Taseko Announces Start of Wellfield Operations at Florence Copper and Third Quarter Gibraltar Operational Results

Executive Summary

• Received final regulatory approvals for the Florence Copper project and began wellfield operations, marking the start‑up of its commercial production facility.
• Gibraltar Mine Q3 production increased to 27.6 M lbs Cu (up 39% QoQ) and 560 k lbs Mo (up 211% QoQ); mill throughput ran at design capacity with improving recoveries.
• Management projects full‑year 2025 copper output of 100–105 M lbs, citing the imminent first cathode from Florence and continued ramp‑up at Gibraltar.

Key Details

• Florence Copper Project (Arizona)
• Final regulatory approvals obtained; wellfield operations now commencing.
• General contractor achieved substantial completion of SX/EW plant on Sept 19; de‑mobilization began thereafter.
• Remaining construction activities are being handed over to the operating team for commissioning, which will run parallel with wellfield start‑up.

• First copper cathode production expected within ~3 months of commencement.

• Gibraltar Mine (British Columbia) – Q3 2025

• Copper production: 27.6 M lbs (including 0.9 M lbs Cu cathode).
• Molybdenum production: 560 k lbs.
• Production increases of +39% (Cu) and +211% (Mo) versus the prior quarter.
• Copper sold in the quarter: 26.3 M lbs.
• Mill throughput: 85,300 t/d (design capacity).
• Average copper recovery for Q3: 77%; September recovery: 83%.

• Head grade: 0.22% Cu (behind plan but improved over prior quarters).

• Outlook & Guidance

• Anticipated continued production increase in Q4, though shortfall from earlier months will not be fully recovered.
• Full‑year 2025 copper production guidance revised to 100–105 M lbs.
• First copper cathode from Florence expected within three months, enhancing diversification and U.S. supply positioning.

Notable Quotes

• Stuart McDonald, President & CEO: “Commencement of wellfield operations is a fantastic milestone for Florence Copper… we look forward to first copper production and a successful ramp‑up of the operation in the months ahead.”
• Stuart McDonald: “At Gibraltar, mining is advancing deeper into the Connector pit… Annual production for 2025 is now expected to be 100 to 105 million pounds of copper.”

Materiality Assessment: Material – Positive (significant operational milestones and improved production metrics indicating enhanced future cash flow).