One-glance verdict
Overvalued
$1.45 our estimate vs market $8.61
Wall Street consensus: $10.42 (616.3% higher than our fair-value estimate)
492% above our estimate, beyond the bull case
Fundamentals snapshot
Trekor Metals Limited
TGB · ASE · Basic Materials · Copper
Current price
$8.61
52-week range
$3.66 - $9.82
Market cap
$3.15B
Balance sheet
Stretched
1.21x Concerning
Net debt $408.71M. Interest coverage shows how many times profit covers the interest bill.
What stands out
2 Rewards
3 Risks
2 rewards · 3 risks
- Reward Revenue grew 10.7% last year.
- Reward Free cash flow was positive in 4/10 years.
- Risk Stock trades 8510.0% above its 5-year average P/E.
- Risk Net debt grew 20.2% over 3 years.
What this company does
Trekor Metals Limited
Trekor Metals is a mining company that makes money by finding and digging up valuable metals like copper and gold from the ground. Its business is centered on its two main properties, the Gibraltar mine in Canada and the Florence Copper project in Arizona. The company's financial success depends heavily on the global market prices for the metals it sells and how efficiently it can run its mining operations.
How the company got here
Founded in 1966 as Taseko Mines Limited, the company has a long history of acquiring and developing mineral properties. A major turning point came in 1999 when it purchased the closed Gibraltar copper-molybdenum mine for just one dollar. After investing $800 million to modernize and expand it, Gibraltar is now the second-largest open-pit copper mine in Canada. To reflect its growth and expanding assets in North America, the company was renamed Trekor Metals Limited in June 2026.
What it actually does
Trekor Metals is a mining company that finds, develops, and operates properties to extract valuable metals from the ground. It primarily focuses on copper, which is essential for everything from electrical wiring in homes to manufacturing electric vehicles. The company also explores for and produces other metals like molybdenum (a metal used to strengthen steel), gold, and silver. Trekor's main business involves running large mines, processing the extracted rock to get the valuable metals, and then selling those metals on the global market.
Gibraltar Mine
This is the company's foundational and primary operating asset, located in British Columbia, Canada. It's a massive open-pit mine, meaning they dig a large hole in the ground to access the ore (rock containing valuable minerals). Gibraltar produces large amounts of copper and a smaller amount of molybdenum, which together generate the majority of the company's current revenue (the money it makes from sales). The mine has been operating for over two decades under Trekor's ownership and is expected to continue producing for many more years.
Florence Copper Project
Located in Arizona, this is Trekor's newest mine and a key part of its growth strategy. Unlike Gibraltar, Florence uses a less invasive method called in-situ copper recovery, where a solution is circulated underground to dissolve copper, which is then pumped to the surface. This project recently began commercial production, making Trekor a company with multiple operating mines and adding a significant new source of copper production in the United States. While currently smaller than Gibraltar in terms of production, it is expected to grow into a major, low-cost copper producer.
Development Projects
This segment includes several properties that are not yet operating mines but represent future potential. These include the Yellowhead, New Prosperity, and Aley projects in British Columbia. The company spends money on exploration and permitting (the process of getting government approval to build a mine) for these sites. These projects are like a pipeline of future business, with the potential to become large mines that could significantly increase the company's production of copper, gold, and niobium (a metal used in high-strength steel alloys) in the long term.
What management is betting on now
The company's main focus is on growing its copper production across North America. A key priority is successfully ramping up the new Florence Copper mine in Arizona to its full production capacity, which will significantly increase the company's overall output and lower its average costs. Management is also advancing its development projects, like the Yellowhead project, which has the potential to become one of Canada's largest copper mines. This strategy is based on the belief that demand for copper will continue to grow, particularly due to the global shift towards electric vehicles and renewable energy.
Price history
How the share price has moved
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Is it cheap or expensive?
Fair value $1.45 vs current price $8.61
Wall Street consensus is the average analyst price target: $10.42 (616.3% higher than our fair-value estimate).
Our most-likely fair value is $1.45 a share — about 83.1% below today's price of $8.61, so the stock currently looks expensive (overvalued).
Is it drowning in debt?
Stretched
Net debt $408.7M. Interest coverage 1.2x.
Net debt
$408.71M
Interest coverage
1.21x
Trekor Metals Limited's profit covers its interest bill about 1.2 times over. which is weaker than most peers shown here.
Stretched
Worse cushion
Baseline
Better cushion
TGB
BASELINE
Trekor Metals Limited
Total debt $541.18M Interest coverage 1.21x This is the baseline the peer rows are being compared against.
Total debt $1.04B Interest coverage 6.27x +417% vs TGB Carries about 5.2x more debt cushion than TGB.
Total debt $573.36M Interest coverage 17.38x +1,333% vs TGB Carries about 14.3x more debt cushion than TGB.
Total debt $8.62B Interest coverage 18.96x +1,463% vs TGB Carries about 15.6x more debt cushion than TGB.
Total debt $10.36B Interest coverage 17.62x +1,353% vs TGB Carries about 14.5x more debt cushion than TGB.
What you should know
The case for and against TGB
2 Rewards
3 Risks
Rewards
-
Revenue grew 10.7% last year.
-
Free cash flow was positive in 4/10 years.
Risks
-
Stock trades 8510.0% above its 5-year average P/E.
-
Net debt grew 20.2% over 3 years.
-
Insider ownership is only 1.5% (peer median: 3.0%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
430.50x
Forward P/E
10.86x
P/B
5.14x
P/S
3.20x
EV/EBITDA
13.40x
PEG ratio
0.33x
Profitability
How much profit each dollar creates
Gross margin
46.7%
Operating margin
22.5%
Net margin
1.6%
ROE
2.2%
ROA
4.1%
Health
Liquidity and balance-sheet strength
Debt / equity
0.89x
Current ratio
1.24x
Quick ratio
0.73x
Total debt
$541.18M
Total cash
$132.47M
Growth
How the business has been compounding
Revenue TTM
$696.78M
Revenue 5Y CAGR
19.8%
EPS TTM
0.02
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$155.26M
Free CF TTM
$49.25M
FCF margin
7.1%
Dividend
Shareholder payout
Yield
—
Payout ratio
0.0%
Last ex-div date
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