Taseko Announces Strong Fourth Quarter Financial Results and Commencement of Copper Production at Florence Copper

The February 18, 2026, news release announces a pivotal milestone: the commencement of copper cathode production at the 100%-owned Florence Copper project in Arizona. Taseko also reported its full-year 2025 and Q4 2025 financial results. Key highlights include: - Florence Copper: The SX/EW plant is fully operational, and the wellfield performance is meeting or exceeding expectations. Total construction costs for the commercial facility were US$274.6 million. - 2026 Production Guidance: Florence is expected to produce 30-35 million pounds of copper in 2026, while the flagship Gibraltar mine is guided to produce 110-115 million pounds. - Financial Performance: Full-year 2025 adjusted EBITDA reached $230.4 million on revenues of $672.9 million. Q4 2025 was particularly strong, contributing $116.5 million in adjusted EBITDA. - Earnings: While the company reported a statutory net loss for 2025 of $30.1 million (primarily due to non-cash items like FX and derivative valuations), adjusted net income was positive at $27.1 million ($0.07/share).

This news is Material - Positive and represents the successful execution of the company’s primary growth strategy. - De-risking the Portfolio: Taseko has transitioned from a single-mine producer (Gibraltar) to a multi-asset operator. This significantly reduces the company's risk profile. - Execution Consistency: Management has delivered Florence Copper roughly on schedule. While the final construction cost of US$274.6 million is approximately 18% higher than the US$232 million estimate from the 2023 technical report, the deviation is manageable given the inflationary environment and has already been funded. - Cash Flow Inflection: With Florence ramping up to a design capacity of 85 million pounds per year, Taseko is entering a high-growth phase. The "lowest-quartile" operating costs at Florence (US$1.11/lb C1 cost estimated in 2023) will drastically improve consolidated margins once full capacity is reached. - Balance Sheet Strength: The October 2025 equity raise (US$173 million) and the repayment of the revolving credit facility ensure the company has the working capital to manage the 2026 ramp-up without immediate further dilution.

Taseko Mines is a mid-tier copper producer. - Gibraltar Mine (BC, Canada): The flagship asset. Taseko acquired 100% ownership in March 2024. It is Canada's second-largest open-pit copper mine with a long history of production but has recently faced grade volatility and labor strikes (June 2024). - Florence Copper (Arizona, USA): The new production asset. It utilizes low-impact ISCR technology and is expected to produce 85 million pounds of high-purity copper cathode annually at full capacity. - Yellowhead (BC, Canada): A large-scale project in the permitting stage with a $2 billion NPV.