VANCOUVER, British Columbia - Taseko Mines Limited (TSX: TKO; NYSE American: TGB; LSE: TKO) ('Taseko' or the 'Company') reports third quarter 2025 Adjusted EBITDA of $62 million, a net loss of $28 million ($0.09 per share) and Adjusted net income of $6 million ($0.02 earnings per share).
Revenues for the third quarter were $174 million from the sale of 26 million pounds of copper and 421 thousand pounds of molybdenum.
Gibraltar copper production significantly improved over the previous two quarters as mining continued to advance deeper into higher grade ore in the Connector pit. In the third quarter, Gibraltar produced 27.6 million pounds of copper, which includes 895 thousand pounds of copper cathode, and 558 thousand pounds of molybdenum. Mill throughput for the quarter was in line with the nameplate capacity of 85,000 tons per day, and an average copper grade of 0.22% was processed. Copper recoveries for the third quarter were 77%. Both grade and recoveries were markedly higher than the previous two quarters and are expected to increase again in the fourth quarter. Molybdenum grades, which typically track copper grades, were also higher than the previous quarters resulting in much improved production.
Total operating (C1) cost was US$2.87 per pound, lower than the previous quarter and expected to continue to trend downward in the fourth quarter.
At Florence Copper, the general contractor for the SX/EW plant area achieved substantial completion in September and began to demobilize construction crews. The focus has shifted to commissioning of the key processing circuits. Wellfield operations commenced in mid-October and are now ramping up with first solutions being injected in early November. Commissioning of the SX/EW plant will advance in parallel with the initial acidification of the wellfield and the facility is expected to produce first copper cathode early next year.
Stuart McDonald, President & CEO of Taseko, commented, 'Our construction and operating teams at Florence have achieved a number of significant milestones in recent months and have successfully completed this major capital project in line with our execution plan. Initial flow rates in the commercial wellfield have been in line with expectations at this point of the wellfield ramp up process, and we're now very close to first cathode production. Drilling activity will also restart on the wellfield in the next few weeks. These additional wells are required to ramp up cathode production in 2026.'
'Gibraltar copper production improved in the third quarter as mining advanced through the more complex mineralized zones, and copper grades and recoveries were stronger. The current benches in the Connector pit are expected to produce higher copper grades again in the fourth quarter and result in another increase in recoveries and copper production,' continued Mr. McDonald.
'The US$173 million equity financing that we successfully completed in October has significantly strengthened our balance sheet. A portion of the proceeds have now been used to pay off the US$75 million that was drawn on the corporate revolver. The working capital injection also allows us to restart wellfield drilling at Florence Copper, earlier than planned, which will benefit the ramp up in 2026.'
'Despite the recent price volatility, the fundamentals of the copper market remain healthy. Copper prices are expected to remain strong in 2026 as accelerating demand from electrification and constrained mine supply continue to tighten the global market,' concluded Mr. McDonald.
Non-GAAP performance measure.
Third Quarter Review
Earnings from mining operations before depletion, amortization and non-recurring items was $67.3 million, Adjusted EBITDA was $62.1 million and cash flow from operations was $36.5 million;
Net loss was $27.8 million ($0.09 loss per share) and Adjusted net income was $5.5 million ($0.02 earnings per share);
Gibraltar produced 27.6 million pounds of copper, including 0.9 million pounds of copper cathode, at a total operating (C1) cost of US$2.87 per pound of copper produced. Copper head grade was 0.22% and recovery was 77% for the quarter;
Gibraltar sold 26.3 million pounds of copper at an average realized copper price of US$4.49 per pound contributing to revenues of $173.9 million for Taseko;
In July 2025, the Company filed an updated technical report for the Yellowhead copper 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;
In October 2025, the Company announced receipt of final approvals required to commence wellfield injection and recovery operations at Florence Copper. First copper cathode production is expected in early 2026 and 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 used to repay outstanding debt under the Company's revolving credit facility and are available for general corporate purposes, including to support further wellfield development at Florence Copper and advancement of the Yellowhead project.
Operations Analysis - Continued
Gibraltar copper production increased to 27.6 million pounds, including 0.9 million pounds of copper cathode. Copper head grades averaged 0.22% and while behind plan was significantly improved over the first two quarters of 2025. Copper head grades are expected to further improve in the fourth quarter as mining progresses deeper into the Connector pit. Copper recoveries averaged 77% for the quarter and steadily improved as mining advanced beyond the oxidized and supergene zones encountered in the initial phases of Connector pit.
Mill throughput was 7.8 million tons in the third quarter, in line with nameplate milling capacity of 85,000 tons per day.
Total site costs were $123.8 million (including capitalized stripping of $6.1 million) for the third quarter and was higher than the prior year comparative quarter reflecting higher mining rates and the restart of the SX/EW plant.
Molybdenum production was 558 thousand pounds for the third quarter, representing a 33% increase compared to the prior year comparative quarter, primarily due to increased molybdenum grades in the Connector pit ore. At an average molybdenum price of US$24.37 per pound for the quarter, molybdenum contributed to a by-product credit of US$0.39 per pound of copper produced.
Off-property costs of US$0.17 per pound of copper produced was comparable with the previous quarter and was lower than the prior year comparative quarter reflecting Gibraltar's favorable 2025 offtake agreements with average treatment and refining charges ('TCRC') of $nil for the year.
Total operating (C1) costs were US$2.87 per pound of copper produced for the third quarter compared to US$2.92 per pound of copper produced for the prior comparative quarter. The decrease in total operating (C1) costs was primarily attributable to higher molybdenum by-product credits, higher capitalized stripping costs, slightly higher copper production, and lower off-property costs partially offset by higher mining rates as outlined in the bridge graph below:
A graph accompanying this announcement is available at
Non-GAAP performance measure. See end of news release.
Gibraltar Outlook
Mining activity continues to advance deeper into the Connector pit, which will be the primary source of mill feed for the remainder of 2025 and the years ahead. Increases in copper head grades and recoveries are expected in the fourth quarter. Copper production for 2025 is expected to be 100 to 105 million pounds.
Molybdenum production is also expected to further improve reflecting the higher molybdenum grades and recoveries expected from the Connector pit ore.
The Company has offtake agreements covering substantially all of Gibraltar's copper concentrate production for 2025 and 2026, which contain significantly lower and in certain cases negative (premium) TCRC rates reflecting the tight copper smelting market. Based on the contract terms, the Company expects average TCRCs to be to around $nil for 2025 and 2026.
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 that secure a minimum copper price of US$4.00 per pound with a maximum copper price of US$5.40 per pound per pound for 27 million pounds of copper production for the remainder of 2025 and 54 million pounds of copper production for the first half of 2026 (refer to 'Financial Condition Review-Hedging Strategy' for details).
Florence Copper
The operating team recently commenced wellfield injection and recovery operations, which marks the start up of the commercial production facility at Florence Copper.
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, the Company published a new report titled 'Technical Report Update on the Yellowhead Copper Project, British Columbia, Canada' (the '2025 Technical Report') under the supervision of Richard Weymark, P. Eng., MBA, Vice President, Engineering for Taseko and a Qualified Person as defined by NI 43 101.
Based on the 2025 Technical Report, the Yellowhead copper project ('Yellowhead') 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, Yellowhead 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. Yellowhead 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 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.
Project highlights based on the 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 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 Yellowhead is in line with environmental and social expectations. The Company opened a community Yellowhead project office in 2024 to support ongoing engagement with local communities including First Nations.
Long-term Growth Strategy - Continued
New Prosperity copper-gold project
In June 2025, Taseko, the Tsilhqot'in Nation and the Province of BC reached a historic agreement concerning the New Prosperity project (the 'Te?tan Biny Agreement'). The Te?tan 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 Te?tan 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 Tsilhqot'in Nation. The trust will transfer the property interest to the Tsilhqot'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 Tsilhqot'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 Tsilhqot'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 Tsilhqot'in Nation;
The Province of BC and the Tsilhqot'in Nation have agreed to negotiate the process by which the consent of the Tsilhqot'in Nation will be sought for any proposed mining project to proceed through an environmental assessment process and The Tsilhqot'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 Tsilhqot'in territory.
Aley niobium project
The converter pilot test is ongoing to provide additional process data to support the design of commercial process facilities, and final product samples to support product 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, November 13, 2025, 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 9308157.The webcast may be accessed at tasekomines.com/investors/events and will be archived until November 13, 2026 for later playback.
Contact:
Brian Bergot
Vice President
Investor Relations
Tel: 778-373-4554
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.
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.
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