• A diversified metals mining company, like a smaller Barrick Gold, but with a stronger focus on copper.
• A copper mining specialist, similar to a regional Freeport-McMoRan.

• Copper: A reddish metal widely used for electrical wiring, plumbing, and industrial machinery due to its high conductivity.
• Molybdenum: A silvery-white metal primarily used as an alloying agent in steel to increase strength, hardness, and corrosion resistance.
• Gold: A valuable, ductile, and malleable precious metal primarily used in jewelry, investment, and various industrial applications.
• Niobium: A rare, soft, and ductile transition metal primarily used in special steel alloys for high-strength applications and superalloys.
• Silver: A lustrous precious metal valued for its use in jewelry, coinage, tableware, and its excellent electrical and thermal conductivity.

Trekor Metals (symbol: TGB) is not a known publicly traded company. However, the background information provided describes Taseko Mines Limited, which trades under the symbol TGB. Based on the provided background for Taseko Mines Limited, here are its major customers:

Taseko Mines Limited is a mining company focused on the extraction and processing of mineral resources, primarily copper concentrate. As such, it operates in a business-to-business (B2B) model, selling its products to other industrial companies rather than directly to individual consumers.

Due to the competitive nature of the mining industry, companies like Taseko typically do not publicly disclose the specific names of their major customers. However, based on the standard industry supply chain for mineral concentrates, their customers fall into the following categories:

1. Metal Smelters and Refiners: These are large industrial facilities that purchase raw copper concentrate (and other metal concentrates) from mining companies. They process these concentrates through smelting and refining operations to produce refined metals (e.g., copper cathodes or rods). These customers are often multinational corporations located globally, particularly in major metal-consuming regions like Asia (China, Japan, South Korea), Europe, and North America.

2. Commodity Trading Houses/Merchants: Global trading firms specialize in buying and selling raw materials and commodities. They act as intermediaries, purchasing concentrates from miners and selling them to smelters, refiners, or large industrial end-users. These companies manage logistics, financing, and market risks associated with global commodity trade.

3. Large Industrial Consumers (potentially, especially for refined products): While most concentrate sales from current operations (like the Gibraltar mine) go to smelters, for future projects like the Florence Copper Project (which aims to produce refined copper cathode directly via in-situ recovery), customers could also include direct manufacturers in industries such as electrical wire and cable, automotive, construction, and electronics, which require high-purity refined copper.

Stuart McDonald, President and Chief Executive Officer

Mr. McDonald has over 25 years of experience in mining, corporate development, financial, and management roles. He joined Taseko Mines Limited as Chief Financial Officer in 2013 and was appointed President in June 2019, later also assuming the role of Chief Executive Officer in July 2021. Prior to joining Taseko, he served as CFO of Quadra FNX Mining Ltd. (and its predecessor Quadra Mining Ltd.) from 2007 to 2010, where he was instrumental in growing the company organically and through a merger valued at over $2 billion. He also held CFO positions at Yukon Zinc Corp. and was Corporate Controller at Cumberland Resources Ltd. until its acquisition by Agnico-Eagle Mines in 2007. Earlier in his career, he spent 10 years in public accounting with Deloitte & Touche and Ernst & Young.

Bryce Hamming, Chief Financial Officer

Mr. Hamming is the Chief Financial Officer of Trekor Metals, a position he assumed in 2019. He is a senior officer of the company. He participated in the 2024 Bloomberg Canadian Finance Conference, discussing copper and critical minerals.

Richard Tremblay, Chief Operating Officer

Mr. Tremblay was appointed Chief Operating Officer in November 2023. He joined Taseko in 2014 as General Manager of the Gibraltar Mine and later transitioned to the corporate leadership team as Senior Vice President, Operations. With over 30 years of experience in the mining industry, he has focused on large-scale open-pit mining operations and mineral processing. Mr. Tremblay has been instrumental in the development of the Florence Copper Project, including its permitting and technical de-risking.

Richard Weymark, Vice President, Engineering

Mr. Weymark was appointed Vice President, Engineering in June 2021. He joined Taseko in 2018 as Chief Engineer. Prior to Taseko, he spent 10 years in progressively senior roles at Teck's Highland Valley Copper operation, gaining experience in mine engineering, mine operations, and tailings dam construction. He focuses on advancing the engineering and environmental aspects of Trekor's development projects.

Sean Magee, Vice President of Corporate Affairs

Mr. Magee serves as the Vice President of Corporate Affairs for Trekor Metals.

The key risks for Trekor Metals (symbol: TGB) are primarily related to the cyclical nature of the mining industry and the inherent challenges of resource extraction and project development.

1. Commodity Price Volatility: Trekor Metals explores for and operates mines producing copper, molybdenum, gold, niobium, and silver. The profitability of the company is directly tied to the fluctuating global market prices of these commodities, which are influenced by supply and demand dynamics, global economic conditions, and speculative trading. Significant drops in commodity prices could adversely impact the company's revenue, profitability, and project viability.
2. Operational and Project Development Risks: As a mining company, Trekor Metals faces a range of operational challenges inherent in the acquisition, development, and operation of mineral properties. These risks include unexpected geological conditions, technical difficulties in mining and processing, equipment failures, labor disputes, accidents, and rising operating costs. Furthermore, the development of new projects, such as the Yellowhead copper project, the Aley niobium project, and the New Prosperity gold and copper project, involves substantial capital expenditure, long lead times, and uncertainties related to construction, commissioning, and achieving design capacity.
3. Environmental and Regulatory Risks: Trekor Metals operates in jurisdictions such as British Columbia and Arizona, which have stringent environmental regulations. The company faces risks associated with obtaining and maintaining necessary permits and licenses, compliance with environmental laws, managing waste and water, and potential liabilities from environmental damage. Delays in permitting processes, changes in environmental regulations, or opposition from local communities and Indigenous groups could significantly impact project timelines and costs, as evidenced by ongoing permitting for the Yellowhead project.

The addressable markets for Taseko Mines Limited's main products are as follows:

• Copper: The global copper market size was estimated at USD 260.2 billion in 2026. This market is projected to grow to USD 388.8 billion by 2033, with a compound annual growth rate (CAGR) of 5.9% from 2026 to 2033.
• Molybdenum: The global molybdenum market size is projected to grow from USD 5.23 billion in 2026 to USD 7.91 billion by 2034, exhibiting a CAGR of 5.31% during the forecast period.
• Gold: The global gold market is expected to grow from 5,118.1 tons in 2026 to 7,424.4 tons by 2034, recording a CAGR of 4.70% during the forecast period. In terms of value, the global gold precious metal market size was valued at US$ 354,004.4 million in 2024.
• Niobium: The global niobium market size is estimated at USD 3.6 billion in 2026 and is projected to reach USD 6.5 billion by the end of 2035, expanding at a CAGR of 6.8% during the forecast timeline.
• Silver: The global silver market size is projected to grow from USD 105.15 billion in 2026 to USD 223.11 billion by 2034, at a CAGR of 9.86% during the forecast period.

Trekor Metals (TGB) is expected to experience significant revenue growth over the next 2-3 years, driven primarily by the following factors:

1. Florence Copper Project Ramp-up and Full Production: The Florence Copper project in Arizona, which achieved over 90% completion by July 2025, is a key driver. It began producing its first copper cathode before the end of 2025, with 1.5 million pounds produced in the first quarter of 2026. Management anticipates Florence to produce 30-35 million pounds of copper in 2026, with production weighted towards the second half of the year, and to reach a steady-state annual production of approximately 80-85 million pounds by 2027 as the wellfield expands. This project is poised to become a significant domestic copper supplier in the United States.
2. Increased Production at Gibraltar Mine: Taseko's Gibraltar mine, the company's foundational asset, is projected to see increased and more consistent production. Taseko expects improved mill availability at Gibraltar to result in annual production of 120-130 million pounds of copper, a notable increase over 2024, with this surge anticipated in the latter part of 2025. In the first quarter of 2026, Gibraltar produced 30.0 million pounds of copper, marking a 50% increase over the same period in 2025, and the company forecasts higher overall copper production and more consistent quarterly output for 2026.
3. Advancement of the Yellowhead Copper Project: The Yellowhead Copper Project, located in British Columbia, presents a substantial long-term growth opportunity. A technical report from July 2025 highlighted significantly improved project economics, establishing it as a world-class copper asset with a $2 billion Net Present Value (NPV) and an average annual copper production potential of 178 million pounds over a 25-year mine life. Over the next few years, Trekor Metals will be advancing critical aspects such as engineering, community engagement, copper offtake discussions, and project financing initiatives in parallel with the permitting process, which is expected to enhance its future revenue potential.
4. Sustained Strong Copper Prices: Favorable market conditions, particularly robust copper prices, are expected to bolster revenue growth. The President and CEO of Taseko, Stuart McDonald, has expressed optimism regarding the copper market, citing strong demand driven by global electrification trends and limited mine supply as factors likely to maintain elevated copper prices through 2026. The average LME copper price in the first quarter of 2026 was 16% higher than the preceding quarter, further indicating a supportive pricing environment.

Share Repurchases

Share Issuance

• The number of shares outstanding for Trekor Metals (TGB) has generally increased over the past few years. From the end of 2021 to June 2026, the shares outstanding increased from approximately 280 million to 323.496 million.
• The number of shares increased by 12.56% in one year, with 365.63 million shares outstanding as of a recent report.

Inbound Investments

• Trekor Metals secured a financing agreement with Mitsui for a $50 million advance during the construction of the Florence Copper project, which included a stream for 2.67% of copper at a discounted price.
• The company also has a royalty agreement with Taurus for 2.05% of perpetual gross revenues for another $50 million related to the Florence Copper project.

Outbound Investments

Capital Expenditures

• Taseko (now Trekor Metals) has experienced significant cash burn primarily driven by massive capital expenditures, which totaled CAD 127.5 million in one quarter alone in 2025.
• Total capital expenditures for the construction of the commercial facility at the Florence Copper project were $274.6 million.
• Capital expenditures in Q1 2026 included $13.075 million for wellfield development at Florence Copper. The company plans to drill about another 100 wells in 2026 to support the ramp-up of Florence Copper to full capacity in 2027.
• The initial capital costs for the Yellowhead copper project are estimated at $2.0 billion. This project is expected to be eligible for the Canadian federal Clean Technology Manufacturing Investment Tax Credit, which could reimburse approximately $540 million (30% of eligible initial capital costs) in the first year of operation.