Taseko begins wellfield operations at Florence project

Executive Summary

• Taseko Mines received final regulatory approvals and began well‑field operations at its 100 % owned Florence copper project in Arizona, marking the start‑up of a commercial production facility.
• Gibraltar mine reported strong third‑quarter results: 27.6 M lbs of copper (including 0.9 M lbs cathode) and 560 k lbs of molybdenum, representing 39 % and 211 % increases versus the prior quarter.
• First copper cathode from Florence is expected within roughly three months; annual 2025 copper production guidance raised to 100‑105 M lbs.

Key Details

• Regulatory approvals: Final permits obtained for Florence project; wellfield operations now underway.
• Construction status – SX/EW plant: General contractor achieved substantial completion on Sept. 19, began demobilizing crews; remaining contractors are being supervised as sections are handed over for commissioning.
• Commissioning timeline: SX/EW plant commissioning will run in parallel with well‑field start‑up; first copper cathode anticipated in ~3 months.
• Gibraltar Q3 production: 27.6 M lbs of copper (including 0.9 M lbs copper cathode) and 560 k lbs of molybdenum, up 39 % and 211 % respectively vs. Q2.
• Copper sales: 26.3 M lbs of copper sold in the quarter.
• Mill throughput: Operated at design capacity of 85,300 t/d for the quarter.
• Recovery rates: Average copper recovery 77 % for Q3; 83 % for September.
• Head grade: Copper head grade 0.22 % (behind plan but improved over prior two quarters).
• Future production outlook: Expect another significant production increase in Q4; annual 2025 copper production now projected at 100‑105 M lbs.
• Strategic commentary: CEO highlighted timing advantage with high copper prices and U.S. critical mineral supply focus, positioning Florence as a new domestic refined copper source and diversifying Taseko’s portfolio.

Notable Quotes

“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, President & CEO

“At Gibraltar, mining is advancing deeper into the Connector pit… we expect another significant production increase in the fourth quarter…” – Stuart McDonald, President & CEO