Taseko Mines (TKO) Q4 2025 earnings summary

Executive summary

• Achieved 2025 Adjusted EBITDA of $230 million and earnings from mining operations before depletion, amortization, and non-recurring items of $251 million.

• Recorded revenues of $673 million from sales of 99 million pounds of copper and 1.9 million pounds of molybdenum in 2025.

• Net loss for 2025 was $30 million, but adjusted net income was $27 million; Q4 net income was $4.5 million and adjusted net income was $42 million.

• Commenced copper production at Florence Copper in early 2026, with the SX/EW plant fully operational and first cathode harvest imminent.

• Significant milestones achieved at Yellowhead and New Prosperity projects, including a $75 million payment from the Province of BC and new consent framework.

Financial highlights

• Q4 revenue reached $244 million, with annual revenue at a record $673 million from 99 million pounds of copper and 1.9 million pounds of moly.

• Adjusted EBITDA for Q4 was $116 million, up from $56 million in Q4 2024; annual adjusted EBITDA was $230 million.

• Q4 cash flow from operations was $101 million; annual cash flow from Gibraltar was $220 million.

• Gibraltar produced 98 million pounds of copper in 2025 at a total operating cost (C1) of $2.66/lb; Q4 production was 31 million pounds at $2.47/lb.

• Ended the year with $188 million in cash and total liquidity of $340 million.

Outlook and guidance

• 2026 copper production expected to be 110–115 million pounds at Gibraltar, with Florence Copper targeting 30–35 million pounds and ramping up to 85 million pounds per year at full capacity.

• Gibraltar production expected to remain consistent through 2029, with recoveries forecasted at 75–80%.

• Molybdenum production and by-product credits expected to remain strong in 2026.

• Copper price hedges and collars in place for 2026 to protect cash flow, with a ceiling of $5.40/lb until June and higher ceilings for Q3 2026.

• Sustaining CapEx and capitalized stripping at Gibraltar expected to decrease in 2026.