REG - Taseko Mines Limited - Fourth Quarter Results and Florence Production
19/02/2026 11:00
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RNS Number : 6963T Taseko Mines Limited 19 February 2026
Taseko Announces Strong Fourth Quarter Financial Results and Commencement of
Copper Production at Florence Copper
February 18, 2026, Vancouver, BC - Taseko Mines Limited (TSX: TKO; NYSE
American: TGB; LSE: TKO) ("Taseko" or the "Company") reports full year 2025
Adjusted EBITDA* of $230 million and Earnings from mining operations before
depletion and amortization and non-recurring items* of $251 million. Revenues
for 2025 were $673 million from the sale of 99 million pounds of copper and
1.9 million pounds of molybdenum. For the year, a Net loss of $30 million
($0.09 loss per share) was recorded and Adjusted net income* was $27 million
($0.07 per share).
For the fourth quarter, Adjusted EBITDA* was $116 million, and cash flow from
operations was $101 million. Net income of $4 million ($0.01 per share) was
recorded for the quarter and Adjusted net income* was $42 million ($0.11 per
share).
In the fourth quarter, Gibraltar produced 31 million pounds of copper and 830
thousand pounds of molybdenum at Total operating cost (C1)* of US$2.47 per
pound of copper produced. For the year, Gibraltar produced 98 million pounds
of copper and 1.9 million pounds of molybdenum at Total operating cost (C1) of
US$2.66 per pound of copper produced. After mining through lower grade and
lower quality ore in the first half of 2025, second half production increased
by 46% and returned to more normal levels with copper grades of 0.24% and
recoveries averaging 79% in the second half. Copper production in 2025
included 2.2 million pounds of copper cathode produced in Gibraltar's SX/EW
plant, which was restarted in May. Molybdenum production for the fourth
quarter and the year was significantly higher than previous periods, due to
higher molybdenum grades in the Connector Pit.
At Florence Copper, production of copper cathode commenced earlier this week
with the startup of the electrowinning circuit. The Florence SX/EW plant is
fully operational and copper is now being plated. Injection of solutions
commenced in the fourth quarter and wellfield performance to date has met or
exceeded expectations. Expansion of the wellfield will be required to
support the production ramp up to capacity, and drilling was restarted in the
fourth quarter. There are currently three drill rigs operating and a fourth
arriving to site in the next week.
Stuart McDonald, President & CEO of Taseko, commented, "2025 was a
productive and highly successful year for Florence Copper. With construction
and commissioning now behind us, we're looking forward to the first cathode
harvest in the coming days. For the year ahead, the team's focus will be
ramping up the operation to production capacity. Results from the initial
wellfield operations are positive and we are targeting to produce 30 to 35
million pounds of copper in 2026. A key driver of the ramp up will be our
ability to expand the wellfield and bring additional wells into production
through the year."
"Gibraltar finished 2025 with strong production and cash flows in the fourth
quarter. Looking ahead to 2026, we expect higher annual production and more
consistent quarterly production, as mining activity is now well established in
the Connector pit. Total copper production for 2026 is expected to be in the
range of 110 to 115 million pounds. This includes the expected impact of
supergene ore which has been affecting recoveries in previous pushbacks, as
well as a more conservative forecast for head grade based on mining experience
to-date in the Connector pit. With the anticipated production increase at
Gibraltar and copper prices roughly 25% higher today than our average realized
price in 2025, Gibraltar is positioned to generate significantly stronger
cashflows in 2026.
*Non-GAAP performance measure. See end of news release.
"Bringing our second mine into production will be a major accomplishment for
the Company, and we're looking forward to ramping up Florence and
demonstrating the true value of this asset. At the same time, we will
continue to work to unlock value from our other projects, Yellowhead and New
Prosperity, which both achieved significant milestones in 2025," concluded Mr.
McDonald.
2025 Annual Review
• Earnings from mining operations before depletion, amortization and
non-recurring items* was $250.7 million, Adjusted EBITDA* was $230.4 million
and cash flow from operations was $219.6 million;
• Net loss was $30.1 million ($0.09 loss per share) and Adjusted net
income* was $27.1 million ($0.07 adjusted earnings per share);
• Gibraltar produced 98.1 million pounds of copper at a total
operating cost (C1)* of US$2.66 per pound of copper produced. Copper head
grades averaged 0.22% and recoveries averaged 73%;
• Copper production included 2.2 million pounds of copper cathode
from the Gibraltar SX/EW plant which was restarted in May;
• Gibraltar sold 98.7 million pounds of copper at an average
realized copper price of US$4.61 per pound contributing to revenues of $672.9
million for Taseko;
• Construction activities at Florence Copper continued throughout
2025, completing in the fourth quarter on time and largely on budget at US$275
million. During the 24-month construction period, there were approximately
1,000,000 project hours worked with no lost time injuries and no reportable
incidents;
• In July, the Company filed an updated technical report for the
Yellowhead project highlighting a 25 year mine life with an average annual
copper production of 178 million pounds at a total cash cost (C1) of US$1.90
per pound, and a net present value of $2.0 billion (8% discount rate, US$4.25
per pound copper and US$2,400 per ounce gold). The Company also announced
that it had formally commenced the Environmental Assessment process for the
Yellowhead project; and
• In June, Taseko, Tŝilhqot'in Nation and the Province of BC
reached an agreement concerning the New Prosperity project. Taseko received
a payment of $75 million from the Province of BC upon closing of the
transaction.
Fourth Quarter Review
• Earnings from mining operations before depletion, amortization and
non-recurring items* was $124.1 million, Adjusted EBITDA* was $116.5 million
and cash flow from operations was $101.2 million;
• Net income was $4.5 million ($0.01 earnings per share) and
Adjusted net income* was $41.5 million ($0.11 adjusted earnings per share);
*Non-GAAP performance measure. See end of news release.
• Gibraltar produced 30.7 million pounds of copper, including 0.9
million pounds of copper cathode, at a total operating cost (C1)* of US$2.47
per pound of copper produced. Copper head grades averaged 0.26% and
recoveries averaged 81%;
• Gibraltar sold 31.6 million pounds of copper at an average
realized copper price of US$5.13 per pound contributing to revenues of $243.8
million for Taseko;
• In October 2025, the Company closed an equity financing (the
"Offering") with a syndicate of underwriters pursuant to which the Company
issued 42.7 million common shares at a price of US$4.05 per share for gross
proceeds of US$172.8 million. Proceeds from the Offering were partially used
to repay outstanding debt under the Company's revolving credit facility, with
the remainder available for general corporate purposes; and
• The Company received the final approvals required to commence
wellfield injection and recovery operations at Florence Copper in October.
Commercial wellfield acidification commenced in early November, and by early
December mining solutions were circulating in all the new production wells
within the commercial wellfield. Production of copper cathode commenced
mid-February with the startup of the electrowinning circuit, and the Florence
Copper SX/EW plant is now fully operational with copper being plated.
*Non-GAAP performance measure. See end of news release.
Highlights
Operating data Three months ended Year ended
December 31,
December 31,
(Gibraltar - 100% basis) 2025 2024 Change 2025 2024 Change
Tons mined (millions) 28.0 24.0 4.0 110.9 88.3 22.6
Tons milled (millions) 7.2 8.3 (1.1) 30.6 29.3 1.3
Production (million pounds Cu) 30.7 28.6 2.1 98.1 105.6 (7.5)
Sales (million pounds Cu) 31.6 27.4 4.2 98.7 108.0 (9.3)
Financial data Three months ended Year ended
December 31,
December 31,
(Cdn$ in thousands, except per share amounts)
2025 2024 Change 2025 2024(1) Change
Revenues 243,767 167,799 75,968 672,904 608,093 64,811
Cash flows from operations 101,234 73,292 27,942 219,558 232,615 (13,057)
Net income (loss) 4,454 (21,207) 25,661 (30,076) (13,444) (16,632)
Per share - Basic ("EPS") 0.01 (0.07) 0.08 (0.09) (0.05) (0.04)
Earnings from mining operations before depletion, amortization and 124,055 59,405 64,650 250,664 243,646 7,018
non-recurring items*
Adjusted EBITDA* 116,464 55,602 60,862 230,424 223,991 6,433
Adjusted net income* 41,525 10,468 31,057 27,141 56,927 (29,786)
Per share - Basic ("Adjusted EPS")* 0.11 0.03 0.08 0.07 0.19 (0.12)
1 Amounts for the year ended December 31, 2024 reflect the
impact from the March 25, 2024 acquisition of Cariboo from Dowa and Furukawa,
which increased the Company's effective interest in the Gibraltar mine from
87.5% to 100%.
*Non-GAAP performance measure. See end of news release.
Review of Operations
Gibraltar
Operating data (100% basis) Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 2025 2024
Tons mined (millions) 28.0 29.3 30.4 23.2 24.0 110.9 88.3
Tons milled (millions) 7.2 7.8 7.7 7.9 8.3 30.6 29.3
Strip ratio 2.2 1.5 2.3 4.6 1.9 2.3 1.6
Site operating cost per ton milled* $ 16.61 $ 14.98 $ 11.23 $ 8.73 $ 12.18 $ 12.81 $ 12.93
Copper concentrate
Head grade (%) 0.26 0.22 0.20 0.19 0.22 0.22 0.23
Recovery (%) 80.9 77.2 63.2 67.5 78.2 72.8 78.5
Production (million pounds Cu) 29.8 26.7 19.4 20.0 28.6 95.9 105.6
Sales (million pounds Cu) 30.8 25.4 19.0 21.8 27.4 97.0 108.0
Inventory (million pounds Cu) 2.9 4.0 2.7 2.3 4.1 2.9 4.1
Copper cathode
Production (thousand pounds Cu) 919 895 395 - - 2,209 -
Sales (thousand pounds Cu) 783 905 - - - 1,688 -
Molybdenum concentrate
Production (thousand pounds Mo) 830 558 180 336 578 1,902 1,432
Sales (thousand pounds Mo) 953 421 178 364 607 1,916 1,434
Per unit data (US$ per Cu pound produced)(1)
Site operating cost* $ 2.80 $ 3.09 $ 3.15 $ 2.41 $ 2.52 $ 2.86 $ 2.61
By-product credit* (0.59) (0.39) (0.19) (0.33) (0.42) (0.40) (0.28)
Site operating cost, net of by-product 2.21 2.70 2.96 2.08 2.10 2.46 2.33
credit*
Off-property cost* 0.26 0.17 0.18 0.18 0.32 0.20 0.33
Total operating cost (C1)* $ 2.47 $ 2.87 $ 3.14 $ 2.26 $ 2.42 $ 2.66 $ 2.66
1 Copper pounds produced includes copper in concentrate and
copper cathode.
Operations Analysis
Annual Results
Gibraltar mining operations were focused in the Connector pit during 2025,
which is the primary source of mill feed for the next few years. Mining
rates increased approximately 25% year-over-year to 110.9 million tons in
2025, compared to 88.3 million tons in 2024, with the higher mining rates
attributable to increased operating hours and improved productivity of the
haul truck fleet.
*Non-GAAP performance measure. See end of news release.
Operations Analysis - Continued
Copper production was 98.1 million pounds in 2025, including 2.2 million
pounds of copper cathode from the Gibraltar solvent extraction and
electrowinning ("SX/EW") plant that was restarted in May. Mill throughput
was 30.6 million tons for the year with average copper head grades of 0.22%
and copper recoveries of 73%, which steadily improved throughout the year as
mining advanced beyond the oxidized and supergene zones encountered in the
initial phases of Connector pit. Copper production in the second half of the
year was a notable improvement over the first half of the year attributable to
higher grades and better quality ore.
Total site costs* were $473.2 million (including capitalized stripping of
$80.9 million) in 2025, compared to $400.2 million (including capitalized
stripping of $32.5 million) in 2024. The increase in total site costs is a
result of higher mining rates and costs to restart and operate the Gibraltar
SX/EW plant, which processes stockpiled oxide ore to produce copper cathode.
Molybdenum production increased to 1.9 million pounds in 2025 from 1.4 million
pounds in 2024 primarily due to higher molybdenum grades and improved
recoveries. At an average molybdenum price of US$22.16 per pound for the
year, molybdenum contributed to a by-product credit of US$0.40 per pound of
copper produced.
Off-property costs were US$0.20 per pound of copper produced in 2025, compared
to US$0.33 per pound of copper produced in 2024, and reflect Gibraltar's
favorable offtake agreements with average treatment and refining charges
("TCRC") of around $nil for the year.
Total operating costs (C1)* were US$2.66 per pound of copper produced in 2025,
consistent with US$2.66 per pound of copper produced in 2024. The impacts of
higher capitalized stripping, lower TCRCs, and higher molybdenum sales were
offset by higher site operating costs due to higher mining rates, lower copper
production, and the recommissioning and initial operation of the Gibraltar
SX/EW plant.
*Non-GAAP performance measure. See end of news release.
Operations Analysis - Continued
Fourth Quarter Results
Mining continues to advance deeper into the Connector pit and benefit from
improved copper grades and ore quality. A total of 28.0 million tons were
mined in the fourth quarter, comparable to the previous quarter. The average
strip ratio was 2.2 in the fourth quarter, and in line with the life-of-mine
average.
Mill throughput was 7.2 million tons in the fourth quarter and was impacted by
unanticipated mill downtime due to unscheduled maintenance activities and a
serious accident which resulted in a temporary site wide shutdown in November.
Copper production increased to 30.7 million pounds (including 0.9 million
pounds of copper cathode) in the fourth quarter, compared to 27.6 million
pounds (including 0.9 million pounds of copper cathode) in the previous
quarter, driven by higher copper head grades averaging 0.26% and copper
recoveries averaging 81%.
Total site costs* were $125.6 million (including capitalized stripping of $6.0
million) in the fourth quarter, comparable to the previous quarter.
Molybdenum production increased to 830 thousand pounds in the fourth quarter
and reflects the higher molybdenum grades realized in Connector pit ore. At
an average molybdenum price of US$22.89 per pound for the quarter, molybdenum
provided a by-product credit of US$0.59 per pound of copper produced.
Off-property costs were US$0.26 per pound of copper produced and were higher
than previous quarters due to the timing of shipments with higher TCRC terms.
Total operating costs (C1)* were US$2.47 per pound of copper produced for the
fourth quarter, lower than the prior quarter and comparable to the prior year
comparative quarter. Increased site operating costs from higher mining rates
were offset by higher copper production, improved molybdenum by-product
credits, higher capitalized stripping costs, and lower TCRCs.
*Non-GAAP performance measure. See end of news release.
Gibraltar Outlook
Mining activity over the last 18 months has been focused in the Connector Pit,
which was the primary source of mill feed in 2025, and will continue to be the
primary source of ore for the next three years (2026 through 2028). In
recent months, head grades in the Connector Pit have been 5% to 10% lower than
originally expected due to the impact of small higher grade zones that have
not been realized through mining to date. In addition, oxide copper and
metallurgically challenging supergene ore has been more abundant in the
Connector Pit than previously estimated, and recoveries in 2026 are expected
to average between 75% to 80% (similar to the second half of 2025). On a
positive note, the additional oxide ore mined from Connector Pit has been
stacked on leach pads and will be processed in the Gibraltar SX/EW plant in
the coming years. Taking all of these factors into account, total copper
production at Gibraltar for 2026 is expected to be in the range of 110 to 115
million pounds and is expected to continue at similar levels (± 5%) until
completion of mining in the Connector pit in mid-2029.
Molybdenum production in 2026 is expected to remain at similar levels to 2025,
and with molybdenum prices stabilizing above US$20.00 per pound we continue to
expect strong molybdenum by-product credits.
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.
Based on the contract terms, the Company expects average TCRCs to be similar
to 2025.
The Company has a prudent hedging program in place to protect a minimum copper
price and Gibraltar cash flow during the commissioning period and ramp-up of
commercial operations at Florence Copper. Currently, the Company has copper
collar contracts in place with a floor of US$4.00 per pound and a ceiling of
US$5.40 per pound for 54 million pounds of copper production for the first
half of 2026 and a floor of US$4.75 per pound and a ceiling of between
US$7.50 and US$8.50 per pound for 24 million pounds of copper production for
the third quarter of 2026 (refer to "Financial Condition Review-Hedging
Strategy" for details).
Florence Copper
Florence Copper is an in-situ copper recovery ("ISCR") operation, located in
Arizona, USA, that will produce LME Grade A copper metal without conventional
open-pit mining or major surface disturbance. 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. The project is expected to
commence commercial production in early 2026, with production ramping up to 85
million pounds per year at full capacity.
Construction activities at Florence Copper were completed on time and largely
on budget in the fourth quarter of 2025. The focus of the operating team has
transitioned to wellfield operations, commissioning of the SX/EW plant and the
startup of commercial production.
Commercial wellfield acidification commenced in early November, and by early
December mining solutions were circulating in all the new production wells
within the commercial wellfield. Initial injection flowrates were above
expectations resulting in faster initial acidification of the wellfield. The
grade of copper recovered in solution from the recovery wells continued to
increase, and the average solution grade reached the level required for SX/EW
plant operations. Commissioning of the SX/EW plant area advanced in parallel
with initial wellfield operations, and plant operations commenced
mid-February. Production of copper cathode commenced mid-February with the
startup of the electrowinning circuit. The Florence Copper SX/EW plant is
Florence Copper - Continued
now fully operational and copper is being plated. The project team is
focused on the successful ramp-up of operations in 2026, and total production
in 2026 is expected to be in the range of 30 to 35 million pounds of copper
cathode.
Wellfield drilling also re-commenced in late 2025 and by early 2026 there were
three drill rigs operating on site with a fourth drill rig being mobilized at
site. Continued expansion of the commercial wellfield will be required to
support higher solution flows and increased copper production as the Florence
Copper commercial operation progresses through the ramp-up in 2026.
Florence Copper capital spend Three months ended Year ended
December 31, 2025
December 31, 2025
(US$ in thousands)
Commercial facility construction costs 8,016 119,644
Plant and site commissioning costs 3,636 3,636
Site and PTF operations 12,260 34,662
Total Florence Copper capital spend 23,912 157,942
Florence Copper commercial facility construction costs were US$8.0 million in
the fourth quarter and US$119.6 million in 2025. Total construction costs
for the Florence Copper commercial facility were US$274.6 million.
Long-term Growth Strategy
Taseko's strategy has been to grow the Company by acquiring and developing a
pipeline of projects focused on copper in North America. We continue to
believe this will generate long-term returns for shareholders. Our other
development projects are located in BC, Canada.
Yellowhead copper project
In July 2025, the Company published a new report titled "Technical Report
Update on the Yellowhead Copper Project, British Columbia, Canada" (the
"Yellowhead 2025 Technical Report"). Based on the Yellowhead 2025 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. During the first
5 years of operation, 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. 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.
The economic analysis in the Yellowhead 2025 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.
Long-term Growth Strategy - Continued
Project highlights based on the Yellowhead 2025 Technical Report are detailed
below:
• 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;
• 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;
• 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;
• Conventional open pit mining with a low strip ratio of 1.4;
• After-tax net present value of $2.0 billion (8% after-tax discount
rate) and after-tax internal rate of return of 21%;
• Initial capital costs of $2.0 billion with a payback period of 3.3
years; and
• 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.
In June 2025, the Yellowhead project's Initial Project Description was filed
and accepted by the British Columbia Environmental Assessment Office and
Impact Assessment Agency of Canada, formally commencing the Environmental
Assessment process. The Company will continue to engage with project
stakeholders to ensure that the development of the Yellowhead Project is in
line with environmental and social expectations. The Company opened a
community office for the Yellowhead project in 2024 to support ongoing
engagement with local communities including First Nations.
New Prosperity copper-gold project
In June 2025, Taseko, the Tŝilhqot'in Nation and the Province of BC reached a
historic agreement concerning the New Prosperity project (the "Teẑtan Biny
Agreement"). The Teẑtan Biny Agreement ends 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.
Key elements of the Teẑtan Biny Agreement include:
• Taseko received a payment of $75 million from the Province of BC
upon closing of the agreement;
• Taseko contributed a 22.5% equity interest in the New Prosperity
mineral tenures to a trust for the future benefit of the Tŝilhqot'in
Nation. The trust will transfer the property interest to the Tŝilhqot'in
Nation if and when it consents to a proposal to pursue mineral development in
the project area;
• Taseko 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 Tŝilhqot'in Nation. However, Taseko 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;
• Taseko has entered into a consent agreement with the Tŝilhqot'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 Tŝilhqot'in Nation;
Long-term Growth Strategy - Continued
• The Province of BC and the Tŝilhqot'in Nation have agreed to
negotiate the process by which the consent of the Tŝilhqot'in Nation will be
sought for any proposed mining project to proceed through an environmental
assessment process; and
• The Tŝilhqot'in Nation and the Province of BC have agreed to
undertake a land-use planning process for the area of the mineral tenures and
a broader area of land within Tŝilhqot'in territory.
Aley niobium project
The converter pilot test is ongoing to provide additional process data to
support the design of commercial process facilities. In the fourth quarter,
the Company produced on-spec ferro-niobium, and the process is now scaling up
to provide product samples to support marketing initiatives. The Company is
also conducting a scoping study to investigate the potential for Aley niobium
oxide production to supply the growing market for niobium-based batteries.
Conference Call and Webcast
The Company will host a telephone conference call and live webcast on
Thursday, February 19, 2026, at 11:00 a.m. Eastern Time (8:00 a.m. Pacific) to
discuss these results. After opening remarks by management, there will be a
question and answer session open to analysts and investors. The conference
call may be accessed by dialing 800-715-9871 toll free or 646-307-1963, using
the access code 4873075.The webcast may be accessed at
tasekomines.com/investors/events
(https://www.tasekomines.com/investors/events) and will be archived until
February 19, 2027 for later playback.
For further information on Taseko, see the Company's website at
tasekomines.com or contact:
· Investor enquiries Brian Bergot, Vice President, Investor Relations -
778-373-4554
Stuart McDonald
President and CEO
Non-GAAP Performance Measures
This MD&A includes certain non-GAAP performance measures that do not have
a standardized meaning prescribed by IFRS Accounting Standards. These
measures may differ from those used by, and may not be comparable to such
measures as reported by, other issuers. 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. These measures have been derived
from the Company's financial statements and applied on a consistent basis.
The following tables below provide a reconciliation of these non-GAAP measures
to the most directly comparable IFRS Accounting Standards measures.
Total operating cost and site operating cost, net of by-product credit
Total operating cost includes all costs absorbed into inventory, as well as
transportation costs and insurance recoverable. Site operating cost is
calculated by removing net changes in inventory, depletion and amortization,
insurance recoverable, and transportation costs from cost of sales. Site
operating cost, net of by-product credit is calculated by subtracting
by-product credits from site operating cost. 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. 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. 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. These measures are calculated on a consistent
basis for the periods presented.
(Cdn$ in thousands) Q4 2025 Q3 2025 Q2 2025 Q1 2025 2025
Cost of sales 146,919 134,664 120,592 122,783 524,958
Less:
Depletion and amortization (27,207) (27,876) (25,210) (22,425) (102,718)
Changes in inventories of finished goods (2,611) 1,425 2,123 (2,710) (1,773)
Changes in inventories of ore stockpiles 13,473 16,685 (5,718) (22,747) 1,693
Transportation costs (10,989) (7,247) (5,720) (5,984) (29,940)
Site operating costs 119,585 117,651 86,067 68,917 392,220
Less by-product credits:
Molybdenum, net of treatment costs (25,095) (13,903) (4,814) (8,774) (52,586)
Silver, excluding amortization of deferred revenue 312 (295) (58) (131) (172)
Gold (619) (761) (351) (389) (2,120)
Site operating costs, net of by-product credits 94,183 102,692 80,844 59,623 337,342
Total copper produced (thousand pounds) 30,712 27,593 19,813 19,959 98,077
Total costs per pound produced (US$ per pound) 3.07 3.72 4.08 2.99 3.44
Average exchange rate for the period (CAD/USD) 1.39 1.38 1.38 1.44 1.40
Site operating costs, net of by-product credits 2.21 2.70 2.96 2.08 2.46
(US$ per pound)
Site operating costs, net of by-product credits 94,183 102,692 80,844 59,623 337,342
Add off-property costs:
Treatment and refining costs (premiums) 394 (512) (837) (510) (1,465)
Transportation costs 10,989 7,247 5,720 5,984 29,940
Total operating costs 105,566 109,427 85,727 65,097 365,817
Total operating costs (C1) (US$ per pound) $ 2.47 $ 2.87 $ 3.14 $ 2.26 $ 2.66
Non-GAAP Performance Measures - Continued
(Cdn$ in thousands) Q4 2024 Q3 2024 Q2 2024 Q1 2024(1) 2024
Cost of sales 134,940 124,833 108,637 122,528 490,938
Less:
Depletion and amortization (24,641) (20,466) (13,721) (15,024) (73,852)
Changes in inventories of finished goods 4,064 2,938 (10,462) (20,392) (23,852)
Changes in inventories of ore stockpiles (3,698) 9,089 1,758 2,719 9,868
Transportation costs (10,170) (8,682) (6,408) (10,153) (35,413)
Site operating costs 100,495 107,712 79,804 79,678 367,689
Less by-product credits:
Molybdenum, net of treatment costs (16,507) (8,962) (7,071) (6,112) (38,652)
Silver, excluding amortization of deferred revenue (139) (241) (144) (137) (661)
Site operating costs, net of by-product credits 83,849 98,509 72,589 73,429 328,376
Total copper produced (thousand pounds) 28,595 27,101 20,225 26,694 102,615
Total costs per pound produced (US$ per pound) 2.94 3.63 3.59 2.75 3.20
Average exchange rate for the period (CAD/USD) 1.40 1.36 1.37 1.35 1.37
Site operating costs, net of by-product credits 2.10 2.66 2.62 2.04 2.33
(US$ per pound)
Site operating costs, net of by-product credits 83,849 98,509 72,589 73,429 328,376
Add off-property costs:
Treatment and refining costs 2,435 816 3,941 4,816 12,008
Transportation costs 10,170 8,682 6,408 10,153 35,413
Total operating costs 96,454 108,007 82,938 88,398 375,797
Total operating costs (C1) (US$ per pound) $ 2.42 $ 2.92 $ 2.99 $ 2.46 $ 2.66
1 Amounts for Q1 2024 reflect the impact from the March 25, 2024
acquisition of Cariboo from Dowa and Furukawa, which increased the Company's
effective interest in the Gibraltar mine from 87.5% to 100%.
Total site costs
Total site costs include site operating costs charged to cost of sales and
mining costs capitalized to property, plant and equipment in the period.
This measure is intended to capture total site operating costs incurred during
the period calculated on a consistent basis for the periods presented.
(Cdn$ in thousands) Q4 2025 Q3 2025 Q2 2025 Q1 2025 2025
Site operating costs (included in cost of sales) 119,585 117,651 86,067 68,917 392,220
Capitalized stripping costs 5,986 6,106 30,765 38,082 80,939
Total site costs 125,571 123,757 116,832 106,999 473,159
(Cdn$ in thousands) Q4 2024 Q3 2024 Q2 2024 Q1 2024 2024
Site operating costs (included in cost of sales) 100,495 107,712 79,804 79,678 367,689
Capitalized stripping costs 1,981 3,631 10,732 16,152 32,496
Total site costs 102,476 111,343 90,536 95,830 400,185
Total site costs - 100% basis 102,476 111,343 90,536 109,520 413,875
Non-GAAP Performance Measures - Continued
Adjusted net income (loss) and Adjusted EPS
Adjusted net income (loss) removes the effect of the following transactions
from net income (loss) as reported under IFRS Accounting Standards:
• Unrealized foreign currency gains and losses;
• Unrealized gains and losses on derivatives;
• Other operating costs;
• Call premium on settlement of debt;
• Loss on settlement of debt, net of capitalized interest;
• Bargain purchase gains on Cariboo acquisition;
• Gain on acquisition of control of Gibraltar;
• Realized gain on sale of finished goods inventories;
• Realized gains on processing of ore stockpiles;
• Accretion on Florence royalty obligation;
• Accretion on Cariboo consideration payable;
• Tax effect of sale of non-controlling interest in New
Prosperity; and
• Non-recurring other expenses for Cariboo acquisition.
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. 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.
Adjusted earnings per share ("Adjusted EPS") is Adjusted net income
attributable to common shareholders of the Company divided by the weighted
average number of common shares outstanding for the period.
(Cdn$ in thousands) Q4 2025 Q3 2025 Q2 2025 Q1 2025 2025
Net income (loss) 4,454 (27,838) 21,868 (28,560) (30,076)
Unrealized foreign exchange (gain) loss (9,000) 14,287 (40,335) 2,074 (32,974)
Unrealized loss and fair value adjustments on derivatives 37,676 14,977 9,489 23,536 85,678
Accretion on Cariboo consideration payable 4,048 4,041 4,484 664 13,237
Accretion on Florence royalty obligation 18,415 6,991 6,201 2,571 34,178
Tax effect of sale of non-controlling interest in New Prosperity - - (9,285) - (9,285)
Estimated tax effect of adjustments (14,068) (6,874) (5,447) (7,228) (33,617)
Adjusted net income (loss) 41,525 5,584 (13,025) (6,943) 27,141
Adjusted EPS $ 0.11 $ 0.02 $ (0.04) $ (0.02) $ 0.07
Non-GAAP Performance Measures - Continued
(Cdn$ in thousands) Q4 2024 Q3 2024 Q2 2024 Q1 2024 2024
Net (loss) income (21,207) (180) (10,953) 18,896 (13,444)
Unrealized foreign exchange loss (gain) 40,462 (7,259) 5,408 13,688 52,299
Unrealized (gain) loss and fair value adjustments on derivatives (25,514) 1,821 10,033 3,519 (10,141)
Accretion on Cariboo consideration payable 4,543 9,423 8,399 1,555 23,920
Accretion on Florence royalty obligation 3,682 3,703 2,132 3,416 12,933
Other operating costs 4,132 4,098 10,435 - 18,665
Gain on Cariboo acquisition - - - (47,426) (47,426)
Gain on acquisition of control of Gibraltar(1) - - - (14,982) (14,982)
Realized gain on sale of inventory(2) - - 3,768 13,354 17,122
Realized gain on processing of ore stockpiles(3) 1,905 3,266 4,056 - 9,227
Non-recurring other expenses related to Cariboo acquisition - - 394 138 532
Call premium on settlement of debt - - 9,571 - 9,571
Loss on settlement of debt, net of capitalized interest - - 2,904 - 2,904
Estimated tax effect of adjustments 2,465 (6,644) (15,644) 15,570 (4,253)
Adjusted net income 10,468 8,228 30,503 7,728 56,927
Adjusted EPS $ 0.03 $ 0.03 $ 0.10 $ 0.03 $ 0.19
1 Gain on acquisition of control of Gibraltar relates Taseko's
87.5% share of copper concentrate inventories held at March 25, 2024 that was
written-up to fair value as part of the acquisition of control of Gibraltar.
2 Realized gain on sale of inventory relates to copper
concentrate inventories held at March 25, 2024 that was written-up to fair
value as part of the acquisition of control of Gibraltar and subsequently
sold. The realized portion of these gains have been added back to Adjusted
net income in the period the inventories were sold.
3 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. The realized portion of these gains have been added back to
Adjusted net income in the period the inventories were processed.
Non-GAAP Performance Measures - Continued
Adjusted EBITDA
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. 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. 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.
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. 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:
• Unrealized foreign exchange gains and losses;
• Unrealized gains and losses on derivative;
• Amortization of share-based compensation expense;
• Other operating costs;
• Call premium on settlement of debt;
• Loss on settlement of debt;
• Bargain purchase gains on Cariboo acquisition;
• Gain on acquisition of control of Gibraltar;
• Realized gains on sale of finished goods inventories;
• Realized gains on processing of ore stockpiles; and
• Non-recurring other expenses for Cariboo acquisition.
(Cdn$ in thousands) Q4 2025 Q3 2025 Q2 2025 Q1 2025 2025
Net income (loss) 4,454 (27,838) 21,868 (28,560) (30,076)
Depletion and amortization 27,207 27,974 25,210 22,425 102,816
Finance and accretion expenses 36,925 24,888 23,943 18,877 104,633
Finance income (1,098) (1,368) (124) (1,330) (3,920)
Income tax expense (recovery) 13,096 2,918 (27,439) (7,980) (19,405)
Unrealized foreign exchange (gain) loss (9,000) 14,287 (40,335) 2,074 (32,974)
Unrealized loss on derivatives and fair value adjustments 37,676 14,977 9,489 23,536 85,678
Share-based compensation expense 7,204 6,299 4,820 5,349 23,672
Adjusted EBITDA 116,464 62,137 17,432 34,391 230,424
Non-GAAP Performance Measures - Continued
(Cdn$ in thousands) Q4 2024 Q3 2024 Q2 2024 Q1 2024 2024
Net (loss) income (21,207) (180) (10,953) 18,896 (13,444)
Depletion and amortization 24,641 20,466 13,721 15,024 73,852
Finance and accretion expenses 21,473 25,685 21,271 19,894 88,278
Finance income (1,674) (1,504) (911) (1,086) (5,175)
Income tax expense (recovery) 11,707 (200) (3,247) 23,282 31,542
Unrealized foreign exchange loss (gain) 40,462 (7,259) 5,408 13,688 52,299
Unrealized (gain) loss on derivatives (25,514) 1,821 10,033 3,519 (10,141)
Amortization of share-based compensation (recovery) expense (323) 1,496 2,585 5,667 9,425
Other operating costs 4,132 4,098 10,435 - 18,665
Call premium on settlement of debt - - 9,571 - 9.571
Loss on settlement of debt - - 4,646 - 4,646
Gain on Cariboo acquisition - - - (47,426) (47,426)
Gain on acquisition of control of Gibraltar(1) - - - (14,982) (14,982)
Realized gain on sale of inventory(2) - - 3,768 13,354 17,122
Realized gain on processing of ore stockpiles(3) 1,905 3,266 4,056 - 9,227
Non-recurring other expenses for Cariboo acquisition - - 394 138 532
Adjusted EBITDA 55,602 47,689 70,777 49,923 223,991
1 Gain on acquisition of control of Gibraltar relates Taseko's
87.5% share of copper concentrate inventories held at March 25, 2024 that was
written-up to fair value as part of the acquisition of control of Gibraltar.
2 Realized gain on sale of inventory relates to copper
concentrate inventories held at March 25, 2024 that was written-up to fair
value as part of the acquisition of control of Gibraltar and subsequently
sold. The realized portion of these gains have been added back to Adjusted
EBITDA in the period the inventories were sold.
3 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. The realized portion of these gains have been Adjusted EBITDA in
the period the inventories were processed.
Non-GAAP Performance Measures - Continued
Earnings from mining operations before depletion, amortization and
non-recurring items
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. 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.
(Cdn$ in thousands) Q4 2025 Q3 2025 Q2 2025 Q1 2025 2025
Earnings (loss) from mining operations 96,848 39,242 (502) 16,366 151,954
Add:
Depletion and amortization 27,207 27,876 25,210 22,425 102,718
Other operating income - - (4,008) - (4,008)
Earnings from mining operations before depletion, amortization and 124,055 67,118 20,700 38,791 250,664
non-recurring items
(Cdn$ in thousands) Q4 2024 Q3 2024 Q2 2024 Q1 2024 2024
Earnings from mining operations 28,727 26,686 44,948 24,419 124,780
Add:
Depletion and amortization 24,641 20,466 13,721 15,024 73,852
Realized gain on sale of inventory(1) - - 3,768 13,354 17,122
Realized gain on processing of ore stockpiles(2) 1,905 3,266 4,056 - 9,227
Other operating costs 4,132 4,098 10,435 - 18,665
Earnings from mining operations before depletion, amortization and 59,405 54,516 76,928 52,797 243,646
non-recurring items
1 Realized gain on sale of inventory relates to copper
concentrate inventories held at March 25, 2024 that was written-up to fair
value as part of the acquisition of control of Gibraltar and subsequently
sold. The realized portion of these gains have been added back to earnings
from mining operations before depletion, amortization and non-recurring items
in the period the inventories were sold.
2 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. The realized portion of these gains have been added back to
earnings from mining operations before depletion, amortization and
non-recurring items in the period the inventories were processed.
Non-GAAP Performance Measures - Continued
Site operating costs per ton milled
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 site operations on a tons milled basis.
(Cdn$ in thousands) Q4 2025 Q3 2025 Q2 2025 Q1 2025 2025
Site operating costs (included in cost of sales) 119,585 117,651 86,067 68,917 392,220
Tons milled (thousand tons) 7,200 7,852 7,663 7,898 30,613
Site operating costs per ton milled $ 16.61 $ 14.98 $ 11.23 $ 8.73 $ 12.81
(Cdn$ in thousands) Q4 2024 Q3 2024 Q2 2024 Q1 2024 2024
Site operating costs (included in cost of sales) 100,495 107,712 79,804 90,040 378,050
Tons milled (thousand tons) 8,250 7,572 5,728 7,677 29,227
Site operating costs per ton milled $ 12.18 $ 14.23 $ 13.93 $ 11.73 $ 12.93
Technical Information
The technical information contained in this MD&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 2025 Technical Report"), which
is available on SEDAR+. 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. 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. All three are Qualified Persons as defined
by NI 43-101.
The technical information contained in this MD&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+. The Yellowhead 2025 Technical Report was prepared under
the supervision of Richard Weymark, P. Eng., MBA. Mr. Weymark is employed by
the Company as Vice President, Engineering and is a Qualified Person as
defined by NI 43-101.
No regulatory authority has approved or disapproved of the information
contained in this news release
Caution Regarding Forward-Looking Information
This document contains "forward-looking statements" that were based on
Taseko's expectations, estimates and projections as of the dates as of which
those statements were made. Generally, these forward-looking statements can be
identified by the use of forward-looking terminology such as "outlook",
"anticipate", "project", "target", "believe", "estimate", "expect", "intend",
"should" and similar expressions.
Forward-looking statements are subject to known and unknown risks,
uncertainties and other factors that may cause the Company's actual results,
level of activity, performance or achievements to be materially different from
those expressed or implied by such forward-looking statements. These included
but are not limited to:
• uncertainties about the future market price of copper and the
other metals that we produce or may seek to produce;
• changes in general economic conditions, the financial markets
and in the market price for our input costs including due to inflationary
impacts, such as diesel fuel, acid, steel, concrete, electricity and other
forms of energy, mining equipment, and fluctuations in exchange rates,
particularly with respect to the value of the U.S. dollar and Canadian dollar,
and the continued availability of capital and financing;
• inherent risks associated with mining operations, including
our current mining operations at Gibraltar and our planned mining operations
at Florence Copper, and their potential impact on our ability to achieve our
production estimates;
• uncertainties as to our ability to achieve reduced costs for
Gibraltar (as defined below) and to otherwise control our operating costs
without impacting our planned copper production;
• our high level of indebtedness and its potential impact on our
financial condition and the requirement to generate cash flow to service our
indebtedness and refinance such indebtedness from time to time;
• the increases in interest rates, by central banks may increase
our borrowing costs and impact the profitability of our operations;
• our ability to draw down on our financing arrangements for the
construction of Florence Copper is subject to our meeting the required
conditions for drawdown;
• the amounts we are required to pay for our acquisition of
Cariboo will increase with higher copper prices;
• the risk of inadequate insurance or inability to obtain
insurance to cover our business risks;
• uncertainties related to the accuracy of our estimates of
Mineral Reserves (as defined below), Mineral Resources (as defined below),
production rates and timing of production, future production and future cash
and total costs of production and milling;
• the risk that we may not be able to expand or replace Mineral
Reserves as our existing Mineral Reserves are mined;
• the risk that the results from our development of Florence
Copper will not meet our estimates of remaining construction costs, operating
expenses, revenue, rates of return and cash flows from operations which have
been projected by the technical report for Florence;
• the risk of cost overruns or delays in our construction of the
commercial facilities at Florence Copper, resulting in not commencing
commercial production within our current projected timeline or within our
current projected cost estimates;
• uncertainties related to the execution plan for the
construction of Florence Copper and the commencement of commercial operations
resulting from inflation risk, supply chain disruptions, material and labour
shortages or other execution risks;
• our ability to comply with all conditions imposed under the
APP and UIC permits for the construction and operation of Florence Copper;
• the availability of, and uncertainties relating to, any
additional financing necessary for the continued operation and development of
our projects, including with respect to our ability to obtain any additional
construction financing, if needed, to complete the construction and
commencement of commercial operations at Florence Copper;
• shortages of water supply, critical spare parts, maintenance
service and new equipment and machinery or our ability to manage surplus water
on our mine sites may materially and adversely affect our operations and
development projects;
• our ability to comply with the extensive governmental
regulation to which our business is subject;
• uncertainties related to our ability to obtain necessary
title, licenses and permits for our development projects and project delays
due to third party opposition;
• uncertainties related to Indigenous people's claims and
rights, and legislation and government policies regarding the same;
• our reliance on the availability of infrastructure necessary
for development and on operations, including on rail transportation and port
terminals for shipping of our copper concentrate production from Gibraltar,
and rail transportation and power for the feasibility of our other British
Columbia development projects;
• uncertainties related to unexpected judicial or regulatory
proceedings;
• changes in, and the effects of, the laws, regulations and
government policies affecting our exploration and development activities and
mining operations;
• potential changes to the mineral tenure system in British
Columbia, which is undergoing reform for compliance with the Declaration Act
(British Columbia);
• our dependence solely on our 100% interest in Gibraltar for
our revenues and our operating cash flows;
• our ability to extend existing concentrate off-take agreements
or enter into new agreements;
• environmental issues and liabilities associated with mining
including processing and stockpiling ore;
• labour strikes, work stoppages, or other interruptions to, or
difficulties in, the employment of labour in markets in which we operate
mines, industrial accidents, equipment failure or other events or occurrences,
including third party interference that interrupt the production of minerals
in our mines;
• environmental hazards and risks associated with climate
change, including the potential for damage to infrastructure and stoppages of
operations due to extreme cold, forest fires, flooding, drought, earthquakes
or other natural events in the vicinity of our operations;
• litigation risks and the inherent uncertainty of litigation;
• our actual costs of reclamation and mine closure may exceed
our current estimates of these liabilities;
• our ability to renegotiate our existing union agreement for
Gibraltar when it expires in May 2027;
• the capital intensive nature of our business both to sustain
current mining operations and to develop any new projects including Florence
Copper;
• our ability to develop new mining projects may be adversely
impacted by potential indigenous joint decision-making and consent agreements
being implemented by the Government of British Columbia under the B.C.
Declaration on the Rights of Indigenous Peoples Act;
• our reliance upon key personnel;
• the competitive environment in which we operate;
• the effects of forward selling instruments to protect against
fluctuations in copper prices and other input costs including diesel and acid;
• the risk of changes in accounting policies and methods we use
to report our financial condition, including uncertainties associated with
critical accounting assumptions and estimates;
• uncertainties relating to the war in Ukraine, the Israel-Hamas
conflict and other future geopolitical events including social unrest, which
could disrupt financial markets, supply chains, availability of materials and
equipment and execution timelines for any project development;
• recent changes to U.S. trade policies and tariff risks may
adversely impact overall economic conditions, copper markets, supply chains,
metal prices and input costs; and
• other risks detailed from time-to-time in our annual
information forms, annual reports, MD&A, quarterly reports and material
change reports filed with and furnished to securities regulators, and those
risks which are discussed under the heading "Risk Factors".
For further information on Taseko, investors should review the Company's
annual Form 40-F filing with the United States Securities and Exchange
Commission www.sec.gov and home jurisdiction filings that are available at
www.sedarplus.ca, including the "Risk Factors" included in our Annual
Information Form.
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