Detailed financial statements for Trekor Metals Limited (TGB): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Trekor Metals Limited is a mining company focused on the acquisition, development, and operation of mineral resource properties. Its exploration activities target deposits containing copper, molybdenum, gold, niobium, and silver. The company holds a 75% interest in the Gibraltar Mine in British Columbia and owns 100% of several major projects in the province, including the Yellowhead copper project, the Aley niobium project, and the New Prosperity gold-copper project.
Analysis Summary
Trekor Metals Limited reported revenue of 672.9M CAD in the most recent fiscal year, growing at a 5-year CAGR of 14.4%.
Balance sheet quality for TGB: current ratio of 1.5, net debt of 548.9M CAD. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 263.9M CAD | 378.3M CAD | 343.9M CAD | 254.2M CAD | 343.3M CAD | 433.3M CAD | 391.6M CAD | 525.0M CAD | 608.1M CAD | 672.9M CAD |
| Cost of Revenue | 262.1M CAD | 248.3M CAD | 302.6M CAD | 288.0M CAD | 319.5M CAD | 269.5M CAD | 337.4M CAD | 317.6M CAD | 490.9M CAD | 497.8M CAD |
| Gross Profit | 1.8M CAD | 130.0M CAD | 41.2M CAD | -33.8M CAD | 23.7M CAD | 163.8M CAD | 54.2M CAD | 207.4M CAD | 117.2M CAD | 175.2M CAD |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4.0M CAD |
| Selling, General & Admin | 19.8M CAD | 19.8M CAD | 12.4M CAD | 12.9M CAD | 19.7M CAD | 22.4M CAD | 15.9M CAD | 21.1M CAD | 21.9M CAD | 39.0M CAD |
| Operating Expenses | 1.8M CAD | 20.4M CAD | 12.7M CAD | 12.9M CAD | 23.7M CAD | 20.9M CAD | 14.1M CAD | 21.1M CAD | 40.9M CAD | 37.1M CAD |
| Operating Income | -18.7M CAD | 108.1M CAD | 28.5M CAD | -46.7M CAD | 0 | 143.3M CAD | 40.1M CAD | 186.2M CAD | 76.2M CAD | 138.1M CAD |
| EBITDA | 36.9M CAD | 147.2M CAD | 91.9M CAD | 46.4M CAD | 97.9M CAD | 176.6M CAD | 71.6M CAD | 233.2M CAD | 170.9M CAD | 149.4M CAD |
| Interest Expense | 30.0M CAD | 33.3M CAD | 34.4M CAD | 35.5M CAD | 37.3M CAD | 39.2M CAD | 38.8M CAD | 43.4M CAD | 78.5M CAD | 87.8M CAD |
| Pre-tax Income | -46.1M CAD | 63.4M CAD | -35.3M CAD | -66.1M CAD | -32.6M CAD | 70.8M CAD | -19.1M CAD | 132.9M CAD | 18.1M CAD | -49.5M CAD |
| Income Tax | -14.7M CAD | 29.2M CAD | 448,000 CAD | -24.9M CAD | -9.1M CAD | 34.3M CAD | 6.8M CAD | 50.1M CAD | 31.5M CAD | -19.4M CAD |
| Net Income | -31.4M CAD | 34.3M CAD | -35.8M CAD | -41.2M CAD | -23.5M CAD | 36.5M CAD | -26.0M CAD | 82.7M CAD | -13.4M CAD | -30.1M CAD |
| EPS | $-0.14 | $0.15 | $-0.16 | $-0.22 | $-0.09 | $0.13 | $-0.09 | $0.28 | $-0.05 | $-0.09 |
| EPS (Diluted) | $-0.14 | $0.15 | $-0.16 | $-0.22 | $-0.09 | $0.13 | $-0.09 | $0.28 | $-0.05 | $-0.09 |
| Shares Outstanding (Diluted) | 221.8M CAD | 232.0M CAD | 227.9M CAD | 243.9M CAD | 250.5M CAD | 287.5M CAD | 286.2M CAD | 291.0M CAD | 295.3M CAD | 350.7M CAD |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | 173.9M CAD | 243.8M CAD | 234.6M CAD | 232.6M CAD |
| Gross Profit | 39.2M CAD | 124.1M CAD | 81.4M CAD | 80.7M CAD |
| Operating Income | 28.9M CAD | 111.9M CAD | 66.8M CAD | 73.3M CAD |
| EBITDA | 24.8M CAD | 82.3M CAD | 73.2M CAD | 71.4M CAD |
| Net Income | -27.8M CAD | 4.5M CAD | 16.9M CAD | 15.6M CAD |
| EPS | $-0.09 | $0.01 | $0.05 | $0.04 |
| EPS (Diluted) | $-0.09 | $0.01 | $0.05 | $0.04 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 89.0M CAD | 80.2M CAD | 45.7M CAD | 53.2M CAD | 66.8M CAD | 236.8M CAD | 120.9M CAD | 96.5M CAD | 172.7M CAD | 188.0M CAD |
| Short-term Investments | 1.4M CAD | 2.4M CAD | 3.6M CAD | 730,000 CAD | 1.4M CAD | 3.1M CAD | 2.6M CAD | 1.3M CAD | 895,000 CAD | 2.4M CAD |
| Receivables | 12.9M CAD | 19.3M CAD | 14.7M CAD | 13.8M CAD | 5.3M CAD | 9.6M CAD | 13.2M CAD | 16.5M CAD | 5.6M CAD | 13.0M CAD |
| Inventory | 60.5M CAD | 39.6M CAD | 39.0M CAD | 43.6M CAD | 46.2M CAD | 79.9M CAD | 92.8M CAD | 122.9M CAD | 138.9M CAD | 133.6M CAD |
| Total Current Assets | 165.3M CAD | 145.7M CAD | 104.4M CAD | 113.9M CAD | 123.4M CAD | 337.2M CAD | 240.9M CAD | 249.5M CAD | 353.2M CAD | 344.9M CAD |
| Property, Plant & Equipment | 730.2M CAD | 797.3M CAD | 821.3M CAD | 758.0M CAD | 582.9M CAD | 837.8M CAD | 1.03B CAD | 1.29B CAD | 1.77B CAD | 2.05B CAD |
| Goodwill | 5.5M CAD | 5.2M CAD | 5.6M CAD | 5.4M CAD | 4.1M CAD | 5.2M CAD | 5.6M CAD | 5.5M CAD | 5.9M CAD | 5.7M CAD |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | 949.4M CAD | 988.7M CAD | 972.7M CAD | 884.0M CAD | 714.6M CAD | 1.18B CAD | 1.28B CAD | 1.57B CAD | 2.20B CAD | 2.47B CAD |
| Accounts Payable | 28.2M CAD | 23.9M CAD | 21.9M CAD | 24.2M CAD | 25.7M CAD | 30.1M CAD | 31.7M CAD | 28.6M CAD | 45.4M CAD | 35.7M CAD |
| Short-term Debt | 8.1M CAD | 1.6M CAD | 3.4M CAD | 6.6M CAD | 13.8M CAD | 6.5M CAD | 8.5M CAD | 11.1M CAD | 18.6M CAD | 19.5M CAD |
| Total Current Liabilities | 54.8M CAD | 61.4M CAD | 57.4M CAD | 67.3M CAD | 61.6M CAD | 103.5M CAD | 112.6M CAD | 141.2M CAD | 206.8M CAD | 230.0M CAD |
| Long-term Debt | 361.2M CAD | 303.8M CAD | 338.0M CAD | 336.5M CAD | 246.4M CAD | 503.4M CAD | 557.7M CAD | 603.3M CAD | 758.7M CAD | 702.0M CAD |
| Total Liabilities | 610.5M CAD | 621.6M CAD | 625.6M CAD | 582.3M CAD | 465.5M CAD | 824.7M CAD | 922.3M CAD | 1.13B CAD | 1.69B CAD | 1.69B CAD |
| Retained Earnings | -137.1M CAD | -102.9M CAD | -139.7M CAD | -193.1M CAD | -170.0M CAD | -180.1M CAD | -206.1M CAD | -123.4M CAD | -136.8M CAD | -107.7M CAD |
| Total Equity | 338.9M CAD | 367.1M CAD | 347.1M CAD | 301.7M CAD | 249.1M CAD | 358.5M CAD | 356.4M CAD | 434.1M CAD | 503.2M CAD | 778.7M CAD |
| Total Debt | 389.3M CAD | 329.2M CAD | 355.5M CAD | 373.5M CAD | 285.2M CAD | 533.1M CAD | 586.6M CAD | 632.4M CAD | 790.6M CAD | 739.3M CAD |
| Net Debt | 298.8M CAD | 246.5M CAD | 306.2M CAD | 319.6M CAD | 217.0M CAD | 293.2M CAD | 463.1M CAD | 534.6M CAD | 616.9M CAD | 548.9M CAD |
| Working Capital | 110.5M CAD | 84.3M CAD | 47.0M CAD | 46.6M CAD | 61.8M CAD | 233.8M CAD | 128.2M CAD | 108.3M CAD | 146.4M CAD | 114.9M CAD |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | 90.8M CAD | 188.0M CAD | 169.1M CAD | 130.7M CAD |
| Total Assets | 2.33B CAD | 2.47B CAD | 2.58B CAD | 1.88B CAD |
| Total Liabilities | 1.78B CAD | 1.69B CAD | 1.76B CAD | 1.28B CAD |
| Total Equity | 547.5M CAD | 778.7M CAD | 820.1M CAD | 602.5M CAD |
| Total Debt | 863.8M CAD | 739.3M CAD | 877.6M CAD | 532.6M CAD |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -31.4M CAD | 34.3M CAD | -35.8M CAD | -53.4M CAD | -23.5M CAD | 36.5M CAD | -26.0M CAD | 82.7M CAD | -13.4M CAD | -30.1M CAD |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 0 | 66.6M CAD | 52.0M CAD | 56.9M CAD | 74.3M CAD | 103.2M CAD |
| Stock-based Compensation | 3.7M CAD | 7.1M CAD | -1.3M CAD | 3.1M CAD | 5.3M CAD | 5.8M CAD | 4.2M CAD | 6.3M CAD | 9.4M CAD | 22.0M CAD |
| Change in Working Capital | -14.0M CAD | 15.9M CAD | 1.8M CAD | -6.6M CAD | -3.3M CAD | -32.0M CAD | -5.4M CAD | -48.1M CAD | 5.9M CAD | -3.1M CAD |
| Operating Cash Flow | 33.9M CAD | 211.1M CAD | 94.1M CAD | 42.6M CAD | 106.2M CAD | 174.8M CAD | 81.3M CAD | 151.1M CAD | 232.6M CAD | 219.6M CAD |
| Capital Expenditure | -18.8M CAD | -97.2M CAD | -94.9M CAD | -50.8M CAD | -46.7M CAD | -87.7M CAD | -79.7M CAD | -117.9M CAD | -83.1M CAD | -149.9M CAD |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.9M CAD | -9.7M CAD | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 15.0M CAD | 113.9M CAD | -788,000 CAD | -8.1M CAD | 59.5M CAD | 87.0M CAD | 1.6M CAD | 33.2M CAD | 149.5M CAD | 69.6M CAD |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | 36.5M CAD | 101.2M CAD | 93.9M CAD | 183.4M CAD |
| Capital Expenditure | -21.9M CAD | -29.4M CAD | -37.5M CAD | -53.8M CAD |
| Free Cash Flow | 14.5M CAD | 71.8M CAD | 56.3M CAD | 129.5M CAD |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 6.3M CAD | 6.7M CAD | 6.6M CAD | 4.5M CAD |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +43.4% | -9.1% | -26.1% | +35.1% | +26.2% | -9.6% | +34.1% | +15.8% | +10.7% | |
| Net Income Growth (YoY) | +209.1% | -204.4% | -15.1% | +42.9% | +255.0% | -171.2% | +418.5% | -116.3% | -123.7% | |
| EPS Growth (YoY) | +207.1% | -206.7% | -37.5% | +57.3% | +238.4% | -169.8% | +408.7% | -116.2% | -104.2% | |
| Shares Change (YoY) | +4.6% | -1.8% | +7.0% | +2.7% | +14.8% | -0.4% | +1.7% | +1.5% | +18.7% | |
| FCF Growth (YoY) | +658.5% | -100.7% | -929.2% | +833.6% | +46.3% | -98.2% | +1,985.3% | +350.8% | -53.4% | |
| Gross Margin | 0.7% | 34.4% | 12.0% | -13.3% | 6.9% | 37.8% | 13.8% | 39.5% | 19.3% | 26.0% |
| Operating Margin | -7.1% | 28.6% | 8.3% | -18.4% | 0.0% | 33.1% | 10.2% | 35.5% | 12.5% | 20.5% |
| EBITDA Margin | 14.0% | 38.9% | 26.7% | 18.3% | 28.5% | 40.8% | 18.3% | 44.4% | 28.1% | 22.2% |
| Net Margin | -11.9% | 9.1% | -10.4% | -16.2% | -6.9% | 8.4% | -6.6% | 15.8% | -2.2% | -4.5% |
| FCF Margin | 5.7% | 30.1% | -0.2% | -3.2% | 17.3% | 20.1% | 0.4% | 6.3% | 24.6% | 10.4% |
| Effective Tax Rate | 31.9% | 46.0% | -1.3% | 37.7% | 27.9% | 48.5% | -35.7% | 37.7% | 174.3% | 39.2% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.07 | $0.49 | $-0.00 | $-0.03 | $0.24 | $0.30 | $0.01 | $0.11 | $0.51 | $0.20 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 221.8M CAD | 225.7M CAD | 223.6M CAD | 243.9M CAD | 250.5M CAD | 283.6M CAD | 286.2M CAD | 288.6M CAD | 295.3M CAD | 350.7M CAD |
What to look at in Basic Materials
Miners, chemicals, steel. 100% commodity-driven. Analysing them with pure P/E is a mistake — look at cost position and dividend sustainability.
- FCF yield — In commodities FCF is gold — EPS is very misleading
- Gross margin — 5y consistent gross margin = moat signal
- Net debt / EBITDA (trough) — Use EBITDA from the worst year of the cycle, not the current one
- Dividend coverage — Dividend covered by FCF in an average year, not at peak
- Capex / D&A — >1x = maintain/grow reserves. <0.7x = decapitalising
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
- P/B across cycles — Commodities: 0.8-1.2x at troughs, 2x+ at peaks. <2x still reasonable zone
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -8.18 | 19.54 | -4.03 | -2.83 | -17.93 | 19.93 | -21.95 | 6.62 | -61.32 | -83.60 |
| P/B | 0.75 | 1.80 | 0.42 | 0.50 | 1.69 | 2.05 | 1.60 | 1.23 | 1.64 | 3.50 |
| P/S | 0.96 | 1.75 | 0.42 | 0.60 | 1.23 | 1.70 | 1.45 | 1.02 | 1.35 | 4.05 |
| Gross Margin | 0.7% | 34.4% | 12.0% | -13.3% | 6.9% | 37.8% | 13.8% | 39.5% | 19.3% | 26.0% |
| Operating Margin | -7.1% | 28.6% | 8.3% | -18.4% | 0.0% | 33.1% | 10.2% | 35.5% | 12.5% | 20.5% |
| Net Margin | -11.9% | 9.1% | -10.4% | -16.2% | -6.9% | 8.4% | -6.6% | 15.8% | -2.2% | -4.5% |
Related companies: HUN · IPX · KALU · LAC · LOMA · SIM · SLVM
Explore sector: Basic Materials · Copper
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