VANCOUVER, British Columbia, May 06, 2026 (GLOBE NEWSWIRE) -- Taseko Mines Limited (TSX: TKO; NYSE American: TGB; LSE: TKO) ("Taseko" or the "Company") reports first quarter 2026 Adjusted EBITDA* of $93 million and Earnings from mining operations before depletion and amortization and non-recurring items* of $115 million, a 172% and 195% improvement over the same period in 2025, respectively. Revenues in the first quarter were $237 million from the sale of 27 million pounds of copper and 708 thousand pounds of molybdenum. First quarter net income was $17 million ($0.05 per share) and Adjusted net income* was $28 million ($0.08 per share).
As previously released, Gibraltar produced 30 million pounds of copper and 717 thousand pounds of molybdenum in the first quarter, at Total operating cost (C1)* of US$2.63 per pound of copper produced. The strong production levels from the second half of 2025 continued in the first quarter and copper grades of 0.25% were in line with the life of mine average. Mill throughput was 7.0 million tons in the first quarter, slightly lower than the previous quarter. Throughput was adjusted to optimize copper recoveries, which increased to 83% in the quarter, and was also impacted by unscheduled maintenance. Tons mined in the first quarter were in line with plan.
At Florence Copper, the injection of solutions in the wellfield commenced in late 2025 in parallel with the SX/EW plant commissioning. Initial flowrates were above expectations resulting in faster acidification of the wellfield, and solution grades reached targeted levels in January. The SX/EW plant commenced operation in February, and first copper cathodes were harvested at the end of February. A total of 1.5 million pounds of copper cathode was produced in the first quarter. Five drill rigs are now operating on site and increased production from newly acidified wells is expected later in the second quarter. Additional production growth will come as new groups of wells are constructed, tested, and integrated into the wellfield operation over the remainder of the year. Expected copper cathode production in 2026 continues to be in the range of 30 to 35 million pounds.
Stuart McDonald, President & CEO of Taseko, commented, "Both of Taseko's producing assets performed well in the first quarter. Gibraltar operations have achieved a consistent production level in recent quarters as mining activities have been advancing on plan in the Connector pit."
"At Florence Copper, we are very pleased with the first six months of wellfield operations and first two months of plant operations. After the initial cathode harvest at the end of February, our operating team has done an excellent job stabilizing solution flow and grade from the wellfield through to the SX/EW plant circuits. Copper production from the initial wells has achieved a steady rate, in line with our expectations, and the focus is now on expanding the wellfield to ramp-up production over the remainder of the year."
"Environmental assessment work on our Yellowhead copper project continued to advance in the quarter. After the first round of community open houses that we held last fall, our next significant milestone is filing the detailed project description, which will incorporate feedback received from the general public, Indigenous communities, and regulatory agencies. We are working on this now with the goal to file it this coming summer."
"Taseko is uniquely positioned as a North American copper growth story. Florence Copper is adding low-cost production and cash flow growth this year, to Gibraltar's existing production base. The Company is well positioned to capitalize on the strong copper markets we see today, and continue to unlock value from our pipeline of large-scale longer term projects."
*Non-GAAP performance measure. See end of news release.
First Quarter Review
-- Earnings from mining operations before depletion and amortization* was
$114.6 million, Adjusted EBITDA* was $93.5 million and cash flow from
operations was $93.9 million;
-- Net income was $16.8 million ($0.05 earnings per share) and Adjusted net
income* was $27.5 million ($0.08 adjusted earnings per share);
-- Gibraltar produced 30.0 million pounds of copper, including 0.7 million
pounds of copper cathode, at a total operating cost (C1)* of US$2.63 per
pound of copper produced. Copper head grades averaged 0.25% and
recoveries averaged 83%;
-- Gibraltar sold 27.0 million pounds of copper, including 0.9 million
pounds of copper cathode, at an average realized copper price of US$5.74
per pound contributing to revenues of $237.1 million for Taseko. The
Company had copper collar contracts maturing in the first quarter for 27
million pounds with a ceiling price of US$5.40 per pound, resulting in a
realized derivative loss of $17.4 million;
-- Site costs increased in the quarter compared to 2025 as a result of
higher diesel and explosive costs which could remain elevated in the
coming quarters due to market factors;
-- Florence Copper's SX/EW plant started up in mid-February and first copper
cathodes were harvested at the end of February. A total of 1.5 million
pounds of copper cathode was produced in the last five weeks of the
quarter. Ongoing drilling and expansion of the wellfield will continue
in 2026 to support the ramp up of copper production at Florence; and
-- At March 31, 2026, the Company had a cash balance of $169 million and
total available liquidity of $322 million including its undrawn corporate
revolving credit facility.
Three months ended
March 31,
Gibraltar operating data 2026 2025 Change
------------------------------- ------ ------ --------
Tons mined (millions) 24.2 23.2 1.0
Tons milled (millions) 7.0 7.9 (0.9)
Production (million pounds Cu) 30.0 20.0 10.0
Sales (million pounds Cu) 27.0 21.8 5.2
------------------------------- ------ ------ -----
Three months ended
Financial data March 31,
(Cdn$ in thousands, except per share amounts) 2026 2025 Change
Revenues 237,093 139,149 97,944
Cash flows from operations 93,857 55,892 37,965
Net income (loss) 16,844 (28,560) 45,404
Per share - Basic ("EPS") 0.05 (0.09) 0.14
Earnings from mining operations before depletion,
amortization and non-recurring items* 114,561 38,791 75,770
Adjusted EBITDA* 93,463 34,391 59,072
Adjusted net income (loss)* 27,535 (6,943) 34,478
Per share - Basic ("Adjusted EPS")* 0.08 (0.02) 0.10
------------------------------------------------- ------- ------- ------
*Non-GAAP performance measure. See end of news release.
Review of Operations
Gibraltar
Operating data Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 ------------------- ------- ------- ------- ------- --------- Tons mined (millions) 24.2 28.0 29.3 30.4 23.2 Tons milled (millions) 7.0 7.2 7.8 7.7 7.9 Strip ratio 2.6 2.2 1.5 2.3 4.6 Site operating cost per ton milled* $18.15 $16.61 $14.98 $11.23 $ 8.73 Copper concentrate Head grade (%) 0.25 0.26 0.22 0.20 0.19 Recovery (%) 82.6 80.9 77.2 63.2 67.5 Production (million pounds Cu) 29.2 29.8 26.7 19.4 20.0 Sales (million pounds Cu) 26.0 30.8 25.4 19.0 21.8 Inventory (million pounds Cu) 5.9 2.9 4.0 2.7 2.3 Copper cathode Production (thousand pounds Cu) 733 919 895 395 - Sales (thousand pounds Cu) 938 783 905 - - Molybdenum concentrate Production (thousand pounds Mo) 717 830 558 180 336 Sales (thousand pounds Mo) 708 953 421 178 364 Per unit data (US$ per Cu pound produced)(1) Site operating cost* $ 3.09 $ 2.80 $ 3.09 $ 3.15 $ 2.41 By-product credit* (0.62) (0.59) (0.39) (0.19) (0.33) ------------------- ----- ----- ----- ----- ----- Site operating cost, net of by-product credit* 2.47 2.21 2.70 2.96 2.08 Off-property cost* 0.16 0.26 0.17 0.18 0.18 ------------------- ----- ----- ----- ----- ----- Total operating cost (C1)* $ 2.63 $ 2.47 $ 2.87 $ 3.14 $ 2.26 ------------------- ----- ----- ----- ----- -----
1 Copper pounds produced includes copper in concentrate and copper cathode.
Operations Analysis
First Quarter Results of Gibraltar
Gibraltar copper production totaled 30.0 million pounds in the quarter, including 0.7 million pounds of copper cathode, which was comparable to the previous quarter and a 50% increase from the comparative prior year quarter. Gibraltar's cathode production benefited from the SX/EW plant operating continuously through the winter months.
Copper head grades averaged 0.25% and were in line with life of mine average grades. Copper recoveries averaged 83% and benefitted from improved ore characteristics. Copper sales in the first quarter were 27.0 million pounds, and lower than production due to shipment timing.
Mill throughput was 7.0 million tons in the first quarter, impacted by lower mill availability due to maintenance activities and ore hardness.
*Non-GAAP performance measure. See end of news release.
Operations Analysis - continued
A total of 24.2 million tons were mined in the first quarter, comparable to the comparative prior year quarter. The average strip ratio was 2.6 in the quarter, reflecting continued advancement of waste stripping for the next phases of the Connector pit.
Total Gibraltar site costs* were $142.2 million (including capitalized stripping of $15.2 million) in the first quarter reflecting higher costs for key inputs and unscheduled maintenance activities. Diesel costs increased $5.3 million compared to the comparative prior year quarter, driven by both higher usage and increased diesel prices in March as a result of rising oil prices due to the ongoing conflict in the Middle East. Explosives costs also increased $6.1 million compared to the comparative prior year quarter, driven by higher usage and higher costs caused by a disruption in the supply chain. Site costs were also higher due to unscheduled maintenance activities, primarily on the loader and dozer fleets.
Molybdenum production was 717 thousand pounds in the first quarter and reflects the higher molybdenum grades realized in Connector pit ore. At an average molybdenum price of US$25.73 per pound for the quarter, molybdenum provided a by-product credit of US$0.62 per pound of copper produced.
Off-property costs were US$0.16 per pound of copper produced and reflect the lower treatment and refining charges ("TCRC") realized on Gibraltar's favorable offtake contracts.
Total operating costs (C1)* were US$2.63 per pound of copper produced for the first quarter, compared to US$2.47 per pound of copper produced for the prior quarter, driven by higher repairs and maintenance costs and higher costs for key inputs, particularly diesel and explosives, partially offset by higher capitalized stripping costs and lower offsite costs.
Gibraltar Outlook
Mining activity is focused in the Connector pit, which will be the primary source of ore for the next three years (2026 through 2028). Total copper production at Gibraltar for 2026 is expected to be in the range of 110 to 115 million pounds and is expected to continue at similar levels (+/- 5%) until completion of mining in the Connector pit. This includes the expected impact of supergene ore on mill recoveries as well as a more conservative forecast for head grade based on mining experience to-date in the Connector pit.
*Non-GAAP performance measure. See end of news release.
Gibraltar Outlook - continued
Oxide ore mined from Connector Pit has been stacked on leach pads and will be processed in the Gibraltar SX/EW plant in the coming years. The second oxide leach pad is now being integrated into the operation, which is expected to increase flow rates to the SX/EW plant, and support higher copper cathode production going forward.
Site diesel prices are currently $0.50 per litre higher than February levels. At these higher prices, Gibraltar's operating costs will increase by approximately US$0.15 per pound in future quarters if these market conditions prevail.
Molybdenum production in 2026 is expected to remain at similar levels to 2025, and with molybdenum prices above US$25.00 per pound, we continue to expect strong molybdenum by-product credits.
The Company has offtake agreements covering substantially all of Gibraltar's copper concentrate production for 2026, which contain low and in certain cases negative TCRC rates reflecting the continued tight copper smelting market. Based on the contract terms, the Company expects TCRCs to be nominal in 2026, similar to 2025. Spot TCRC rates continue to be attractive and the Company could tender additional 2027 tons in the coming months to take advantage of the favorable market.
The Company has a prudent hedging program in place to protect a minimum copper price and Gibraltar cash flow during the ramp-up of commercial operations at Florence Copper. Currently, the Company has copper collar contracts in place with a floor of US$4.00 per pound and a ceiling of US$5.40 per pound for 27 million pounds of copper production for the second quarter of 2026, and a floor of US$4.75 per pound and a ceiling of between US$7.50 and US$8.50 per pound for 24 million pounds of copper production for the third quarter of 2026 (refer to "Financial Condition Review--Hedging Strategy" for details). The Company has not hedged any of its Florence Copper production.
Florence Copper
Florence Copper is an in-situ copper recovery operation, located in Arizona, USA, that produces LME Grade A copper metal without conventional open-pit mining methods or major surface disturbance. Florence Copper is projected to rank among the lowest greenhouse gas ("GHG") intensity primary copper producers in North America, delivering environmentally responsible copper to North American manufacturers and consumers. The commercial operations at Florence Copper have an annual production capacity of 85 million pounds of copper and with current reserves has a current mine life of 22 years. Florence Copper is expected to be in the lowest quartile of primary producers on the global copper cost curve based on its long-term operating parameters once at full production capacity.
Construction activities at Florence Copper were substantially complete in the fourth quarter of 2025.
The focus of the operating team in the first quarter transitioned to wellfield operations, commissioning of the SX/EW plant and the start of production. Commercial wellfield acidification commenced in November with initial injection flowrates slightly above expectations. Commissioning of the SX/EW plant area advanced in parallel with initial wellfield operations, and plant operations commenced mid-February. Plating of copper cathode commenced with the startup of the electrowinning circuit and first cathodes were harvested at the end of February.
Florence Copper - continued
Wellfield drilling re-commenced in late 2025 and there are currently five drill rigs operating on site. Continued expansion of the commercial wellfield will be required to support higher solution flows and increased copper production as the Florence Copper commercial operation progresses through its ramp up in 2026.
Total production in 2026 at Florence Copper is expected to be in the range of 30 to 35 million pounds of copper. In the first quarter, with the SX/EW plant operating, Florence Copper produced a total of 1.5 million pounds of LME Grade A copper cathode with corresponding sales of 619 thousand pounds.
Florence Copper has a fixed price contract in place for all sulphuric acid requirements for 2026, so there is no expected near-term impact from reported disruptions in global acid supply chains due to geopolitical events in the Middle East.
Florence Copper site costs Three months ended (US$ in thousands) March 31, 2026 Commissioning and start-up costs 15,175 Wellfield development capital expenditures 13,075 Site operating costs 7,414 Total site costs 35,664 ------------------------------------------- ------------------
Long-term Growth Strategy
Taseko's strategy has been to grow the Company by acquiring and developing a pipeline of projects focused on copper in North America. We continue to believe this will generate long-term returns for shareholders. Our other development projects are located in BC, Canada.
Yellowhead copper project
In July 2025, the Company published a new report titled "Technical Report Update on the Yellowhead Copper Project, British Columbia, Canada" (the "Yellowhead 2025 Technical Report"). Based on the Yellowhead 2025 Technical Report, the Yellowhead copper project is expected to produce 4.4 billion pounds of copper over a 25-year mine life at an average C1 cost, net of by-product credit, of US$1.90 per pound of copper produced. During the first 5 years of operation, the Yellowhead project is expected to produce an average of 206 million pounds of copper per year at an average C1 cost, net of by-product credit, of US$1.62 per pound of copper produced. The Yellowhead project also contains valuable precious metal by-products with 282,000 ounces of gold production and 19.4 million ounces of silver production over the life of mine.
The economic analysis in the Yellowhead 2025 Technical Report was prepared using a copper price of US$4.25 per pound, a gold price of US$2,400 per ounce, and a silver price of US$28.00 per ounce.
Project highlights based on the Yellowhead 2025 Technical Report are detailed below:
-- Average annual copper production of 178 million pounds over a 25 year
mine life at total cash costs (C1) of US$1.90 per pound of copper
produced;
-- Over the first 5 years of the mine life, copper grade is expected to
average 0.32% producing an average of 206 million pounds of copper at
total cash costs (C1) of US$1.62 per pound of copper produced;
Long-term Growth Strategy - continued
-- Concentrator designed to process 90,000 tonnes per day of ore with an
expected copper recovery of 90%, and produce a clean copper concentrate
with payable gold and silver by-products;
-- Conventional open pit mining with a low strip ratio of 1.4;
-- After-tax net present value of $2.0 billion (8% after-tax discount rate)
and after-tax internal rate of return of 21%;
-- Initial capital costs of $2.0 billion with a payback period of 3.3 years;
and
-- Expected to be eligible for the Canadian federal Clean Technology
Manufacturing Investment Tax Credit, with 30% (approximately $540
million) of eligible initial capital costs reimbursed in year 1 of
operation.
In June 2025, the Yellowhead project's Initial Project Description was filed and accepted by the British Columbia Environmental Assessment Office and Impact Assessment Agency of Canada, formally commencing the Environmental Assessment process.
The Company continued to advance the environmental assessment work on the Yellowhead project in the quarter. After the first round of community-based open houses that were held in the fall, the next significant milestone is filing the detailed project description, based on public, Indigenous and agency feedback. On April 29, 2026, the Government of BC announced that the Yellowhead copper project has been added to its list of priority major projects.
The Company continues to engage with project stakeholders to ensure that the development of the Yellowhead Project is in line with environmental and social expectations. The Company has a community office for the Yellowhead project to support ongoing engagement with local communities including First Nations.
New Prosperity copper-gold project
In June 2025, Taseko, the Tŝilhqot'in Nation and the Province of BC reached a historic agreement concerning the New Prosperity project (the "Te tan Biny Agreement"). The Te tan Biny Agreement ended litigation among the parties while providing certainty with respect to how the significant copper-gold resource at New Prosperity may be developed in the future.
As part of the Te tan Biny Agreement, Taseko contributed a 22.5% equity interest in the New Prosperity mineral tenures to a trust for the future benefit of the Tŝilhqot'in Nation. The trust will transfer the property interest to the Tŝilhqot'in Nation if and when it consents to a proposal to pursue mineral development in the project area. Taseko retains a majority interest (77.5%) in the New Prosperity mineral tenures and can divest some or all of its interest at any time, including to other mining companies that could advance a project with the consent of the Tŝilhqot'in Nation. However, Taseko has committed not to be the proponent (operator) of mineral exploration and development activities at New Prosperity, nor the owner of a future mine development. Taseko has also entered into a consent agreement with the Tŝilhqot'in Nation, whereby no mineral exploration or development activity can proceed in the New Prosperity project area without the free, prior and informed consent of the Tŝilhqot'in Nation. The Province of BC and the Tŝilhqot'in Nation have agreed to negotiate the process by which the consent of the Tŝilhqot'in Nation will be sought for any proposed mining project to proceed through an environmental assessment process and have also agreed to undertake a land-use planning process for the area of the mineral tenures and a broader area of land within Tŝilhqot'in territory.
Long-term Growth Strategy - continued
Aley niobium project
Environmental monitoring and product marketing initiatives on the Aley niobium project continue. The converter pilot test is ongoing to provide additional process data to support the design of commercial process facilities. In 2025, the Company produced on-spec ferro-niobium, and the process is now scaling up to provide product samples to support marketing initiatives. The Company is also conducting a scoping study to investigate the potential for Aley to produce high-purity niobium oxides to supply the emerging niobium-based battery technology market.
Harmony gold project
On July 12, 2021, Taseko announced that it had entered into an asset purchase agreement (the "Agreement") to sell the Harmony Gold Project to JDS Gold Inc. ("JDS"), a newly incorporated company controlled by JDS Energy & Mining Inc. and affiliates. Under the terms of the Agreement, JDS became the owner and operator of the Harmony Gold Project, a high-grade development-stage gold project located on Graham Island in Haida Gwaii. Taseko retained a 15% carried interest in JDS and a 2% net smelter return royalty on the Project. Taseko also had the right to terminate the Agreement and revert to 100% ownership of Harmony in the event JDS did not achieve certain project development milestones and an IPO or other liquidity event within an agreed timeframe. The agreed timeframe was subsequently extended several times and, as the conditions were not met by the deadline, Taseko exercised its reversionary right to receive the mineral tenures back from JDS in late 2025. Taseko is in the process of negotiating and executing a new option agreement with JDS to advance the Harmony Gold Project.
Conference Call and Webcast The Company will host a telephone conference call and live webcast on Thursday, May 7, 2026, at 11:00 a.m. Eastern Time (8:00 a.m. Pacific) to discuss these results. After opening remarks by management, there will be a question and answer session open to analysts and investors. The conference call may be accessed by dialing 800-715-9871 toll free or 646-307-1963, using the access code 3266924. The webcast may be accessed at tasekomines.com/investors/events and will be archived until May 7, 2027 for later playback. -------------------------------------------------------
For further information on Taseko, see the Company's website at tasekomines.com or contact:
-- Investor enquiries Brian Bergot, Vice President, Investor Relations --
778-373-4554
Stuart McDonald
President and CEO
Non-GAAP Performance Measures
This MD&A includes certain non-GAAP performance measures that do not have a standardized meaning prescribed by IFRS Accounting Standards. These measures may differ from those used by, and may not be comparable to such measures as reported by, other issuers. The Company believes that these measures are commonly used by certain investors, in conjunction with conventional IFRS Accounting Standards measures, to enhance their understanding of the Company's performance. These measures have been derived from the Company's financial statements and applied on a consistent basis. The following tables below provide a reconciliation of these non-GAAP measures to the most directly comparable IFRS Accounting Standards measures.
Gibraltar total operating cost and site operating cost, net of by-product credit
Total operating cost includes all costs absorbed into inventory, as well as transportation costs and insurance recoverable. Site operating cost is calculated by removing net changes in inventory, depletion and amortization, insurance recoverable, and transportation costs from cost of sales. Site operating cost, net of by-product credit is calculated by subtracting by-product credits from site operating cost. Site operating cost, net of by-product credit per pound is calculated by dividing the aggregate of the applicable costs by pounds of copper produced. Total operating cost per pound is the sum of site operating costs, net of by-product credits and off-property costs divided by pounds of copper produced. By-product credit is calculated based on actual sales of molybdenum (net of treatment costs), silver and gold during the period divided by the total pounds of copper produced during the period. These measures are calculated on a consistent basis for the periods presented.
Gibraltar (Cdn$ in thousands) Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 -------------------- --------- --------- --------- --------- ----------- Cost of sales 151,698 146,919 134,664 120,592 122,783 Less: Depletion and amortization (29,166) (27,207) (27,876) (25,210) (22,425) Changes in inventories of finished goods 19,875 (2,611) 1,425 2,123 (2,710) Changes in inventories of ore stockpiles (1,332) 13,473 16,685 (5,718) (22,747) Changes in inventories of copper in solutions 2,290 - - - - Transportation costs (6,395) (10,989) (7,247) (5,720) (5,984) -------------------- ------- ------- ------- ------- ------- Site operating costs 136,970 119,585 117,651 86,067 68,917 Less: Florence site operating costs (9,949) - - - - -------------------- ------- ------- ------- ------- ------- Gibraltar site operating costs 127,021 119,585 117,651 86,067 68,917 Less by-product credits: Molybdenum, net of treatment costs (27,009) (25,095) (13,903) (4,814) (8,774) Silver, excluding amortization of deferred revenue 2,026 312 (295) (58) (131) Gold (567) (619) (761) (351) (389) -------------------- ------- ------- ------- ------- ------- Gibraltar site operating costs, net of by-product credits 101,471 94,183 102,692 80,844 59,623 Gibraltar total copper produced (thousand pounds) 29,893 30,712 27,593 19,813 19,959 Total costs per pound produced 3.39 3.07 3.72 4.08 2.99 Average exchange rate for the period (CAD/USD) 1.37 1.39 1.38 1.38 1.44 -------------------- ------- ------- ------- ------- ------- Site operating costs, net of by-product credits (US$ per pound) 2.47 2.21 2.70 2.96 2.08 -------------------- ------- ------- ------- ------- ------- Gibraltar site operating costs, net of by-product credits 101,471 94,183 102,692 80,844 59,623 Add off-property costs: Treatment and refining costs (premiums) 96 394 (512) (837) (510) Transportation costs 6,395 10,989 7,247 5,720 5,984 -------------------- ------- ------- ------- ------- ------- Gibraltar total
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