Taseko Announces Second Quarter Financial and Operational Results

Executive Summary

• Taseko reported Q2 2025 Adjusted EBITDA of $17 M, net income of $22 M ($0.07/share) and an Adjusted net loss of $13 M ($0.04 loss/share).
• Copper production at Gibraltar was 20 M lb (C1 cost $3.14/lb); mill throughput averaged 84,200 t/d with average grade 0.20% and recoveries 63%.
• Florence Copper construction is >90 % complete; $239 M incurred to date, on track for first copper cathode production before year‑end 2025.

Key Details

• Financial performance – Revenues $116 M from 19 M lb of copper and 178 k lb of molybdenum; cash flow from operations $26 M; cash balance $122 M, total liquidity $197 M.
• Gibraltar mine – Tons mined up 31 % QoQ to 30.4 M t; mill throughput 84,200 t/d; copper head grade 0.20%; recoveries 63%; C1 cost $3.14/lb. First SX/EW cathode production (395 k lb) after plant restart in May 2025.
• Florence Copper – Construction >90 % complete; $239 M spent to date, $33 M spend Q2; capital spend Q2 $41.2 M (commercial facility $32.96 M, site & PTF $8.28 M). On schedule for commissioning and first production before end‑2025.
• Yellowhead project – Updated technical report shows after‑tax NPV $2 B (8% discount) and IRR 21% at $4.25/lb copper; average annual production 178 M lb Cu over 25 yr; Environmental Assessment process formally commenced July 2025.
• New Prosperity agreement – Received $75 M payment from BC Province; retains 77.5 % interest; 22.5 % equity placed in trust for Tsilhqot’in Nation consent.
• Hedging – Copper collar contracts lock a minimum price of $4.00/lb for 54 M lb of copper for the remainder of 2025.
• Shareholder matters – Annual General Meeting held June 12 2025; shareholders approved rights plan and Say‑on‑Pay resolution.
• Conference call – Management webcast scheduled for August 7 2025 at 11:00 a.m. ET to discuss results.

Notable Quotes

“We are very pleased with progress at Florence Copper… construction activities will soon be shifting to commissioning… the more than ten years of effort to get us here is about to pay off.” – Stuart McDonald, President & CEO
“Higher grades and improved recoveries in the second half will lead to increased copper production and stronger cash flows.” – Stuart McDonald, President & CEO