Taseko Mines (TKO) Q4 2025 earnings summary

Executive summary

• Florence Copper began production, with first cathodes expected imminently after successful commissioning of the electrowinning circuit and positive wellfield results; commercial production commenced in early 2026 with the SX/EW plant fully operational.

• Gibraltar achieved its highest copper and molybdenum production of 2025 in Q4, with improved grades and recoveries, despite some mill downtime; mining rates increased 25% year-over-year.

• Significant milestones were reached at Yellowhead and New Prosperity, including Yellowhead's NPV doubling due to higher copper prices, updated technical report, and a $75 million payment from the Province of BC; active permitting underway.

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

• Net loss for 2025 was $30 million, but Adjusted net income was $27 million.

Financial highlights

• Q4 revenue reached CAD 244 million, with annual revenue at a record CAD 673 million, driven by strong copper and molybdenum sales.

• Q4 net income was CAD 4.5 million (CAD 0.01/share); adjusted net income was CAD 42 million (CAD 0.11/share).

• Adjusted EBITDA for Q4 was CAD 116 million, up from CAD 56 million in Q4 2024 and CAD 62 million in Q3; annual adjusted EBITDA was CAD 230 million.

• Q4 cash flow from operations was CAD 101 million, with Gibraltar contributing CAD 72 million in free cash flow.

• Year-end cash balance was CAD 188 million, with total liquidity of CAD 340 million including undrawn credit.

Outlook and guidance

• Florence Copper expected to produce 30–35 million pounds of copper in 2026, ramping up to 85 million pounds per year at full capacity; ramp-up metrics to be provided in Q1.

• Gibraltar guidance for 2026 is 110–115 million pounds of copper, with production expected to remain in this range through 2029.

• Copper price collars and hedges in place for Florence development and 2026 production, with a ceiling of $5.40/lb until June and higher ceilings for Q3 2026.

• Sustaining CapEx and capitalized stripping at Gibraltar expected to be slightly lower than last year.

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