change
Site operating costs	162,813		117,651		45,162		445,436		272,635		172,801
Production royalties	5,648		-		5,648		11,106		-		11,106
Transportation costs	11,424		7,247		4,177		28,320		18,951		9,369
Changes in inventories:
Changes in finished goods	(6,654	)	(1,425	)	(5,229	)	(19,364	)	(838	)	(18,526	)
Changes in sulphide ore stockpiles	(1,958	)	(15,279	)	13,321		9,096		30,959		(21,863	)
Changes in oxide ore stockpiles	(116	)	(1,406	)	1,290		(2,230	)	(19,179	)	16,949
Changes in inventories of copper in solution	429		-		429		(1,670	)	-		(1,670	)
Production costs	171,586		106,788		64,798		470,694		302,528		168,166
Depletion and amortization	44,877		27,876		17,001		113,288		75,511		37,777
Cost of sales	216,463		134,664		81,799		583,982		378,039		205,943

Gibraltar site operating costs increased by $16.6 million to $134.2 million in the third quarter, compared to $117.7 million in the third quarter of 2025, primarily due to higher input costs on key commodities, particularly diesel and explosives. Diesel costs increased by $9.6 million to $22.0 million in the third quarter, compared to $12.4 million in the third quarter of 2025, primarily due to higher diesel prices resulting from geopolitical tensions in the Middle East. Explosives costs increased by $3.9 million to $11.2 million in the third quarter, compared to $7.2 million in the third quarter of 2025, primarily due to continued elevated explosives prices. Other site costs generally increased in line with inflation.

Gibraltar site operating costs increased by $106.5 million to $379.2 million during the first nine months of 2026, compared to $272.6 million during the first nine months of 2025, primarily due higher input costs on key commodities and lower capitalized stripping costs. Diesel costs increased by $22.0 million to $56.8 million in the first nine months of 2026, compared to $34.7 million in the first nine months of 2025, and explosives costs increased by $14.9 million to $33.3 million in the first nine months of 2026, compared to $18.4 million in the first nine months of 2025. Capitalized stripping costs were $53.2 million in the first nine months of 2026, compared to $75.0 million in the first nine months of 2025, with the comparative period benefiting from capitalized stripping costs associated with the pushback in the Connector pit.

TREKOR METALS LIMITED

Management's Discussion and Analysis

Gibraltar transportation costs were $10.7 million in the third quarter, compared to $7.2 million in the third quarter of 2025, and $27.0 million in the first nine months of 2026, compared to $19.0 million in the first nine months of 2025, and reflect higher sales volume in the current period.

Florence Copper contributed $28.6 million to site operating costs in the third quarter and $66.3 million in site operating costs in the first nine months of 2026 as the Florence Copper production facility continues to ramp up operations. Production royalties associated with the Florence Copper property added $5.6 million and $11.1 million to production costs in the third quarter and the first nine months of 2026, respectively.

Cost of sales was also impacted by changes in inventories. Net movement from Gibraltar sulphide ore stockpiles was negligible in the third quarter, with the change in value associated with the stockpile primarily reflecting higher mining costs in the quarter. Gibraltar processed 2.3 million tons of sulphide ore from stockpiles in the first nine months of 2026, with the release of costs from stockpile inventories increasing production costs by $9.1 million in the first nine months of 2026. Gibraltar copper concentrate inventory increased by 3.1 million pounds in the third quarter and 4.0 million pounds in the first nine months of 2026 due to the timing of shipments, resulting in a decrease to production costs of $8.1 million in the third quarter and $16.1 million in the first nine months of 2026.

Florence Copper had 1.0 million pounds of finished copper cathode inventory at the end of the period and contributed to a decrease in production costs of $3.2 million in the first nine months of 2026. Dissolved copper extracted from the Florence Copper wellfield into the pregnant leach solution through the ponds and plants resulted in $1.7 million of production costs reclassified into work-in-process inventories of copper in solutions.

Depletion and amortization increased by $17.0 million for the third quarter and $37.8 million for the first nine months of 2026, primarily due to the commencement of 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 September 30,						Nine months ended September 30,
(Cdn$ in thousands)	2026		2025		Change		2026		2025	Change
General and administrative	4,363		3,439		924		13,032		10,879	2,153
Share-based compensation expense	10,021		6,205		3,816		23,358		15,949	7,409
Realized loss on settled copper options and fuel call options	103		1,107		(1,004	)	41,710		4,226	37,484
Reversal of unrealized loss (gain) on settled copper collars previously recognized	-		1,679		(1,679	)	(30,659	)	23,461	(54,120	)
Unrealized loss on outstanding copper options and fuel call options	1,832		1,923		(91	)	2,691		2,574	117
Fair value adjustment on Cariboo contingent performance payments	3,652		5,155		(1,503	)	7,200		6,981	219
Fair value adjustment on Florence copper stream derivative	10,688		6,220		4,468		31,108		14,986	16,122
Project evaluation expense	1,453		649		804		2,986		2,140	846
Other expenses (income), net	(22	)	(22	)	-		(93	)	29	(122	)
Other expenses	32,090		26,355		5,735		91,333		81,225	10,108

General and administrative expenses were $4.4 million in the third quarter, compared to $3.4 million in the third quarter of 2025, and $13.0 million in the first nine months of 2026, compared to $10.9 million in first nine months 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, and certain non-recurring costs related to the renaming of the Company.

TREKOR METALS LIMITED

Management's Discussion and Analysis

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 $10.0 million in the third quarter, compared to $6.2 million in the third quarter of 2025, and $23.4 million in the first nine months of 2026, compared to $15.9 million in the first nine months 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 on settled copper options of $41.7 million in the first nine months of 2026, primarily 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 $30.7 million were reversed on these copper collar contracts.

The changes in fair value of $1.8 million in the third quarter and $2.7 million in the first nine months of 2026 on the Company's outstanding copper put options for future quarters were due to changes in prevailing copper prices.

Fair value adjustment on Florence copper stream derivative was $10.7 million in the third quarter and $31.1 million in the first nine months of 2026. Fair value adjustment on Cariboo contingent performance payment was $3.7 million in the third quarter and $7.2 million in the first nine months 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 September 30,						Nine months ended September 30,
(Cdn$ in thousands)	2026		2025		Change		2026		2025		Change
Interest expense	16,879		18,935		(2,056	)	49,987		53,426		(3,439	)
Amortization of deferred financing charges	666		629		37		1,960		1,866		94
Finance income	(1,238	)	(1,368	)	130		(3,770	)	(2,822	)	(948	)
Less: Capitalized interest expense	-		(8,982	)	8,982		(7,221	)	(22,275	)	15,054
Finance expenses, net	16,307		9,214		7,093		40,956		30,195		10,761

Accretion on deferred revenue	2,332		2,558		(226	)	6,938		7,589		(651	)
Accretion on provision for environmental rehabilitation	854		716		138		2,537		2,150		387
Accretion on Cariboo consideration payable	1,817		4,041		(2,224	)	4,843		9,189		(4,346	)
Accretion on Florence royalty obligation	12,781		6,991		5,790		21,431		15,763		5,668
Accretion expenses	17,784		14,306		3,478		35,749		34,691		1,058

Net finance expenses were $16.3 million in the third quarter, compared to $9.2 million in the third quarter of 2025, and $41.0 million during the nine months ended September 30, 2026, compared to $30.2 million during the nine months ended September 30, 2025. Interest expense decreased by $2.1 million for the third quarter compared to the same quarter in 2025, and $3.4 million for the nine months ended September 30, 2025 compared to the same period in 2025, reflecting the Company's deleveraging. The Company also stopped capitalizing interest related to borrowings used to finance the capital spend on the Florence Copper commercial production facility 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 third quarter and $4.8 million in the nine months ended September 30, 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 $12.8 million in the third quarter and $21.4 million in the nine months ended September 30, 2026, and primarily reflects 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 September 30,			Nine months ended September 30,
(Cdn$ in thousands)	2026	2025	Change	2026	2025		Change
Current income tax expense (recovery)	2,654	652	2,002	6,349	(591	)	6,940
Deferred income tax expense (recovery)	24,580	2,266	22,314	56,433	(31,910	)	88,343
Income tax expense (recovery)	27,234	2,918	24,316	62,782	(32,501	)	95,283

Effective tax rate	44.8%	11.7%	33.1%	46.4%	48.5%		(2.1)%
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 September 30,						Nine months ended September 30,
(Cdn$ in thousands)	2026		2025		Change		2026		2025		Change
Income tax expense (recovery) at Canadian statutory rate of 36.5%	22,137		(9,093	)	31,230		49,426		(24,459	)	73,885
Permanent differences	6,585		5,093		1,492		16,009		3,474		12,535
Foreign tax rate differentials	(1,007	)	389		(1,396	)	1,032		589		443
Unrecognized tax benefits	(63	)	5,119		(5,182	)	1,349		(9,471	)	10,820
Deferred tax adjustments related to prior periods	(418	)	1,410		(1,828	)	(5,034	)	(2,634	)	(2,400	)
Income tax expense (recovery)	27,234		2,918		24,316		62,782		(32,501	)	95,283

The effective tax rate for the third 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)	September 30, 2026	December 31, 2025	Change
Cash	214,174	187,961	26,213
Other current assets	199,359	156,925	42,434
Property, plant and equipment	2,259,187	2,045,452	213,735
Other assets	97,826	82,149	15,677
Total assets	2,770,546	2,472,487	298,059

Current liabilities¹	269,298	194,313	74,985
Debt:
Senior secured notes	700,085	674,114	25,971
Equipment-related financings	55,185	72,882	(17,697	)
Cariboo consideration payable	98,890	132,006	(33,116	)
Florence royalty obligation	124,107	107,599	16,508
Florence copper stream	112,458	91,501	20,957
Deferred revenue	85,559	82,617	2,942
Other liabilities	432,038	338,792	93,246
Total liabilities	1,877,620	1,693,824	183,796
Equity	892,926	778,663	114,263

Net debt (debt minus cash)	541,096	559,035	(17,939	)
Total common shares outstanding (million shares)	366.8	361.1	5.7

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 $213.7 million during the first nine months of 2026, which includes Florence Copper capital expenditures of $128.5 million and Gibraltar capital expenditures of $141.2 million (which includes capitalized stripping costs of $60.1 million and other capital expenditures of $81.1 million).

Net debt decreased by $17.9 million during the first nine months of 2026, reflecting a higher cash balance and the Company's debt reduction measures partially offset by the effect of a strong US dollar on the Company's US-dollar denominated debt.

Cariboo consideration payable relates to earn-out obligations arising from the acquisition of Cariboo. The Cariboo consideration payable decreased by $33.1 million during the first nine months 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 $16.5 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. The Florence copper stream liability increased $21.0 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 $93.2 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 November 4, 2026, there were 366,775,669 common shares and 5,877,946 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 September 30, 2026, the Company had cash of $214.2 million (December 31, 2025 - $188.0 million) and available liquidity of approximately $370.3 million including its undrawn US$110 million revolving credit facility (December 31, 2025 - $338.7 million).

Cash provided by operating activities was $122.1 million in the third quarter, compared to $36.5 million in the third quarter of 2025, and $399.4 million in the first nine months of 2026, compared to $118.3 million in the first nine months 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, and cash contribution from Florence Copper as the operation continues to ramp-up, partially offset by higher input costs for key commodities, particularly diesel and explosives.

Cash used for investing activities was $79.8 million in the third quarter, compared to $84.6 million in the third quarter of 2025. Investing activities include $31.7 million in capital expenditures at Gibraltar ($10.2 million in capitalized stripping and $21.5 million in other capital expenditures), and $24.7 million in capital expenditures at Florence Copper. Other project development spend was $12.6 million and primarily relates to the Company's Yellowhead project as the project advances through permitting. The Company also settled $12.0 million in the third quarter related to copper collar contracts that expired in the month of June.

Cash used for investing activities was $294.5 million in the first nine months of 2026, compared to $342.9 million in the first nine months of 2025, and includes $123.1 million in capital expenditures at Gibraltar ($53.2 million in capitalized stripping and $69.8 million in other capital expenditures), and $112.2 million in capital expenditures at Florence Copper ($78.1 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 settled $44.0 million related to copper collar contracts that expired in the first half of 2026.

Cash used for financing activities was $13.9 million in the third quarter, compared to cash provided by financing activities of $16.1 million in the third quarter of 2025. Financing activities include $10.4 million in equipment debt repayments and $4.4 million in interest payments.

Cash used for financing activities was $81.4 million in the first nine months of 2026, compared to cash provided by financing activities of $142.4 million in the first nine months of 2025. Financing activities for the current period includes $35.4 million in interest payments, $30.3 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 September 30, 2026, the Company had $370.3 million of available liquidity, which includes $214.2 million in cash and US$110 million undrawn capacity on its corporate revolving credit facility.

In October 2026, the Company amended and extended its corporate revolving credit facility. The maturity date was extended by three years to October 2029, and the size of the facility was increased to US$130 million, with an additional US$50 million potentially available through an uncommitted accordion feature.

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 six 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 and Florence Copper, 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 projects.

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 significant 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 27 million pounds of production for the fourth quarter at an LME floor price of US$4.75 per pound and for 45 million pounds of production for the first half of 2027 at an LME floor price of US$5.00 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 generally, 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 purchased outright. 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) levels should be adjusted in line with the market while maintaining copper price protection. The Company has reverted to shorter term floor price protection purchasing out-of-the-money put options for a modest premium.

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 September 30, 2026
Copper puts	27 million lbs	US$4.75 per lb	Q4 2026	$1.4 million
Copper puts	45 million lbs	US$5.00 per lb	H1 2027	$2.3 million

Commitments and contingencies

	Payments due
(Cdn$ in thousands)	Remainder 2026	2027	2028	2029	2030	Thereafter	Total
Debt
2030 Notes	-	-	-	-	709,400	-	709,400
Interest	29,263	58,526	58,526	58,526	29,263	-	234,104
Equipment loans
Principal	7,513	14,804	12,408	778	457	-	35,960
Interest	695	1,762	616	74	8	-	3,155
Lease liabilities
Principal	3,162	8,811	4,244	2,164	708	191	19,279
Interest	375	1,010	364	136	39	6	1,931
Cariboo consideration payable¹	-	25,250	25,250	15,250	15,250	48,462	129,462
PER²	-	-	-	-	-	161,387	161,387
Capital expenditures	16,497	-	-	-	-	-	16,497
Other expenditures:
Transportation-related services³	207	7,141	5,400	1,350	-	-	14,098

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 September 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 estimates $43.1 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 September 30, 2026, the Company has provided surety bonds for $141.7 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)	Q3		Q2		Q1		Q4		Q3			Q2			Q1			Q4
Revenues	342,222		330,553		237,093		243,767		173,906			116,082			139,149			167,799
Net income (loss)	33,605		22,220		16,844		4,454		(27,838	)		21,868			(25,814	)		(21,207	)
Basic EPS	0.09		0.06		0.05		0.01		(0.09	)		0.07			(0.08	)		(0.07	)
Adjusted net income (loss)*	54,589		40,487		27,535		41,525		5,584			(13,025	)		(7,117	)		10,468
Adjusted basic EPS	0.15		0.11		0.08		0.11		0.02			(0.04	)		(0.02	)		0.03
Adjusted EBITDA*	164,164		125,094		93,463		116,464		62,137			17,432			34,391			55,602

Gibraltar copper sales (million pounds)	30.4		32.2		27.0		31.6		26.3			19.0			21.8			27.4
Gibraltar realized copper price (US$ per pound)	6.40	$	6.11	$	5.74	$	5.13	$	4.49		$	4.32		$	4.24		$	4.13
Gibraltar total operating (C1) cost* (US$ per pound)	2.72	$	2.41	$	2.63	$	2.47	$	2.87		$	3.14		$	2.26		$	2.42

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.

TREKOR METALS LIMITED

Management's Discussion and Analysis

There were no changes in accounting policies during the nine months ended September 30, 2026.

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 nine months ended September 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 September 30,		Nine months ended September 30,
(Cdn$ in thousands)	2026	2025	2026	2025
Salaries and benefits	1,044	1,105	4,764	5,340
Post-employment benefits	160	418	482	858
Share-based compensation	9,729	5,770	19,404	14,044
Total KMP compensation	10,933	7,293	24,650	20,242

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)		Q3 2026			Q2 2026			Q1 2026			Q4 2025			Q3 2025
Gibraltar cost of sales		169,593			172,328			147,051			146,919			134,664
Less:
Depletion and amortization		(34,836	)		(29,225	)		(27,997	)		(27,207	)		(27,876	)
Changes in inventories of finished goods		8,075			(7,637	)		15,694			(2,611	)		1,425
Changes in inventories of ore stockpiles		2,074			(7,608	)		(1,332	)		13,473			16,685
Transportation costs		(10,668	)		(9,934	)		(6,395	)		(10,989	)		(7,247	)
Gibraltar site operating costs		134,238			117,924			127,021			119,585			117,651
Less by-product credits:
Molybdenum, net of treatment costs		(16,812	)		(25,878	)		(27,009	)		(25,095	)		(13,903	)
Silver, excluding amortization of deferred revenue		413			(1,252	)		2,026			312			(295	)
Gold		-			(86	)		(567	)		(619	)		(761	)
Gibraltar site operating costs, net of by-product credits		117,839			90,708			101,471			94,183			102,692
Gibraltar total copper produced (thousand pounds)		33,876			30,323			29,893			30,712			27,593
Total costs per pound produced (CA$ per pound)		3.48			2.99			3.39			3.07			3.72
Average exchange rate for the period (CAD/USD)		1.40			1.38			1.37			1.39			1.38
Gibraltar site operating costs, net of by-product credits (US$ per pound)		2.48			2.17			2.47			2.21			2.70
Gibraltar site operating costs, net of by-product credits		117,839			90,708			101,471			94,183			102,692
Add off-property costs:
Treatment and refining costs		664			363			96			394			(512	)
Transportation costs		10,668			9,934			6,395			10,989			7,247
Gibraltar total operating costs		129,171			101,005			107,962			105,566			109,427
Gibraltar total operating costs (C1) (US$ per pound)	$	2.72		$	2.41		$	2.63		$	2.47		$	2.87

TREKOR METALS LIMITED

Management's Discussion and Analysis

Florence Copper (Cdn$ in thousands)		Q3 2026			Q2 2026
Florence Copper cost of sales		46,870			43,493
Less:
Depletion and amortization		(10,041	)		(10,020	)
Changes in inventories of finished goods		(1,421	)		473
Changes in copper inventories in solution		(429	)		(191	)
Production royalties		(5,648	)		(4,430	)
Transportation costs		(756	)		(567	)
Florence Copper site operating costs		28,575			28,758
Add off-property costs:
Production royalties		5,648			4,430
Transportation and marketing costs		756			567
Florence Copper total operating costs		34,979			33,755
Florence Copper total copper produced (thousand pounds)		7,048			5,183
Total costs per pound produced (CA$ per pound)		4.96			6.51
Average exchange rate for the period (CAD/USD)		1.40			1.38
Florence Copper total operating costs (C1) (US$ per pound)	$	3.54		$	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)

Q3 2026

Q2 2026

Q1 2026

Q4 2025

Q3 2025

Gibraltar site operating costs (included in cost of sales)

134,238

117,924

127,021

119,585

117,651

Gibraltar capitalized stripping costs

10,219

27,848

15,169

5,986

6,106

Total site costs

144,457

145,772

142,190

125,571

123,757

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

TREKOR METALS LIMITED

Management's Discussion and Analysis

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

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)		Q3 2026			Q2 2026			Q1 2026			Q4 2025
Net income		33,605			22,220			16,844			4,454
Unrealized foreign exchange loss (gain)		273			13,890			12,171			(9,000	)
Unrealized (gain) loss and fair value adjustments on derivatives		16,172			3,750			(9,582	)		37,676
Accretion on Cariboo consideration payable		1,817			1,765			1,261			4,048
Accretion on Florence royalty obligation		12,781			2,356			6,294			18,415
Realized costs of Florence copper stream and royalty obligation		(2,399	)		(1,875	)		-			-
Estimated tax effect of adjustments		(7,660	)		(1,619	)		547			(14,068	)
Adjusted net income		54,589			40,487			27,535			41,525
Adjusted EPS	$	0.15		$	0.11		$	0.08		$	0.11

(Cdn$ in thousands)		Q3 2025			Q2 2025			Q1 2025			Q4 2024
Net income (loss)		(27,838	)		21,868			(28,560	)		(21,207	)
Unrealized foreign exchange (gain) loss		14,287			(40,335	)		2,074			40,462
Unrealized loss (gain) and fair value adjustments on derivatives		14,977			9,489			23,536			(25,514	)
Accretion on Cariboo consideration payable		4,041			4,484			664			4,543
Accretion on Florence royalty obligation		6,991			6,201			2,571			3,682
Other operating costs		-			-			-			4,132
Realized gain on processing of ore stockpiles¹		-			-			-			1,905
Tax effect of sale of non-controlling interest in New Prosperity		-			(9,285	)		-			-
Estimated tax effect of adjustments		(6,874	)		(5,447	)		(7,228	)		2,465
Adjusted net income (loss)		5,584			(13,025	)		(6,943	)		10,468
Adjusted EPS	$	0.02		$	(0.04	)	$	(0.02	)	$	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)	Q3 2026		Q2 2026		Q1 2026		Q4 2025
Net income	33,605		22,220		16,844		4,454
Depletion and amortization	45,013		39,839		29,166		27,207
Finance and accretion expenses	35,329		24,932		20,214		36,925
Finance income	(1,238	)	(1,058	)	(1,474	)	(1,098	)
Income tax expense	27,234		18,891		16,657		13,096
Unrealized foreign exchange loss (gain)	273		13,890		12,171		(9,000	)
Unrealized (gain) loss and fair value adjustments on derivatives	16,172		3,750		(9,582	)	37,676
Realized costs of Florence copper stream and royalty obligation	(2,399	)	(1,875	)	-		-
Share-based compensation expense	10,175		4,505		9,467		7,204
Adjusted EBITDA	164,164		125,094		93,463		116,464

(Cdn$ in thousands)	Q3 2025		Q2 2025		Q1 2025		Q4 2024
Net income (loss)	(27,838	)	21,868		(28,560	)	(21,207	)
Depletion and amortization	27,974		25,210		22,425		24,641
Finance and accretion expenses	24,888		23,943		18,877		21,473
Finance income	(1,368	)	(124	)	(1,330	)	(1,674	)
Income tax expense (recovery)	2,918		(27,439	)	(7,980	)	11,707
Unrealized foreign exchange loss (gain)	14,287		(40,335	)	2,074		40,462
Unrealized loss (gain) and fair value adjustments on derivatives	14,977		9,489		23,536		(25,514	)
Share based compensation expense (recovery)	6,299		4,820		5,349		(323	)
Other operating costs	-		-		-		4,132
Realized gain on processing of ore stockpiles	-		-		-		1,905
Adjusted EBITDA	62,137		17,432		34,391		55,602

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
September 30,

Nine months ended
September 30,

(Cdn$ in thousands)

2026

2025

2026

2025

Earnings from mining operations

125,759

39,242

324,934

55,106

Add:

Depletion and amortization

44,877

27,876

113,288

75,511

Other operating costs (income)

952

(4,008

)

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

170,636

67,118

439,174

126,609

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)

Q3 2026

Q2 2026

Q1 2026

Q4 2025

Q3 2025

Gibraltar site operating costs (included in cost of sales)

134,238

117,924

127,021

119,585

117,651

Gibraltar tons milled (thousand tons)

7,545

7,159

7,000

7,200

7,852

Site operating costs per ton milled

17.79

16.47

18.15

16.61

14.98

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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