Taseko completes construction at Florence

Executive Summary

• Taseko Mines provided a progress update on the Florence Copper ramp-up, confirming construction completion and imminent SX/EW plant start-up, alongside full-year and fourth-quarter production results for the Gibraltar mine.
• At Florence Copper, well field acidification and mining solution circulation are ahead of schedule, with injection flow rates meeting or exceeding expectations and solution grades reaching required levels for plant operations.
• Gibraltar reported 2025 production of 98 million pounds of copper and 1.9 million pounds of molybdenum, with a strong fourth quarter driven by higher head grades, despite some downtime in November.

Key Details

• Florence Copper Status:
  • Construction activity is complete; focus has shifted to well field operations and commissioning of the solvent extraction and electrowinning (SX/EW) plant.
  • Well field acidification commenced in early November.
  • By early December, mining solutions were circulating in all new production wells within the commercial well field.
  • Injection flow rates have met or exceeded expectations, resulting in faster initial acidification.
  • Average solution grade has reached the level required for SX/EW plant operations.
  • SX/EW plant commissioning is advancing without significant issues; plant operations are expected to commence shortly.
  • First copper cathode production is expected within a few weeks.
  • Well field drilling has recommenced with three drill rigs operating to expand the commercial well field for higher solution flows and increased production.
• Gibraltar 2025 Full-Year Results:
  • Copper production: 98 million pounds.
  • Molybdenum production: 1.9 million pounds.
  • Copper sales: 99 million pounds.
  • Molybdenum sales: 1.9 million pounds.
• Gibraltar Fourth Quarter 2025 Results:
  • Copper production: 31 million pounds (significant increase over previous quarters).
  • Copper head grade: 0.26% (in line with management expectations).
  • Copper recoveries: 81%.
  • Molybdenum production: 800,000 pounds (approx. 50% higher than Q3 and best quarterly production in eight years).
  • Gibraltar SX/EW plant produced 900,000 pounds of copper cathode in Q4 and continues to operate.
  • Q4 production was impacted by unanticipated mill downtime due to unscheduled maintenance and a serious accident causing a temporary site-wide shutdown in November.
• Outlook:
  • Management expects more consistent quarterly production in 2026 due to better positioning in the Connector pit and anticipates higher overall copper production.

Notable Quotes

• "The transition from construction to early-stage operations at Florence has gone smoothly, and we are very pleased with the initial copper recoveries and performance of the commercial well field. Our project team is focused on the successful start-up of the SX/EW plant in the coming days, followed by first copper cathode production within a few weeks." — Stuart McDonald, President and CEO
• "Gibraltar production in the second half of the year was a notable improvement over the first half of the year with higher grades and better-quality ore. Looking ahead to 2026, we expect more consistent quarterly production, now that we are better situated in the Connector pit, and higher overall copper production." — Stuart McDonald, President and CEO