<SEC-DOCUMENT>0001062993-26-004043.txt : 20260806
<SEC-HEADER>0001062993-26-004043.hdr.sgml : 20260806
<ACCEPTANCE-DATETIME>20260805195359
ACCESSION NUMBER:		0001062993-26-004043
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20260630
FILED AS OF DATE:		20260806
DATE AS OF CHANGE:		20260805

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Trekor Metals Ltd
		CENTRAL INDEX KEY:			0000878518
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31965
		FILM NUMBER:		261245471

	BUSINESS ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		SUITE 1200
		STREET 2:		1040 WEST GEORGIA STREET
		CITY:			VANCOUVER
		PROVINCE COUNTRY:   	A1
		ZIP:			V6E 4H1
		BUSINESS PHONE:		778-373-4533

	MAIL ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		SUITE 1200
		STREET 2:		1040 WEST GEORGIA STREET
		CITY:			VANCOUVER
		PROVINCE COUNTRY:   	A1
		ZIP:			V6E 4H1

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TASEKO MINES LTD
		DATE OF NAME CHANGE:	19910822
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>form6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<html>

<head>
    <title>Trekor Metals Limited: Form 6-K - Filed by newsfilecorp.com</title>
</head>

<body bgcolor="#FFFFFF" style="font-size: 10pt;">
    <hr style="text-align: center;" width="100%" size="3" color="black" noshade="noshade"><a name="page_1"></a>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><font size="5"><b>UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION</b></font><br>Washington, D.C. 20549</p>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><b><font size="5">FORM 6-K</font></b></p>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><b>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 <br>UNDER THE SECURITIES EXCHANGE ACT OF 1934</b></p>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">For the month of <u><b>August 2026</b></u></p>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">Commission File Number: <u><b>001-31965</b></u></p>
    <p style="text-align: center; margin-bottom: 0pt; margin-top: 10pt;"><b><u><font size="5">Trekor Metals Limited</font></u></b><br>(Translation of registrant's name into English)</p>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><b><u>12th Floor - 1040 West Georgia St., Vancouver, BC, V6E 4H1</u></b><br>(Address of principal executive offices)</p>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.</p>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">[<font style="font-size: 1px;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>] Form 20-F &#160;&#160;[ x ] Form 40-F</p>
    <hr style="break-after: page; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_2"></a>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><b><u>SUBMITTED HEREWITH</u></b></p>
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            <td style="border-bottom: 1px solid #000000; width: 8%; white-space: nowrap; vertical-align: bottom;"><b>Exhibit</b></td>
            <td style="width: 5%; white-space: nowrap; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; white-space: nowrap; vertical-align: bottom;"><b>Description</b></td>
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        <tr>
            <td>&#160;</td>
            <td>&#160;</td>
        </tr>
        <tr style="background-color: #eeeeee;">
            <td style="vertical-align: top;"><a href="exhibit99-1.htm">99.1</a></td>
            <td style="vertical-align: top;">&#160;</td>
            <td style="text-align: justify; vertical-align: top;"><a href="exhibit99-1.htm">Interim Financial Statements for the period ended June 30, 2026</a></td>
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        <tr style="background-color: #ffffff;">
            <td style="vertical-align: top;"><a href="exhibit99-2.htm">99.2</a></td>
            <td style="vertical-align: top;">&#160;</td>
            <td style="text-align: justify; vertical-align: top;"><a href="exhibit99-2.htm">Management's Discussion and Analysis for the period ended June 30, 2026</a></td>
        </tr>
    </table>
    <br>
    <hr style="break-after: page; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_3"></a>
    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><b><u>SIGNATURES</u></b></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
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        <tr>
            <td style="vertical-align: top; width: 50%;">&#160;</td>
            <td style="vertical-align: top;" colspan="2">(Registrant)</td>
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        <tr>
            <td style="vertical-align: top; width: 50%;">&#160;</td>
            <td style="vertical-align: top; width: 5%;">&#160;</td>
            <td style="width: 45%;">&#160;</td>
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        <tr>
            <td style="vertical-align: top; width: 50%;">Date: August 5, 2026</td>
            <td style="vertical-align: top; width: 5%;">By:</td>
            <td style="width: 45%;"><i>/s/ Bryce Hamming</i></td>
        </tr>
        <tr>
            <td style="vertical-align: top; width: 50%;">&#160;</td>
            <td style="vertical-align: top; width: 5%;">&#160;</td>
            <td style="width: 45%;">
                <hr style="text-align: center; width: 100%;" size="1" color="black" noshade="noshade">
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        <tr>
            <td style="vertical-align: top; width: 50%;">&#160;</td>
            <td style="vertical-align: top; width: 5%;">&#160;</td>
            <td style="width: 45%;">Bryce Hamming</td>
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        <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">Title:</td>
            <td style="width: 45%;">Chief Financial Officer</td>
        </tr>
    </table>
    <br>
    <hr style="text-align: center;" width="100%" size="5" color="Black" noshade="noshade">
</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>

<head>
    <title>Trekor Metals Limited: Exhibit 99.1 - Filed by newsfilecorp.com</title>
</head>

<body style="font-size:10pt; font-family:'Times New Roman';">
    <hr width="100%" size="3" color="black" noshade="noshade"><a name="page_1"></a>
    <p style="margin-top: 10pt; margin-bottom: 10pt; text-align: center;">&#160;</p>
    <p style="margin-top: 10pt; margin-bottom: 10pt; text-align: center;"><img src="exhibit99-1xm001.jpg"></p>
    <p style="margin-bottom: 0pt; margin-top: 10pt; text-align: center;"><font style="font-size: 12pt;">(formerly Taseko Mines Limited)</font></p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><font style="font-size: 12pt;"><b>Condensed Consolidated Interim Financial Statements</b></font></p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><font style="font-size: 12pt;">For the three and six months ended June 30, 2026 and 2025</font></p>
    <p style="margin-top: 0pt; margin-bottom: 10pt; text-align: center;"><font style="font-size: 12pt;">(Unaudited)</font></p>
    <p style="margin-top: 0pt; margin-bottom: 10pt; text-align: center;">&#160;</p>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_2"></a>
    <p style="text-align: justify; margin-bottom: 0pt; margin-left: 2.25pt; margin-top: 10pt;"><font style="font-size: 12pt;"><font style="color: #00a5e3;">TREKOR METALS LIMITED</font></font></p>
    <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.5pt;">(formerly Taseko Mines Limited)</p>
    <p style="text-align: justify; margin-top: 0pt; margin-left: 1.5pt; margin-bottom: 10pt;">Condensed Consolidated Interim Balance Sheets<br>(Cdn$ in thousands)<br>(Unaudited)</p>
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            <td style="vertical-align: bottom; white-space: nowrap; border-top: 0.75pt solid #000000; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap; border-top: 0.75pt solid #000000; text-align: center;">&#160;</td>
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            <td style="vertical-align: bottom; white-space: nowrap; border-top: 0.75pt solid #000000; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap; border-top: 0.75pt solid #000000; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap; border-top: 0.75pt solid #000000; text-align: center;"><b>December 31,</b></td>
            <td style="vertical-align: bottom; text-align: right; white-space: nowrap; border-top: 0.75pt solid #000000;">&#160;</td>
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        <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; white-space: nowrap;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><b>Note</b></td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><b>2026</b></td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><b>2025</b></td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; white-space: nowrap;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; text-align: left;"><b>ASSETS</b></td>
            <td style="vertical-align: bottom; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;">Current assets</td>
            <td style="vertical-align: bottom; text-align: center; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">185,764</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">187,961</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; text-align: left; padding-left: 10pt; background-color: #e6efff;">Accounts receivable</td>
            <td style="vertical-align: bottom; text-align: center; background-color: #e6efff;">8</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">27,311</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">13,037</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
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            <td style="vertical-align: bottom; text-align: center;">9</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">141,587</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">133,557</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; text-align: left; padding-left: 10pt; background-color: #e6efff;">Prepaids</td>
            <td style="vertical-align: bottom; text-align: center; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">6,855</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">7,922</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; padding-left: 10pt;">Other financial assets</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: center;">10</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 12%;">1,560</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 12%;">2,409</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">363,077</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">344,886</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
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            <td style="vertical-align: bottom; text-align: center;">11</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">2,219,493</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">2,045,452</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;">Inventories</td>
            <td style="vertical-align: bottom; text-align: center; background-color: #e6efff;">9</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">56,276</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">54,030</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; text-align: left;">Deferred tax assets</td>
            <td style="vertical-align: bottom; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">27,056</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">21,511</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;">Other financial assets</td>
            <td style="vertical-align: bottom; text-align: center; background-color: #e6efff;">10</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">957</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">957</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left;">Goodwill</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: center;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 12%;">5,859</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 12%;">5,651</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: center; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>2,672,718</b></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><b>2,472,487</b></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">139,787</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">100,273</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">9,756</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">9,409</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center;">12</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">33,881</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">35,697</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center; background-color: #e6efff;">13</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">43,827</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">23,597</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center;">14</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">25,959</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">13,058</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center; background-color: #e6efff;">15</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">23,697</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">15,313</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">7,192</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">3,498</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: center; background-color: #e6efff;">5b, 10</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">8,948</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">29,165</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">293,047</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">230,010</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center; background-color: #e6efff;">12</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">731,404</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">711,299</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center;">13</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">95,886</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">132,006</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center; background-color: #e6efff;">14</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">223,190</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">199,100</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center;">15</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">84,583</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">82,617</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">158,227</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">155,651</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">200,223</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">158,846</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; background-color: #e6efff;">Other financial liabilities</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: center; background-color: #e6efff;">10</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">29,977</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">24,295</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">1,816,537</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">1,693,824</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: center; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">814,483</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">800,489</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;">Contributed surplus</td>
            <td style="vertical-align: bottom; text-align: center; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">59,807</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">62,653</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">1</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">1</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">50,534</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">23,228</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: center;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 12%;">(68,644</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 12%;">(107,708</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%;">)</td>
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        <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: center; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">856,181</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">778,663</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: left;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: center;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: right; width: 12%;"><b>2,672,718</b></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: right; width: 12%;"><b>2,472,487</b></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center; background-color: #e6efff;">18</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
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    <p style="text-align: justify; margin-left: 1.5pt; margin-top: 10pt; margin-bottom: 10pt;">The accompanying notes are an integral part of these condensed consolidated interim financial statements.</p>
    <div id="footer_page_2">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">1</p>
    </div>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_3"></a>
    <p style="text-align: justify; margin-bottom: 0pt; margin-left: 1.5pt; margin-top: 10pt;"><font style="font-size: 12pt;"><font style="color: #00a5e3;">TREKOR METALS LIMITED</font></font></p>
    <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.5pt;">(formerly Taseko Mines Limited)</p>
    <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.5pt;">Condensed Consolidated Interim Statements of Comprehensive Income (Loss)</p>
    <p style="text-align: justify; margin-top: 0pt; margin-left: 1.5pt; margin-bottom: 10pt;">(Cdn$ in thousands, except share and per share amounts)<br>(Unaudited)</p>
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            <td style="vertical-align: bottom; white-space: nowrap; border-top: 0.75pt solid #000000; text-align: center; width: 3.40136%;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap; border-top: 0.75pt solid #000000; text-align: center; width: 1.02041%;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap; border-top: 0.75pt solid #000000; text-align: center; width: 23.0159%;" colspan="4"><b>Three months ended</b></td>
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            <td style="vertical-align: bottom; white-space: nowrap; border-top: 0.75pt solid #000000; text-align: center; width: 1.02041%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; white-space: nowrap; width: 44.5578%;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 3.40136%;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 1.02041%;">&#160;</td>
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            <td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 1.02041%;">&#160;</td>
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            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center; width: 1.02041%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;">330,553</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;">116,082</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;">567,646</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;">255,231</td>
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            <td style="vertical-align: bottom; text-align: left; width: 3.40136%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center; width: 3.40136%; background-color: #e6efff;">4</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%;">(47,635</td>
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        <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 44.5578%; background-color: #e6efff;">Other operating (costs) income</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: center; width: 3.40136%; background-color: #e6efff;">4</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;">-</td>
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            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;">4,008</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;">(952</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">)</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;">4,008</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; text-align: left; width: 44.5578%;">Earnings from mining operations</td>
            <td style="vertical-align: bottom; text-align: left; width: 3.40136%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%;">114,732</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%;">(502</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%;">199,175</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%;">15,864</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; text-align: left; width: 44.5578%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 3.40136%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 3.40136%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2.04082%;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%;">(4,116</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%;">(8,669</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center; width: 3.40136%; background-color: #e6efff;">16c</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;">(4,740</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;">(13,337</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;">(9,744</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">)</td>
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            <td style="vertical-align: bottom; text-align: left; width: 3.40136%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%;">(1,190</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%;">(322</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%;">(1,533</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%;">(1,491</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%;">)</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: center; width: 3.40136%; background-color: #e6efff;">5a</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;">(11,055</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;">(35,775</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;">(36,144</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">)</td>
        </tr>
        <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 44.5578%;">Other (expense) income</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 3.40136%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 9.97732%;">293</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2.04082%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 9.97732%;">(107</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2.04082%;">)</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 9.97732%;">71</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2.04082%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 9.97732%;">(51</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2.04082%;">)</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; text-align: left; width: 44.5578%; background-color: #e6efff;">Income (loss) before financing costs and income taxes</td>
            <td style="vertical-align: bottom; text-align: left; width: 3.40136%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;">77,502</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;">(20,842</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;">139,932</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;">(39,006</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">)</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; text-align: left; width: 44.5578%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 3.40136%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; text-align: left; width: 44.5578%; background-color: #e6efff;">Finance income</td>
            <td style="vertical-align: bottom; text-align: left; width: 3.40136%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;">1,058</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;">124</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;">2,532</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;">1,454</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; text-align: left; width: 44.5578%;">Finance expense</td>
            <td style="vertical-align: bottom; text-align: center; width: 3.40136%;">6</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%;">(17,562</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%;">(10,228</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%;">(27,181</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%;">(22,435</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%;">)</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; text-align: left; width: 44.5578%; background-color: #e6efff;">Accretion expense</td>
            <td style="vertical-align: bottom; text-align: center; width: 3.40136%; background-color: #e6efff;">6</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;">(7,370</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;">(13,715</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;">(17,965</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;">(20,385</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">)</td>
        </tr>
        <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 44.5578%;">Foreign exchange gain (loss)</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 3.40136%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 9.97732%;">(12,517</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2.04082%;">)</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 9.97732%;">39,090</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2.04082%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 9.97732%;">(22,706</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2.04082%;">)</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 9.97732%;">38,261</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2.04082%;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; text-align: left; width: 44.5578%; background-color: #e6efff;">Income (loss) before income taxes</td>
            <td style="vertical-align: bottom; text-align: left; width: 3.40136%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;">41,111</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;">(5,571</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;">74,612</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;">(42,111</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">)</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; text-align: left; width: 44.5578%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 3.40136%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 44.5578%; background-color: #e6efff;">Income tax (expense) recovery</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: center; width: 3.40136%; background-color: #e6efff;">7</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;">(18,891</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">)</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;">27,439</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;">(35,548</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">)</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;">35,419</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 44.5578%;"><b>Net income (loss)</b></td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 3.40136%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 9.97732%;"><b>22,220</b></td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2.04082%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 9.97732%;"><b>21,868</b></td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2.04082%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 9.97732%;"><b>39,064</b></td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2.04082%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 9.97732%;"><b>(6,692</b></td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2.04082%;"><b>)</b></td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; text-align: left; width: 44.5578%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 3.40136%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; text-align: left; width: 44.5578%;">Other comprehensive income (loss):</td>
            <td style="vertical-align: bottom; text-align: left; width: 3.40136%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; text-align: left; width: 44.5578%; background-color: #e6efff;">Items that will remain permanently in other comprehensive income:</td>
            <td style="vertical-align: bottom; text-align: left; width: 3.40136%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; text-align: left; width: 44.5578%; padding-left: 10pt;">(Loss) gain on financial assets</td>
            <td style="vertical-align: bottom; text-align: left; width: 3.40136%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%;">(345</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%;">435</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%;">(849</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%;">686</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; text-align: left; width: 44.5578%; background-color: #e6efff;">Items that may in the future be reclassified to income (loss):</td>
            <td style="vertical-align: bottom; text-align: left; width: 3.40136%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 44.5578%; padding-left: 10pt;">Foreign currency translation reserve</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 3.40136%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 9.97732%;">14,057</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2.04082%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 9.97732%;">(32,731</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2.04082%;">)</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 9.97732%;">28,155</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2.04082%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 9.97732%;">(32,174</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2.04082%;">)</td>
        </tr>
        <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 44.5578%; background-color: #e6efff;"><b>Total other comprehensive income (loss)</b></td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 3.40136%; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;"><b>13,712</b></td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;"><b>(32,296</b></td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;"><b>)</b></td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;"><b>27,306</b></td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;"><b>(31,488</b></td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;"><b>)</b></td>
        </tr>
        <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 44.5578%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 3.40136%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 9.97732%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2.04082%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 9.97732%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2.04082%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 9.97732%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2.04082%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 9.97732%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2.04082%;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: left; width: 44.5578%; background-color: #e6efff;"><b>Total comprehensive income (loss)</b></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: left; width: 3.40136%; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;"><b>35,932</b></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;"><b>(10,428</b></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;"><b>)</b></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;"><b>66,370</b></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;"><b>(38,180</b></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;"><b>)</b></td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; text-align: left; width: 44.5578%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 3.40136%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; text-align: left; width: 44.5578%; background-color: #e6efff;"><b>Earnings (loss) per share attributable to owners of the Company</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 3.40136%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; text-align: left; width: 44.5578%;">Basic</td>
            <td style="vertical-align: bottom; text-align: center; width: 3.40136%;">17</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%;">0.06</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%;">0.07</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%;">0.11</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%;">(0.02</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%;">)</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; text-align: left; width: 44.5578%; background-color: #e6efff;">Diluted</td>
            <td style="vertical-align: bottom; text-align: center; width: 3.40136%; background-color: #e6efff;">17</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;">0.06</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;">0.07</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;">0.10</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;">(0.02</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">)</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; text-align: left; width: 44.5578%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 3.40136%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; text-align: left; width: 44.5578%; background-color: #e6efff;"><b>Weighted average shares outstanding (thousands)</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 3.40136%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; text-align: left; width: 44.5578%;">Basic</td>
            <td style="vertical-align: bottom; text-align: center; width: 3.40136%;">17</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%;">365,714</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%;">315,992</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%;">364,851</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%;">313,224</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; text-align: left; width: 44.5578%; background-color: #e6efff;">Diluted</td>
            <td style="vertical-align: bottom; text-align: center; width: 3.40136%; background-color: #e6efff;">17</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;">373,781</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;">318,897</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 9.97732%; background-color: #e6efff;">373,278</td>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The accompanying notes are an integral part of these condensed consolidated interim financial statements.</p>
    <div id="footer_page_3">
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    </div>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_4"></a>
    <p style="text-align: justify; margin-bottom: 0pt; margin-left: 2.25pt; margin-top: 10pt;"><font style="font-size: 12pt;"><font style="color: #00a5e3;">TREKOR METALS LIMITED</font></font></p>
    <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.5pt;">(formerly Taseko Mines Limited)</p>
    <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.5pt;">Condensed Consolidated Interim Statements of Cash Flows<br>(Cdn$ in thousands)</p>
    <p style="text-align: justify; margin-top: 0pt; margin-left: 1.5pt; margin-bottom: 10pt;">(Unaudited)</p>
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            <td style="vertical-align: bottom; white-space: nowrap; text-align: center; border-top: 0.75pt solid #000000;">&#160;</td>
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            <td style="vertical-align: bottom; white-space: nowrap; text-align: center;">&#160;</td>
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            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><b>Note</b></td>
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            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;">&#160;</td>
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            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;">&#160;</td>
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            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">68,621</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">18,891</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">35,548</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">(1,058</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">(124</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 10%;">(1,454</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">17,562</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">10,228</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">27,181</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">22,435</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center;">6</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">7,370</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">13,715</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">17,965</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">20,385</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; background-color: #e6efff; padding-left: 20pt;">Recognition of deferred revenue</td>
            <td style="vertical-align: bottom; text-align: center; background-color: #e6efff;">15b</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">(1,730</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">(752</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">(2,881</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">(2,361</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">27,942</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">11,055</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">35,775</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">36,144</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">13,890</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">(40,335</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">26,061</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
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            <td style="vertical-align: bottom; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">4,505</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">4,820</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">11,124</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">8,989</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">(587</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">(2,662</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">(737</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">(5,458</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
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        <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; padding-left: 20pt;">Net change in working capital</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: center;">19</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 10%;">35,031</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 10%;">10,125</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 10%;">22,058</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 10%;">35,658</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;">Cash provided by operating activities</td>
            <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">183,390</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">25,954</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">277,247</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">81,846</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;"><b>Investing activities</b></td>
            <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; text-align: left; padding-left: 10pt;">Gibraltar capitalized stripping costs</td>
            <td style="vertical-align: bottom; text-align: center;">11</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">(27,849</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">(30,765</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">(43,018</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">(68,847</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; text-align: left; padding-left: 10pt; background-color: #e6efff;">Gibraltar capital expenditures</td>
            <td style="vertical-align: bottom; text-align: center; background-color: #e6efff;">11</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">(25,993</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">(16,115</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">(48,353</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">(29,716</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; text-align: left; padding-left: 10pt;">Florence Copper wellfield development</td>
            <td style="vertical-align: bottom; text-align: center;">11</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">(38,428</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">(53,387</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; text-align: left; padding-left: 10pt; background-color: #e6efff;">Florence Copper start-up and commissioning costs</td>
            <td style="vertical-align: bottom; text-align: center; background-color: #e6efff;">11</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">(21,153</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; text-align: left; padding-left: 10pt;">Florence Copper development costs</td>
            <td style="vertical-align: bottom; text-align: center;">11</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">(3,142</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">(79,068</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">(12,891</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">(159,049</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; text-align: left; padding-left: 10pt; background-color: #e6efff;">Other project development costs</td>
            <td style="vertical-align: bottom; text-align: center; background-color: #e6efff;">11</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">(3,064</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">(1,506</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">(6,435</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">(2,100</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; text-align: left; padding-left: 10pt;">Settlements of copper price options</td>
            <td style="vertical-align: bottom; text-align: center;">5b</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">(19,393</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">(32,024</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; padding-left: 10pt; background-color: #e6efff;">Other investing activities</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">1,058</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">124</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">2,532</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">1,454</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; text-align: left;">Cash used for investing activities</td>
            <td style="vertical-align: bottom; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">(116,811</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">(127,330</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">(214,729</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">(258,258</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; text-align: left;"><b>Financing activities</b></td>
            <td style="vertical-align: bottom; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; text-align: left; background-color: #e6efff; padding-left: 10pt;">Interest paid</td>
            <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">(29,199</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">(32,633</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">(31,028</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">(35,613</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; text-align: left; padding-left: 10pt;">Proceeds from Florence financings</td>
            <td style="vertical-align: bottom; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">4,553</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">18,934</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">(802</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">(802</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">(8,015</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">(15,457</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">(16,645</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">76,113</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">76,113</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">71,778</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">71,778</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: center;">13</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">(9,926</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">(6,645</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">(22,464</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">(16,645</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">29,630</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 10%;">528</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 10%;">1,273</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 10%;">6,707</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 10%;">1,962</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;">Cash (used for) provided by financing activities</td>
            <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">(50,015</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">104,783</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">(67,481</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">126,275</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 10%;">566</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 10%;">(2,197</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 10%;">2,766</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 10%;">(607</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%;">)</td>
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        <tr>
            <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;">Increase (decrease) in cash</td>
            <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">17,130</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">1,210</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">(2,197</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">(50,744</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
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        <tr>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left;">Cash, beginning of period</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 10%;">168,634</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 10%;">120,778</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 10%;">187,961</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 10%;">172,732</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: left; background-color: #e6efff;">Cash, end of period</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">185,764</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">121,988</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">185,764</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">121,988</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; text-align: left;">Supplementary cash flow information</td>
            <td style="vertical-align: bottom; text-align: center;">19</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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    <p style="text-align: justify; margin-left: 2.25pt; margin-top: 10pt; margin-bottom: 10pt;">The accompanying notes are an integral part of these condensed consolidated interim financial statements.</p>
    <div id="footer_page_4">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">3</p>
    </div>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_5"></a>
    <p style="text-align: justify; margin-bottom: 0pt; margin-left: 2.25pt; margin-top: 10pt;"><font style="font-size: 12pt;"><font style="color: #00a5e3;">TREKOR METALS LIMITED</font></font></p>
    <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.25pt;">(formerly Taseko Mines Limited)</p>
    <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.25pt;">Condensed Consolidated Interim Statements of Changes in Equity</p>
    <p style="text-align: justify; margin-top: 0pt; margin-left: 1.5pt; margin-bottom: 10pt;">(Cdn$ in thousands)<br>(Unaudited)</p>
    <table style="width: 100%; font-size: 10pt; border-collapse: collapse; border-color: #000000;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="border-top: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap; border-top: 0.75pt solid #000000; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap; border-top: 0.75pt solid #000000; text-align: center;"><b>Number of</b></td>
            <td style="border-right: 1px solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;">&#160;</td>
            <td style="border-top: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;">&#160;</td>
            <td style="border-top: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><b>Share</b></td>
            <td style="border-top: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;">&#160;</td>
            <td style="border-top: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;">&#160;</td>
            <td style="border-top: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><b>Contributed</b></td>
            <td style="border-top: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;">&#160;</td>
            <td style="border-top: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;">&#160;</td>
            <td style="border-top: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><b>Non-controlling</b></td>
            <td style="border-top: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;">&#160;</td>
            <td style="border-top: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;">&#160;</td>
            <td style="border-top: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;">&#160;</td>
            <td style="border-top: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;">&#160;</td>
            <td style="border-top: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;">&#160;</td>
            <td style="border-top: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;">&#160;</td>
            <td style="border-top: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;">&#160;</td>
            <td style="border-top: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;">&#160;</td>
            <td style="border-top: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;">&#160;</td>
            <td style="border-top: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;">&#160;</td>
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        <tr>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap; border-bottom: 0.75pt solid #000000; text-align: center;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap; border-bottom: 0.75pt solid #000000; text-align: center;"><b>shares ('000)</b></td>
            <td style="border-right: 1px solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><b>capital</b></td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><b>surplus</b></td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><b>interest&#8317;&#185;&#8318;</b></td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><b>AOCI</b></td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><b>Deficit</b></td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><b>Total</b></td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;">Balance as at January 1, 2025</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">304,676</td>
            <td style="border-right: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">529,413</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">57,786</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">52,845</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">(136,822</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">503,222</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; text-align: left;">Share-based compensation</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">-</td>
            <td style="border-right: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">9,147</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">9,147</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;">Exercise of options</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">3,193</td>
            <td style="border-right: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">8,655</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">(3,099</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">5,556</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; text-align: left;">Share issuances, net</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">53,231</td>
            <td style="border-right: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">262,421</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">262,421</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;">Settlement of performance share units</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">-</td>
            <td style="border-right: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">(1,181</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">(1,181</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; text-align: left;">Sale of non-controlling interest</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">-</td>
            <td style="border-right: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">1</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">68,428</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">68,429</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;">Tax effect on sale of non-controlling interest</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">-</td>
            <td style="border-right: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">(9,238</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">(9,238</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
        </tr>
        <tr>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: left;">Total comprehensive loss for the year</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 0.75pt solid #000000;">-</td>
            <td style="border-right: 1px solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right; width: 8%;">-</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 8%;">-</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 8%;">-</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 8%;">(29,617</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%;">)</td>
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            <td style="border-right: 1px solid #000000; border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;"><b>800,489</b></td>
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            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;"><b>62,653</b></td>
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            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 8%; border-top: 0.75pt solid #000000; background-color: #e6efff;">800,489</td>
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            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">23,228</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">778,663</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="border-right: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">4,441</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">4,441</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">2,863</td>
            <td style="border-right: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">10,468</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">6,707</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">1,867</td>
            <td style="border-right: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">3,526</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">(3,526</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">-</td>
            <td style="border-right: 1px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">-</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">-</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">-</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">27,306</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">39,064</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">66,370</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 8%; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000;"><b>365,830</b></td>
            <td style="border-right: 1px solid #000000; border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: left; width: 2%; border-top: 0.75pt solid #000000;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: left; width: 1%; border-top: 0.75pt solid #000000;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: right; width: 8%; border-top: 0.75pt solid #000000;"><b>814,483</b></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: left; width: 2%; border-top: 0.75pt solid #000000;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: left; width: 1%; border-top: 0.75pt solid #000000;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: right; width: 8%; border-top: 0.75pt solid #000000;"><b>59,807</b></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: left; width: 2%; border-top: 0.75pt solid #000000;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: left; width: 1%; border-top: 0.75pt solid #000000;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: right; width: 8%; border-top: 0.75pt solid #000000;"><b>1</b></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: left; width: 2%; border-top: 0.75pt solid #000000;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: left; width: 1%; border-top: 0.75pt solid #000000;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: right; width: 8%; border-top: 0.75pt solid #000000;"><b>50,534</b></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: left; width: 2%; border-top: 0.75pt solid #000000;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: left; width: 1%; border-top: 0.75pt solid #000000;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: right; width: 8%; border-top: 0.75pt solid #000000;"><b>(68,644</b></td>
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            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: right; width: 8%; border-top: 0.75pt solid #000000;"><b>856,181</b></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: left; width: 2%; border-top: 0.75pt solid #000000;">&#160;</td>
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    <p style="text-align: justify; margin-left: 1.5pt; margin-top: 10pt; margin-bottom: 10pt;">&#8317;&#185;&#8318; For the six months ended June 30, 2026 and the year ended December 31, 2025, all net income (loss) and total comprehensive income (loss) were wholly attributable to owners of the Company. The non-controlling interest relates to the 22.5% interest in the New Prosperity project beneficially owned by the Tsilhqot'in Nation.</p>
    <p style="text-align: justify; margin-left: 2.25pt; margin-top: 10pt; margin-bottom: 10pt;">The accompanying notes are an integral part of these condensed consolidated interim financial statements.</p>
    <div id="footer_page_5">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">4</p>
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    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_6"></a>
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            <tr>
                <td style="width: 100%; text-align: justify;"><font style="color: #00a5e3; font-size: 14pt;">TREKOR METALS LIMITED</font><br>(formerly Taseko Mines Limited)<br><font style="font-size: 12pt;">Notes to the Condensed Consolidated Interim Financial Statements</font><br>(Cdn$ in thousands)<br>(Unaudited)</td>
            </tr>
            <tr>
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    <p style="margin-left: 18pt; text-indent: -18pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>1.</b><font style="width: 10.26pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>Reporting Entity</b></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Trekor Metals Limited (formerly Taseko Mines Limited) (the "Company" or "Trekor") is a corporation governed by the British Columbia Business Corporations Act. On June 25, 2026, the Company changed its legal name from Taseko Mines Limited to Trekor Metals Limited. The name change had no effect on the Company's legal status, operations, assets, liabilities, or shareholders' equity.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">These unaudited condensed consolidated interim financial statements (the "interim financial statements") comprise the Company and its controlled subsidiaries as at and for the three and six months ended June 30, 2026. The Company is principally engaged in the production and sale of copper metal and copper concentrates, as well as related activities, including mine permitting and development, within the Province of British Columbia, Canada, and the State of Arizona, USA.</p>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">These interim financial statements have been prepared in compliance with International Financial Reporting Standards ("IFRS Accounting Standards") as issued by the International Accounting Standards Board ("IASB") as applicable to the preparation of interim financial statements under IAS 34, Interim Financial Reporting.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The Company's Audit and Risk Committee authorized the issuance of these financial statements on August 5, 2026.</p>
    <p style="margin-left: 18pt; text-indent: -18pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>2.2</i><font style="width: 5.34pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Material accounting policies and significant accounting judgments and estimates</i></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The preparation of these interim financial statements in accordance with IFRS Accounting Standards requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis, and revisions are recognized in the period in which the estimates are revised and in any future periods affected.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">These interim financial statements should be read in conjunction with the Company&#8217;s audited annual consolidated financial statements as at and for the year ended December 31, 2025. The accounting policies applied in these financial statements are consistent with those disclosed in the annual financial statements, except as described in Note 2.3. There have been no significant changes in accounting policy judgments or key sources of estimation uncertainty during the six months ended June 30, 2026.</p>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">In May 2024, the IASB issued Amendments to the Classification and Measurement of Financial Instruments &#8211; Amendments to IFRS 9 and IFRS 7. These amendments updated classification and measurement requirements in IFRS 9, <i>Financial Instruments</i> and related disclosure requirements in IFRS 7, <i>Financial Instruments: Disclosures</i>. The amendments are effective for periods beginning on or after January 1, 2026, and adoption of these amendments did not have a material effect on these interim financial statements. For financial liabilities settled in cash using an electronic payment system, the Company applied the election to deem these financial liabilities to be discharged before the settlement date. The amendments have been applied retrospectively with no restatement of comparative information, in accordance with transition requirements on initial application of IFRS&#8198;9. The impact of adoption on the Company&#8217;s comparative cash balance as at December 31, 2025 was not material and is therefore not presented as a separate line item in the consolidated statements of cash flows.</p>
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        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">5</p>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">In April 2024, the IASB issued IFRS 18, <i>Presentation and Disclosure in Financial Statements</i>, which replaces IAS 1, <i>Presentation of Financial Statements</i>. IFRS 18 introduces new requirements for the presentation and disclosure of information in the financial statements, including a prescribed structure for the statement of income, new defined subtotals, and enhanced disclosures for management-defined performance measures ("MPMs"). The standard also includes new guidance on the aggregation and disaggregation of information in the financial statements.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">IFRS 18 is effective for annual reporting periods beginning on or after January 1, 2027, with retrospective application required. Early adoption is permitted.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The Company is currently evaluating the impact of adopting IFRS 18 on its interim financial statements. The standard is expected to result in changes to the presentation of the Company's consolidated statements of comprehensive income by requiring all income and expenses to be classified into the three main categories of operating, investing, and financing. Specifically, the Company anticipates changes to the presentation of certain income and expense items. For example, foreign exchange gains and losses will be classified in the same category as the items that gave rise to the exchange difference, rather than being combined into a single line item. The consolidated statement of cash flows will begin with the new IFRS 18-specified subtotal of operating profit. The Company will also provide enhanced note disclosures for any identified MPMs. The Company intends to adopt the standard on its effective date.</p>
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        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">6</p>
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            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">815</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 0.75pt solid #000000;">86</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">176,576</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">95,382</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">299,108</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 10%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">952</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Site operating costs include personnel costs, mine operating costs, repair and maintenance costs, consumables, operating supplies and external services.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">During the three and six months ended June 30, 2025, the Company recognized $5,624 of non-refundable scientific research and experimental development tax credits related to qualifying activities performed at the Gibraltar mine through 2023. Consistent with the accounting treatment of the related qualifying expenditures, $4,008 was recognized as other operating income and $1,616 as a reduction of property, plant and equipment. During the six months ended June 30, 2026, the Company recognized a provision of $952 against these tax credits following a reassessment of their recoverability.</p>
    <div id="footer_page_8">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">7</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_9"></a>
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                <td style="width: 100%; text-align: justify;"><font style="color: #00a5e3; font-size: 14pt;">TREKOR METALS LIMITED</font><br>(formerly Taseko Mines Limited)<br><font style="font-size: 12pt;">Notes to the Condensed Consolidated Interim Financial Statements</font><br>(Cdn$ in thousands)<br>(Unaudited)</td>
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            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">2,767</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">-</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">)</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">2,433</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">11,807</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">25,552</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">3,294</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">5,136</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">3,548</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">1,826</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">9,020</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">3,486</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">8,766</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000;"><b></b><b>27,942</b></td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000;">&#160;</td>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The following is a summary of derivative transactions entered into by the Company during the six months ended June 30, 2026.</p>
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        <tr>
            <td style="width: 16%; vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;"><b>Date of purchase</b></td>
            <td style="width: 1%; vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="width: 1%; vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="width: 1%; vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="width: 1%; vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="width: 1%; vertical-align: top; text-align: center; border-bottom: 0.75pt solid #000000; white-space: nowrap;">&#160;</td>
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            <td style="width: 16%; vertical-align: bottom; text-align: center; background-color: #e6efff;">12 million lbs</td>
            <td style="width: 1%; vertical-align: bottom; text-align: center; background-color: #e6efff;">&#160;</td>
            <td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #e6efff;">US$4.75 / US$7.50 per lb</td>
            <td style="width: 1%; vertical-align: bottom; text-align: center; background-color: #e6efff;">&#160;</td>
            <td style="width: 16%; vertical-align: bottom; text-align: center; background-color: #e6efff;">Q3 2026</td>
            <td style="width: 1%; vertical-align: bottom; text-align: center; background-color: #e6efff;">&#160;</td>
            <td style="width: 15%; vertical-align: top; text-align: center; background-color: #e6efff;">90</td>
            <td style="width: 1%; vertical-align: top; text-align: center; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="width: 1%; vertical-align: bottom; text-align: center;">&#160;</td>
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            <td style="width: 1%; vertical-align: bottom; text-align: center;">&#160;</td>
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            <td style="width: 1%; vertical-align: bottom; text-align: center;">&#160;</td>
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            <td style="width: 1%; vertical-align: bottom; text-align: center;">&#160;</td>
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            <td style="width: 1%; vertical-align: bottom; text-align: center;">&#160;</td>
            <td style="width: 15%; vertical-align: top; text-align: center;">Zero cost</td>
            <td style="width: 1%; vertical-align: top; text-align: center;">&#160;</td>
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        <tr>
            <td style="width: 16%; vertical-align: bottom; text-align: center; background-color: #e6efff;">May 2026</td>
            <td style="width: 1%; vertical-align: bottom; text-align: center; background-color: #e6efff;">&#160;</td>
            <td style="width: 16%; vertical-align: bottom; text-align: center; background-color: #e6efff;">Copper put</td>
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            <td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #e6efff;">US$4.75 per lb</td>
            <td style="width: 1%; vertical-align: bottom; text-align: center; background-color: #e6efff;">&#160;</td>
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            <td style="width: 15%; vertical-align: top; text-align: center; background-color: #e6efff;">740</td>
            <td style="width: 1%; vertical-align: top; text-align: center; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="width: 16%; vertical-align: bottom; text-align: center; border-bottom: 0.75pt solid #000000;">Copper put</td>
            <td style="width: 1%; vertical-align: bottom; text-align: center;">&#160;</td>
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            <td style="width: 17%; vertical-align: bottom; text-align: center; border-bottom: 0.75pt solid #000000;">US$4.75 per lb</td>
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            <td style="width: 15%; vertical-align: top; text-align: center; border-bottom: 0.75pt solid #000000;">745</td>
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            <td style="width: 1%; vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="width: 1%; vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
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        <tr>
            <td style="width: 16%; vertical-align: bottom; text-align: center; background-color: #e6efff;">Copper collar</td>
            <td style="width: 1%; vertical-align: bottom; text-align: center; background-color: #e6efff;">&#160;</td>
            <td style="width: 16%; vertical-align: bottom; text-align: center; background-color: #e6efff;">9.0 million lbs</td>
            <td style="width: 1%; vertical-align: bottom; text-align: center; background-color: #e6efff;">&#160;</td>
            <td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #e6efff;">US$4.00 / US$5.40 per lb</td>
            <td style="width: 1%; vertical-align: bottom; text-align: center; background-color: #e6efff;">&#160;</td>
            <td style="width: 15%; vertical-align: bottom; text-align: center; background-color: #e6efff;">June 2026</td>
            <td style="width: 1%; vertical-align: bottom; text-align: center; background-color: #e6efff;">&#160;</td>
            <td style="width: 15%; vertical-align: bottom; text-align: center; background-color: #e6efff;">Zero cost <sup>(1)</sup></td>
            <td style="width: 1%; vertical-align: bottom; text-align: center; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="width: 1%; vertical-align: bottom; text-align: center;">&#160;</td>
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            <td style="width: 1%; vertical-align: bottom; text-align: center;">&#160;</td>
            <td style="width: 17%; vertical-align: bottom; text-align: center;">US$4.75 / US$7.50 per lb</td>
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            <td style="width: 1%; vertical-align: bottom; text-align: center;">&#160;</td>
            <td style="width: 15%; vertical-align: bottom; text-align: center;">90</td>
            <td style="width: 1%; vertical-align: bottom; text-align: center;">&#160;</td>
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        <tr>
            <td style="width: 16%; vertical-align: bottom; text-align: center; background-color: #e6efff;">Copper collar</td>
            <td style="width: 1%; vertical-align: bottom; text-align: center; background-color: #e6efff;">&#160;</td>
            <td style="width: 16%; vertical-align: bottom; text-align: center; background-color: #e6efff;">12 million lbs</td>
            <td style="width: 1%; vertical-align: bottom; text-align: center; background-color: #e6efff;">&#160;</td>
            <td style="width: 17%; vertical-align: bottom; text-align: center; background-color: #e6efff;">US$4.75 / US$8.50 per lb</td>
            <td style="width: 1%; vertical-align: bottom; text-align: center; background-color: #e6efff;">&#160;</td>
            <td style="width: 15%; vertical-align: bottom; text-align: center; background-color: #e6efff;">Q3 2026</td>
            <td style="width: 1%; vertical-align: bottom; text-align: center; background-color: #e6efff;">&#160;</td>
            <td style="width: 15%; vertical-align: bottom; text-align: center; background-color: #e6efff;">Zero cost</td>
            <td style="width: 1%; vertical-align: bottom; text-align: center; background-color: #e6efff;">&#160;</td>
            <td style="width: 15%; vertical-align: top; text-align: center; background-color: #e6efff;">11</td>
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        <tr>
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            <td style="width: 1%; vertical-align: bottom; text-align: center;">&#160;</td>
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            <td style="width: 1%; vertical-align: bottom; text-align: center;">&#160;</td>
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            <td style="width: 1%; vertical-align: bottom; text-align: center;">&#160;</td>
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            <td style="width: 1%; vertical-align: bottom; text-align: center;">&#160;</td>
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            <td style="width: 1%; vertical-align: bottom; text-align: center;">&#160;</td>
            <td style="width: 15%; vertical-align: top; text-align: center;">752</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; width: 1%; background-color: #e6efff;">&#160;</td>
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        <tr>
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    <br>
    <div id="footer_page_9">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">8</p>
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    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_10"></a>
    <div id="header_page_10">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%; text-align: justify;"><font style="color: #00a5e3; font-size: 14pt;">TREKOR METALS LIMITED</font><br>(formerly Taseko Mines Limited)<br><font style="font-size: 12pt;">Notes to the Condensed Consolidated Interim Financial Statements</font><br>(Cdn$ in thousands)<br>(Unaudited)</td>
            </tr>
            <tr>
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    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" cellspacing="0" cellpadding="0">
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            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="1">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="1">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="1">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;"><b>2025</b>&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;"><b>2026</b><b>&#160;</b></td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">16,909</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">17,145</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">33,108</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">34,491</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">653</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">620</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">1,294</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">1,237</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">(7,537</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">(7,221</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">(13,293</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b></b><b>17,562</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b></b><b>10,228</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b></b><b>22,435</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">2,318</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">2,320</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">931</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">710</td>
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            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">1,683</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">1,434</td>
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            <td style="vertical-align: bottom; text-align: right; width: 10%;">1,765</td>
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            <td style="vertical-align: bottom; text-align: right; width: 10%;">4,484</td>
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            <td style="vertical-align: bottom; text-align: right; width: 10%;">3,026</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">2,356</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">6,201</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">8,650</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">8,772</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b></b><b>7,370</b></td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b></b><b>13,715</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b></b><b>17,965</b><b></b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; background-color: #e6efff; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b></b><b>45,146</b><b></b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b></b><b>42,820</b><b></b></td>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Borrowing costs were capitalized using an average capitalization rate of 8.25% (2025 - 8.25%).</p>
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        <tr>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="1">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="4"><b>Six months ended</b><br><b>June 30,</b></td>
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            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;"><b>2026</b>&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;"><b>2025</b></td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;"><b>2026</b><b>&#160;</b></td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;"><b>2025</b><b>&#160;</b></td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">1,751</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">(1,243</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">3,695</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">(1,243</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">17,140</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">(26,196</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">31,853</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">(34,176</td>
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        </tr>
        <tr>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; background-color: #e6efff;"><b>Income tax expense (recovery)</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; background-color: #e6efff;"><b></b><b>18,891</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><b>)</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; background-color: #e6efff;"><b></b><b>35,548</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; background-color: #e6efff;"><b></b><b>(35,419</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; background-color: #e6efff;"><b>)</b></td>
        </tr>
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    <p style="margin-left: 18pt; text-indent: -18pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>8.</b><font style="width: 10.26pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>Accounts Receivable</b></p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;"><br>&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;"><b>June 30,</b><br><b>2026</b><b>&#160;</b></td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;"><b>December 31,</b><br><b>2025</b></td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;">&#160;</td>
        </tr>
        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">26,508</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">12,808</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">803</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 12%;">229</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">&#160;</td>
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        </tr>
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    <br>
    <div id="footer_page_10">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">9</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_11"></a>
    <div id="header_page_11">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%; text-align: justify;"><font style="color: #00a5e3; font-size: 14pt;">TREKOR METALS LIMITED</font><br>(formerly Taseko Mines Limited)<br><font style="font-size: 12pt;">Notes to the Condensed Consolidated Interim Financial Statements</font><br>(Cdn$ in thousands)<br>(Unaudited)</td>
            </tr>
            <tr>
                <td style="width: 100%; text-align: justify; border-bottom: 0.75pt solid #000000;">&#160;</td>
            </tr>
        </table>
    </div>
    <p style="margin-left: 18pt; text-indent: -18pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>9.</b><font style="width: 10.26pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>Inventories</b></p>
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        <tr>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;"><br>&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">10,815</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">9,365</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">2,498</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">489</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">2,720</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">6,495</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">6,361</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">43,122</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">58,972</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">54,422</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000;"><b></b><b>141,587</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000;"><b></b><b>133,557</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">56,276</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">25,406</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">28,624</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b></b><b>56,276</b><b></b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b></b><b>54,030</b><b></b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">1,560</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">2,409</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 0.75pt solid #000000;"><b>1,560</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 0.75pt solid #000000;"><b>2,409</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; border-bottom: 0.75pt solid #000000;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">500</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">500</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">457</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">457</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000;"><b>957</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000;"><b>957</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">(8,948</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">(29,165</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: right; width: 12%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;"><b></b><b>(8,948</b></td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(22,295</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: right; width: 12%;">(1,000</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">(2,000</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;"><b></b><b>(29,977</b><b></b></td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;"><b></b><b>(24,295</b><b></b></td>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><sup>(1)</sup> The deferred share units ("DSUs") issued to members of the board of the Company that vest upon their completion of service are accounted for as cash-settled share-based payment awards. The DSU liability is recognized based on the quoted market value of the Company's common shares on the date of grant and is re-measured to fair value each reporting period thereafter to reflect changes in the market value of the Company's common shares.&#160; The changes in fair value in the period are recorded in the statement of comprehensive income (loss) as "Share-based compensation expense".</p>
    <div id="footer_page_11">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">10</p>
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                <td style="width: 100%; text-align: justify;"><font style="color: #00a5e3; font-size: 14pt;">TREKOR METALS LIMITED</font><br>(formerly Taseko Mines Limited)<br><font style="font-size: 12pt;">Notes to the Condensed Consolidated Interim Financial Statements</font><br>(Cdn$ in thousands)<br>(Unaudited)</td>
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            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">2,558,652</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">(10,355</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 8%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">-</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">132,286</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">36,402</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 0.75pt solid #000000;">(25,069</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; border-bottom: 0.75pt solid #000000;">)</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">118,351</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">1,216,018</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">1,120,897</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">457,130</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">2,912,396</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; padding-left: 5pt;">&#160; Additions</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">63,290</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">13,208</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">127,749</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">204,247</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; padding-left: 5pt; background-color: #e6efff;">&#160; Changes in rehabilitation provision</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">1,024</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">1,024</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; padding-left: 5pt;">&#160; Disposals</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">(34,164</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">(34,164</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
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        <tr>
            <td style="vertical-align: bottom; padding-left: 5pt; background-color: #e6efff;">&#160; Transfers between categories</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">32,551</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">82,850</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">(115,401</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; padding-left: 5pt;">&#160; Foreign exchange translation</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">2,105</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">11,715</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">1,431</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">24,688</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">39,939</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">35,481</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">80,976</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">-</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">116,457</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">399,947</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">466,997</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">866,944</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">29,462</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">41,016</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">70,478</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">260</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">128</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">388</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; background-color: #e6efff;"><b></b><b>-</b><b></b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; background-color: #e6efff;"><b></b><b>903,949</b><b></b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">816,071</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">653,900</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 8%;">457,130</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;"><b>As at June 30, 2026</b></td>
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            <td style="vertical-align: bottom; text-align: right; width: 8%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;"><b></b><b>120,456</b><b></b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
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    <div id="footer_page_12">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">11</p>
    </div>
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                <td style="width: 100%; text-align: justify;"><font style="color: #00a5e3; font-size: 14pt;">TREKOR METALS LIMITED</font><br>(formerly Taseko Mines Limited)<br><font style="font-size: 12pt;">Notes to the Condensed Consolidated Interim Financial Statements</font><br>(Cdn$ in thousands)<br>(Unaudited)</td>
            </tr>
            <tr>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The following schedule shows the continuity of property, plant and equipment net book value by project for the six months ended June 30, 2026:</p>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; white-space: nowrap;"><b>Net book value</b></td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; border-bottom: 0.75pt solid #000000; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; border-bottom: 0.75pt solid #000000; white-space: nowrap;"><b>Florence<br>Copper</b></td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; border-bottom: 0.75pt solid #000000; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; border-bottom: 0.75pt solid #000000; white-space: nowrap;"><b>Yellowhead</b></td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; border-bottom: 0.75pt solid #000000; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center; border-bottom: 0.75pt solid #000000; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center; border-bottom: 0.75pt solid #000000; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center; border-bottom: 0.75pt solid #000000; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; background-color: #e6efff;">As at January 1, 2026</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">1,027,722</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">33,676</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">18,401</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">1,287</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">2,045,452</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; padding-left: 5pt;">&#160; Net additions</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">106,797</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">90,472</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">5,788</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">700</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">187</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">203,944</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; padding-left: 5pt; background-color: #e6efff;">&#160; Changes in rehabilitation cost asset</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">11</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">1,013</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">1,024</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; padding-left: 5pt;">&#160; Depletion and amortization</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">(57,621</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">(12,685</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">(172</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">(70,478</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
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            <td style="vertical-align: bottom; padding-left: 5pt; background-color: #e6efff;">&#160; Foreign exchange translation</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">39,551</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">39,551</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>As at June 30, 2026</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b></b><b>1,013,553</b><b></b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b></b><b>1,146,073</b><b></b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b></b><b>39,464</b><b></b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b></b><b>19,101</b><b></b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b></b><b>1,302</b><b></b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">&#160;</td>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">During the three and six months ended June 30, 2026, the Company incurred wellfield development costs of $33,381 and $52,212, respectively, and other capital expenditures of $7,632 and $9,886, respectively, in connection with the Florence Copper project. During the six months ended June 30, 2026, the Company also capitalized start-up and commissioning costs of $21,153 and interest on borrowings of $7,221.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">During the three and six months ended June 30, 2025, the Company capitalized development costs of $58,794 and $142,021, respectively, and interest on borrowings of $7,537 and $13,293, respectively, in connection with the Florence Copper project.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">During the three and six months ended June 30, 2026, non-cash additions to capitalized stripping costs at Gibraltar included $3,565 and $5,516, respectively (2025 - $4,798 and $10,734), related to depreciation of mining assets.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Depreciation expense related to right-of-use assets for the three and six months ended June 30, 2026 was $2,241 and $4,478 (2025 - $3,677 and $6,476), respectively.</p>
    <div id="footer_page_13">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">12</p>
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    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_14"></a>
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                <td style="width: 100%; text-align: justify;"><font style="color: #00a5e3; font-size: 14pt;">TREKOR METALS LIMITED</font><br>(formerly Taseko Mines Limited)<br><font style="font-size: 12pt;">Notes to the Condensed Consolidated Interim Financial Statements</font><br>(Cdn$ in thousands)<br>(Unaudited)</td>
            </tr>
            <tr>
                <td style="width: 100%; text-align: justify; border-bottom: 0.75pt solid #000000;">&#160;</td>
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    <p style="margin-left: 18pt; text-indent: -18pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>12.</b><font style="width: 5.19pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>Debt</b></p>
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        <tr>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; white-space: nowrap;"><b>Net book value</b></td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; border-bottom: 0.75pt solid #000000; white-space: nowrap;"><b>Senior secured<br>notes (a)</b></td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; border-bottom: 0.75pt solid #000000; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; border-bottom: 0.75pt solid #000000; white-space: nowrap;"><b>Revolving credit<br>facility (b)</b></td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Gibraltar<br>equipment </b><br><b>loans (d)</b></td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">797,208</td>
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            <td style="vertical-align: bottom; text-align: right; width: 8%;">103,842</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">115</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">2,503</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">153</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">(1,265</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; padding-left: 5pt; border-bottom: 0.75pt solid #000000;">&#160; Foreign currency translation</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 0.75pt solid #000000;">-</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 0.75pt solid #000000;">(73</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; border-bottom: 0.75pt solid #000000;">)</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">674,114</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">29,665</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">25,443</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">17,774</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">746,996</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; padding-left: 5pt;">&#160; Additions and advances</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">10,202</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">10,202</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">(9,602</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">(6,405</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">1,255</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">39</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">1,294</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">25,200</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">423</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">(45</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">25,578</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 0.75pt solid #000000;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 0.75pt solid #000000;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">765,285</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;"><b></b><b>700,569</b><b></b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; border-bottom: 0.75pt solid #000000;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">674,114</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">29,665</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">25,443</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">17,774</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">746,996</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">19,500</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">7,705</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">8,492</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">35,697</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;"><b>Long-term debt, December 31, 2025</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;"><b></b><b>674,114</b><b></b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;"><b></b><b>-</b><b></b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;"><b></b><b>10,165</b><b></b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;"><b></b><b>17,738</b><b></b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;"><b></b><b>9,282</b><b></b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;"><b></b><b>711,299</b><b></b></td>
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    <div id="footer_page_14">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">13</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_15"></a>
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                <td style="width: 100%; text-align: justify;"><font style="color: #00a5e3; font-size: 14pt;">TREKOR METALS LIMITED</font><br>(formerly Taseko Mines Limited)<br><font style="font-size: 12pt;">Notes to the Condensed Consolidated Interim Financial Statements</font><br>(Cdn$ in thousands)<br>(Unaudited)</td>
            </tr>
            <tr>
                <td style="width: 100%; text-align: justify; border-bottom: 0.75pt solid #000000;">&#160;</td>
            </tr>
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    <p style="margin-left: 18pt; text-indent: -18pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>a)</i><font style="width: 9.83pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Senior secured notes</i></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">On April 23, 2024, the Company completed an offering of US$500,000 aggregate principal amount of senior secured notes due 2030 (the "Notes"). The Notes mature on May 1, 2030 and bear interest at a rate of 8.25% per annum, payable semi-annually on May 1 and November 1.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The Notes are secured by liens on the shares of the Company's wholly-owned subsidiary, Gibraltar Mines Ltd. ("Gibraltar Mines"), and Gibraltar Mine's rights under the Gibraltar joint venture agreement, as well as the shares of Curis Holdings (Canada) Ltd. ("Curis"), Florence Holdings Inc. ("Florence Holdings") and Cariboo Copper Corp. ("Cariboo"). The Notes are guaranteed by each of the Company's existing and future restricted subsidiaries. The liens on the collateral securing the notes and the guarantees rank behind the liens securing the revolving credit facility. The Company is subject to customary restrictions on asset sales, the issuance of preferred shares, dividends and other restricted payments. The Notes do not contain financial performance covenants.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The Notes contain customary prepayment options, certain of which constitute embedded derivatives and are measured at fair value through profit or loss. The Company has estimated the fair value of the prepayment options to be nominal.</p>
    <p style="margin-left: 18pt; text-indent: -18pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>b)</i><font style="width: 9.83pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Revolving credit facility</i></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The Company has a US$110,000 revolving credit facility (the "Facility") secured by first liens against the Company's rights under the Gibraltar joint venture, as well as the shares of Gibraltar Mines, Curis, Florence Holdings, and Cariboo. The Facility matures on November 6, 2027.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Amounts drawn under the Facility bear interest SOFR plus 4.0% per annum, while undrawn amounts are subject to a standby fee of 1.0% per annum. As at June 30, 2026 and December 31, 2025, no amounts were outstanding under the Facility.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The Facility contains customary covenants, including requirements for the Company to maintain a maximum senior debt-to-EBITDA ratio, a minimum interest coverage ratio, a minimum tangible net worth and minimum liquidity, as defined in the facility agreement. The Company was in compliance with all covenants as at June 30, 2026.</p>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The Gibraltar joint venture ("Gibraltar") has in place a $7,000 credit facility for the purpose of providing letters of credit ("LC") to key suppliers of Gibraltar to assist with trade finance and working capital requirements.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">LC's issued under the facility are guaranteed by Export Development Canada ("EDC") under its Account Performance Security Guarantee program. The facility is unsecured, renewable annually and contains no financial covenants. As at June 30, 2026, letters of credit issued and outstanding under this facility totalled $3,750 (December 31, 2025 - $3,750).</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The Company also has a US$4,000 credit facility for the sole purpose of issuing LCs to certain key contractors in connection with the development of Florence Copper. Any LCs issued under this facility will also be guaranteed by EDC. The facility is renewable annually, is unsecured, and contains no financial covenants. As at June 30, 2026 and December 31, 2025, no LCs were issued and outstanding under this LC facility.</p>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">As at June 30, 2026, the equipment loans are secured by substantially all existing mobile mining equipment at the Gibraltar mine. The loans were entered into between December 2022 and December 2024, have repayment terms of 48 months and require monthly principal and interest payments. Interest rates range from 6.3% to 9.4%.</p>
    <div id="footer_page_15">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">14</p>
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                <td style="width: 100%; text-align: justify;"><font style="color: #00a5e3; font-size: 14pt;">TREKOR METALS LIMITED</font><br>(formerly Taseko Mines Limited)<br><font style="font-size: 12pt;">Notes to the Condensed Consolidated Interim Financial Statements</font><br>(Cdn$ in thousands)<br>(Unaudited)</td>
            </tr>
            <tr>
                <td style="width: 100%; text-align: justify; border-bottom: 0.75pt solid #000000;">&#160;</td>
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    </div>
    <p style="margin-left: 18pt; text-indent: -18pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>e)</i><font style="width: 10.19pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Florence equipment loans</i></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">In 2023, the Company entered into a US$25,000 equipment financing facility with Banc of America Leasing &amp; Capital LLC, secured by specific equipment associated with the Florence Copper project. Advances of US$20,000 and US$5,000 were received in October 2023 and December 2023, respectively. On May 7, 2025, the Company obtained an additional US$3,300 under the facility.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The facility does not contain financial covenants and requires monthly repayments over a 60-month term. Interest rates under the facility range from 7.2% to 9.4%.</p>
    <p style="margin-left: 18pt; text-indent: -18pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>f)</i><font style="width: 11.92pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Lease liabilities</i></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Lease liabilities have monthly repayment terms ranging from 12 to 72 months.</p>
    <p style="margin-left: 18pt; text-indent: -18pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>13.</b><font style="width: 5.19pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>Cariboo Consideration Payable to Prior Owners of Cariboo</b></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">In transactions occurring in 2023 and 2024, the Company acquired Cariboo, which increased its effective ownership in Gibraltar from 75% to 100%. On March 15, 2023, the Company acquired Sojitz Corporation's ("Sojitz") 50% interest in Cariboo, resulting in a 12.5% increase in its effective interest in Gibraltar from 75% to 87.5%. On March 25, 2024, the Company acquired the remaining 50% of Cariboo from Dowa Metals &amp; Mining Co. Ltd. ("Dowa") and Furukawa Co. Ltd. ("Furukawa"). The liabilities arising from these transactions are collectively referred to as the "Cariboo consideration payable".</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>Sojitz transaction</i></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The acquisition price consisted of a minimum amount of $60,000 payable over a five-year period ("Sojitz Minimum Payments") and potential contingent performance payments depending on Gibraltar copper revenues and copper prices over the next five years ("Sojitz Contingent Consideration"). There is no interest payable on the minimum amounts. An initial $10,000 was paid to Sojitz upon closing and the remaining minimum amount is payable in $10,000 annual instalments over five years thereafter. The Sojitz Minimum Payments are a financial liability measured at amortized cost, using an effective discount rate of 7.16%.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The Sojitz Contingent Consideration payments are payable annually for five years only if the average LME copper price exceeds US$3.50 per pound in a year. The payments are calculated by multiplying Gibraltar copper revenues by a price factor, which is based on a sliding scale ranging from 0.38% at US$3.50 per pound copper to a maximum of 2.13% at US$5.00 per pound copper or above. Total contingent payments cannot exceed $57,000 over the five-year period, limiting the acquisition cost to a maximum of $117,000. The Sojitz Contingent Consideration is a financial liability measured at fair value through profit and loss.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The fourth annual instalment payment of $10,000 was paid in February 2026 and the contingent payment of $9,926 for the 2025 calendar year was paid on April 1, 2026.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>Dowa and Furukawa transaction</i></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Amounts owing by Cariboo to Dowa and Furukawa are by way of non-interest bearing secured and unsecured promissory notes of $45,500 and $71,500, respectively, totaling $117,000 (collectively, the "Cariboo Notes") which are guaranteed by Trekor.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The secured Cariboo Notes are collateralized by Cariboo's 25% Gibraltar joint venture interest.&#160; An initial payment of $5,000 was made to Dowa and Furukawa against the Cariboo Notes on closing with the remaining principal payable in annual instalments over a 10-year period commencing in April 2026, with the secured Cariboo Notes repayable first.&#160; At average LME copper prices below US$4.00 per pound, the annual repayments of the Cariboo Notes will be up to $5,000.</p>
    <div id="footer_page_16">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">15</p>
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                <td style="width: 100%; text-align: justify;"><font style="color: #00a5e3; font-size: 14pt;">TREKOR METALS LIMITED</font><br>(formerly Taseko Mines Limited)<br><font style="font-size: 12pt;">Notes to the Condensed Consolidated Interim Financial Statements</font><br>(Cdn$ in thousands)<br>(Unaudited)</td>
            </tr>
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                <td style="width: 100%; text-align: justify; border-bottom: 0.75pt solid #000000;">&#160;</td>
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    </div>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">This repayment amount will increase proportionally, reaching a maximum of $15,250 when average LME copper prices are US$5.00 per pound or higher.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">If average LME copper prices exceed an annual average of US$5.00 per pound or higher each year over the repayment period, up to $25,000 in contingent consideration is payable to Dowa and Furukawa (the "Dowa and Furukawa Contingent Performance Payments"). The Dowa and Furukawa Contingent Performance Payments is a financial liability measured at fair value through profit and loss. The Company estimates this liability to have nil value as at June 30, 2026.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">In combination, total annual payments to Dowa and Furukawa cannot exceed 6.25% of Gibraltar's annual cashflow between 2025 and 2028, and 10% between 2029 and 2033. Any remaining balance of the Cariboo Notes will be paid as a final balloon payment in April 2034. The fair value of the Cariboo Notes on the Acquisition Date was determined to be $71,116. The Cariboo Notes are a financial liability measured at amortized cost, with estimated annual instalments considering the repayment mechanism described above.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">As at June 30, 2026, the carrying value of the Cariboo consideration payable is as follows:</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;"><b>Sojitz</b>&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;"><b>Dowa and<br>Furukawa</b><b>&#160;</b></td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;"><b>Total</b><b>&#160;</b></td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Balance as at January 1, 2026</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">70,652</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">84,951</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">155,603</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">Consideration paid</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">(19,926</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">(2,538</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">(22,464</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Fair value adjustment (Note 5a)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">3,548</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">3,548</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">Accretion on minimum consideration payable (Note 6)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">715</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">2,311</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">3,026</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;"><b>Balance as at June 30, 2026</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;"><b></b><b>54,989</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;"><b></b><b>84,724</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;"><b></b><b>139,713</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
        </tr>
    </table>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">As at June 30, 2026, the current and long-term portions of the Cariboo consideration payable is as follows:</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;"><b>Sojitz</b>&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;"><b>Dowa and<br>Furukawa</b></td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;"><b>Total</b><b>&#160;</b></td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Minimum consideration payable</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">18,505</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">84,725</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">103,230</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000;">Contingent performance payments payable</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 0.75pt solid #000000;">36,483</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 0.75pt solid #000000;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 0.75pt solid #000000;">36,483</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; border-bottom: 0.75pt solid #000000;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Total Cariboo consideration payable</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">54,988</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">84,725</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">139,713</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">Less: current portion of Cariboo consideration payable</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff; padding-left: 5pt;">&#160; Minimum consideration payable</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">9,571</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">14,479</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">24,050</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; padding-left: 5pt;">&#160; Contingent performance payments payable</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">19,777</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">19,777</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000;"><b>Long-term portion of Cariboo consideration payable</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000;"><b></b><b>25,640</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000;"><b></b><b>70,246</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000;"><b></b><b>95,886</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000;">&#160;</td>
        </tr>
    </table>
    <br>
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        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">16</p>
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                <td style="width: 100%; text-align: justify;"><font style="color: #00a5e3; font-size: 14pt;">TREKOR METALS LIMITED</font><br>(formerly Taseko Mines Limited)<br><font style="font-size: 12pt;">Notes to the Condensed Consolidated Interim Financial Statements</font><br>(Cdn$ in thousands)<br>(Unaudited)</td>
            </tr>
            <tr>
                <td style="width: 100%; text-align: justify; border-bottom: 0.75pt solid #000000;">&#160;</td>
            </tr>
        </table>
    </div>
    <p style="margin-left: 18pt; text-indent: -18pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>14.</b><font style="width: 5.19pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>Florence Financings</b></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>Florence Copper Stream</i></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">On December 19, 2022, the Company formed a strategic partnership with Mitsui to develop the Florence Copper project, which includes a copper stream arrangement (the "Copper Stream"), an equity conversion option, and a buyback option.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Under the Copper Stream, Mitsui advanced a total of US$50,000 in installments, and the Company is obligated to deliver 2.67% of copper produced at Florence Copper to Mitsui, with Mitsui to make ongoing payments equal to 25% of the monthly average LME price of copper.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Mitsui has the option to convert the Copper Stream and invest an additional US$50,000 for a 10% equity interest in Florence Copper (the "Equity Conversion Option"). The Equity Conversion Option is exercisable up to October 15, 2028, which is the date three years after the Company completed construction of the commercial production facility, as defined in the agreement. If the Equity Conversion Option is exercised, the Copper Stream will terminate. If not exercised, the Company may repurchase the stream under the buyback option through a cash payment to Mitsui that would provide an internal rate of return of 10% on the stream deposits advanced (the "Buy Back Option"). Otherwise, the Copper Stream will terminate upon delivery of 40 million pounds of copper under the agreement.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Trekor and Mitsui have also entered into an offtake contract for 81% of the copper cathode produced at Florence during the initial years of production. The contract will cease and be replaced with a marketing agency agreement if the Equity Conversion Option is exercised by Mitsui. Mitsui's offtake entitlement would also reduce to 30% if the Equity Conversion Option is not exercised, until such time as the Copper Stream deposit is reduced to nil. The offtake contract is also terminated in the event the Company exercises its Buy Back Option. The Copper Stream, Equity Conversion Option, and Buy Back Option are accounted for as a compound derivative instrument and measured at each reporting period. Fair value is determined using a valuation model that incorporates discounted cash flow techniques and Monte Carlo simulation. The valuation is categorized as a Level 3 fair value measurement due to the use of significant unobservable inputs, including long-term production forecasts and contract-specific assumptions.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>Florence Royalty Obligation</i></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">On February 2, 2024, Florence Holdings, an indirect wholly-owned subsidiary of Trekor, received US$50,000 from Taurus Mining Royalty Fund L.P. ("Taurus"), pursuant to agreements entered into with Taurus for the sale of a perpetual gross revenue royalty interest in certain real property, mining and other rights held by Florence Copper ("Florence Royalty Obligation"). The effective royalty rate is 2.05% of the gross revenue from the sale of all copper from Florence Copper for the life of mine. Proceeds from the royalty transaction were contributed to Florence Copper to fund the construction and development of the commercial production facility.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">For accounting purposes, the Florence Royalty Obligation is a financial liability at amortized cost. The current portion of the royalty obligation is an estimate based on anticipated gross revenue over the next twelve months.</p>
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        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">17</p>
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                <td style="width: 100%; text-align: justify;"><font style="color: #00a5e3; font-size: 14pt;">TREKOR METALS LIMITED</font><br>(formerly Taseko Mines Limited)<br><font style="font-size: 12pt;">Notes to the Condensed Consolidated Interim Financial Statements</font><br>(Cdn$ in thousands)<br>(Unaudited)</td>
            </tr>
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                <td style="width: 100%; text-align: justify; border-bottom: 0.75pt solid #000000;">&#160;</td>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">As at June 30, 2026, the carrying value of Florence financings are as follows:</p>
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            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;">&#160;</td>
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            <td style="vertical-align: bottom; background-color: #e6efff;">Balance as at January 1, 2026</td>
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            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">98,245</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">113,913</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">212,158</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; padding-left: 5pt;">&#160; Payments</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">(357</td>
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            <td style="vertical-align: bottom; text-align: right; width: 10%;">(445</td>
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            <td style="vertical-align: bottom; text-align: right; width: 10%;">(802</td>
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        <tr>
            <td style="vertical-align: bottom; padding-left: 5pt; background-color: #e6efff;">&#160; Fair value adjustment (Note 5a)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">20,420</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">20,420</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; padding-left: 5pt;">&#160; Accretion</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">8,650</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">8,650</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; padding-left: 5pt; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160; Foreign exchange translation</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">4,256</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">4,467</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">8,723</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom;">Balance as at June 30, 2026</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">122,564</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">126,585</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">249,149</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Less: current portion of Florence financings</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">15,058</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">10,901</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">25,959</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>Long-term portion of Florence financings</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b></b><b>107,506</b><b></b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b></b><b>115,684</b><b></b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>223,190</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">&#160;</td>
        </tr>
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    <p style="margin-left: 18pt; text-indent: -18pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>15.</b><font style="width: 5.19pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>Deferred Revenue</b></p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" cellspacing="0" cellpadding="0">
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            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;"><b>June 30,</b><br><b>2026</b><b>&#160;</b></td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;"><b>December 31,</b><br><b>2025</b></td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Current:</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; padding-left: 5pt;">&#160; Customer advance payments (a)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">15,415</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">6,789</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; padding-left: 5pt; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160; Gibraltar silver stream agreement (b)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">8,282</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">8,524</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">Current portion of deferred revenue</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">23,697</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">15,313</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Long-term portion of Gibraltar silver stream agreement (b)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">84,583</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">82,617</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000;"><b>Total deferred revenue</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000;"><b></b><b>108,280</b><b></b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000;"><b></b><b>97,930</b><b></b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000;">&#160;</td>
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    <p style="margin-left: 18pt; text-indent: -18pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>a)</i><font style="width: 9.83pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Customer advance payments</i></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">As at June 30, 2026, the Company had received advance payments from a customer on 1.9 million pounds of copper concentrate inventory (December 31, 2025 - 1.0 million pounds).</p>
    <p style="margin-left: 18pt; text-indent: -18pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>b)</i><font style="width: 9.83pt; text-indent: 0pt; display: inline-block;">&#160;</font><i>Gibraltar silver stream agreement</i></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">In 2017 and as subsequently amended, the Company entered into silver stream purchase and sale agreements with OR Royalties Inc. (formerly Osisko Gold Royalties Ltd.) (the "Gibraltar Silver Stream"). Under the amended Gibraltar Silver Stream, the Company received total upfront cash deposits of US$62.0 million for the sale of an amount equivalent to 100% of the Company's share of Gibraltar payable silver production until 6.8 million ounces of silver have been delivered in aggregate. Thereafter, the Company is required to deliver an amount equivalent to 35% of its share of all future payable silver production from Gibraltar.</p>
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        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">18</p>
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                <td style="width: 100%; text-align: justify;"><font style="color: #00a5e3; font-size: 14pt;">TREKOR METALS LIMITED</font><br>(formerly Taseko Mines Limited)<br><font style="font-size: 12pt;">Notes to the Condensed Consolidated Interim Financial Statements</font><br>(Cdn$ in thousands)<br>(Unaudited)</td>
            </tr>
            <tr>
                <td style="width: 100%; text-align: justify; border-bottom: 0.75pt solid #000000;">&#160;</td>
            </tr>
        </table>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The current portion of deferred revenue is an estimate based on deliveries anticipated over the next twelve months:</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff; border-top: 0.75pt solid #000000;">Gibraltar silver stream as at January 1, 2026</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff; border-top: 0.75pt solid #000000;">91,141</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff; border-top: 0.75pt solid #000000;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; padding-left: 5pt;">&#160; Accretion (Note 6)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">4,606</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">8,282</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">9,033</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">2.01</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">2,813</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(3,193</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">1.74</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 0.75pt solid #000000;">2.47</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; border-bottom: 0.75pt solid #000000;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">8,495</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">2.45</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">1,244</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">9.55</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; background-color: #e6efff; padding-left: 5pt;">&#160; Exercised</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(2,863</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">2.34</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; padding-left: 5pt;">&#160; Forfeited</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">(47</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">4.86</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000;">6,829</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000;">3.77</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 0.75pt solid #000000;"><b></b><b>2.97</b><b></b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; border-bottom: 0.75pt solid #000000;">&#160;</td>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">During the six months ended June 30, 2026, the Company granted 1,243,900 (2025 - 2,813,300) share options to directors, executives and employees, exercisable at an average exercise price of $9.55 per common share (2025 - $3.06 per common share), vesting over two years and exercisable within five years of grant date. The total fair value of options granted was $6,244 (2025 - $4,867) based on a weighted average grant-date fair value of $5.02 (2025 - $1.73) per option.</p>
    <div id="footer_page_20">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">19</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_21"></a>
    <div id="header_page_21">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%; text-align: justify;"><font style="color: #00a5e3; font-size: 14pt;">TREKOR METALS LIMITED</font><br>(formerly Taseko Mines Limited)<br><font style="font-size: 12pt;">Notes to the Condensed Consolidated Interim Financial Statements</font><br>(Cdn$ in thousands)<br>(Unaudited)</td>
            </tr>
            <tr>
                <td style="width: 100%; text-align: justify; border-bottom: 0.75pt solid #000000;">&#160;</td>
            </tr>
        </table>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">As at June 30, 2026, the outstanding options have the following ranges of exercise price and life remaining:</p>
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            <td style="vertical-align: bottom; white-space: nowrap; border-bottom: 0.75pt solid #000000; width: 69.9546%;"><b>Range of exercise price</b></td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; width: 1%; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000; width: 12.0181%;"><b>Options<br>(thousands)</b><b>&#160;</b></td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; width: 2.04082%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000; width: 1.02041%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000; width: 2.04082%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12.0181%; background-color: #e6efff;">16</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12.0181%; background-color: #e6efff;">2.34</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12.0181%;">2,845</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12.0181%;">2.05</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%;">&#160;</td>
        </tr>
        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12.0181%; background-color: #e6efff;">632</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12.0181%; background-color: #e6efff;">0.55</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12.0181%;">2,121</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12.0181%;">3.50</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%;">&#160;</td>
        </tr>
        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12.0181%; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">1,215</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12.0181%; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">4.53</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
        </tr>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The fair value of options granted was measured at the grant date using the Black-Scholes formula. Expected volatility is estimated by considering historic average share price volatility. The weighted-average of inputs used in the Black-Scholes valuation for share options are as follows:</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; white-space: nowrap; width: 69.5011%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; border-bottom: 0.75pt solid #000000; white-space: nowrap; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; border-bottom: 0.75pt solid #000000; white-space: nowrap; width: 12.0181%;"><b>2026</b></td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; width: 2.04082%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; border-bottom: 0.75pt solid #000000; white-space: nowrap; width: 1.02041%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center; border-bottom: 0.75pt solid #000000; white-space: nowrap; width: 2.04082%;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12.0181%; background-color: #e6efff;">5.0</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12.0181%; background-color: #e6efff;">5.0</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2.04082%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12.0181%;">64%</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%;">&#160;</td>
        </tr>
        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12.0181%; background-color: #e6efff;">0%</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1.02041%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12.0181%; background-color: #e6efff;">0%</td>
            <td style="vertical-align: bottom; text-align: left; width: 2.04082%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;"><br>&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">2,305</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">2,870</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">2,452</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">1,093</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">93</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">226</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">222</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">-</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">(830</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000;"><b></b><b>2,963</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000;"><b></b><b>1,848</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000;">&#160;</td>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">During the six months ended June 30, 2026, 93,617 DSUs were issued to directors (2025 - 264,900), 226,000 PSUs to senior executives (2025 - 741,600) and 222,000 RSUs to non-executives (2025 - 489,000).</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The fair value of DSUs, PSUs and RSUs granted was $6,099 (2025 - $5,593), with a weighted average fair value at the grant date of $9.46 per unit for the DSUs (2025 - $3.06 per unit), $14.72 per unit for the PSUs (2025 - $4.43 per unit), and $9.30 per unit for the RSUs (2025 - $3.06 per unit).</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Deferred share units are accounted for as cash settled share-based compensation. Performance share units and restricted share units are accounted for as equity settled share-based compensation.</p>
    <div id="footer_page_21">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">20</p>
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                <td style="width: 100%; text-align: justify;"><font style="color: #00a5e3; font-size: 14pt;">TREKOR METALS LIMITED</font><br>(formerly Taseko Mines Limited)<br><font style="font-size: 12pt;">Notes to the Condensed Consolidated Interim Financial Statements</font><br>(Cdn$ in thousands)<br>(Unaudited)</td>
            </tr>
            <tr>
                <td style="width: 100%; text-align: justify; border-bottom: 0.75pt solid #000000;">&#160;</td>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Share-based compensation expense is comprised as follows:</p>
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            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="4"><b>Three months ended</b><br><b>June 30,</b></td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="4"><b>Six months ended</b><br><b>June 30,</b></td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;"><b>2026</b>&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;"><b>2025</b>&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;"><b>2026</b><b>&#160;</b></td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;">&#160;</td>
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            <td style="vertical-align: bottom; background-color: #e6efff;">Expensed as share-based compensation expense:</td>
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            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">3,099</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">761</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">778</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">1,523</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">1,556</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; padding-left: 5pt;">&#160; Restricted share units expense</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">338</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">231</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">1,020</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">481</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 10%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;"><b></b><b>71</b></td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">21,868</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">365,714</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">315,992</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">364,851</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">313,224</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">4,222</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">2,905</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">4,655</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">1,003</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">974</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">2,842</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">2,798</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">318,897</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">373,278</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">313,224</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">21</p>
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                <td style="width: 100%; text-align: justify;"><font style="color: #00a5e3; font-size: 14pt;">TREKOR METALS LIMITED</font><br>(formerly Taseko Mines Limited)<br><font style="font-size: 12pt;">Notes to the Condensed Consolidated Interim Financial Statements</font><br>(Cdn$ in thousands)<br>(Unaudited)</td>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">As at June 30, 2026, the Company had commitments to incur capital expenditures of $2,067 (December 31, 2025 - $1,132) for Florence Copper and $5,543 (December 31, 2025 - $24,156) for Gibraltar.</p>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">There are no known contingencies that would impact the financial position or performance of the Company as at June 30, 2026.</p>
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            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">9,128</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">20,068</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">476</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">(3,405</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">28,174</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">15,638</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">38,876</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">14,163</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">4,264</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">485</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">3,095</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;"><b></b><b>35,031</b><b></b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;"><b></b><b>35,658</b><b></b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom;"><b>Non-cash investing and financing activities</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">9,651</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">8,215</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">12,130</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">14,067</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><sup>(1) </sup>Excludes accounts payable and accrued liability changes on capital expenditures</p>
    <div id="footer_page_23">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">22</p>
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                <td style="width: 100%; text-align: justify;"><font style="color: #00a5e3; font-size: 14pt;">TREKOR METALS LIMITED</font><br>(formerly Taseko Mines Limited)<br><font style="font-size: 12pt;">Notes to the Condensed Consolidated Interim Financial Statements</font><br>(Cdn$ in thousands)<br>(Unaudited)</td>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy establishes three levels to classify the inputs to valuation techniques used to measure fair value, based on the reliability of the inputs used to estimate the fair values.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities;</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices); and</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The fair value of the senior secured notes, a Level 1 measurement, is determined based upon publicly available information. The fair values of the senior secured notes are $742,735 (December 31, 2025 - $728,782) and the face value is $710,500 (December 31, 2025 - $685,300) as at June 30, 2026.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The Company has certain financial assets and liabilities that are measured at fair value on a recurring basis, either at fair value through profit or loss ("FVPL") or fair value through other comprehensive income ("FVOCI"), and uses the fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value, with Level 1 inputs having the highest priority.</p>
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            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000;">&#160;</td>
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            <td style="vertical-align: bottom; background-color: #e6efff;"><b>June 30, 2026</b></td>
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            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">(8,948</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">(8,948</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; padding-left: 5pt; background-color: #e6efff;">&#160; Florence Copper Stream and Buy Back Option</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">-</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">(122,564</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">(122,564</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">-</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 10%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">19,808</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">&#160;</td>
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            <td style="vertical-align: bottom; background-color: #e6efff;"><i>Financial assets designated as FVOCI</i></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">1,560</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">1,560</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">500</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">500</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000;">1,560</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000;">500</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000;">2,060</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">500</td>
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            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">500</td>
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            <td style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000;">2,409</td>
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        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">23</p>
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                <td style="width: 100%; text-align: justify;"><font style="color: #00a5e3; font-size: 14pt;">TREKOR METALS LIMITED</font><br>(formerly Taseko Mines Limited)<br><font style="font-size: 12pt;">Notes to the Condensed Consolidated Interim Financial Statements</font><br>(Cdn$ in thousands)<br>(Unaudited)</td>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">There have been no transfers between fair value levels during the reporting period. The carrying value of cash, accounts receivables, accounts payable and accrued liabilities approximate their fair value as at June 30, 2026 due to their short-term nature.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The Company's metal concentrate sales contracts are subject to provisional pricing with the selling price adjusted at the end of the quotational period. At each reporting date, the Company's settlement receivable on these contracts are marked-to-market based on a quoted forward price for which there exists an active commodity market.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The Cariboo contingent performance payables (Note 13) and the Florence Copper Stream (Note 14) are each Level 3 instruments, as the inputs to their valuation are not based on observable market data.</p>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Compensation for key management personnel (including all members of the Board of Directors and executive officers) is as follows:</p>
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            <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">4,274</td>
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        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">24</p>
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                <td style="width: 100%; text-align: justify;"><font style="color: #00a5e3; font-size: 14pt;">TREKOR METALS LIMITED</font><br>(formerly Taseko Mines Limited)<br><font style="font-size: 12pt;">Notes to the Condensed Consolidated Interim Financial Statements</font><br>(Cdn$ in thousands)<br>(Unaudited)</td>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The Company has identified three reportable segments, Gibraltar, Florence Copper, and Yellowhead, based on the primary locations where it generates, expects to generate, or plans to generate revenue. These segments are reviewed regularly by the Chief Executive Officer, who is the Chief Operating Decision Maker ("CODM"), for the purposes of resource allocation and performance assessment. Corporate activities do not meet the definition of a reportable segment and are therefore presented separately as a reconciliation to the consolidated totals. These activities primarily comprise corporate development initiatives and centralized functions that provide administrative, technical, financial, and other support to the operating segments. For operating segments in production, the CODM evaluates performance primarily based on earnings from mining operations. "Other operating expenses" include general and administrative costs, share-based compensation, project evaluation expenditures, changes in the fair value of derivatives and other financial instruments, and other (expense) income not directly attributable to mining operations. "Net finance and other expense" include finance income, finance expense, accretion expense, and foreign exchange gain (loss). Total assets do not include intra-group receivables between segments.</p>
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            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;" colspan="15"><b>Three months ended June 30, 2026</b>&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">288,732</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">330,553</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 8%;">(10,020</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">Other operating costs</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">-</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom;">Earnings (loss) from mine operations</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">116,404</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">(1,672</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
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            <td style="vertical-align: bottom; text-align: right; width: 8%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">114,732</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">100,595</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">(5,325</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 8%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b></b><b>-</b><b></b></td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b></b><b>41,111</b><b></b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">521,296</td>
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            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">46,350</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">567,646</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 8%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">(68,411</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">Other operating costs</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">(952</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">(952</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">)</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">200,964</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">(1,789</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">199,175</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">(12,130</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">(19,747</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">(27,366</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">(59,243</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">)</td>
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        <tr>
            <td style="vertical-align: bottom;">Income (loss) before financing costs and income taxes</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">188,834</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">(21,536</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">(27,366</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">139,932</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Net finance and other expenses</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">(10,675</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">(9,520</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">(45,125</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">(65,320</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
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        <tr>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>Income (loss) before income taxes</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b></b><b>178,159</b><b></b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b></b><b>(31,056</b><b></b></td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b></b><b>-</b><b></b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b></b><b>(72,491</b><b></b></td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b></b><b>74,612</b><b></b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">&#160;</td>
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    <div id="footer_page_26">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">25</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_27"></a>
    <div id="header_page_27">
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            <tr>
                <td style="width: 100%; text-align: justify;"><font style="color: #00a5e3; font-size: 14pt;">TREKOR METALS LIMITED</font><br>(formerly Taseko Mines Limited)<br><font style="font-size: 12pt;">Notes to the Condensed Consolidated Interim Financial Statements</font><br>(Cdn$ in thousands)<br>(Unaudited)</td>
            </tr>
            <tr>
                <td style="width: 100%; text-align: justify; border-bottom: 0.75pt solid #000000;">&#160;</td>
            </tr>
        </table>
    </div>
    <br>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="vertical-align: bottom; text-align: center; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap;" colspan="15">&#160;<b>Three months ended June 30, 2025</b>&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000;" colspan="1">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; white-space: nowrap;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; border-bottom: 0.75pt solid #000000; white-space: nowrap;"><b>Gibraltar</b></td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; border-bottom: 0.75pt solid #000000; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; border-bottom: 0.75pt solid #000000; white-space: nowrap;"><b>Florence<br>Copper</b></td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; border-bottom: 0.75pt solid #000000; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; border-bottom: 0.75pt solid #000000; white-space: nowrap;"><b>Yellowhead</b></td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; border-bottom: 0.75pt solid #000000; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; border-bottom: 0.75pt solid #000000; white-space: nowrap;"><b>Corporate</b></td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; border-bottom: 0.75pt solid #000000; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; border-bottom: 0.75pt solid #000000; white-space: nowrap;"><b>Total</b></td>
            <td style="vertical-align: bottom; text-align: center; border-bottom: 0.75pt solid #000000; white-space: nowrap;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Loss from mine operations</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">(397</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">32,802</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">15,271</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>&#160;</b><b>Income (loss) before income taxes</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b></b><b>(13,361</b><b></b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><b>)</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b></b><b>(9,147</b><b></b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><b>)</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b></b><b>-</b><b></b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b></b><b>16,937</b><b></b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b></b><b>(5,571</b><b></b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>)</b></td>
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            <td style="vertical-align: bottom; text-align: center; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap;" colspan="15"><b>Six months ended June 30, 2025</b>&#160;</td>
            <td style="vertical-align: bottom; text-align: center; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap;" colspan="1">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; white-space: nowrap;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; white-space: nowrap;"><b>Gibraltar</b></td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; white-space: nowrap;"><b>Florence<br>Copper</b></td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; white-space: nowrap;"><b>Yellowhead</b></td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; white-space: nowrap;"><b>Corporate</b></td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; white-space: nowrap;"><b>Total</b></td>
            <td style="vertical-align: bottom; text-align: center; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">16,071</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">(207</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">15,864</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000;">Other income (expenses)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 0.75pt solid #000000;">(25,999</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 0.75pt solid #000000;">(7,852</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 0.75pt solid #000000;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 0.75pt solid #000000;">(21,019</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 0.75pt solid #000000;">(54,870</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; border-bottom: 0.75pt solid #000000;">)</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Loss before financing costs and income taxes</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">(9,928</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">(8,059</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">(21,019</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">(39,006</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">Net finance and other income (expenses)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">(13,142</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">(8,524</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">18,561</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">(3,105</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>Loss before income taxes</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b></b><b>(23,070</b><b></b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><b>)</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b></b><b>(16,583</b><b></b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><b>)</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b></b><b>-</b><b></b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b></b><b>(2,458</b><b></b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><b>)</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b></b><b>(42,111</b><b></b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>)</b></td>
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    </table>
    <br>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;" colspan="15"><b>As at June 30, 2026</b>&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;" colspan="1">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; white-space: nowrap; border-top: 0.75pt solid #000000;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; border-bottom: 0.75pt solid #000000; white-space: nowrap; border-top: 0.75pt solid #000000;"><b>Gibraltar</b></td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; border-bottom: 0.75pt solid #000000; white-space: nowrap; border-top: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; border-bottom: 0.75pt solid #000000; white-space: nowrap; border-top: 0.75pt solid #000000;"><b>Florence<br>Copper</b></td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; border-bottom: 0.75pt solid #000000; white-space: nowrap; border-top: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; border-bottom: 0.75pt solid #000000; white-space: nowrap; border-top: 0.75pt solid #000000;"><b>Yellowhead</b></td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; border-bottom: 0.75pt solid #000000; white-space: nowrap; border-top: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; border-bottom: 0.75pt solid #000000; white-space: nowrap; border-top: 0.75pt solid #000000;"><b>Corporate</b></td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; border-bottom: 0.75pt solid #000000; white-space: nowrap; border-top: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; border-bottom: 0.75pt solid #000000; white-space: nowrap; border-top: 0.75pt solid #000000;"><b>Total</b></td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">39,464</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">2,219,493</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">39,695</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">178,912</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">2,672,718</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">327,887</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">836,507</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">1,816,537</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; white-space: nowrap; border-top: 0.75pt solid #000000;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; border-bottom: 0.75pt solid #000000; white-space: nowrap; border-top: 0.75pt solid #000000;"><b>Gibraltar</b></td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; border-bottom: 0.75pt solid #000000; white-space: nowrap; border-top: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; border-bottom: 0.75pt solid #000000; white-space: nowrap; border-top: 0.75pt solid #000000;"><b>Florence<br>Copper</b></td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; border-bottom: 0.75pt solid #000000; white-space: nowrap; border-top: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; border-bottom: 0.75pt solid #000000; white-space: nowrap; border-top: 0.75pt solid #000000;"><b>Yellowhead</b></td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center; border-bottom: 0.75pt solid #000000; white-space: nowrap; border-top: 0.75pt solid #000000;"><b>Corporate</b></td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center; border-bottom: 0.75pt solid #000000; white-space: nowrap; border-top: 0.75pt solid #000000;"><b>Total</b></td>
            <td style="vertical-align: bottom; text-align: center; border-bottom: 0.75pt solid #000000; white-space: nowrap; border-top: 0.75pt solid #000000;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">964,366</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">1,027,722</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">33,676</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">19,688</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">2,045,452</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">1,194,865</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">1,043,439</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">33,944</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">200,239</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">2,472,487</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">Total liabilities</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">641,071</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">276,473</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">1,031</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">775,249</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">1,693,824</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
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    <div id="footer_page_27">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">26</p>
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exhibit99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<html>

<head>
    <title>Trekor Metals Limited: Exhibit 99.2 - Filed by newsfilecorp.com</title>
</head>

<body style="font-size:10pt; font-family:'Times New Roman';">
    <hr width="100%" size="3" color="black" noshade="noshade"><a name="page_1"></a>
    <div id="header_page_1">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%; text-align: justify;"><font style="color: #00a4e4; font-size: 12pt;"><b>TREKOR METALS LIMITED</b></font><br>Management's Discussion and Analysis</td>
            </tr>
            <tr>
                <td style="width: 100%; border-bottom: 0.75pt solid #000000;">&#160;</td>
            </tr>
        </table>
    </div>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">This management's discussion and analysis ("MD&amp;A") is intended to help the reader understand Trekor Metals Limited (formerly Taseko Mines Limited; "Trekor", "we", "our" or the "Company"), our operations, financial performance, and current and future business environment.&#160; This MD&amp;A is intended to supplement and complement the consolidated financial statements and notes thereto, prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS Accounting Standards") as applicable to the preparation of interim financial statements under IAS 34, <i>Interim Financial Reporting</i> for the three and six months ended June 30, 2026 (the "Financial Statements").&#160; You are encouraged to review the Financial Statements in conjunction with your review of this MD&amp;A and the Company's other public filings, which are available on the Canadian Securities Administrators' website at www.sedarplus.ca ("SEDAR+") and on the Electronic Data Gathering, Analysis and Retrieval ("EDGAR") system on the United States Securities and Exchange Commission's ("SEC") website at www.sec.gov.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">This MD&amp;A is prepared as of August 5, 2026.&#160; All dollar figures stated herein are expressed in thousands of Canadian dollars ("$", "Cdn$"), unless otherwise indicated.&#160; Included throughout this MD&amp;A are references to non-GAAP performance measures which are denoted with an asterisk.&#160; An explanation of these non-GAAP measures and their calculations are provided on page 27.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Cautionary Statement on Forward-Looking Information</b></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">This discussion includes certain statements that may be deemed "forward-looking statements".&#160; All statements in this discussion, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploration activities, and events or developments that the Company expects are forward- looking statements.&#160; Although we believe the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements.&#160; Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions.&#160; Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements.&#160; All of the forward-looking statements made in this MD&amp;A are qualified by these cautionary statements.&#160; We disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except to the extent required by applicable law.&#160; Further information concerning risks and uncertainties associated with these forward-looking statements and our business may be found in the Company's other public filings with the SEC and Canadian provincial securities regulatory authorities.</p>
    <div id="footer_page_1">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">1</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_2"></a>
    <div id="header_page_2">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%; text-align: justify;"><font style="color: #00a4e4; font-size: 12pt;"><b>TREKOR METALS LIMITED</b></font><br>Management's Discussion and Analysis</td>
            </tr>
            <tr>
                <td style="width: 100%; border-bottom: 0.75pt solid #000000;">&#160;</td>
            </tr>
        </table>
    </div>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #00a4e4;"><b>Table of Contents</b></font></p>
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        <tr>
            <td style="text-align: left; background-color: #eeeeee;"><a href="#page_3"><b>Overview</b></a></td>
            <td style="width: 5%; text-align: right; background-color: #eeeeee;"><a href="#page_3"><b>3</b></a></td>
        </tr>
        <tr>
            <td style="text-align: left;">&#160;</td>
            <td style="width: 5%; text-align: right;">&#160;</td>
        </tr>
        <tr>
            <td style="text-align: left; background-color: #eeeeee;"><a href="#page_3"><b>Highlights</b></a></td>
            <td style="width: 5%; text-align: right; background-color: #eeeeee;"><a href="#page_3"><b>3</b></a></td>
        </tr>
        <tr>
            <td style="text-align: left;">&#160;</td>
            <td style="width: 5%; text-align: right;">&#160;</td>
        </tr>
        <tr>
            <td style="text-align: left; background-color: #eeeeee;"><a href="#page_5"><b>Review of Operations</b></a></td>
            <td style="width: 5%; text-align: right; background-color: #eeeeee;"><a href="#page_5"><b>5</b></a></td>
        </tr>
        <tr>
            <td style="text-align: left;">&#160;</td>
            <td style="width: 5%; text-align: right;">&#160;</td>
        </tr>
        <tr>
            <td style="text-align: left; background-color: #eeeeee;"><a href="#page_6"><b>Operations Analysis</b></a></td>
            <td style="width: 5%; text-align: right; background-color: #eeeeee;"><a href="#page_6"><b>6</b></a></td>
        </tr>
        <tr>
            <td style="text-align: left;">&#160;</td>
            <td style="width: 5%; text-align: right;">&#160;</td>
        </tr>
        <tr>
            <td style="text-align: left; background-color: #eeeeee;"><a href="#page_9"><b>Long-term Growth Strategy</b></a></td>
            <td style="width: 5%; text-align: right; background-color: #eeeeee;"><a href="#page_9"><b>9</b></a></td>
        </tr>
        <tr>
            <td style="text-align: left;">&#160;</td>
            <td style="width: 5%; text-align: right;">&#160;</td>
        </tr>
        <tr>
            <td style="text-align: left; background-color: #eeeeee;"><a href="#page_11"><b>Annual General Meeting</b></a></td>
            <td style="width: 5%; text-align: right; background-color: #eeeeee;"><a href="#page_11"><b>11</b></a></td>
        </tr>
        <tr>
            <td style="text-align: left;">&#160;</td>
            <td style="width: 5%; text-align: right;">&#160;</td>
        </tr>
        <tr>
            <td style="text-align: left; background-color: #eeeeee;"><a href="#page_11"><b>Annual Sustainability Report</b></a></td>
            <td style="width: 5%; text-align: right; background-color: #eeeeee;"><a href="#page_11"><b>11</b></a></td>
        </tr>
        <tr>
            <td style="text-align: left;">&#160;</td>
            <td style="width: 5%; text-align: right;">&#160;</td>
        </tr>
        <tr>
            <td style="text-align: left; background-color: #eeeeee;"><a href="#page_12"><b>Market Review</b></a></td>
            <td style="width: 5%; text-align: right; background-color: #eeeeee;"><a href="#page_12"><b>12</b></a></td>
        </tr>
        <tr>
            <td style="text-align: left;">&#160;</td>
            <td style="width: 5%; text-align: right;">&#160;</td>
        </tr>
        <tr>
            <td style="text-align: left; background-color: #eeeeee;"><a href="#page_13"><b>Financial Performance</b></a></td>
            <td style="width: 5%; text-align: right; background-color: #eeeeee;"><a href="#page_13"><b>13</b></a></td>
        </tr>
        <tr>
            <td style="text-align: left;">&#160;</td>
            <td style="width: 5%; text-align: right;">&#160;</td>
        </tr>
        <tr>
            <td style="text-align: left; background-color: #eeeeee;"><a href="#page_20"><b>Financial Condition Review</b></a></td>
            <td style="width: 5%; text-align: right; background-color: #eeeeee;"><a href="#page_20"><b>20</b></a></td>
        </tr>
        <tr>
            <td style="text-align: left;">&#160;</td>
            <td style="width: 5%; text-align: right;">&#160;</td>
        </tr>
        <tr>
            <td style="text-align: left; background-color: #eeeeee;"><a href="#page_24"><b>Summary of Quarterly Results</b></a></td>
            <td style="width: 5%; text-align: right; background-color: #eeeeee;"><a href="#page_24"><b>24</b></a></td>
        </tr>
        <tr>
            <td style="text-align: left;">&#160;</td>
            <td style="width: 5%; text-align: right;">&#160;</td>
        </tr>
        <tr>
            <td style="text-align: left; background-color: #eeeeee;"><a href="#page_25"><b>Critical Accounting Policies and Estimates</b></a></td>
            <td style="width: 5%; text-align: right; background-color: #eeeeee;"><a href="#page_24"><b>24</b></a></td>
        </tr>
        <tr>
            <td style="text-align: left;">&#160;</td>
            <td style="width: 5%; text-align: right;">&#160;</td>
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            <td style="text-align: left;">&#160;</td>
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            <td style="text-align: left;">&#160;</td>
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        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">2</p>
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                <td style="width: 100%; text-align: justify;"><font style="color: #00a4e4; font-size: 12pt;"><b>TREKOR METALS LIMITED</b></font><br>Management's Discussion and Analysis</td>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #00a4e4;"><b>Overview</b></font></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Trekor Metals Limited (formerly Taseko Mines Limited) is a copper-focused mining company that seeks to create long-term shareholder value by acquiring, developing and operating large tonnage mineral deposits in stable jurisdictions that are capable of supporting a mine for decades.&#160; The Company's principal assets are the wholly-owned Gibraltar mine ("Gibraltar"), which is located in central British Columbia ("BC") and is one of the largest copper mines in North America, and Florence Copper ("Florence" or "Florence Copper"), which is located in Arizona and is ramping up commercial operations.&#160; Trekor also owns the Yellowhead copper, New Prosperity copper-gold, Aley niobium, and Harmony gold projects in British Columbia.</p>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">50.4</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">32.2</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">3,182</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">2,768</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">2,768</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">157,436</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">277,247</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">81,846</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">22,220</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">21,868</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">352</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">39,064</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">45,756</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">0.06</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">20,700</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">133,277</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">268,538</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">59,491</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">209,047</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">17,432</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">107,662</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">218,557</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">51,682</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">166,875</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">40,487</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">(13,025</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">53,512</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">68,022</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">(19,968</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">87,990</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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    <div id="footer_page_3">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">3</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_4"></a>
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            <tr>
                <td style="width: 100%; text-align: justify;"><font style="color: #00a4e4; font-size: 12pt;"><b>TREKOR METALS LIMITED</b></font><br>Management's Discussion and Analysis</td>
            </tr>
            <tr>
                <td style="width: 100%; border-bottom: 0.75pt solid #000000;">&#160;</td>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>Second Quarter Highlights</i></p>
    <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">&#8226;<font style="display: inline-block; width: 15.0pt;">&#160;</font>Earnings from mining operations before depletion, amortization and non-recurring items* was $154.0 million, Adjusted EBITDA* was $125.1 million and cash flow from operations was $183.4 million;</p>
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    <div id="footer_page_4">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">4</p>
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    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_5"></a>
    <div id="header_page_5">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%; text-align: justify;"><font style="color: #00a4e4; font-size: 12pt;"><b>TREKOR METALS LIMITED</b></font><br>Management's Discussion and Analysis</td>
            </tr>
            <tr>
                <td style="width: 100%; border-bottom: 0.75pt solid #000000;">&#160;</td>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #00a4e4;"><b>Review of Operations</b></font></p>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Q1 2026</b></td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Q4 2025</b></td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Q3 2025</b></td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Q2 2025</b></td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="padding: 0.32pt 2.15pt 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-indent: 1.45pt; background-color: #e6efff;"><i><b>Gibraltar</b></i></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: center; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: center; background-color: #e6efff;"><b>&#160;</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: center; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: center; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: center; background-color: #e6efff;"><b>&#160;</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: center; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: center; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: center; background-color: #e6efff;"><b>&#160;</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: center; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: center; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: center; background-color: #e6efff;"><b>&#160;</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: center; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: center; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: center; background-color: #e6efff;"><b>&#160;</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: center; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="padding: 0.7pt 2.15pt; vertical-align: bottom; text-indent: 1.45pt;">Tons mined (millions)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">26.2</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">24.2</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">28.0</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">30.4</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">7.2</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">7.0</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">7.2</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">7.8</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">7.7</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">3.3</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">2.6</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">1.5</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">2.3</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="padding: 0.7pt 2.15pt; vertical-align: bottom; text-indent: 1.45pt; background-color: #e6efff;">Site operating cost per ton milled*</td>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">16.47</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">18.15</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">16.61</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">14.98</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">11.23</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="padding: 0.7pt 2.15pt; vertical-align: bottom; text-indent: 1.45pt;"><b>Copper concentrate</b></td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">0.25</td>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">0.26</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">0.22</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">0.20</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">82.6</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">80.9</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">77.2</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">63.2</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">29.7</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">29.2</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">29.8</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">26.7</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">19.4</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="padding: 0.7pt 2.15pt; vertical-align: bottom; text-indent: 1.45pt;">&#160; Sales (million pounds Cu)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">31.7</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">26.0</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">30.8</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">25.4</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">19.0</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">3.8</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">5.9</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">2.9</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">4.0</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">2.7</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">643</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">733</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">919</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">895</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">395</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="padding: 0.7pt 2.15pt; vertical-align: bottom; text-indent: 1.45pt;">&#160; Sales (thousand pounds Cu)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">470</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">938</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">783</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">905</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">-</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">559</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">717</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">830</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">558</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">180</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">575</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">708</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">953</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">421</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">178</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="padding: 0.7pt 2.15pt; vertical-align: bottom; text-indent: 1.45pt;"><b>Per unit data (US$ per Cu pound produced)</b><sup>1</sup></td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
            <td style="padding: 0.7pt 2.15pt; vertical-align: bottom; text-indent: 1.45pt; background-color: #e6efff;">&#160; Site operating cost*</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">2.81</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">3.09</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">2.80</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">3.09</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">3.15</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="padding: 0.7pt 2.15pt 0.32pt 3.6pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000;">&#160; By-product credit*</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">(0.65</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">(0.62</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">(0.59</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">(0.39</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">(0.19</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">)</td>
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        <tr>
            <td style="padding: 0.32pt 2.15pt 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-indent: 1.45pt; background-color: #e6efff;">&#160; Site operating cost, net of by-product credit*</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">2.16</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">2.47</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">2.21</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">2.70</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">2.96</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="padding: 0.7pt 2.15pt 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-indent: 1.45pt;">&#160; Off-property cost*</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">0.25</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">0.16</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">0.26</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">0.17</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">0.18</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="padding: 0.32pt 2.15pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-indent: 1.45pt; background-color: #e6efff;">&#160; Total operating cost (C1)*</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">2.41</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">2.63</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">2.47</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">2.87</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">3.14</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
    </table>
    <p style="text-indent: 7.1pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><sup>1</sup> Gibraltar copper pounds produced includes copper in concentrate and copper cathode.</p>
    <div id="footer_page_5">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">5</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_6"></a>
    <div id="header_page_6">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%; text-align: justify;"><font style="color: #00a4e4; font-size: 12pt;"><b>TREKOR METALS LIMITED</b></font><br>Management's Discussion and Analysis</td>
            </tr>
            <tr>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #00a4e4;"><b>Operations Analysis</b></font></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Gibraltar</b></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>Second Quarter Review</i></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Gibraltar continued to deliver steady copper production, supported by more consistent ore characteristics as mining activities focused in the lower benches of the Connector pit.&#160; Gibraltar produced 30.3 million pounds of copper in the quarter, including 0.6 million pounds of copper cathode, in line with management expectations.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">A total of 26.2 million tons were mined in the quarter at an average strip ratio of 3.3, as ongoing waste stripping activities create access to the next phases of the Connector pit.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Mill throughput was 7.2 million tons, which was consistent with the previous quarter but lower than the second quarter of 2025 due to softer ore feed in the prior year.&#160; Copper head grades averaged 0.25% and recoveries averaged 82%, remaining consistent with the previous quarter and in line with life of mine averages.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The Gibraltar SX/EW plant was taken offline in April to allow for integration of a second leach pad, impacting second quarter cathode production.&#160; The plant was restarted in May and ramped-up by the end of June and is now producing at higher levels.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Copper sales from Gibraltar totaled 32.2 million pounds in the period, which included a drawdown of finished goods inventory at the end of the first quarter.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Gibraltar total site costs* were $145.8 million (including capitalized stripping of $27.8 million) in the quarter reflecting higher costs for key inputs and higher costs related to maintenance activities that were brought forward.&#160; Diesel costs increased $7.1 million compared to the second quarter of 2025, primarily driven by higher diesel prices as a result of the ongoing conflict in the Middle East.&#160; Explosives costs increased $4.9 million compared to the second quarter of 2025, driven by higher usage and higher unit costs.&#160; Repairs and maintenance costs were also higher as some mill maintenance activities originally planned for July and August were brought forward and completed in June.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Molybdenum production was 559 thousand pounds in the quarter and reflects lower recoveries in the Gibraltar molybdenum plant.&#160; At an average molybdenum price of US$29.63 per pound for the quarter, molybdenum provided a significant by-product credit of US$0.65 per pound of copper produced.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Off-property costs were US$0.25 per pound of copper produced in the second quarter, compared to US$0.18 per pound of copper produced in the second quarter of 2025, reflecting higher sales volumes in the quarter and some higher treatment and refining charges ("TCRC") for the last year of a longer-term contract.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Total operating costs (C1)* were US$2.41 per pound of copper produced for the quarter, compared to US$3.14 per pound of copper produced for the second quarter of 2025.&#160; The decrease in total operating costs (C1)* was primarily driven by higher copper production and higher molybdenum by-product credits from higher molybdenum sales prices and volume, partially offset by higher prices of key inputs, particularly diesel and explosives, higher repairs and maintenance costs, and SX/EW operating costs which were just beginning in 2025.</p>
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                <td style="width: 100%; text-align: justify;"><font style="color: #00a4e4; font-size: 12pt;"><b>TREKOR METALS LIMITED</b></font><br>Management's Discussion and Analysis</td>
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    <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;"><img src="exhibit99-2x001.jpg" style="width: 672px;" height="195"></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>Gibraltar Outlook</i></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Gibraltar continues to provide consistent operating performance from the Connector pit.&#160; The second leach pad has also now been integrated into the Gibraltar oxide operation.&#160; Annual Gibraltar copper production guidance for 2026 remains unchanged at 110 to 115 million pounds.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Site landed diesel prices have eased from their peak in April but remain elevated due to the continued conflict in the Middle East.&#160; Diesel prices are currently around $0.40 per litre higher than February pre-war levels.&#160; These higher diesel prices would increase Gibraltar's operating costs will increase by approximately US$0.15 per pound in the second half compared to the prior year.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Molybdenum production in 2026 is expected to remain at similar levels as the first half of the year, and with molybdenum prices currently at US$32.00 per pound, we continue to expect strong molybdenum by-product credits.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The Company has offtake agreements covering substantially all of Gibraltar's copper concentrate production for 2026, which contain low and in certain cases negative TCRC rates reflecting the continued tight copper smelting market.&#160; Based on the contract terms, the Company expects overall TCRCs to be nominal in 2026, similar to 2025.&#160; The Company has recently tendered additional 2027 tonnage to take advantage of favorable market conditions obtaining terms which include payable gold and deeply negative TCRCs.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The Company has a prudent hedging program in place to protect a minimum copper price and during the ramp-up of commercial operations at Florence Copper.&#160; Currently, the Company has copper collar contracts in place with a floor of US$4.75 per pound and a ceiling of US$7.50 and US$8.50 per pound for 24 million pounds of copper production for the third quarter of 2026.&#160; For the fourth quarter of 2026 and beyond, there is no ceiling price in place, and the Company expects to purchase copper put options going forward to protect a minimum copper price without selling any call options.&#160; The Company has copper put options at US$4.75 per pound for 27 million pounds of copper production for the fourth quarter of 2026 (refer to "Financial Condition Review-Hedging Strategy" for details).</p>
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                <td style="width: 100%; text-align: justify;"><font style="color: #00a4e4; font-size: 12pt;"><b>TREKOR METALS LIMITED</b></font><br>Management's Discussion and Analysis</td>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><b>Florence Copper</b></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>Second Quarter Review</i></p>
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            <td style="padding: 0.7pt 2.15pt; vertical-align: bottom; text-indent: 1.45pt; white-space: nowrap;">Operating data</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;"><b>Q2 2026</b></td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="padding: 0.32pt 2.15pt 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-indent: 1.45pt; background-color: #e6efff;">Average PLS recovery flow (gpm)</td>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 17%;">1.6</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="padding: 0.7pt 2.15pt; vertical-align: bottom; text-indent: 1.45pt; background-color: #e6efff;">Operating production well count</td>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 17%; background-color: #e6efff;">110</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="padding: 0.7pt 2.15pt; vertical-align: bottom; text-indent: 1.45pt;"><b>Copper cathode</b></td>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 17%; background-color: #e6efff;">5.2</td>
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            <td style="padding: 0.7pt 2.15pt; vertical-align: bottom; text-indent: 1.45pt;">&#160; Sales (million pounds Cu)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 17%;">5.3</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 17%; background-color: #e6efff;">0.8</td>
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            <td style="padding: 0.7pt 2.15pt; vertical-align: bottom; text-indent: 1.45pt;"><b>Per unit data (US$ per Cu pound produced)</b></td>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="padding: 0.7pt 2.15pt; vertical-align: bottom; text-indent: 1.45pt; background-color: #e6efff;">&#160; Site operating cost*</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="padding: 0.7pt 2.15pt 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-indent: 1.45pt;">&#160; Production royalties<sup>1</sup> and other off-property costs*</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 17%;">0.70</td>
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            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 17%; background-color: #e6efff;">4.72</td>
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    <p style="text-indent: -16.55pt; text-align: justify; margin-left: 18pt; margin-top: 10pt; margin-bottom: 10pt;">1<font style="width: 12.5pt; text-indent: 0pt; display: inline-block;">&#160;</font>Production royalties include royalties payable to the State of Arizona and Conoco Inc.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Florence Copper is an in-situ copper recovery operation, located in Arizona, USA.&#160; It produces LME Grade A copper cathode without conventional open-pit mining methods or major surface disturbance.&#160; Florence Copper is projected to rank among the lowest greenhouse gas ("GHG") intensity primary copper producers in North America, delivering environmentally responsible copper to North American manufacturers and consumers.&#160; Florence Copper has an annual production capacity of 85 million pounds of copper over a current mine life of 22 years.&#160; Florence Copper is expected to be in the lowest quartile of primary producers on the global copper cost curve based on its long-term operating parameters once at full production capacity.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The production ramp-up at Florence Copper advanced smoothly during the quarter, with the operations team making significant progress stabilizing key process circuits and achieving consistent copper production from the initial production wells.&#160; Florence Copper produced a total of 5.2 million pounds of copper cathode in the second quarter compared to 1.5 million pounds in the first quarter, driven by higher solution flow rates from the wellfield.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Wellfield drilling re-commenced in late 2025, and there are currently five drill rigs operating on site.&#160; The first new production wells were successfully integrated into the system in early June, resulting in higher solution flow rates and pregnant leach solution ("PLS") grades and increased copper production for the month.&#160; At the end of the quarter, there were 110 production wells operating and feeding the SX/EW plant with flow rates of approximately 3,400 gallons per minute and PLS grades of 1.8 grams per liter.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Sales for the quarter were 5.3 million pounds of copper.&#160; Cathode quality has met all customer specifications and trucking logistics have been running smoothly to-date.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Florence Copper has a fixed price contract in place for all sulphuric acid requirements for 2026, so there is no expected near-term impact from reported disruptions in global acid supply chains due to geopolitical events in the Middle East.</p>
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                <td style="width: 100%; text-align: justify;"><font style="color: #00a4e4; font-size: 12pt;"><b>TREKOR METALS LIMITED</b></font><br>Management's Discussion and Analysis</td>
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                <td style="width: 100%; border-bottom: 0.75pt solid #000000;">&#160;</td>
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    <br>
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        <tr>
            <td style="padding: 0.7pt 2.15pt; vertical-align: bottom; text-indent: 2.9pt; white-space: nowrap;"><b>Florence Copper site costs</b><br>(US$ in thousands)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: center; white-space: nowrap;"><b>Three months ended</b><br><b>June 30, 2026</b></td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;"><b>Six months ended</b><br><b>June 30, 2026</b></td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="padding: 0.32pt 2.15pt 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-indent: 1.45pt; background-color: #e6efff;">Wellfield development capital expenditures</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 17%; background-color: #e6efff;">26,475</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 17%; background-color: #e6efff;">39,550</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="padding: 0.7pt 2.15pt; vertical-align: bottom; text-indent: 1.45pt;">Commissioning and start-up costs</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 17%;">-</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 17%;">15,175</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
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            <td style="padding: 0.7pt 2.15pt 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-indent: 1.45pt; background-color: #e6efff;">Site operating costs</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 17%; background-color: #e6efff;">23,813</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 17%; background-color: #e6efff;">31,227</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
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            <td style="padding: 0.32pt 2.15pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-indent: 1.45pt;"><b>Total site costs</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
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            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 17%;"><b>85,952</b></td>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>Florence Outlook</i></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The ramp-up of the Florence Copper operation is advancing on plan.&#160; The site operating team continues to refine and optimize wellfield operations to maximize copper production from the existing wells.&#160; Wellfield expansion is also a key focus for the ongoing ramp-up, and Florence Copper is on track to bring an additional 26 wells online in August with regular monthly additions of new wells for the remainder of the year.&#160; Ongoing expansion of the wellfield will be required to support copper production over the life of mine.&#160; Annual Florence Copper production guidance for 2026 is 30 to 35 million pounds.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #00a4e4;"><b>Long-term Growth Strategy</b></font></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Trekor's strategy has been to grow the Company by acquiring and developing a pipeline of projects focused on copper in North America.&#160; We continue to believe this will generate long-term returns for shareholders.&#160; Our other development projects are located in BC, Canada.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>Yellowhead copper project</i></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">In July 2025, the Company published a new report titled "Technical Report Update on the Yellowhead Copper Project, British Columbia, Canada" (the "Yellowhead Technical Report").&#160; Based on the Yellowhead Technical Report, the Yellowhead copper project is expected to produce 4.4 billion pounds of copper over a 25-year mine life at an average C1 cost, net of by-product credit, of US$1.90 per pound of copper produced.&#160; During the first 5 years of operations, the Yellowhead project is expected to produce an average of 206 million pounds of copper per year at an average C1 cost, net of by-product credit, of US$1.62 per pound of copper produced.&#160; The Yellowhead project also contains valuable precious metal by-products with 282,000 ounces of gold production and 19.4 million ounces of silver production over the life of mine.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The economic analysis in the Yellowhead Technical Report was prepared using a copper price of US$4.25 per pound, a gold price of US$2,400 per ounce, and a silver price of US$28.00 per ounce.&#160;</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Project highlights based on the Yellowhead Technical Report are detailed below:</p>
    <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">&#8226;<font style="display: inline-block; width: 15.0pt;">&#160;</font>Average annual copper production of 178 million pounds over a 25 year mine life at total cash costs (C1) of US$1.90 per pound of copper produced;</p>
    <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">&#8226;<font style="display: inline-block; width: 15.0pt;">&#160;</font>Over the first 5 years of the mine life, copper grade is expected to average 0.32% producing an average of 206 million pounds of copper at total cash costs (C1) of US$1.62 per pound of copper produced;</p>
    <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">&#8226;<font style="display: inline-block; width: 15.0pt;">&#160;</font>Concentrator designed to process 90,000 tonnes per day of ore with an expected copper recovery of 90%, and produce a clean copper concentrate with payable gold and silver by-products;</p>
    <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">&#8226;<font style="display: inline-block; width: 15.0pt;">&#160;</font>Conventional open pit mining with a low strip ratio of 1.4;</p>
    <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">&#8226;<font style="display: inline-block; width: 15.0pt;">&#160;</font>After-tax net present value of $2.0 billion (8% after-tax discount rate) and after-tax internal rate of return of 21%;</p>
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    <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">&#8226;<font style="display: inline-block; width: 15.0pt;">&#160;</font>Initial capital costs of $2.0 billion with a payback period of 3.3 years; and</p>
    <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">&#8226;<font style="display: inline-block; width: 15.0pt;">&#160;</font>Expected to be eligible for the Canadian federal Clean Technology Manufacturing Investment Tax Credit, with 30% (approximately $540 million) of eligible initial capital costs reimbursed in year 1 of operation.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">In June 2025, the Yellowhead project's Initial Project Description was filed and accepted by the British Columbia Environmental Assessment Office ("BC EAO") and Impact Assessment Agency of Canada, formally commencing the Environmental Assessment ("EA") process.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">In April 2026, the Government of BC announced that the Yellowhead copper project has been added to its list of priority major projects.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">In July 2026, a Detailed Project Description ("DPD") was submitted to the BC EAO providing more information about the proposed Yellowhead project, incorporating additional technical work and community and Indigenous feedback received during the Early Engagement Phase of the EA process. More than 1,000 local community members have participated in a series of open houses and events hosted by the project team.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The DPD submission marks an important milestone, advancing the Project to the next phase of the provincial EA process and informing the Readiness Decision and Process Planning phases to come. Process planning and scoping work is also underway for the Simpcw Process - an Indigenous-led, consent-based decision-making model.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">On July 30, 2026, the EAO issued a Notice of the Decision for Yellowhead to proceed to an environmental assessment and published the Readiness Decision Report and Notice of Decision.&#160; Yellowhead will now proceed to the process planning phase of the EA, formalizing how the EA will be carried out and what information must be provided, who will be involved in the EA and how they will be engaged.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">In July 2026, the Company also released an Economic Impact Study, which evaluates the potential economic impact of the construction and operation of the Yellowhead project.&#160; The study highlights the Yellowhead project as a major economic driver, with the potential to generate value-added GDP of $27 billion, significant employment and economic opportunities for local communities and businesses, and $7 billion in total government payments.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>New Prosperity copper-gold project</i></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">In June 2025, the Company, the T&#349;ilhqot'in Nation and the Province of BC reached a historic agreement concerning the New Prosperity project (the "Te&#7825;tan Biny Agreement").&#160; The Te&#7825;tan Biny Agreement ended litigation among the parties while providing certainty with respect to how the significant copper-gold resource at New Prosperity may be developed in the future.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">As part of the Te&#7825;tan Biny Agreement, Trekor contributed a 22.5% equity interest in the New Prosperity mineral tenures to a trust for the future benefit of the T&#349;ilhqot'in Nation.&#160; The trust will transfer the property interest to the T&#349;ilhqot'in Nation if and when it consents to a proposal to pursue mineral development in the project area. Trekor retains a majority interest (77.5%) in the New Prosperity mineral tenures and can divest some or all of its interest at any time, including to other mining companies that could advance a project with the consent of the T&#349;ilhqot'in Nation.&#160; However, Trekor has committed not to be the proponent (operator) of mineral exploration and development activities at New Prosperity, nor the owner of a future mine development.&#160; Trekor has also entered into a consent agreement with the T&#349;ilhqot'in Nation, whereby no mineral exploration or development activity can proceed in the New Prosperity project area without the free, prior and informed consent of the T&#349;ilhqot'in Nation.&#160; The Province of BC and the T&#349;ilhqot'in Nation have agreed to negotiate the process by which the consent of the T&#349;ilhqot'in Nation will be sought for any proposed mining project to proceed through an environmental assessment process and have also agreed to undertake a land-use planning process for the area of the mineral tenures and a broader area of land within T&#349;ilhqot'in territory.</p>
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                <td style="width: 100%; text-align: justify;"><font style="color: #00a4e4; font-size: 12pt;"><b>TREKOR METALS LIMITED</b></font><br>Management's Discussion and Analysis</td>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>Aley niobium project</i></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Recent activities at the Aley niobium project have been focused on product marketing initiatives.&#160; The converter pilot test is ongoing to provide additional process data to support the design of commercial process facilities.&#160; In 2025, the Company produced on-spec ferro-niobium, and the process is now scaling up to provide product samples to support marketing initiatives.&#160; The Company is also conducting a scoping study to investigate the potential for Aley to produce high-purity niobium oxides to supply the emerging niobium-based battery technology market.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>Harmony gold project</i></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">In 2021, Trekor entered into an agreement to sell the Harmony Gold Project to JDS Gold Inc. ("JDS"), a subsidiary of JDS Energy &amp; Mining Inc.&#160; The Harmony Gold Project is a high-grade development-stage gold project located on Graham Island in Haida Gwaii.&#160; As part of the transaction, Trekor retained a 15% carried interest in the Project and a 2% net smelter return royalty on the Project.&#160; Trekor also had the right to terminate the Agreement and revert to 100% ownership of the Project if JDS did not achieve project development milestones and an IPO or liquidity event within an agreed timeframe.&#160; The agreed milestones were not achieved and Trekor exercised its reversionary right to receive the Harmony mineral tenures back from JDS in late 2025.&#160; On August 4, 2026, Trekor became the owner of the Harmony project again, and entered into a new option agreement with a company controlled by JDS Energy &amp; Mining Inc. and affiliates.&#160; This option agreement allows for the future transfer of the Project, on the same terms as the original 2021 transaction, if certain development milestones are achieved by January 1, 2028.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #00a4e4;"><b>Annual General Meeting</b></font></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The Company's Annual General Meeting was held on June 24, 2026 and shareholders voted in favor of all items of business before the meeting, including the ordinary resolutions to approve the Company's name change to Trekor Metals Limited from Taseko Mines Limited and certain amendments to the Company's existing deferred share unit plan, the Advisory Resolution on executive compensation (Say-on-Pay) and the election of all director nominees.&#160; The name change became legally effective on June 25, 2026. Detailed voting results for the 2026 Annual General Meeting are available on SEDAR+ at www.sedarplus.ca.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #00a4e4;"><b>Annual Sustainability Report</b></font></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">In July 2026, the Company published its annual Sustainability Report titled Growth with Purpose (the "Report").&#160; The Report highlights Trekor's operational, environmental and social performance in 2025, showcasing how the Company's continued growth is creating lasting value for employees, Indigenous partners, local communities, business partners and shareholders.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The Sustainability Report reflects a transformational year for Trekor, marked by the completion of construction and the onset of commercial operations at Florence Copper in Arizona, Trekor's second operating asset and the first greenfield in-situ copper recovery operation in the world.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The Report illustrates how operational excellence can remain fundamental to business success in combination with environmental and social performance.&#160; The Company remains focused on creating long-term, sustainable value for all stakeholders by producing the copper needed for the global energy transition while strengthening the communities where it operates.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The full report can be viewed and downloaded at <font style="color: #000000;">www.trekormetals.com/sustainability/overview</font>.</p>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #00a4e4;"><b>Market Review</b></font></p>
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    <p style="margin-top: 10pt; margin-bottom: 10pt;">1<font style="width: 12.5pt; text-indent: 0pt; display: inline-block;">&#160;</font>Commodity prices in US dollars per pound.<br><br>2<font style="width: 12.5pt; text-indent: 0pt; display: inline-block;">&#160;</font>Sources: London Metals Exchange for copper prices, Platts Metals for molybdenum prices, Bank of Canada for Canadian dollar/US dollar exchange rates.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Copper prices on the London Metal Exchange ("LME") are currently around US$6.45 per pound compared to US$6.05 per pound at June 30, 2026 and the second quarter average of US$6.05 per pound, while COMEX prices continue to trade at a premium due to US tariff-related market pressures.&#160; Copper prices have remained near record levels despite volatility from escalating tensions in the Middle East and elevated energy prices reviving concerns over inflation, slower economic growth and tighter monetary policy.&#160; Demand fundamentals have remained robust despite a mixed global economic backdrop, supported by electrification, artificial intelligence, and power grid investment themes.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Supply side conditions remain challenging.&#160; Production disruptions at several major mines limited the industry's ability to respond to higher copper prices.&#160; Disruptions in the availability of copper concentrate continued to pressure smelters, driving treatment and refining charges to historical low levels.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Longer-term demand for copper is expected to remain strong driven by strong structural demand trends in electrification, renewable energy, artificial intelligence, and overall industrial activity.&#160; At the same time, tighter long-term supply conditions are expected to continue due to production challenges at large mines, declining ore grades and few available sources of significant new primary copper supply.&#160; These factors support a higher copper price in the longer term as significant new mine supply lags behind growth in copper demand.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Approximately 10% of the Company's revenue is made up of molybdenum sales.&#160; Molybdenum prices are currently around US$33.25 per pound compared to US$31.38 per pound at June 30, 2026 and the second quarter average of US$29.63 per pound.&#160; The Company's sales agreements specify molybdenum pricing based on published Platts Metals reports.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The Company's mining operations at Gibraltar, are significant consumers of diesel fuel and other petroleum-based products.&#160; A material and sustained increase in oil prices will increase the Company's operating costs, which could adversely affect profitability and cash flows.&#160; At current diesel prices, the increase in C1 cost is estimated to be around US$0.15 per pound.&#160; Operations at Florence Copper consume a significant amount of sulfuric acid and could be impacted by higher sulfuric acid prices and increased transportation costs in 2027 and beyond.</p>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #00a4e4;"><b>Financial Performance</b></font></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>Earnings</i></p>
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            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="7"><b>Three months ended</b><br><b>June 30,</b></td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="7"><b>Six months ended</b><br><b>June 30,</b></td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; padding-left: 10pt; text-indent: -10pt;">(Cdn$ in thousands)</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>2026</b></td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>2025</b></td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Change</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>2026</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>2025</b></td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Change</b></td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 7%; background-color: #e6efff;"><b>22,220</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 7%; background-color: #e6efff;"><b>352</b></td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 7%; background-color: #e6efff;"><b>39,064</b></td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 7%; background-color: #e6efff;"><b>45,756</b></td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">2,380</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">387</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">859</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">651</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">208</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">5,136</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">3,548</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">1,826</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">1,722</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">1,765</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">4,484</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">3,026</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">5,148</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">(2,122</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">9,020</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">3,486</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">5,534</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">20,420</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">8,766</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">11,654</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">2,356</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">6,201</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">(3,845</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">8,650</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">8,772</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">(122</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">(1,875</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">(1,875</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">(1,875</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">(9,285</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">9,285</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">(9,285</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">9,285</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 7%; background-color: #e6efff;">(1,619</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 7%; background-color: #e6efff;">3,828</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 7%; background-color: #e6efff;">(1,072</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 7%; background-color: #e6efff;">(12,675</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 7%; background-color: #e6efff;">11,603</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 7%;"><b>40,487</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The Company recorded Adjusted net income of $40.5 million ($0.11 Adjusted earnings per share) in the second quarter, compared to Adjusted net loss of $13.0 million ($0.04 Adjusted loss per share) in the second quarter of 2025, primarily driven by higher revenue resulting from higher realized copper prices as well as higher production and sales volumes as Gibraltar returned to more normalized mining operations in the Connector pit, and contribution from the ramp up of Florence Copper.&#160; The increase in Adjusted net income was partially offset by the realized loss on the Company's second quarter copper collars of $24.2 million, and higher site operating costs, primarily due to higher costs for diesel and explosives, and higher maintenance expenditures.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Net income was $22.2 million ($0.06 earnings per share) in the second quarter, which included unrealized losses on foreign exchange of $13.9 million due to the effect of a stronger US dollar on the Company&#8217;s US dollar-denominated debt, unrealized losses on outstanding copper and fuel options of $2.8 million, fair value adjustments on the Florence copper stream of $9.0 million, accretion on Florence royalty obligation of $2.4 million, and accretion on Cariboo consideration payable of $1.8 million, reflecting higher prevailing copper price trends and the impact on the valuation of the respective instruments, partially offset by a reversal of unrealized losses on settled copper collars that were previously recognized of $11.3 million.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Net income was $21.9 million ($0.07 earnings per share) in the second quarter of 2025, which included unrealized gains on foreign exchange of $40.3 million as well as the recognition of a deferred tax asset on net capital losses previously unrecognized that were used to offset the gain on proceeds received for New Prosperity recognized directly in equity.&#160; Net income was partially reduced from the impact of unrealized losses on derivatives primarily due to the increasing copper price trend in the prior year quarter, accretion on the Florence royalty obligation to Taurus, and accretion and fair value adjustments on Cariboo consideration payable.</p>
    <div id="footer_page_13">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">13</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_14"></a>
    <div id="header_page_14">
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            <tr>
                <td style="width: 100%; text-align: justify;"><font style="color: #00a4e4; font-size: 12pt;"><b>TREKOR METALS LIMITED</b></font><br>Management's Discussion and Analysis</td>
            </tr>
            <tr>
                <td style="width: 100%; border-bottom: 0.75pt solid #000000;">&#160;</td>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Adjusted net income was $68.0 million ($0.19 Adjusted earnings per share) in the first half of 2026, compared to Adjusted net loss of $20.0 million in the first half of 2025, primarily driven by higher revenue resulting from higher realized copper prices and higher production and sales volumes, partially offset by the realized loss of $41.6 million on the Company's copper collars covering the first half of 2026, lower capitalized stripping costs, higher site operating costs primarily due to higher costs for diesel and explosives, and higher maintenance costs as maintenance projects scheduled for July and August were advanced and completed in June.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Net income was $39.1 million ($0.11 earnings per share) in the first half of 2026, which included unrealized losses on foreign exchange of $26.1 million, fair value adjustments on the Florence copper stream of $20.4 million, accretion on Florence royalty obligation of $8.7 million and accretion on Cariboo consideration payable of $3.0 million, reflecting higher prevailing copper price trends and the impact on the valuation of the respective instruments, partially offset by reversal of unrealized losses on settled copper collars that were previously recognized of $30.7 million.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Net loss was $6.7 million ($0.02 loss per share) in the first half of 2025 after adjusting for unrealized foreign exchange gains of $38.2 million and deferred tax recovery recognized on the Company&#8217;s sale of a non-controlling interest in New Prosperity of $9.3 million, unrealized losses on derivatives of $33.0 million, accretion on Florence royalty obligation of $8.8 million and accretion and fair value adjustments on Cariboo consideration payable of $5.1 million.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>Revenues</i></p>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><b>Gibraltar</b></td>
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            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="7"><b>Three months ended</b><br><b>June 30,</b></td>
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            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="7"><b>Six months ended</b><br><b>June 30,</b></td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">(Cdn$ in thousands)</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>2026</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>2025</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Change</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>2026</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>2025</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Change</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Copper contained in concentrate</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">258,168</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">109,325</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">148,843</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">455,237</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">237,060</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">218,177</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Copper cathode</td>
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            <td style="vertical-align: bottom; text-align: right; width: 8%;">4,224</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">4,224</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">11,786</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">11,786</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Molybdenum concentrate</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">25,878</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">4,814</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">21,064</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">52,887</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">13,588</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">39,299</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Silver</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">816</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">755</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">61</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">1,269</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">2,496</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">(1,227</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Gold</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">86</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">351</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">(265</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">653</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">740</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">(87</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">Treatment and refining (costs) premiums</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">(440</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">)</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">837</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">(1,277</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">)</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">(536</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">)</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">1,347</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">(1,883</td>
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        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;"><b>Gibraltar revenue</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;"><b>288,732</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;"><b>116,082</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;"><b>172,650</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="7"><b>Three months ended</b><br><b>June 30,</b></td>
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            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="7"><b>Six months ended</b><br><b>June 30,</b></td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>2026</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>2025</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Change</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>2026</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>2025</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Change</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Copper cathode</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">41,938</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">41,938</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">46,550</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">46,550</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">Marketing costs</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">(117</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">(200</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">(200</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;"><b>Florence Copper revenue</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;"><b>41,821</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;"><b>-</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;"><b>41,821</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;"><b>46,350</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;"><b>-</b></td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;"><b>46,350</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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    <div id="footer_page_14">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">14</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_15"></a>
    <div id="header_page_15">
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            <tr>
                <td style="width: 100%; text-align: justify;"><font style="color: #00a4e4; font-size: 12pt;"><b>TREKOR METALS LIMITED</b></font><br>Management's Discussion and Analysis</td>
            </tr>
            <tr>
                <td style="width: 100%; border-bottom: 0.75pt solid #000000;">&#160;</td>
            </tr>
        </table>
    </div>
    <br>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><b>Consolidated</b></td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="7"><b>Three months ended</b><br><b>June 30,</b></td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="7"><b>Six months ended</b><br><b>June 30,</b></td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="1">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">(Cdn$ in thousands)</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>2026</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>2025</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Change</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>2026</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>2025</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Change</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Copper contained in concentrate</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">258,168</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">109,325</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">148,843</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">455,237</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">237,060</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">218,177</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">46,162</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">46,162</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">58,336</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">58,336</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Molybdenum concentrate</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">25,878</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">4,814</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">21,064</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">52,887</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">13,588</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">39,299</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">816</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">755</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">351</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">(265</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">653</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">740</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">(87</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">)</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">837</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">(1,394</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">)</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">(736</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">)</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">1,347</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">(2,083</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;"><b>330,553</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;"><b>567,646</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;"><b>255,231</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;"><b>311,848</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">18,322</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">17,851</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">62,722</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">39,229</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">23,493</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">5.94</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 8%;">1.65</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">4.32</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">4.28</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">1.65</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">1.38</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">1.38</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Revenues from the sales of copper in concentrate increased by $148.8 million to $258.2 million in the second quarter, compared to $109.3 million in the second quarter of 2025.&#160; The increase in revenues from the sales of copper in concentrate was attributable to a favorable price variance of $75.0 million reflecting a higher average realized copper price of US$1.79 per pound, a favorable volume variance of $72.3 million reflecting a higher sales volumes of 12.1 million pounds, and a favorable foreign exchange variance of $1.5 million.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Revenues from the sales of copper in concentrate increased by $218.2 million to $455.2 million in the first half of 2026, compared to $237.0 million in the first half of 2025.&#160; The increase in revenues from the sales of copper in concentrate was attributable to a favorable price variance of $130.1 million reflecting a higher average realized copper price of US$1.66 per pound and a favorable volume variance of $97.9 million reflecting higher sales volumes of 16.2 million pounds, partially offset by an unfavorable foreign exchange variance of $9.8 million.</p>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>Cost of sales</i></p>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">117,924</td>
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            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">86,067</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">31,857</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">244,946</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">154,984</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">89,962</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 8%;">5,720</td>
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            <td style="vertical-align: bottom; text-align: right; width: 8%;">11,704</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">9,760</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 8%;">(8,057</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">587</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">(8,644</td>
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            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">9,547</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">17,975</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">(8,428</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">11,054</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">46,238</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">(35,184</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">(1,939</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">)</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">(12,257</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">)</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">10,318</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">(2,114</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">)</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">(17,773</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">)</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">15,659</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">143,103</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">95,382</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">47,721</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">262,158</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">195,740</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">66,418</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">Depletion and amortization</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">29,225</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">25,210</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">4,015</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">57,222</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">47,635</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">9,587</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;"><b>Cost of sales</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;"><b>172,328</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;"><b>120,592</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;"><b>51,736</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;"><b>319,380</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;"><b>243,375</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;"><b>76,005</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">15</p>
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    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_16"></a>
    <div id="header_page_16">
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            <tr>
                <td style="width: 100%; text-align: justify;"><font style="color: #00a4e4; font-size: 12pt;"><b>TREKOR METALS LIMITED</b></font><br>Management's Discussion and Analysis</td>
            </tr>
            <tr>
                <td style="width: 100%; border-bottom: 0.75pt solid #000000;">&#160;</td>
            </tr>
        </table>
    </div>
    <br><br>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><b>Florence Copper</b></td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>2026</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Change</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">28,758</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">28,758</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">37,677</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">37,677</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">4,430</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">4,430</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">5,458</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">5,458</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">567</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">567</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">567</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">567</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">(473</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">(4,653</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">(4,653</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">191</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">-</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">191</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">)</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">-</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">)</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Production costs</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">33,473</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">33,473</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">36,950</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">36,950</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">10,020</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">-</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">10,020</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">11,189</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">-</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">11,189</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;"><b>-</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;"><b>43,493</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;"><b>48,139</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;"><b>-</b></td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">195,740</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">103,368</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Gibraltar site operating costs increased by $31.9 million to $117.9 million in the second quarter, compared to $86.1 million in the second quarter of 2025, primarily due to higher input costs on key commodities, particularly diesel and explosives, as well as costs related to scheduled maintenance projects that were advanced from the third quarter.&#160; Diesel costs were $19.3 million in the second quarter, compared to $12.1 million in the second quarter of 2025, primarily due to higher diesel prices resulting from geopolitical tensions in the Middle East and higher consumption reflecting longer haul distances as mining goes deeper in the Connector pit.&#160; Explosives costs were $11.9 million in the second quarter, compared to $7.0 million in the second quarter of 2025, reflecting a 30% increase in consumption volume and a 30% increase in the price of explosives.&#160; Gibraltar maintenance costs were $9.0 million higher in the second quarter, compared to the second quarter of 2025, as major maintenance projects for the mill originally scheduled for July and August were completed in June.&#160; Other site costs generally increased in line with inflation.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Gibraltar site operating costs increased by $90.0 million to $244.9 million in the first half of 2026, compared to $155.0 million in the first half of 2025, primarily due to lower capitalized stripping in the current period.&#160; Capitalized stripping costs were $43.0 million in the first half of 2026, compared to $68.8 million in the first half of 2025, as the comparative period benefited from capitalized stripping costs associated with the pushback in the Connector pit.&#160; Current period costs also reflect higher input costs on consumables, particularly diesel and explosives, longer haul distances, the advancement of major maintenance projects, and the operation of the Gibraltar SX/EW plant in 2026.</p>
    <div id="footer_page_16">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">16</p>
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                <td style="width: 100%; text-align: justify;"><font style="color: #00a4e4; font-size: 12pt;"><b>TREKOR METALS LIMITED</b></font><br>Management's Discussion and Analysis</td>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Gibraltar transportation costs were $9.9 million in the second quarter and $16.3 million in the first half of 2026, compared to $5.7 million in the second quarter of 2025 and $11.7 million in the first half of 2025, respectively, and generally reflect the higher sales volume in the current period.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Florence Copper contributed $28.8 million to site operating costs in the second quarter and $37.7 million in site operating costs in the first half of 2026 as operations ramp-up at the Florence Copper production facility.&#160; Production royalties associated with the Florence Copper property added $4.4 million and $5.5 million to production costs in the second quarter and the first half of 2026, respectively.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Cost of sales was also impacted by changes in inventories.&#160; Gibraltar processed 1.7 million tons of sulphide ore from stockpiles during the second quarter and 2.3 million tons during the first half of 2026.&#160; The drawdown of these stockpiles increased production costs by $9.5 million in the second quarter and $11.1 million in the first half of 2026.&#160; Gibraltar copper concentrate inventory increased by 3.0 million pounds in the first quarter and subsequently decreased by 2.1 million pounds in the second quarter due to the timing of shipments, resulting in an increase to production costs of $7.6 million in the second quarter and a decrease to production costs of $8.1 million in the first half of 2026.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Florence Copper had 0.8 million pounds of finished copper cathode inventory at the end of the period and contributed to a $4.7 million year-to-date decrease in production costs.&#160; Dissolved copper extracted from the Florence Copper wellfield into the pregnant leach solution through the ponds and plants resulted in $2.1 million of production costs reclassified into work-in-process inventories of copper in solutions.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Depletion and amortization increased by $14.0 million for the second quarter and $20.8 million for the first half of 2026, primarily due to amortization of Florence Copper assets and Gibraltar's transition of mining activities to the Connector pit and the associated amortization of previously deferred stripping costs.</p>
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            <td style="white-space: nowrap; text-align: center; vertical-align: bottom; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="white-space: nowrap; text-align: center; vertical-align: bottom; border-bottom: 0.75pt solid #000000;">&#160;</td>
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            <td style="white-space: nowrap; text-align: center; vertical-align: bottom; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="white-space: nowrap; text-align: center; vertical-align: bottom; border-bottom: 0.75pt solid #000000;">&#160;</td>
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            <td style="white-space: nowrap; text-align: center; vertical-align: bottom; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="white-space: nowrap; text-align: center; vertical-align: bottom; border-bottom: 0.75pt solid #000000;">&#160;</td>
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            <td style="white-space: nowrap; text-align: center; vertical-align: bottom; border-bottom: 0.75pt solid #000000;">&#160;</td>
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            <td style="white-space: nowrap; text-align: center; vertical-align: bottom; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="white-space: nowrap; text-align: center; vertical-align: bottom; border-bottom: 0.75pt solid #000000;">&#160;</td>
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            <td style="white-space: nowrap; text-align: center; vertical-align: bottom; border-bottom: 0.75pt solid #000000;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">4,116</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;">(45</td>
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            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">8,669</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">7,440</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">1,229</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">4,320</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 7%;">4,740</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right;">(420</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">13,337</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">9,744</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 7%;">3,593</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">24,192</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">1,566</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">22,626</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">41,607</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">3,119</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">38,488</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right;">(11,331</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right;">(1,296</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right;">(10,035</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        </tr>
        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">2,767</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">2,380</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">387</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">859</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">651</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">208</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">9,020</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">3,486</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">5,534</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">3,548</td>
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            <td style="vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">1,826</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%;">1,491</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 0.75pt solid #000000;"><b>20,340</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 0.75pt solid #000000;"><b>16,890</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 0.75pt solid #000000;"><b>54,870</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 0.75pt solid #000000;"><b>4,373</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; border-bottom: 0.75pt solid #000000;">&#160;</td>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">&#160;</p>
    <div id="footer_page_17">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">17</p>
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    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_18"></a>
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                <td style="width: 100%; text-align: justify;"><font style="color: #00a4e4; font-size: 12pt;"><b>TREKOR METALS LIMITED</b></font><br>Management's Discussion and Analysis</td>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">General and administrative expenses were $4.1 million in the second quarter, comparable to $4.1 million in the second quarter of 2025, and $8.7 million in the first half of 2026, compared to $7.4 million in first half of 2025.&#160; The increase in general and administrative expenses was attributable to increased personnel and scaling of corporate functions to support overall growth in operations.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Share-based compensation relates to expenses associated with the vesting of share options, restricted share units, and performance share units over their respective vesting periods, and fair value adjustments on deferred share units.&#160; Share-based compensation expenses were $4.3 million in the second quarter, compared to $4.7 million in the second quarter of 2025, and $13.3 million in the first half of 2026, compared to $9.7 million in the first half of 2025, primarily reflecting the increase in the Company's share price in 2026 and its impact on the valuation of the Company's long-term incentive awards.&#160; For more information, refer to Financial Statements-Note 16.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The Company realized a loss on derivatives of $24.2 million in the second quarter and $41.6 million in the first half of 2026, reflecting the settlement of copper collar contracts that had a call price of US$5.40 per pound.&#160; These collars were entered into as part of the Company&#8217;s hedging strategy to support its project finance and capital build out and ramp-up of Florence Copper.&#160; In turn, unrealized losses previously recognized of $11.3 million for the second quarter and $30.7 million for the first half of 2026 were reversed on these copper collar contracts.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The changes in fair value of $2.8 million in the second quarter and $0.9 million in the first half of 2026 on the Company&#8217;s outstanding copper collar positions for future quarter was due to prevailing copper prices.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Fair value adjustment on Florence copper stream derivative was $9.0 million in the second quarter and $20.4 million in the first half of 2026.&#160; Fair value adjustment on Cariboo contingent performance payment was $3.3 million in the second quarter and $3.5 million in the first half of 2026.&#160; These fair value changes reflect increases in forecast copper prices applied over the term of the respective instruments.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Project evaluation expense represents costs associated with the New Prosperity project and other technical expenditures undertaken by Trekor's engineering and technical teams on various project initiatives.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>Finance expenses and income</i></p>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="7"><b>Three months ended</b><br><b>June 30,</b></td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">(Cdn$ in thousands)</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>2026</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>2025</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Change</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>2026</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>2025</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Change</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Interest expense</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">16,909</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">17,145</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">(236</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">33,108</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">34,491</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Amortization of deferred financing charges</td>
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            <td style="vertical-align: bottom; text-align: right; width: 8%;">653</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">620</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">33</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">1,237</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">)</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">7,537</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">2,320</td>
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            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">4,484</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">3,026</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">5,148</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">Accretion on Florence royalty obligation</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">2,356</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">6,201</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">8,650</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">8,772</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;"><b>7,370</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;"><b>13,715</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;"><b>(6,345</b></td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;"><b>17,965</b></td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Net finance expenses were $16.5 million in the second quarter, compared to $10.1 million in the second quarter of 2025, and $24.6 million in the first half of 2026, compared to $21.0 million in the first half of 2025.&#160; Interest expense decreased by $0.2 million for the second quarter and $1.4 million for the first half of 2026 as the Company de-levers and continues to pay down its outstanding equipment loans.&#160; The Company also stopped capitalizing interest related to borrowings used to finance the capital spend on the Florence Copper commercial production facility in the second quarter as it determined that substantially all activities necessary to prepare the asset for intended use were complete.</p>
    <div id="footer_page_18">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">18</p>
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                <td style="width: 100%; text-align: justify;"><font style="color: #00a4e4; font-size: 12pt;"><b>TREKOR METALS LIMITED</b></font><br>Management's Discussion and Analysis</td>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Accretion on Cariboo consideration payable was $1.8 million in the second quarter and $3.0 million in the first half of 2026, and reflects changes in the timing of expected cash flows arising from changes in forecast copper price assumptions applied over the remaining term of the Sojitz earn-out and the Dowa and Furukawa earn-out obligations.&#160;</p>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>2026</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Change</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">1,751</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">(1,243</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">2,994</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">3,695</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">(1,243</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">4,938</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">Deferred income tax expense (recovery)</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">17,140</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">(26,196</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">)</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">43,336</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">31,853</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">(34,176</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">)</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">66,029</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;"><b>Income tax expense (recovery)</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;"><b>18,891</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;"><b>(27,439</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"><b>)</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;"><b>46,330</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;"><b>35,548</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;"><b>(35,419</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"><b>)</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;"><b>70,967</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Effective tax rate</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">46.0%</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">492.5%</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">(446.5)%</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">47.6%</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">84.1%</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">(36.5)%</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">27.0%</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">27.0%</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">27.0%</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">27.0%</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;">BC mineral tax rate</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">9.5%</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">9.5%</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">9.5%</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">9.5%</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">A reconciliation of the effective tax rate is presented below:</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" cellspacing="0" cellpadding="0">
        <tr>
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            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="1">&#160;</td>
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            <td style="vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="1">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>2026</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>2025</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Change</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>2026</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>2025</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Change</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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        <tr>
            <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff;"><b>Income tax expense at Canadian statutory </b><b>rate of 36.5%</b></td>
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            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;"><b>15,065</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;"><b>(2,033</b></td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;"><b>17,098</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;"><b>27,289</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;"><b>(15,366</b></td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;"><b>42,655</b></td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">12,936</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Foreign tax rate differentials</td>
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            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">1,564</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">48</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">1,516</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">2,039</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">200</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">1,839</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">825</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">(14,439</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">15,264</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">1,412</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">(14,590</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 8%;">16,002</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">(4,652</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">(4,168</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">(484</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">(4,616</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">(4,044</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">(572</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">)</td>
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        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><b>Income tax expense (recovery)</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;"><b>18,891</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;"><b>(27,439</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"><b>)</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;"><b>46,330</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;"><b>35,547</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;"><b>(35,419</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"><b>)</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;"><b>70,966</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The effective tax rate for the first quarter is higher than the combined BC mineral tax rate and the federal and provincial statutory income tax rate due to certain expenses such as finance charges, derivative losses, and general and administrative costs that are not deductible for BC mineral tax purposes.</p>
    <div id="footer_page_19">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">19</p>
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    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_20"></a>
    <div id="header_page_20">
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                <td style="width: 100%; text-align: justify;"><font style="color: #00a4e4; font-size: 12pt;"><b>TREKOR METALS LIMITED</b></font><br>Management's Discussion and Analysis</td>
            </tr>
            <tr>
                <td style="width: 100%; border-bottom: 0.75pt solid #000000;">&#160;</td>
            </tr>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">As foreign exchange revaluations on the senior secured notes are not recognized for tax purposes until realized, and in the case of capital losses, until they are applied, the effective tax rate may be significantly higher or lower than statutory rates.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #00a4e4;"><b>Financial Condition Review</b></font></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>Balance sheet review</i></p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="padding: 0.7pt 2.15pt 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-indent: 1.45pt; white-space: nowrap;">(Cdn$ in thousands, unless otherwise indicated)</td>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>June 30,</b><br><b>2026</b></td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Change</b></td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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        <tr>
            <td style="padding: 0.32pt 2.15pt 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-indent: 1.45pt; background-color: #e6efff;">Cash</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">185,764</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">187,961</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">(2,197</td>
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        <tr>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">177,313</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">156,925</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">20,388</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">2,219,493</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">2,045,452</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">174,041</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">90,148</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">82,149</td>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">7,999</td>
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        <tr>
            <td style="padding: 0.32pt 2.15pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-indent: 1.45pt; background-color: #e6efff;"><b>Total assets</b></td>
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            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>200,231</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="padding: 0.32pt 2.15pt 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-indent: 1.45pt;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
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        <tr>
            <td style="padding: 0.7pt 2.15pt; vertical-align: bottom; text-indent: 1.45pt; background-color: #e6efff;">Current liabilities<sup>1</sup></td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">259,166</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">194,313</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">64,853</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="padding: 0.7pt 2.15pt; vertical-align: bottom; text-indent: 1.45pt;">Debt:</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
            <td style="padding: 0.7pt 2.15pt; vertical-align: bottom; text-indent: 1.45pt; background-color: #e6efff;">&#160; Senior secured notes</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">700,569</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">674,114</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">26,455</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="padding: 0.7pt 2.15pt; vertical-align: bottom; text-indent: 1.45pt;">&#160; Equipment-related financings</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">64,716</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">72,882</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">(8,166</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">)</td>
        </tr>
        <tr>
            <td style="padding: 0.7pt 2.15pt; vertical-align: bottom; text-indent: 1.45pt; background-color: #e6efff;">Cariboo consideration payable</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">95,886</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">132,006</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(36,120</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
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        <tr>
            <td style="padding: 0.7pt 2.15pt; vertical-align: bottom; text-indent: 1.45pt;">Florence royalty obligation</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">115,684</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">107,599</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">8,085</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="padding: 0.7pt 2.15pt; vertical-align: bottom; text-indent: 1.45pt; background-color: #e6efff;">Florence copper stream</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">107,506</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">91,501</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">16,005</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="padding: 0.7pt 2.15pt; vertical-align: bottom; text-indent: 1.45pt;">Deferred revenue</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">84,583</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">82,617</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">1,966</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="padding: 0.7pt 2.15pt 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-indent: 1.45pt; background-color: #e6efff;">Other liabilities</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">388,427</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">338,792</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">49,635</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="padding: 0.32pt 2.15pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-indent: 1.45pt;"><b>Total liabilities</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;"><b>1,816,537</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;"><b>1,693,824</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;"><b>122,713</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="padding: 0.32pt 2.15pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-indent: 1.45pt; background-color: #e6efff;"><b>Equity</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>856,181</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>778,663</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>77,518</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="padding: 0.32pt 2.15pt 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-indent: 1.45pt;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="padding: 0.7pt 2.15pt; vertical-align: bottom; text-indent: 1.45pt; background-color: #e6efff;">Net debt (debt minus cash)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">579,521</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">559,035</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">20,486</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="padding: 0.7pt 2.15pt 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-indent: 1.45pt;">Total common shares outstanding (million shares)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">365.8</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">361.1</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">4.7</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
        </tr>
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    <br>
    <p style="text-indent: -16.55pt; text-align: justify; margin: 0pt 1.45pt 0pt 18pt;">1<font style="width: 12.5pt; text-indent: 0pt; display: inline-block;">&#160;</font>Current liabilities exclude the current portion of long-term debt.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The Company's asset base is principally comprised of property, plant and equipment reflecting the capital-intensive nature of its large scale, open pit mining operation at Gibraltar and the commercial SX/EW facility at Florence Copper.&#160; Other current assets primarily include accounts receivable, inventories (concentrate and cathode inventories, ore stockpiles, copper in solution, and supplies), prepaid expenses, and marketable securities.&#160; Copper inventories, accounts receivable and cash balances can fluctuate due to the timing of sales and cash settlements.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Property, plant and equipment increased by $174.0 million during the first half of 2026, which includes Florence Copper capital expenditures of $83.3 million (which includes wellfield development costs of $52.2 million and capitalized commissioning costs of $21.2 million) and Gibraltar capital expenditures of $106.8 million (which includes capitalized stripping costs of $48.5 million and other capital expenditures of $58.3 million).</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Net debt increased by $20.5 million during the first half of 2026, primarily due to the effect of a stronger US dollar on the Company's US dollar-denominated debt.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Cariboo consideration payable relates to earn-out obligations arising from the acquisition of Cariboo.&#160; Cariboo consideration payable decreased by $36.1 million during the first half of 2026, primarily due to payments made to Sojitz, Dowa and Furukawa during the period.</p>
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                <td style="width: 100%; text-align: justify;"><font style="color: #00a4e4; font-size: 12pt;"><b>TREKOR METALS LIMITED</b></font><br>Management's Discussion and Analysis</td>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Florence royalty obligation increased by $8.1 million, primarily reflecting changes in the timing of expected cash flows driven by changes in forecast copper prices applied over the term of the obligation.&#160; Florence copper stream increased $16.0 million, primarily due to the fair value impacts associated with higher forecast copper prices applied over the term of the stream.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Deferred revenue relates to the advance payments received from OR Royalties Inc. for the sale of future silver production from Gibraltar.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Other liabilities increased by $49.6 million primarily due to changes in deferred tax liabilities.&#160; Deferred tax liabilities increased primarily due to timing differences arising on deduction of capitalized stripping costs for both Canadian income tax and BC mineral tax purposes.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">At August 5, 2026, there were 366,023,318 common shares and 6,630,297 stock options outstanding.&#160; More information on these instruments and the terms of their exercise can be found in Financial Statements-Notes 16 and 17.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>Liquidity, cash flow and capital resources</i></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">At June 30, 2026, the Company had cash of $185.8 million (December 31, 2025 - $188.0 million) and available liquidity of approximately $342.1 million including its undrawn US$110 million revolving credit facility (December 31, 2025 - $338.7 million).</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Cash provided by operating activities was $183.3 million in the second quarter, compared to $26.0 million in the second quarter of 2025, and $277.2 million in the first half of 2026, compared to $81.8 million in the first half of 2025.&#160; The increase in cash provided by operating activities was primarily driven by increased revenues from Gibraltar reflecting higher sales volumes and higher prevailing copper prices during the current quarter, partially offset by higher input costs for key commodities, particularly diesel and explosives, and continued spend at Florence Copper to support ramp-up activities.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Cash used for investing activities was $116.7 million in the second quarter, compared to $127.3 million in the second quarter of 2025.&#160; Investing activities include $53.8 million in capital expenditures at Gibraltar ($27.8 million in capitalized stripping and $26.0 million in other capital expenditures), and $41.5 million in capital expenditures at Florence Copper ($38.4 million in wellfield development costs and $3.1 million in other development costs).&#160; The Company also paid $19.4 million related to copper collar contracts that settled in-the-money in the second quarter.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Cash used for investing activities was $214.7 million in the first half of 2026, compared to $258.3 million in the first half of 2025, and includes $91.4 million in capital expenditures at Gibraltar ($43.0 million in capitalized stripping and $48.4 million in other capital expenditures), and $87.4 million in capital expenditures at Florence Copper ($53.4 million in wellfield development costs, $21.2 million in capitalized commissioning and start-up costs, and $12.9 million in other development costs).&#160; The Company also paid $32.0 million related to copper collar contracts that settled in-the-money in the first half of 2026.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Cash used for financing activities was $50.0 million in the second quarter, compared to cash provided by financing activities of $104.8 million in the second quarter of 2025.&#160; Financing activities include $29.2 million in interest payments (including US$20.6 million interest payment on the Notes in May), $10.6 million in equipment debt repayments, and $9.9 million performance payment to Sojitz.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Cash used for financing activities was $67.5 million in the first half of 2026, compared to cash provided by financing activities of $126.3 million in the first half of 2025.&#160; Financing activities include $31.0 million in interest payments, $19.9 million in equipment debt repayments, and $22.5 million in payments related to the Cariboo earn-outs to Sojitz, Dowa and Furukawa.</p>
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                <td style="width: 100%; text-align: justify;"><font style="color: #00a4e4; font-size: 12pt;"><b>TREKOR METALS LIMITED</b></font><br>Management's Discussion and Analysis</td>
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                <td style="width: 100%; border-bottom: 0.75pt solid #000000;">&#160;</td>
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    </div>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>Liquidity outlook</i></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">At June 30, 2026, the Company had approximately $342.1 million of available liquidity including $185.8 million in cash and US$110 million undrawn capacity on its corporate revolving credit facility.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Based on current copper prices and with copper hedges in place, the Company expects stable operating margins and cash flows from Gibraltar for the remainder of 2026.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Wellfield drilling continues at Florence Copper, with five drill rigs on site, to continue the expansion of the commercial wellfield and support higher solution flow rates and increased copper production.&#160; The Florence Copper SX/EW plant continues its ramp-up of production as additional wells and flow are added.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">If needed, the Company could raise further additional capital through equity financings or asset sales, including royalties, sales of project interests, joint ventures, or additional credit facilities, including additional notes offerings or increasing borrowings from commercial banks or credit funds through one or more credit facilities including increases to its existing revolving credit facility.&#160; The Company evaluates these financing alternatives based on a number of factors, including the prevailing metal prices and projected operating cash flows from Gibraltar, relative valuation, liquidity requirements, covenant restrictions and other factors, in order to optimize the Company's cost of capital and maximize shareholder value.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Following a successful Florence Copper ramp-up, the Company will be focused on capital allocation and any excess liquidity in the future will be earmarked for additional debt repayment to target lower leverage levels.&#160; Once target leverage levels are met, the Company may also evaluate potential returns to shareholders including share buy backs while balancing capital needs throughout its operations and development project.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Future changes in copper and molybdenum market prices could also impact the timing and amount of cash available for future investment in the Company's capital and development projects, debt obligations and other uses of capital including potential returns to shareholders.&#160; To mitigate commodity price risks in the short term, copper price options are entered into for a substantial portion of Gibraltar's copper production and the Company has a long track history of doing so.&#160; The Company currently has copper price protection in place for 24 million pounds of production for the third quarter at an LME floor price of US$4.75 per pound and a ceiling of US$7.50 and US$8.50 per pound and for 27 million pounds of production for the fourth quarter at an LME floor price of US$4.75 per pound.&#160;</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>Hedging strategy</i></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The Company generally fixes all or substantially all of the copper prices of its copper concentrate shipments at the time of shipment.&#160; Where the customer's offtake contract does not provide a price fixing option, the Company may look to undertake a quotational period hedge directly with a financial institution as the counterparty in order to fix the price of the shipment.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">To protect against sudden and unexpected copper price volatility in the market, the Company's hedging strategy aims to secure a minimum price for a significant portion of future copper production using copper put options that are either purchased outright or substantially funded by the sale of copper call options that are out of the money.&#160; The amount and duration of the copper hedge positions is based on an assessment of business-specific risk elements combined with the copper pricing outlook.&#160; Copper price and quantity exposure are reviewed regularly to ensure that adequate revenue protection is in place.</p>
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                <td style="width: 100%; text-align: justify;"><font style="color: #00a4e4; font-size: 12pt;"><b>TREKOR METALS LIMITED</b></font><br>Management's Discussion and Analysis</td>
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                <td style="width: 100%; border-bottom: 0.75pt solid #000000;">&#160;</td>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Hedge positions are typically extended by adding incremental quarters at established floor prices (the strike price of the copper put option) to provide the necessary price protection.&#160; Considerations for the cost of the hedging program include an assessment of Gibraltar's, and Florence Copper's, estimated production costs, copper price trends and the Company's fixed capital requirements during the relevant period.&#160; During periods of volatility or step changes in the copper price, the Company may revisit outstanding hedging contracts and determine whether copper put (floor) or call (ceiling) levels should be adjusted in line with the market while maintaining copper price protection.&#160; The Company expects to revert to shorter term floor price protection purchasing out-of-the-money put options for a modest premium once Florence Copper is through commissioning and ramp-up.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">From time to time, the Company will look at potential hedging opportunities that mitigate the risk of rising input costs, including foreign exchange and fuel prices, where such a strategy is cost effective.&#160; To protect against a potential operating margin squeeze that could arise from oil and diesel price shocks, the Company has purchased fuel call options in the past to provide a price ceiling for diesel that is used by the mining fleet and may do so in the future.&#160; The Company does not have any fuel price protection at this time.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">A summary of the Company's outstanding hedge positions is as follows:</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" cellspacing="0" cellpadding="0">
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            <td style="width: 20%; padding: 0.7pt 2.15pt 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; text-indent: 1.45pt; white-space: nowrap;"><b>&#160;</b></td>
            <td style="width: 19%; padding: 0.7pt 2.15pt 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; text-indent: 1.45pt; white-space: nowrap;"><b>Notional amount</b></td>
            <td style="width: 23%; padding: 0.7pt 2.15pt 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; text-indent: 1.45pt; white-space: nowrap;"><b>Strike price</b></td>
            <td style="width: 18%; padding: 0.7pt 2.15pt 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; text-indent: 1.45pt; white-space: nowrap;"><b>Term to maturity</b></td>
            <td style="width: 18%; padding: 0.7pt 2.15pt 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; text-indent: 1.45pt; white-space: nowrap;"><b>Original cost</b></td>
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            <td style="width: 103%; padding: 0.32pt 2.15pt 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-indent: 1.45pt;" colspan="5"><b>At June 30, 2026</b></td>
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        <tr>
            <td style="width: 20%; padding: 0.7pt 2.15pt; vertical-align: middle; text-align: center; text-indent: 1.45pt; background-color: #e6efff;">Copper collars</td>
            <td style="width: 19%; padding: 0.7pt 2.15pt; vertical-align: middle; text-align: center; text-indent: 1.45pt; background-color: #e6efff;">12 million lbs</td>
            <td style="width: 23%; padding: 0.7pt 2.15pt; vertical-align: middle; text-align: center; text-indent: 2.9pt; background-color: #e6efff;">Floor - US$4.75 per lb<br>Ceiling - US$7.50 per lb</td>
            <td style="width: 18%; padding: 0.7pt 2.15pt; vertical-align: middle; text-align: center; text-indent: 1.45pt; background-color: #e6efff;">Q3 2026</td>
            <td style="width: 18%; padding: 0.7pt 2.15pt; vertical-align: middle; text-align: center; text-indent: 1.45pt; background-color: #e6efff;">$0.1 million</td>
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            <td style="width: 20%; padding: 0.7pt 2.15pt; vertical-align: middle; text-align: center; text-indent: 1.45pt;">Copper collars</td>
            <td style="width: 19%; padding: 0.7pt 2.15pt; vertical-align: middle; text-align: center; text-indent: 1.45pt;">12 million lbs</td>
            <td style="width: 23%; padding: 0.7pt 2.15pt; vertical-align: middle; text-align: center; text-indent: 2.9pt;">Floor - US$4.75 per lb<br>Ceiling - US$8.50 per lb</td>
            <td style="width: 18%; padding: 0.7pt 2.15pt; vertical-align: middle; text-align: center; text-indent: 1.45pt;">Q3 2026</td>
            <td style="width: 18%; padding: 0.7pt 2.15pt; vertical-align: middle; text-align: center; text-indent: 1.45pt;">$nil</td>
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            <td style="width: 20%; padding: 0.7pt 2.15pt; vertical-align: middle; text-align: center; text-indent: 1.45pt; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">Copper puts</td>
            <td style="width: 19%; padding: 0.7pt 2.15pt; vertical-align: middle; text-align: center; text-indent: 1.45pt; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">27 million lbs</td>
            <td style="width: 23%; padding: 0.7pt 2.15pt; vertical-align: middle; text-align: center; text-indent: 1.45pt; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">US$4.75 per lb</td>
            <td style="width: 18%; padding: 0.7pt 2.15pt; vertical-align: middle; text-align: center; text-indent: 1.45pt; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">Q4 2026</td>
            <td style="width: 18%; padding: 0.7pt 2.15pt; vertical-align: middle; text-align: center; text-indent: 1.45pt; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">$1.4 million</td>
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            <td style="width: 20%; padding: 0.7pt 2.15pt 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; text-indent: 1.45pt;">&#160;</td>
            <td style="width: 19%; padding: 0.7pt 2.15pt 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; text-indent: 1.45pt;">&#160;</td>
            <td style="width: 23%; padding: 0.7pt 2.15pt 0.32pt 3.6pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center;">&#160;</td>
            <td style="width: 18%; padding: 0.7pt 2.15pt 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; text-indent: 1.45pt;">&#160;</td>
            <td style="width: 18%; padding: 0.7pt 2.15pt 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; text-indent: 1.45pt;">&#160;</td>
        </tr>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>Commitments and contingencies</i></p>
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            <td style="padding: 0.7pt 1.45pt 0.7pt 2.9pt; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="1">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="19"><b>Payments due</b></td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="1">&#160;</td>
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            <td style="padding: 0.7pt 1.45pt 0.32pt 2.9pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; white-space: nowrap;">(Cdn$ in thousands)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Remainder<br>2026</b></td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>2027</b></td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>2028</b></td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>2029</b></td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;">&#160;</td>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">-</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">-</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">-</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">710,500</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">-</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">710,500</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%;">29,308</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%;">58,616</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%;">58,616</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%;">58,616</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%;">29,308</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%;">234,464</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%;">14,570</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%;">14,831</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%;">12,432</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%;">779</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%;">458</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%;">-</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%;">43,070</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">1,547</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">1,753</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">605</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">74</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">8</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">-</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">3,987</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">7,882</td>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">133</td>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">21,738</td>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%;">688</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%;">260</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%;">117</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%;">36</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%;">6</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%;">1,909</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Cariboo consideration payable<sup>1</sup></td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">-</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">25,250</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">25,250</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">15,250</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">15,250</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">48,462</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">129,462</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%;">-</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%;">-</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%;">-</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%;">-</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%;">-</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%;">158,227</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%;">158,227</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Capital expenditures</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">7,610</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">-</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">-</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">-</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">-</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">-</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%; background-color: #e6efff;">7,610</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 7%; background-color: #e6efff;">4,792</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 7%; background-color: #e6efff;">7,141</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 7%; background-color: #e6efff;">5,400</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 7%; background-color: #e6efff;">1,350</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 7%; background-color: #e6efff;">-</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 7%; background-color: #e6efff;">-</td>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 7%; background-color: #e6efff;">18,683</td>
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    <br>
    <div id="footer_page_23">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">23</p>
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    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_24"></a>
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                <td style="width: 100%; text-align: justify;"><font style="color: #00a4e4; font-size: 12pt;"><b>TREKOR METALS LIMITED</b></font><br>Management's Discussion and Analysis</td>
            </tr>
            <tr>
                <td style="width: 100%; border-bottom: 0.75pt solid #000000;">&#160;</td>
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        </table>
    </div>
    <br>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" cellspacing="0" cellpadding="0">
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            <td style="width: 100%; padding: 0.32pt 1.45pt 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000;">
                <p style="text-indent: -16.55pt; text-align: justify; margin: 0pt 1.45pt 10pt 18pt;">1<font style="width: 11.99pt; text-indent: 0pt; display: inline-block;">&#160;</font>On March 15, 2023, the Company completed the acquisition of 50% of Cariboo from Sojitz Corporation ("Sojitz").&#160; The acquisition price payable to Sojitz is a minimum of $60 million payable over 5 years and potential contingent payments dependent upon Gibraltar copper revenue and average annual LME copper prices.&#160; As of June 30, 2026, $40 million of the $60 million minimum amount has been paid to Sojitz.&#160; The remaining minimum amounts will be paid in $10 million annual instalments over the next 2 years.&#160; There is no interest payable on these minimum amounts.&#160; The Company also estimates $36.5 million of contingent payments payable over the next 2 years, which have not been included in the table above.</p>
                <p style="text-align: justify; margin: 10pt 1.45pt 10pt 18pt;">On March 25, 2024, the Company completed the acquisition of the remaining 50% of Cariboo from Dowa and Furukawa.&#160; The acquisition price payable to Dowa and Furukawa is a minimum $117 million payable over 10 years.&#160; The amount and timing of these payments is dependent upon Gibraltar cash flow and average annual LME copper prices.</p>
                <p style="text-indent: -16.55pt; text-align: justify; margin: 10pt 1.45pt 10pt 18pt;">2<font style="width: 11.99pt; text-indent: 0pt; display: inline-block;">&#160;</font>Provision for environmental rehabilitation ("PER") represents the net present value of estimated costs of legal and constructive obligations required to retire an asset, including decommissioning and other site restoration activities, primarily for Gibraltar and Florence Copper.&#160; At June 30, 2026, the Company has provided surety bonds for $140.9 million for Gibraltar's reclamation security and US$36.1 million for Florence Copper's reclamation security.</p>
                <p style="text-indent: -16.55pt; text-align: justify; margin: 10pt 1.45pt 0pt 18pt;">3<font style="width: 11.99pt; text-indent: 0pt; display: inline-block;">&#160;</font>Transportation-related services include ocean freight and port handling services, which are both cancelable upon certain operating circumstances.</p>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">We have $2 million of committed annual contributions remaining in connection with the Te&#7825;tan Biny Agreement that was signed in June 2025.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #00a4e4;"><b>Summary of Quarterly Results</b></font></p>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; white-space: nowrap;" rowspan="2">(Cdn$ in thousands,<br>except per share amounts)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: center; border-bottom: 0.75pt solid #000000; white-space: nowrap;" colspan="1">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: center; border-bottom: 0.75pt solid #000000; white-space: nowrap;" colspan="4"><b>2026</b></td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: center; border-bottom: 0.75pt solid transparent; white-space: nowrap;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; border-bottom: 0.75pt solid #000000; white-space: nowrap;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; border-bottom: 0.75pt solid #000000; white-space: nowrap;" colspan="10"><b>2025</b></td>
            <td style="vertical-align: bottom; text-align: center; border-bottom: 0.75pt solid transparent; white-space: nowrap;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; border-bottom: 0.75pt solid #000000; white-space: nowrap;" colspan="1">&#160;</td>
            <td style="vertical-align: bottom; text-align: center; border-bottom: 0.75pt solid #000000; white-space: nowrap;" colspan="4"><b>2024</b></td>
            <td style="vertical-align: bottom; text-align: center; border-bottom: 0.75pt solid #000000; white-space: nowrap;" colspan="1">&#160;</td>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Q2</b></td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Q1</b></td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Q4</b></td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Q3</b></td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Q2</b></td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Q1</b></td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Q4</b></td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Q3</b></td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; background-color: #e6efff;">Revenues</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 6%; background-color: #e6efff;">330,553</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 6%; background-color: #e6efff;">237,093</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 6%; background-color: #e6efff;">243,767</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 6%; background-color: #e6efff;">173,906</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 6%; background-color: #e6efff;">116,082</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 6%; background-color: #e6efff;">139,149</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 6%; background-color: #e6efff;">167,799</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 6%; background-color: #e6efff;">155,617</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">Net income (loss)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 6%;">22,220</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 6%;">16,844</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 6%;">4,454</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 6%;">(27,838</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 6%;">21,868</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 6%;">(25,814</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 6%;">(21,207</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 6%;">(180</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">)</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Basic EPS</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 6%; background-color: #e6efff;">0.06</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 6%; background-color: #e6efff;">0.05</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 6%; background-color: #e6efff;">0.01</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 6%; background-color: #e6efff;">(0.09</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 6%; background-color: #e6efff;">0.07</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 6%; background-color: #e6efff;">(0.08</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 6%; background-color: #e6efff;">(0.07</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 6%; background-color: #e6efff;">-</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">Adjusted net income (loss)*</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 6%;">40,487</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 6%;">27,535</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 6%;">41,525</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 6%;">5,584</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 6%;">(13,025</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 6%;">(7,117</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 6%;">10,468</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 6%;">8,228</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Adjusted basic EPS</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 6%; background-color: #e6efff;">0.11</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 6%; background-color: #e6efff;">0.08</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 6%; background-color: #e6efff;">0.11</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 6%; background-color: #e6efff;">0.02</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 6%; background-color: #e6efff;">(0.04</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 6%; background-color: #e6efff;">(0.02</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 6%; background-color: #e6efff;">0.03</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 6%; background-color: #e6efff;">0.03</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 6%;">125,094</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 6%;">93,463</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 6%;">116,464</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 6%;">62,137</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 6%;">17,432</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 6%;">34,391</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 6%;">55,602</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 6%;">47,689</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 6%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 6%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 6%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 6%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 6%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 6%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 6%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 6%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">Gibraltar copper sales (million pounds)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 6%;">32.2</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 6%;">27.0</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 6%;">31.6</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 6%;">26.3</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 6%;">19.0</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 6%;">21.8</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 6%;">27.4</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 6%;">26.3</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Gibraltar realized copper price (US$ per pound)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 6%; background-color: #e6efff;">6.11</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 6%; background-color: #e6efff;">5.74</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 6%; background-color: #e6efff;">5.13</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 6%; background-color: #e6efff;">4.49</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 6%; background-color: #e6efff;">4.32</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 6%; background-color: #e6efff;">4.24</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 6%; background-color: #e6efff;">4.13</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 6%; background-color: #e6efff;">4.23</td>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">$</td>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">$</td>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">$</td>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">$</td>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Financial results for the last eight quarters reflect volatile copper, molybdenum prices and foreign exchange rates that impacted realized sales prices, and the variability in quarterly sales volumes due to copper grades and timing of shipments which impacted revenue recognition.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #00a4e4;"><b>Critical Accounting Policies and Estimates</b></font></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The Company's material accounting policies are presented in Note 2.2 of the consolidated financial statements for the year ended December 31, 2025.&#160; The preparation of the consolidated financial statements in conformity with IFRS Accounting Standards requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses.&#160; Actual results may differ from these estimates.&#160; Estimates and underlying assumptions are reviewed on an ongoing basis, and revisions are recognized in the periods in which the estimates are revised and in any future periods affected.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">There were no changes in accounting policies during the six months ended June 30, 2026.</p>
    <div id="footer_page_24">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">24</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_25"></a>
    <div id="header_page_25">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%; text-align: justify;"><font style="color: #00a4e4; font-size: 12pt;"><b>TREKOR METALS LIMITED</b></font><br>Management's Discussion and Analysis</td>
            </tr>
            <tr>
                <td style="width: 100%; border-bottom: 0.75pt solid #000000;">&#160;</td>
            </tr>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #00a4e4;"><b>Changes in Accounting Policies</b></font></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">In April 2024, the IASB issued IFRS 18, Presentation and Disclosure in Financial Statements, which replaces IAS 1, Presentation of Financial Statements. IFRS 18 introduces new requirements for the presentation and disclosure of information in the financial statements, including a prescribed structure for the statement of income, new defined subtotals, and enhanced disclosures for management-defined performance measures ("MPMs"). The standard also includes new guidance on the aggregation and disaggregation of information in the financial statements.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">IFRS 18 is effective for annual reporting periods beginning on or after January 1, 2027, with retrospective application required. Early adoption is permitted.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The Company is currently evaluating the impact of adopting IFRS 18 on its interim financial statements. The standard is expected to result in changes to the presentation of the Company's consolidated statements of comprehensive income by requiring all income and expenses to be classified into the three main categories of operating, investing, and financing. Specifically, the Company anticipates changes to the presentation of certain income and expense items. For example, foreign exchange gains and losses will be classified in the same category as the items that gave rise to the exchange difference, rather than being combined into a single line item. The consolidated statement of cash flows will begin with the new IFRS 18-specified subtotal of operating profit. The Company will also provide enhanced note disclosures for any identified MPMs. The Company intends to adopt the standard on its effective date.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #00a4e4;"><b>Internal and Disclosure Controls Over Financial Reporting</b></font></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The Company's management is responsible for establishing and maintaining adequate internal controls over financial reporting ("ICFR") and disclosure controls and procedures ("DC&amp;P").</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The Company's internal control system over financial reporting is designed to provide reasonable assurance to management and the Board of Directors regarding the preparation and fair presentation of published financial statements.&#160; Internal controls over financial reporting include those policies and procedures that:</p>
    <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(1)<font style="width: 6.75pt; text-indent: 0pt; display: inline-block;">&#160;</font>pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of assets of the Company;</p>
    <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(2)<font style="width: 6.75pt; text-indent: 0pt; display: inline-block;">&#160;</font>provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with IFRS Accounting Standards, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and,</p>
    <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">(3)<font style="width: 6.75pt; text-indent: 0pt; display: inline-block;">&#160;</font>provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company's assets that could have a material effect on the financial statements.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The Company's internal control system over disclosure controls and procedures is designed to provide reasonable assurance that material information relating to the Company is made known to management and disclosed to others and information required to be disclosed by the Company in its annual filings, interim filings or other reports filed or submitted by us under securities legislation is recorded, processed, summarized and reported within the time periods specified in the securities legislation.</p>
    <div id="footer_page_25">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">25</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_26"></a>
    <div id="header_page_26">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%; text-align: justify;"><font style="color: #00a4e4; font-size: 12pt;"><b>TREKOR METALS LIMITED</b></font><br>Management's Discussion and Analysis</td>
            </tr>
            <tr>
                <td style="width: 100%; border-bottom: 0.75pt solid #000000;">&#160;</td>
            </tr>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">All internal control systems, no matter how well designed, have inherent limitations.&#160; Therefore, even those systems determined effective can provide only reasonable assurance with respect to financial reporting and disclosure.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">There have been no changes in our internal control over financial reporting and disclosure controls and procedures during the six months ended June 30, 2026 that have materially affected, or are reasonably likely to materially affect, internal control over financial reporting and disclosure.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #00a4e4;"><b>Key Management Personnel</b></font></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Key management personnel ("KMP") include the members of the Board of Directors and executive officers of the Company.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The Company contributes to a post-employment defined contribution pension plan on behalf of certain KMP.&#160; This retirement compensation arrangement (the "RCA Trust") was established to provide benefits to certain executive officers on or after retirement in recognition of their long service.&#160; Upon retirement, the participant is entitled to the distribution of the accumulated value of the contributions under the RCA Trust.&#160; Obligations for contributions to the defined contribution pension plan are recognized as compensation expense in the periods during which services are rendered by the executive officers.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Certain executive officers are entitled to termination and change in control benefits.&#160; In the event of termination without cause, other than a change in control, these executive officers are entitled to an amount ranging from 12-months' to 18-months' salary.&#160; In the event of a change in control, if a termination without cause or a resignation occurs within 12 months following the change in control, these executive officers are entitled to receive, among other things, an amount ranging from 12-months' to 24-months' salary and accrued bonus, and all stock options held by these individuals will fully vest.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Executive officers and directors also participate in the Company's share option program (refer to Financial Statements-Note 16).</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Compensation for KMP (including all members of the Board of Directors and executive officers) is as follows:</p>
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        <tr>
            <td style="padding: 0.7pt 2.15pt; vertical-align: bottom; text-indent: 1.45pt; white-space: nowrap;">&#160;</td>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="1">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="4"><b>Six months ended</b><br><b>June 30,</b></td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>2026</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>2026</b></td>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>2025</b></td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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        <tr>
            <td style="padding: 0.32pt 2.15pt 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-indent: 1.45pt; background-color: #e6efff;">Salaries and benefits</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">1,044</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">3,720</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">4,235</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="padding: 0.7pt 2.15pt; vertical-align: bottom; text-indent: 1.45pt;">Post-employment benefits</td>
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            <td style="vertical-align: bottom; text-align: right; width: 12%;">161</td>
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            <td style="vertical-align: bottom; text-align: right; width: 12%;">220</td>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">440</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="padding: 0.7pt 2.15pt 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-indent: 1.45pt; background-color: #e6efff;">Share-based compensation</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">3,928</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">9,674</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">8,274</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="padding: 0.32pt 2.15pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-indent: 1.45pt;"><b>Total KMP compensation</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;"><b>5,133</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;"><b>13,715</b></td>
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            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #00a4e4;"><b>Non-GAAP Performance Measures</b></font></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">This MD&amp;A includes certain non-GAAP performance measures that do not have a standardized meaning prescribed by IFRS Accounting Standards.&#160; These measures may differ from those used by, and may not be comparable to such measures as reported by, other issuers.&#160; The Company believes that these measures are commonly used by certain investors, in conjunction with conventional IFRS Accounting Standards measures, to enhance their understanding of the Company's performance.&#160; These measures have been derived from the Company's financial statements and applied on a consistent basis.&#160; The following tables below provide a reconciliation of these non-GAAP measures to the most directly comparable IFRS Accounting Standards measures.</p>
    <div id="footer_page_26">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">26</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_27"></a>
    <div id="header_page_27">
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            <tr>
                <td style="width: 100%; text-align: justify;"><font style="color: #00a4e4; font-size: 12pt;"><b>TREKOR METALS LIMITED</b></font><br>Management's Discussion and Analysis</td>
            </tr>
            <tr>
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            </tr>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>Total operating cost and site operating cost, net of by-product credit</i></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Total operating cost includes all costs absorbed into inventory, as well as transportation costs and insurance recoverable.&#160; Site operating cost is calculated by removing net changes in inventory, depletion and amortization, insurance recoverable, and transportation costs from cost of sales.&#160; Site operating cost, net of by-product credit is calculated by subtracting by-product credits from site operating cost.&#160; Site operating cost, net of by-product credit per pound is calculated by dividing the aggregate of the applicable costs by pounds of copper produced.&#160; Total operating cost per pound is the sum of site operating costs, net of by-product credits and off-property costs divided by pounds of copper produced.&#160; By-product credit is calculated based on actual sales of molybdenum (net of treatment costs), silver and gold during the period divided by the total pounds of copper produced during the period.&#160; These measures are calculated on a consistent basis for the periods presented.</p>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom;">Less:</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160; Depletion and amortization</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">(27,997</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">(27,207</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">(27,876</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">(25,210</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">&#160; Changes in inventories of finished goods</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">(7,637</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">15,694</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">(2,611</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">1,425</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">2,123</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160; Changes in inventories of ore stockpiles</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">(7,608</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">(1,332</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">13,473</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">16,685</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">(5,718</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000;">&#160; Transportation costs</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">(9,934</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">(6,395</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">(10,989</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">(7,247</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">(5,720</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">)</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; background-color: #e6efff;">Gibraltar site operating costs</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">117,924</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">127,021</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">119,585</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">117,651</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">86,067</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160; Molybdenum, net of treatment costs</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">(25,878</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">(27,009</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">(25,095</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">(13,903</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">(4,814</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
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        <tr>
            <td style="vertical-align: bottom;">&#160; Silver, excluding amortization of deferred revenue</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">(1,252</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">2,026</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">312</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">(295</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">(58</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">)</td>
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        <tr>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160; Gold</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">(86</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">(567</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">(619</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">(761</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">(351</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">)</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000;">Gibraltar site operating costs, net of by-product credits</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%;">90,708</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%;">101,471</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%;">94,183</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%;">102,692</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%;">80,844</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Gibraltar total copper produced (thousand pounds)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">30,323</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">29,893</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">30,712</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">27,593</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">19,813</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">Total costs per pound produced (CA$ per pound)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">2.99</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">3.39</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">3.07</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">3.72</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">4.08</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">Average exchange rate for the period (CAD/USD)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">1.38</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">1.37</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">1.39</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">1.38</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">1.38</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Gibraltar site operating costs, net of by-product&#160;credits (US$ per pound)</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">2.17</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">2.47</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">2.21</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">2.70</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">2.96</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
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        <tr>
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            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">90,708</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">101,471</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">94,183</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">102,692</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">80,844</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">363</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">96</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">394</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">(512</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">(837</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000;">&#160; Transportation costs</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">9,934</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">6,395</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">10,989</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">7,247</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">5,720</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">Gibraltar total operating costs</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">101,005</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">107,962</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">105,566</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">109,427</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">85,727</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>Gibraltar total operating costs (C1) (US$ per pound)</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"><b>$</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;"><b>2.41</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"><b>$</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;"><b>2.63</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"><b>$</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;"><b>2.47</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"><b>$</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;"><b>2.87</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"><b>$</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;"><b>3.14</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
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    <br><br>
    <div id="footer_page_27">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">27</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_28"></a>
    <div id="header_page_28">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%; text-align: justify;"><font style="color: #00a4e4; font-size: 12pt;"><b>TREKOR METALS LIMITED</b></font><br>Management's Discussion and Analysis</td>
            </tr>
            <tr>
                <td style="width: 100%; border-bottom: 0.75pt solid #000000;">&#160;</td>
            </tr>
        </table>
    </div>
    <br>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="padding: 0.7pt 2.15pt 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-indent: 2.9pt; white-space: nowrap;"><b>Florence Copper</b><br>(Cdn$ in thousands)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Q2 2026</b></td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
        </tr>
        <tr>
            <td style="padding: 0.32pt 2.15pt 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-indent: 1.45pt; background-color: #e6efff;"><b>Florence Copper cost of sales</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;"><b>43,493</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="padding: 0.7pt 2.15pt; vertical-align: bottom; text-indent: 1.45pt;">Less:</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="padding: 0.7pt 2.15pt; vertical-align: bottom; text-indent: 1.45pt; background-color: #e6efff;">&#160; Depletion and amortization</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">(10,020</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="padding: 0.7pt 2.15pt; vertical-align: bottom; text-indent: 1.45pt;">&#160; Changes in inventories of finished goods</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">473</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="padding: 0.7pt 2.15pt; vertical-align: bottom; text-indent: 1.45pt; background-color: #e6efff;">&#160; Changes in copper inventories in solution</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">(191</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="padding: 0.7pt 2.15pt; vertical-align: bottom; text-indent: 1.45pt;">&#160; Production royalties</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">(4,430</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="padding: 0.7pt 2.15pt; vertical-align: bottom; text-indent: 1.45pt; background-color: #e6efff;">&#160; Transportation costs</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">(567</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="padding: 0.32pt 2.15pt 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-indent: 1.45pt;">Florence Copper site operating costs</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%;">28,758</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="padding: 0.7pt 2.15pt; vertical-align: bottom; text-indent: 1.45pt; background-color: #e6efff;">Add off-property costs:</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="padding: 0.7pt 2.15pt; vertical-align: bottom; text-indent: 1.45pt;">&#160; Production royalties</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">567</td>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%;">33,755</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
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        <tr>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">5,183</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 8%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="padding: 0.7pt 2.15pt 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-indent: 1.45pt; background-color: #e6efff;">Average exchange rate for the period (CAD/USD)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">1.38</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"><b>$</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;"><b>4.72</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>Gibraltar total site costs</i></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Gibraltar total site costs include site operating costs charged to cost of sales and mining costs capitalized to property, plant and equipment in the period.&#160; This measure is intended to capture total site operating costs incurred at Gibraltar during the period calculated on a consistent basis for the periods presented.</p>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Q2 2026</b></td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Q1 2026</b></td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Q4 2025</b></td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Q3 2025</b></td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Q2 2025</b></td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; background-color: #e6efff;"><b>Gibraltar site operating costs (included in cost of</b><b>&#160;sales)</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;"><b>117,924</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;"><b>127,021</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;"><b>119,585</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;"><b>117,651</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;"><b>86,067</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">Gibraltar capitalized stripping costs</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">27,848</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">15,169</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">5,986</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">6,106</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">30,765</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;"><b>Total site costs</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;"><b>145,772</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;"><b>142,190</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;"><b>125,571</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;"><b>123,757</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;"><b>116,832</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>Adjusted net income (loss) and Adjusted EPS</i></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Adjusted net income (loss) removes the effect of the following transactions from net income (loss) as reported under IFRS Accounting Standards:</p>
    <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">&#8226;<font style="display: inline-block; width: 15.0pt;">&#160;</font>Unrealized foreign currency gains and losses;</p>
    <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">&#8226;<font style="display: inline-block; width: 15.0pt;">&#160;</font>Unrealized gains and losses on derivatives (including any reversals for prior periods);</p>
    <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">&#8226;<font style="display: inline-block; width: 15.0pt;">&#160;</font>Other operating costs;</p>
    <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">&#8226;<font style="display: inline-block; width: 15.0pt;">&#160;</font>Realized gains on processing of ore stockpiles;</p>
    <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">&#8226;<font style="display: inline-block; width: 15.0pt;">&#160;</font>Accretion on Cariboo consideration payable;</p>
    <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">&#8226;<font style="display: inline-block; width: 15.0pt;">&#160;</font>Accretion on Florence royalty obligation;</p>
    <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify; margin-bottom: 0pt; margin-top: 0pt;">&#8226;<font style="display: inline-block; width: 15.0pt;">&#160;</font>Realized costs of Florence financing obligations;&#160; and</p>
    <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify; margin-top: 0pt; margin-bottom: 10pt;">&#8226;<font style="display: inline-block; width: 15.0pt;">&#160;</font>Tax effect of sale of non-controlling interest in New Prosperity.</p>
    <div id="footer_page_28">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">28</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_29"></a>
    <div id="header_page_29">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%; text-align: justify;"><font style="color: #00a4e4; font-size: 12pt;"><b>TREKOR METALS LIMITED</b></font><br>Management's Discussion and Analysis</td>
            </tr>
            <tr>
                <td style="width: 100%; border-bottom: 0.75pt solid #000000;">&#160;</td>
            </tr>
        </table>
    </div>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Management believes that these transactions do not reflect the underlying operating performance of the Company's core mining business and are not necessarily indicative of future operating results.&#160; Furthermore, unrealized gains and losses on derivative instruments, changes in the fair value of financial instruments, and unrealized foreign currency gains and losses are not necessarily reflective of the underlying operating results for the periods presented.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Adjusted earnings per share ("Adjusted EPS") is Adjusted net income (loss) attributable to common shareholders of the Company divided by the weighted average number of common shares outstanding for the period.</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; white-space: nowrap;">(Cdn$ in thousands)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Q2 2026</b></td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Q1 2026</b></td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Q4 2025</b></td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Q3 2025</b></td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; background-color: #e6efff;"><b>Net income (loss)</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>22,220</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>16,844</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>4,454</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>(27,838</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"><b>)</b></td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">Unrealized foreign exchange loss (gain)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">13,890</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">12,171</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">(9,000</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">14,287</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Unrealized (gain) loss and fair value adjustments on derivatives</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">3,750</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(9,582</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">37,676</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">14,977</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">Accretion on Cariboo consideration payable</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">1,765</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">1,261</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">4,048</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">4,041</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Accretion on Florence royalty obligation</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">2,356</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">6,294</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">18,415</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">6,991</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">Realized costs of Florence copper stream and royalty obligation</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">(1,875</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">-</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">-</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">-</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">Estimated tax effect of adjustments</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">(1,619</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">547</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">(14,068</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">(6,874</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">)</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>Adjusted net income</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;"><b>40,487</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;"><b>27,535</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;"><b>41,525</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;"><b>5,584</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;"><b>Adjusted EPS</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"><b>$</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>0.11</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"><b>$</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>0.08</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"><b>$</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>0.11</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"><b>$</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>0.02</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
    </table>
    <br>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-indent: 1.45pt; white-space: nowrap;">(Cdn$ in thousands)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Q2 2025</b></td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Q1 2025</b></td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Q4 2024</b></td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Q3 2024</b></td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-indent: 1.45pt; background-color: #e6efff;"><b>Net income (loss) </b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>21,868</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>(28,560</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"><b>)</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>(21,207</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"><b>)</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>(180</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"><b>)</b></td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; text-indent: 1.45pt;">Unrealized foreign exchange (gain) loss</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">(40,335</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">2,074</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">40,462</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">(7,259</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">)</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; text-indent: 1.45pt; background-color: #e6efff;">Unrealized loss (gain) and fair value adjustments on derivatives</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">9,489</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">23,536</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(25,514</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">1,821</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; text-indent: 1.45pt;">Accretion on Cariboo consideration payable</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">4,484</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">664</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">4,543</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">9,423</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; text-indent: 1.45pt; background-color: #e6efff;">Accretion on Florence royalty obligation</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">6,201</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">4,098</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">-</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">-</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">1,905</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">3,266</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; text-indent: 1.45pt;">Tax effect of sale of non-controlling interest in New Prosperity</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">-</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">-</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">-</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-indent: 1.45pt; background-color: #e6efff;">Estimated tax effect of adjustments</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">(5,447</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">(7,228</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">2,465</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">(6,644</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">)</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-indent: 1.45pt;"><b>Adjusted net income (loss)</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;"><b>(13,025</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"><b>)</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;"><b>(6,943</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"><b>)</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;"><b>10,468</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;"><b>8,228</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-indent: 1.45pt; background-color: #e6efff;"><b>Adjusted EPS</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"><b>$</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>(0.04</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"><b>)</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"><b>$</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>(0.02</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"><b>)</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"><b>$</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>0.03</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"><b>$</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>0.03</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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    <p style="text-indent: -18pt; margin-left: 18pt; margin-top: 10pt; margin-bottom: 10pt;">1<font style="width: 12.5pt; text-indent: 0pt; display: inline-block;">&#160;</font>Realized gain on processing of ore stockpiles relates to ore stockpile inventories held at March 25, 2024 that was written-up to fair value as part of the acquisition of control of Gibraltar and subsequently processed.&#160; The realized portion of these gains have been added back to Adjusted net income (loss) in the period the inventories were processed.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>Adjusted EBITDA</i></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") is presented as a supplemental measure of the Company's performance and ability to service debt.&#160; Adjusted EBITDA is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the industry, many of which present adjusted EBITDA when reporting their results.&#160; Issuers of "high yield" securities also present adjusted EBITDA because investors, analysts and rating agencies considering it useful in measuring the ability of those issuers to meet debt service obligations.</p>
    <div id="footer_page_29">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">29</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_30"></a>
    <div id="header_page_30">
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            <tr>
                <td style="width: 100%; text-align: justify;"><font style="color: #00a4e4; font-size: 12pt;"><b>TREKOR METALS LIMITED</b></font><br>Management's Discussion and Analysis</td>
            </tr>
            <tr>
                <td style="width: 100%; border-bottom: 0.75pt solid #000000;">&#160;</td>
            </tr>
        </table>
    </div>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Adjusted EBITDA represents net income before interest, income taxes, depreciation and amortization, and also eliminates the impact of a number of transactions that are not considered indicative of ongoing operating performance.&#160; Certain items of expense are added back and certain items of income are deducted from net income that are not likely to recur or are not indicative of the Company's underlying operating results for the reporting periods presented or for future operating performance and consist of:</p>
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    <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">&#8226;<font style="display: inline-block; width: 15.0pt;">&#160;</font>Unrealized gains and losses on derivative (including any reversals for prior periods);</p>
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    <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify; margin-top: 0pt; margin-bottom: 10pt;">&#8226;<font style="display: inline-block; width: 15.0pt;">&#160;</font>Realized gains on processing of ore stockpiles.</p>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-indent: 1.45pt; white-space: nowrap;">(Cdn$ in thousands)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Q2 2026</b></td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Q1 2026</b></td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Q4 2025</b></td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Q3 2025</b></td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
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        <tr>
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            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>22,220</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>16,844</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>4,454</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>(27,838</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"><b>)</b></td>
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        <tr>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">39,839</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">29,166</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">27,207</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">27,974</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; text-indent: 1.45pt; background-color: #e6efff;">Finance and accretion expenses</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">24,932</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">20,214</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">36,925</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">24,888</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">(1,058</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">(1,474</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">(1,098</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">(1,368</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">)</td>
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        <tr>
            <td style="vertical-align: bottom; text-indent: 1.45pt; background-color: #e6efff;">Income tax expense</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">18,891</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">16,657</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">13,096</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">2,918</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">13,890</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">12,171</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">(9,000</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">14,287</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; text-indent: 1.45pt; background-color: #e6efff;">Unrealized (gain) loss and fair value adjustments on derivatives</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">3,750</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(9,582</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">37,676</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">14,977</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; text-indent: 1.45pt;">Realized costs of Florence copper stream and royalty obligation</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">(1,875</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">-</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">-</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">-</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-indent: 1.45pt; background-color: #e6efff;">Share-based compensation expense</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">4,505</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">9,467</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">7,204</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">6,299</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-indent: 1.45pt;"><b>Adjusted EBITDA</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;"><b>125,094</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;"><b>93,463</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;"><b>116,464</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;"><b>62,137</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-indent: 1.45pt; white-space: nowrap;">(Cdn$ in thousands)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Q2 2025</b></td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Q1 2025</b></td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Q4 2024</b></td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Q3 2024</b></td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-indent: 1.45pt; background-color: #e6efff;"><b>Net income (loss)</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>21,868</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>(28,560</b></td>
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            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>(21,207</b></td>
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            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>(180</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"><b>)</b></td>
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        <tr>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">25,210</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">22,425</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">24,641</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">20,466</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">23,943</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">18,877</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">21,473</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">25,685</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">(124</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">(1,330</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">(1,674</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">(1,504</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">)</td>
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        <tr>
            <td style="vertical-align: bottom; text-indent: 1.45pt; background-color: #e6efff;">Income tax expense (recovery)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(27,439</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(7,980</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">11,707</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(200</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
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        <tr>
            <td style="vertical-align: bottom; text-indent: 1.45pt;">Unrealized foreign exchange loss (gain)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">(40,335</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">2,074</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">40,462</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">(7,259</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">)</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; text-indent: 1.45pt; background-color: #e6efff;">Unrealized loss (gain) and fair value adjustments on derivatives</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">9,489</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">23,536</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(25,514</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">1,821</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; text-indent: 1.45pt;">Share based compensation expense (recovery)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">4,820</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">5,349</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">(323</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">1,496</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; text-indent: 1.45pt; background-color: #e6efff;">Other operating costs</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">-</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">-</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">4,132</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">4,098</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; text-indent: 1.45pt;">Realized gain on processing of ore stockpiles</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">-</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">-</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">1,905</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">3,266</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-indent: 1.45pt; background-color: #e6efff;"><b>Adjusted EBITDA</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>17,432</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>34,391</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>55,602</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>47,689</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
    </table>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>Earnings from mining operations before depletion, amortization and non-recurring items</i></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">Earnings from mining operations before depletion, amortization and non-recurring items is earnings from mining operations with depletion and amortization, and any items that are not considered indicative of ongoing operating performance added back.&#160; The Company discloses this measure, which has been derived from the Company's financial statements and applied on a consistent basis, to assist in understanding the results of the Company's operations and financial position, and it is meant to provide further information about the financial results to investors.</p>
    <div id="footer_page_30">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">30</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_31"></a>
    <div id="header_page_31">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%; text-align: justify;"><font style="color: #00a4e4; font-size: 12pt;"><b>TREKOR METALS LIMITED</b></font><br>Management's Discussion and Analysis</td>
            </tr>
            <tr>
                <td style="width: 100%; border-bottom: 0.75pt solid #000000;">&#160;</td>
            </tr>
        </table>
    </div>
    <br>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: center; white-space: nowrap;" colspan="1">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>2026</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>2025</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>2026</b></td>
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            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>2025</b></td>
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        <tr>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">39,245</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">25,210</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">68,411</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">47,635</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.7pt; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">-</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">952</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">(4,008</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">)</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;"><b>Earnings from mining operations before</b><b> depletion, amortization and non-</b><b>recurring items</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>153,977</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>20,700</b></td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>268,538</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;"><b>59,491</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><i>Gibraltar site operating costs per ton milled</i></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The Company discloses this measure, which has been derived from the Company's financial statements and applied on a consistent basis, to assist in understanding the Company's Gibraltar site operations on a tons milled basis.</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; white-space: nowrap;"><b>Gibraltar</b><br>(Cdn$ in thousands)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Q2 2026</b></td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Q1 2026</b></td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Q4 2025</b></td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Q3 2025</b></td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Q2 2025</b></td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; background-color: #e6efff;"><b>Gibraltar site operating costs (included in cost of</b><b>&#160;sales)</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;"><b>117,924</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;"><b>127,021</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;"><b>119,585</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;"><b>117,651</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;"><b>86,067</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.7pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">Gibraltar tons milled (thousand tons)</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">7,159</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">7,000</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">7,200</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">7,852</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">&#160;</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%;">7,663</td>
            <td style="padding-top: 0.7pt; padding-bottom: 0.32pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;"><b>Site operating costs per ton milled</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"><b>$</b></td>
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            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"><b>$</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;"><b>18.15</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"><b>$</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;"><b>16.61</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"><b>$</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;"><b>14.98</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"><b>$</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 8%; background-color: #e6efff;"><b>11.23</b></td>
            <td style="padding-top: 0.32pt; padding-bottom: 0.32pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
    </table>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><font style="color: #00a4e4;"><b>Technical Information</b></font></p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The technical information contained in this MD&amp;A related to Florence Copper is based on the report titled "NI 43-101 Technical Report - Florence Copper Project, Pinal County, Arizona" issued on March 30, 2023 with an effective date of March 15, 2023 (the "Florence 2023 Technical Report"), which is available on SEDAR+.&#160; The Florence 2023 Technical Report was prepared under the supervision of Richard Tremblay, P. Eng., MBA, Richard Weymark, P. Eng., MBA, and Robert Rotzinger, P. Eng.&#160; Mr. Tremblay is employed by the Company as Chief Operating Officer, Mr. Weymark is employed by the Company as Vice President, Engineering, and Mr. Rotzinger is employed by the Company as Vice President, Capital Projects.&#160; All three are Qualified Persons as defined by NI 43-101.</p>
    <p style="text-align: justify; margin-top: 10pt; margin-bottom: 10pt;">The technical information contained in this MD&amp;A related to Yellowhead is based on the report titled "Technical Report Update on the Yellowhead Copper Project, British Columbia, Canada" issued on July 10, 2025 with an effective date of June 15, 2025 (the "Yellowhead 2025 Technical Report"), which is available on SEDAR+.&#160; The Yellowhead 2025 Technical Report was prepared under the supervision of Richard Weymark, P. Eng., MBA, Jeremy Guichon, P. Eng., and Adil Cheema, P. Eng.&#160; Mr. Weymark is employed by the Company as Vice President, Engineering, Mr. Guichon is employed by the Company as Director, Mine Engineering, and Mr. Cheema is employed by the Company as Director, Process Engineering.&#160; All three are Qualified Persons as defined by NI 43-101.</p>
    <div id="footer_page_31">
        <p style="text-align: center; margin-top: 10pt; margin-bottom: 10pt;">31</p>
    </div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
