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Trekor Metals Limited

TKO.L
54
Copper · Basic Materials
Price
650.00 GBp
+20.00 (+3.17%)
Market Cap
£2.38B
Exchange
London Stock Exchange
Winston Score
54
Winston is curious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Strong
Growth
Mixed
Cash Flow
Exceptional
Stability
Good
Valuation
Good

Share count rising — dilution

+12.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 287.5M (2021) → 323.5M (2025)

Winston Score History

The full picture

Taseko Mines Limited is a Canadian copper mining company. Its main asset is the Gibraltar Mine in British Columbia, Canada, which is one of the largest open-pit copper mines in North America. The company digs copper out of the ground and sells it primarily to industrial buyers, including manufacturers who use copper in wiring, construction, and electronics.

Taseko makes money by selling copper concentrate — a processed form of the ore — at prices set by global commodity markets. The company operates almost entirely in Canada, though it is also developing the Florence Copper project in Arizona, which would be its first U.S. operation. Its competitive position depends heavily on keeping production costs low, since it has little control over the price it receives for copper. The main growth driver is the Florence project, which uses an in-situ recovery method that could lower costs significantly, but permitting delays and copper price swings remain key risks.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+184.8% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-14.3% YoY

YoY Growth Rate

Earnings declining

R&D Spend

C$-4M/ year

-0.6% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

1.8%ownership

Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

C$188M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Trekor Metals Limited grew revenue 185% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
34.7%
Modest — 34.7% gross margin
Profit after running costs
Operating Margin
31.5%
Excellent — 31.5% operating margin
Return on the money invested
ROCE
17.8%
Strong — 17.8% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth
Sales YoY
+69.7%
Fast-growing sales (+69.7% YoY)
Profit growth
EPS YoY
N/A
Data not available
How steady the profit is
EPS Consistency
3/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
2434%
Turns 2434% of profit into real cash
Spare cash per sale
FCF Margin
18.8%
Converts sales into free cash efficiently (18.8%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
0.86
Moderate — manageable debt (0.86)
Covers its interest
Interest Cover
3.47x
Tight — interest eats into profit (3.5x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
224.1x
Expensive — P/E 224.1

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year
P/E vs Forward
+218.8
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (224.1 → 5.3)

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Dividends

Not applicable for this business.
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