This Small-Cap Copper Miner is a Bet on the AI Boom

• Trekor’s New York-listed shares hit a 30-year high of $9.25 in February 2026. TGB stock has surged over 110% over the past 12 months, as of 15 July.

• Grade A Copper futures on the London Metal Exchange hit an all-time high of over $14,000 per metric tonne in January 2026.

• By 2027, the newly-developed Florence Copper mine is expected to produce 85m pounds of LME Grade A copper cathode annually. For comparison, Trekor produced 98.1m pounds of copper in 2025.

Trekor Metals [TGB] is a North America-focused copper producer formerly known as Taseko Mines. Its shares are listed on the Toronto Stock Exchange, London Stock Exchange and NYSE American.

Trekor operates two mines. Gibraltar in British Columbia generated all of Trekor’s revenue through 2025, while Florence Copper in Arizona began production in Q1 2026.

The company’s New York-listed shares have more than doubled over the past year as investors bet on stronger long-term copper demand. Experts believe that technological advancement and economic growth will drive “unprecedented consumption” of copper, which will result in a supply shortage over the next decade.^[1]

The key question for investors is whether Trekor is the right vehicle to capture this long-term copper opportunity.

This analysis examines the near-term copper price outlook, studies the red metal’s long-term growth drivers and assesses where Trekor stands in the evolving copper market.

Grade A copper futures on the London Metal Exchange traded at about $13,400 per metric tonne (mt) in the second week of July, below its all-time high of over $14,000 per mt reached on 29 January. Copper prices have remained supported in 2026 by tighter global supply and heavy stockpiling in the US amid tariff concerns.

The market is now waiting for US President Donald Trump’s decision on refined copper imports. In 2025, Trump exempted refined copper but imposed tariffs of up to 50% on some semi-finished copper products.^[2] The US Commerce Secretary has since recommended a phased universal tariff on refined copper of 15% in 2027 and 30% in 2028.^[3]

A January Reuters poll of 31 analysts forecast that the LME cash copper contract would average $11,975 per tonne in 2026.^[4]

“We expect copper to trade in a new higher normal range, but looking across the year, we see prices for copper above $13,000 per tonne as unsustainable,” Natalie Scott-Gray of StoneX told Reuters.