Tearsheet

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 33%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 16%

Megatrend and thematic drivers
Megatrends include Electric Vehicles & Autonomous Driving, and Renewable Energy Transition. Themes include EV Manufacturing, Battery Storage & Grid Modernization, Show more.

Expensive valuation multiples
P/EPrice/Earnings or Price/(Net Income) is 166x

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.6%

Key risks
TGB key risks include [1] operational and execution challenges at its specific Gibraltar and Florence Copper projects and [2] a high-leverage financial structure that could impact its ability to secure capital for development.

0 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 33%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 16%
1 Megatrend and thematic drivers
Megatrends include Electric Vehicles & Autonomous Driving, and Renewable Energy Transition. Themes include EV Manufacturing, Battery Storage & Grid Modernization, Show more.
2 Expensive valuation multiples
P/EPrice/Earnings or Price/(Net Income) is 166x
3 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.6%
4 Key risks
TGB key risks include [1] operational and execution challenges at its specific Gibraltar and Florence Copper projects and [2] a high-leverage financial structure that could impact its ability to secure capital for development.

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

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Updated on 7/9/2026

Trekor Metals (TGB) stock has gained about 10% since 3/31/2026 because of the following key factors:

1. Favorable macroeconomic conditions for copper spurred demand and price optimism. Global projections indicated a refined copper shortfall of 150,000 tonnes in 2026, reversing prior surplus forecasts. Analysts, including JPMorgan and UBS, predicted copper prices could reach $12,500 to $13,000 per ton by the end of Q2 2026, driven by high demand from artificial intelligence data centers, electrical grids, and the electrification trend. The base metals sector experienced a 1.92% rise in Q2 2026 and a 7.16% increase over the first half of 2026, reflecting broad market support for industrial metals.

2. Strong Q1 2026 operational performance and the successful ramp-up of the Florence Copper Project contributed to positive sentiment. Trekor Metals (then Taseko Mines) reported record quarterly revenue of $237 million CAD in fiscal Q1 2026 (ending March 31, 2026), marking a 70% increase from fiscal Q1 2025. Adjusted EBITDA for the quarter was $93.5 million, with a net income of $16.8 million ($0.05 earnings per share). The Florence Copper Project achieved its first copper cathode production in late February 2026, yielding 1.5 million pounds in fiscal Q1 2026, with a full-year 2026 production guidance of 30 to 35 million pounds heavily weighted to the second half.

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Updated on 7/9/2026

Trekor Metals (TGB) stock has gained about 10% since 3/31/2026 because of the following key factors:

1. Favorable macroeconomic conditions for copper spurred demand and price optimism. Global projections indicated a refined copper shortfall of 150,000 tonnes in 2026, reversing prior surplus forecasts. Analysts, including JPMorgan and UBS, predicted copper prices could reach $12,500 to $13,000 per ton by the end of Q2 2026, driven by high demand from artificial intelligence data centers, electrical grids, and the electrification trend. The base metals sector experienced a 1.92% rise in Q2 2026 and a 7.16% increase over the first half of 2026, reflecting broad market support for industrial metals.

2. Strong Q1 2026 operational performance and the successful ramp-up of the Florence Copper Project contributed to positive sentiment. Trekor Metals (then Taseko Mines) reported record quarterly revenue of $237 million CAD in fiscal Q1 2026 (ending March 31, 2026), marking a 70% increase from fiscal Q1 2025. Adjusted EBITDA for the quarter was $93.5 million, with a net income of $16.8 million ($0.05 earnings per share). The Florence Copper Project achieved its first copper cathode production in late February 2026, yielding 1.5 million pounds in fiscal Q1 2026, with a full-year 2026 production guidance of 30 to 35 million pounds heavily weighted to the second half.

3. The impending expiration of copper price collars positioned the company to realize higher market prices. Copper price collars, which had limited Trekor Metals' realized prices to $5.40 USD per pound, were set to roll off at the end of fiscal Q2 2026. This change allows the company to realize full London Metal Exchange (LME) pricing, with expectations for prices ranging from $7.50 to $8.50 USD per pound. This development signaled a significant increase in potential revenue.

4. Analyst sentiment remained strongly bullish, with unanimous "Strong Buy" ratings and increased price targets. Wall Street analysts maintained a unanimously bullish outlook on Trekor Metals, with 100% of covering analysts issuing a "Buy" rating, translating to a "Strong Buy" consensus. The average analyst price target as of July 9, 2026, was $9.32, with forecasts ranging from $8.64 to $10.08, indicating a potential increase of 44.05% from the closing price of $6.47. One analyst notably nudged their price target to $14.00 from $13.50.

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Stock Movement Drivers

Fundamental Drivers

The 8.8% change in TGB stock from 3/31/2026 to 7/13/2026 was primarily driven by a 14.6% change in the company's Total Revenues ($ Mil).
(LTM values as of)33120267132026Change
Stock Price ($)6.457.028.8%
Change Contribution By: 
Total Revenues ($ Mil)67377114.6%
P/S Multiple3.43.3-1.6%
Shares Outstanding (Mil)351363-3.5%
Cumulative Contribution8.8%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 7/13/2026
ReturnCorrelation
TGB8.8% 
Market (SPY)15.2%68.3%
Sector (XLB)1.2%61.3%

Fundamental Drivers

The 24.0% change in TGB stock from 12/31/2025 to 7/13/2026 was primarily driven by a 29.1% change in the company's Total Revenues ($ Mil).
(LTM values as of)123120257132026Change
Stock Price ($)5.667.0224.0%
Change Contribution By: 
Total Revenues ($ Mil)59777129.1%
P/S Multiple3.03.310.2%
Shares Outstanding (Mil)317363-12.8%
Cumulative Contribution24.0%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 7/13/2026
ReturnCorrelation
TGB24.0% 
Market (SPY)10.2%54.6%
Sector (XLB)12.0%61.2%

Fundamental Drivers

The 122.9% change in TGB stock from 6/30/2025 to 7/13/2026 was primarily driven by a 103.1% change in the company's P/S Multiple.
(LTM values as of)63020257132026Change
Stock Price ($)3.157.02122.9%
Change Contribution By: 
Total Revenues ($ Mil)60077128.4%
P/S Multiple1.63.3103.1%
Shares Outstanding (Mil)310363-14.6%
Cumulative Contribution122.9%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2025 to 7/13/2026
ReturnCorrelation
TGB122.9% 
Market (SPY)22.3%48.5%
Sector (XLB)16.9%51.9%

Fundamental Drivers

The 390.9% change in TGB stock from 6/30/2023 to 7/13/2026 was primarily driven by a 184.0% change in the company's Net Income Margin (%).
(LTM values as of)63020237132026Change
Stock Price ($)1.437.02390.9%
Change Contribution By: 
Total Revenues ($ Mil)38977198.3%
Net Income Margin (%)0.7%2.0%184.0%
P/E Multiple151.3166.410.0%
Shares Outstanding (Mil)288363-20.7%
Cumulative Contribution390.9%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2023 to 7/13/2026
ReturnCorrelation
TGB390.9% 
Market (SPY)75.0%45.2%
Sector (XLB)28.8%50.8%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
TGB Return55%-28%-5%39%192%29%453%
Peers Return48%-14%17%14%109%15%304%
S&P 500 Return27%-19%24%23%16%11%102%

Monthly Win Rates [3]
TGB Win Rate50%42%42%58%75%71% 
Peers Win Rate48%43%48%47%72%54% 
S&P 500 Win Rate75%42%67%75%67%57% 

Max Drawdowns [4]
TGB Max Drawdown-43%-62%-42%-38%-33%-35% 
Peers Max Drawdown-37%-54%-35%-36%-32%-33% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: SCCO, FCX, HBM, ERO, TGB.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/13/2026 (YTD)

How Low Can It Go

EventTGBS&P 500
2025 US Tariff Shock
  % Loss-17.5%-18.8%
  % Gain to Breakeven21.2%23.1%
  Time to Breakeven6 days79 days
2024 Yen Carry Trade Unwind
  % Loss-25.9%-7.8%
  % Gain to Breakeven34.9%8.5%
  Time to Breakeven50 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-26.7%-9.5%
  % Gain to Breakeven36.4%10.5%
  Time to Breakeven64 days24 days
2023 SVB Regional Banking Crisis
  % Loss-26.9%-6.7%
  % Gain to Breakeven36.9%7.1%
  Time to Breakeven283 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-56.9%-24.5%
  % Gain to Breakeven131.9%32.4%
  Time to Breakeven620 days427 days
2020 COVID-19 Crash
  % Loss-50.1%-33.7%
  % Gain to Breakeven100.5%50.9%
  Time to Breakeven58 days140 days

Compare to SCCO, FCX, HBM, ERO, TGB

In The Past

Trekor Metals's stock fell -17.5% during the 2025 US Tariff Shock. Such a loss loss requires a 21.2% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventTGBS&P 500
2024 Yen Carry Trade Unwind
  % Loss-25.9%-7.8%
  % Gain to Breakeven34.9%8.5%
  Time to Breakeven50 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-26.7%-9.5%
  % Gain to Breakeven36.4%10.5%
  Time to Breakeven64 days24 days
2023 SVB Regional Banking Crisis
  % Loss-26.9%-6.7%
  % Gain to Breakeven36.9%7.1%
  Time to Breakeven283 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-56.9%-24.5%
  % Gain to Breakeven131.9%32.4%
  Time to Breakeven620 days427 days
2020 COVID-19 Crash
  % Loss-50.1%-33.7%
  % Gain to Breakeven100.5%50.9%
  Time to Breakeven58 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-41.5%-19.2%
  % Gain to Breakeven70.8%23.8%
  Time to Breakeven595 days105 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-46.5%-12.2%
  % Gain to Breakeven86.9%13.9%
  Time to Breakeven54 days62 days
2014-2016 Oil Price Collapse
  % Loss-88.5%-6.8%
  % Gain to Breakeven768.7%7.3%
  Time to Breakeven632 days15 days
2013 Taper Tantrum
  % Loss-21.1%-0.2%
  % Gain to Breakeven26.7%0.2%
  Time to Breakeven34 days1 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-48.6%-17.9%
  % Gain to Breakeven94.7%21.8%
  Time to Breakeven5154 days123 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
  % Loss-43.5%-15.4%
  % Gain to Breakeven77.1%18.2%
  Time to Breakeven94 days125 days
2008-2009 Global Financial Crisis
  % Loss-88.6%-53.4%
  % Gain to Breakeven778.6%114.4%
  Time to Breakeven388 days1085 days

Compare to SCCO, FCX, HBM, ERO, TGB

In The Past

Trekor Metals's stock fell -17.5% during the 2025 US Tariff Shock. Such a loss loss requires a 21.2% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Trekor Metals (TGB)

Trekor Metals (TGB) is a Canadian-headquartered mining company engaged in the acquisition, development, and operation of mineral properties. The company's core business revolves around exploring for and producing a diverse portfolio of metals, including copper, molybdenum, gold, niobium, and silver. These raw materials are essential inputs for various industrial sectors globally, serving a broad market for base and precious metals.

The company's operational footprint is primarily in British Columbia, Canada, where it holds a significant 75% interest in the Gibraltar mine. Trekor Metals also fully owns several other key projects within British Columbia, such as the Yellowhead copper project, the Aley niobium project, and the New Prosperity gold and copper project. Expanding its reach into the United States, the company also holds 100% interest in the Florence copper project located in Arizona.

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  • 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.

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  • 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.

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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.

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Trekor Metals (formerly Taseko Mines Limited) management team members are:

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.

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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.

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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.

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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.

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The company "Taseko Mines Limited" officially changed its name to "Trekor Metals Limited" in June 2026, with the ticker symbol TGB remaining unchanged across exchanges. Here's a summary of Trekor Metals' (TGB) capital allocation decisions over the last 3-5 years (roughly mid-2021 to mid-2026):

Share Repurchases

No information was found regarding specific share repurchase programs or dollar amounts for Trekor Metals (TGB) within the last 3-5 years.

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

No information was found regarding significant outbound investments made by Trekor Metals (TGB) in other companies within the last 3-5 years.

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.

Better Bets vs. Trekor Metals (TGB)

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Peer Comparisons

Peers to compare with:

Financials

TGBSCCOFCXHBMEROMedian
NameTrekor M.Southern.Freeport.Hudbay M.Ero Copp. 
Mkt Price7.02174.5359.9720.8724.6524.65
Mkt Cap2.6143.486.38.32.68.3
Rev LTM77114,55026,4212,3739242,373
Op Inc LTM1727,9466,637682318682
FCF LTM1224,2761,752277139277
FCF 3Y Avg1023,2301,505272-92272
CFO LTM2585,7256,047794422794
CFO 3Y Avg2234,4196,165664260664

Growth & Margins

TGBSCCOFCXHBMEROMedian
NameTrekor M.Southern.Freeport.Hudbay M.Ero Copp. 
Rev Chg LTM28.4%21.7%6.3%13.5%88.7%21.7%
Rev Chg 3Y Avg26.5%13.7%7.0%20.6%35.1%20.6%
Rev Chg Q70.4%36.2%8.8%27.3%110.4%36.2%
QoQ Delta Rev Chg LTM14.6%8.4%2.0%7.3%17.6%8.4%
Op Inc Chg LTM181.2%34.7%1.6%41.6%108.0%41.6%
Op Inc Chg 3Y Avg117.9%24.8%4.5%44.4%58.1%44.4%
Op Mgn LTM22.3%54.6%25.1%28.7%34.4%28.7%
Op Mgn 3Y Avg18.1%48.5%25.9%23.7%28.2%25.9%
QoQ Delta Op Mgn LTM6.2%2.4%0.0%3.3%0.2%2.4%
CFO/Rev LTM33.4%39.3%22.9%33.5%45.7%33.5%
CFO/Rev 3Y Avg34.8%36.1%24.7%31.0%41.1%34.8%
FCF/Rev LTM15.8%29.4%6.6%11.7%15.0%15.0%
FCF/Rev 3Y Avg15.8%26.2%6.0%12.9%-26.0%12.9%

Valuation

TGBSCCOFCXHBMEROMedian
NameTrekor M.Southern.Freeport.Hudbay M.Ero Copp. 
Mkt Cap2.6143.486.38.32.68.3
P/S3.39.93.33.52.83.3
P/Op Inc14.918.013.012.18.113.0
P/EBIT22.917.711.57.16.711.5
P/E166.428.931.612.68.828.9
P/CFO9.925.014.310.46.110.4
Total Yield0.6%5.4%4.2%8.0%11.4%5.4%
Dividend Yield0.0%1.9%1.0%0.1%0.0%0.1%
FCF Yield 3Y Avg10.9%3.3%2.2%7.8%-6.2%3.3%
D/E0.30.10.10.10.20.1
Net D/E0.20.00.10.00.20.1

Returns

TGBSCCOFCXHBMEROMedian
NameTrekor M.Southern.Freeport.Hudbay M.Ero Copp. 
1M Rtn-6.4%-8.0%-12.3%-25.0%-16.1%-12.3%
3M Rtn-5.0%-10.7%-11.7%-14.5%-23.3%-11.7%
6M Rtn12.0%0.2%2.6%-7.4%-20.6%0.2%
12M Rtn95.5%76.1%30.9%99.4%63.2%76.1%
3Y Rtn377.6%150.7%51.0%293.8%13.4%150.7%
1M Excs Rtn5.8%0.6%-6.8%-18.9%-7.8%-6.8%
3M Excs Rtn-13.9%-19.1%-21.6%-24.4%-31.1%-21.6%
6M Excs Rtn9.8%1.2%2.5%-9.7%-23.8%1.2%
12M Excs Rtn72.1%55.3%8.8%74.0%47.3%55.3%
3Y Excs Rtn320.6%108.6%-6.1%291.0%-44.8%108.6%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Single Segment673608525  
Copper contained in concentrate   381402
Copper price adjustments on settlement   -58
Molybdenum concentrate   2029
Molybdenum price adjustments on settlement   43
Silver   55
Treatment and refining costs   -13-13
Total673608525392433


Assets by Segment
$ Mil2024
Gibraltar1,183
Florence Copper828
Corporate158
Yellowhead26
Total2,195


Price Behavior

Price Behavior
Market Price$7.02 
Market Cap ($ Bil)2.6 
First Trading Date06/02/1994 
Distance from 52W High-20.9% 
   50 Days200 Days
DMA Price$6.98$6.29
DMA Trendupup
Distance from DMA0.6%11.6%
 3M1YR
Volatility73.8%65.3%
Downside Capture578.94292.89
Upside Capture361.29308.95
Correlation (SPY)66.9%49.0%
TGB Betas & Captures as of 6/30/2026

 1M2M3M6M1Y3Y
Beta3.263.693.572.862.481.82
Up Beta-0.451.362.361.961.721.42
Down Beta3.073.483.642.492.211.85
Up Capture483%472%449%606%921%2544%
Bmk +ve Days11244067140429
Stock +ve Days9173062124352
Down Capture378%408%418%232%174%111%
Bmk -ve Days10172358112321
Stock -ve Days12243362119354

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with TGB
TGB92.3%65.1%1.26-
Sector ETF (XLB)11.3%17.7%0.4551.7%
Equity (SPY)20.8%12.6%1.2349.1%
Gold (GLD)20.0%27.9%0.6457.6%
Commodities (DBC)27.6%18.9%1.167.9%
Real Estate (VNQ)13.3%13.9%0.6612.4%
Bitcoin (BTCUSD)-44.8%42.7%-1.2828.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with TGB
TGB28.7%63.0%0.65-
Sector ETF (XLB)6.1%19.1%0.2154.9%
Equity (SPY)13.0%17.1%0.5946.2%
Gold (GLD)17.0%18.3%0.7540.5%
Commodities (DBC)7.8%19.5%0.2933.7%
Real Estate (VNQ)2.9%18.9%0.0631.2%
Bitcoin (BTCUSD)13.6%53.5%0.4425.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with TGB
TGB30.8%65.9%0.69-
Sector ETF (XLB)10.3%20.6%0.4444.7%
Equity (SPY)15.4%17.9%0.7337.3%
Gold (GLD)11.3%16.1%0.5728.4%
Commodities (DBC)6.3%18.0%0.2832.6%
Real Estate (VNQ)5.1%20.7%0.2123.5%
Bitcoin (BTCUSD)57.7%66.2%0.9815.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date6302026
Short Interest: Shares Quantity7.4 Mil
Short Interest: % Change Since 6152026-9.2%
Average Daily Volume4.5 Mil
Days-to-Cover Short Interest1.6 days
Basic Shares Quantity363.4 Mil
Short % of Basic Shares2.0%

Earnings Returns History

Updated 6/2/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
SUMMARY STATS   
# Positive000
# Negative000
Median Positive   
Median Negative   
Max Positive   
Max Negative   
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
SUMMARY STATS   
# Positive000
# Negative000
Median Positive   
Median Negative   
Max Positive   
Max Negative   

SEC Filings

Expand for More
Report DateFiling DateFiling
12/31/202503/31/202640-F
09/30/202511/13/20256-K
06/30/202508/07/20256-K
03/31/202505/02/20256-K
12/31/202403/28/202540-F
09/30/202411/07/20246-K
06/30/202408/01/20246-K
03/31/202405/02/20246-K
12/31/202303/28/202440-F
09/30/202311/02/20236-K
06/30/202308/02/20236-K
03/31/202305/04/20236-K
12/31/202203/31/202340-F
09/30/202211/04/20226-K
06/30/202208/09/20226-K
03/31/202205/05/20226-K
Collapse to Preview
Report DateFiling DateFiling
12/31/202503/31/202640-F
09/30/202511/13/20256-K
06/30/202508/07/20256-K
03/31/202505/02/20256-K
12/31/202403/28/202540-F
09/30/202411/07/20246-K
06/30/202408/01/20246-K
03/31/202405/02/20246-K
12/31/202303/28/202440-F
09/30/202311/02/20236-K
06/30/202308/02/20236-K
03/31/202305/04/20236-K
12/31/202203/31/202340-F
09/30/202211/04/20226-K
06/30/202208/09/20226-K
03/31/202205/05/20226-K
12/31/202103/31/202240-F
09/30/202111/03/20216-K
06/30/202108/05/20216-K
03/31/202105/06/20216-K
12/31/202003/30/202140-F
09/30/202010/26/20206-K
06/30/202008/05/20206-K
03/31/202004/29/20206-K
12/31/201903/31/202040-F
09/30/201911/06/20196-K
06/30/201908/08/20196-K
03/31/201905/08/20196-K

Investor Activity (13F)

Updated Jul 14, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank and community-bank filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
L1 Capital Pty Ltd$226.5 Mil8.9%22Hold13F
Hatch Cove Capital, LLC$18.5 Mil7.0%19ADD +9.7%13F
Brightline Capital Management, LLC$12.9 Mil3.8%9New13F
Mudita Advisors LLP$13.2 Mil2.7%28TRIM -53.2%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Brightline Capital Management, LLC$12.9 Mil3.8%9New13F
Hatch Cove Capital, LLC$18.5 Mil7.0%19ADD +9.7%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Mudita Advisors LLP$13.2 Mil2.7%28TRIM -53.2%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
L1 Capital Pty Ltd$226.5 Mil8.9%22Hold13F
Hatch Cove Capital, LLC$18.5 Mil7.0%19ADD +9.7%13F
Mudita Advisors LLP$13.2 Mil2.7%28TRIM -53.2%13F
Brightline Capital Management, LLC$12.9 Mil3.8%9New13F
Core Cache Last Updated: 7/13/2026