Taseko Mines (TKO) Q2 2025 earnings summary

Executive summary

• Achieved best mining quarter in four years at Gibraltar, with mining tonnage up 31% from Q1 and steady copper output.

• Florence Copper project over 90% complete, on track for first copper cathode production before year-end 2025.

• New Prosperity Agreement finalized, ending litigation and providing a CAD 75 million payment and future development potential.

• Updated technical study at Yellowhead shows improved economics, with after-tax NPV of CAD 2 billion and IRR of 21%.

• Acquisition of remaining 50% of Cariboo Copper Corp. completed in March 2024.

Financial highlights

• Q2 2025 revenues were $116.1 million from sales of 19 million lbs copper and 178,000 lbs molybdenum.

• Net income was $22 million ($0.07/share), mainly from unrealized FX gains; adjusted net loss was $13 million ($0.04/share loss).

• Adjusted EBITDA for Q2 was $17.4 million, with cash flows from operations of $26 million.

• Ended Q2 with $122 million in cash and total liquidity just under $200 million.

• Cash balance includes $75 million from New Prosperity Agreement; revolving credit facility drawn to $55 million.

Outlook and guidance

• Expect strong rebound in Gibraltar production in Q3 and Q4, with higher grades and recoveries continuing into 2026.

• Florence targeting initial copper cathode production before year-end 2025; ramp-up plan in progress with 2025 output expected around 40 million lbs.

• Gibraltar copper production for 2025 expected at 110–120 million lbs, including cathode.

• Copper price protection in place for 54 million lbs at $4/lb for the rest of 2025, with plans to extend into 2026.

• Capitalized stripping at Gibraltar and Florence to drop significantly after Q3.