$TGB

Trekor Metals Ltd

CIK:0000878518|SEC Filings

Consolidated Statements of Comprehensive (Loss) Income shares in Thousands, $ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CAD ($) $ / shares shares	Dec. 31, 2024 CAD ($) $ / shares shares
Profit or loss [abstract]
Revenues	$ 672,904	$ 608,093
Cost of sales
Production costs	(422,240)	(417,086)
Depletion and amortization	(102,718)	(73,852)
Other operating income (costs)	4,008	(18,665)
Insurance recovery	0	26,290
Earnings from mining operations	151,954	124,780
General and administrative	(14,632)	(12,942)
Share-based compensation expense	(22,549)	(9,002)
Project evaluation expense	(3,909)	(3,623)
Changes in derivatives and other fair value instruments	(91,011)	4,799
Other income (expense)	81	(307)
Income before financing costs and income taxes	19,934	103,705
Finance income	3,920	5,175
Finance expense	(44,191)	(45,987)
Accretion expense	(60,442)	(46,937)
Foreign exchange gain (loss)	31,298	(50,695)
Call premium on settlement of debt	0	(9,571)
Gain on Cariboo acquisition	0	47,426
Gain on acquisition of control of Gibraltar	0	14,982
(Loss) income before income taxes	(49,481)	18,098
Income tax recovery (expense)	19,405	(31,542)
Net loss	(30,076)	(13,444)
Items that will remain permanently in other comprehensive (loss) income:
Gain (loss) on financial assets	1,514	(1,138)
Items that may in the future be reclassified to profit (loss):
Foreign currency translation reserve	(31,131)	37,426
Total other comprehensive (loss) income	(29,617)	36,288
Total comprehensive (loss) income	$ (59,693)	$ 22,844
Loss per share attributable to owners of the Company
Basic \| $ / shares	$ (0.09)	$ (0.05)
Diluted \| $ / shares	$ (0.09)	$ (0.05)
Weighted average shares outstanding (thousands)
Basic \| shares	323,496	295,306
Diluted \| shares	323,496	295,306

Consolidated Statements of Cash Flows $ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CAD ($)	Dec. 31, 2024 CAD ($)
Operating activities
Net loss for the year	$ (30,076)	$ (13,444)
Adjustments for:
Depletion and amortization	103,210	74,321
Income tax (recovery) expense	(19,405)	31,542
Finance expenses	44,191	45,987
Finance income	(3,920)	(5,175)
Accretion expense	60,442	46,937
Call premium on settlement of debt	0	9,571
Recognition of deferred revenue	(5,706)	(5,776)
Changes in derivatives and other fair value instruments	91,011	(4,799)
Foreign exchange (gain) loss	(32,974)	52,299
Gain on Cariboo acquisition	0	(47,426)
Gain on acquisition of control of Gibraltar	0	(14,982)
Inventory sold or processed with write-ups to net realizable value	0	26,349
Deferred revenue deposit	0	18,244
Share-based compensation expense	21,971	9,425
Other operating activities	(6,063)	3,625
Net change in working capital	(3,123)	5,917
Cash provided by operating activities	219,558	232,615
Investing activities
Gibraltar capitalized stripping costs	(80,939)	(30,635)
Gibraltar capital expenditures	(68,970)	(52,503)
Florence Copper development costs	(269,465)	(231,044)
Other project development costs	(8,894)	(4,224)
Acquisition of Cariboo, net of cash acquired	0	(9,665)
Release of restricted cash	0	12,500
Net outflows related to copper price options	(1,494)	(6,770)
Other investing activities	3,920	4,449
Cash used for investing activities	(425,842)	(317,892)
Financing activities
Interest paid	(73,437)	(70,302)
Net proceeds from issuance of senior secured notes	0	670,419
Repayment of senior secured notes and call premium	0	(556,491)
Repayment of revolving credit facility	0	(26,494)
Net proceeds from New Prosperity Transaction	71,778	0
Proceeds from Florence financings	18,934	120,090
Repayment of Florence equipment financings	(6,905)	(5,758)
Proceeds from Gibraltar equipment financings	0	15,673
Repayment of Gibraltar equipment financings	(33,377)	(29,948)
Payment of Cariboo consideration payable	(16,645)	0
Net proceeds from share issuances	258,597	37,340
Proceeds from exercise of share options	5,556	2,632
Cash provided by financing activities	224,501	157,161
Effect of exchange rate changes on cash	(2,988)	4,371
Increase in cash	15,229	76,255
Cash, beginning of year	172,732	96,477
Cash, end of year	$ 187,961	$ 172,732

Consolidated Balance Sheets - CAD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash	$ 187,961	$ 172,732
Accounts receivable	13,037	5,643
Inventories	133,557	138,890
Prepaids	7,922	8,179
Other financial assets	2,409	27,795
Total current assets	344,886	353,239
Property, plant and equipment	2,045,452	1,770,102
Inventories	54,030	39,586
Other financial assets	957	959
Deferred tax assets	21,511	25,226
Goodwill	5,651	5,931
Total assets	2,472,487	2,195,043
Current liabilities
Accounts payable and accrued liabilities	100,273	129,927
Current portion of long-term debt	35,697	32,853
Current portion of deferred revenue	15,313	13,666
Current portion of Cariboo consideration payable	23,597	16,447
Interest payable	9,409	9,890
Current income tax payable	3,498	4,053
Current portion of Florence financings	13,058	0
Other financial liabilities	29,165	0
Total current liabilities	230,010	206,836
Long-term debt	711,299	764,355
Cariboo consideration payable	132,006	129,421
Deferred revenue	82,617	77,327
Florence royalty obligation	107,599	84,383
Florence copper stream	91,501	67,813
Provision for environmental rehabilitation	155,651	169,570
Deferred tax liabilities	158,846	183,964
Other financial liabilities	24,295	8,152
Total liabilities	1,693,824	1,691,821
EQUITY
Share capital	800,489	529,413
Contributed surplus	62,653	57,786
Non-controlling interest	1	0
Accumulated other comprehensive income ("AOCI")	23,228	52,845
Deficit	(107,708)	(136,822)
Total equity	778,663	503,222
Total equity and liabilities	$ 2,472,487	$ 2,195,043