Taseko Mines (TGB) Q2 2025 Earnings Call August 07, 2025 11:00 AM ET Speaker0Ladies and gentlemen, thank you for standing by, and welcome to the Daseko Mines twenty twenty five Second Quarter Earnings Conference Call. At this time, all participants are in a listen only mode. We will conduct a question and answer session later and instructions will be given at that time. As a reminder, this call is being recorded. With that, I will turn the call over to Mr.Brian Berco. Sir, you may begin.Speaker1Thank you, J ...

Financial Performance - Taseko Mines Limited reported second quarter 2025 Adjusted EBITDA of $17 million, net income of $22 million ($0.07 per share), and an Adjusted net loss of $13 million ($0.04 loss per share) [1][14] - Revenues for the second quarter were $116 million from the sale of 19 million pounds of copper and 178 thousand pounds of molybdenum [1][14] - The company experienced a decrease in revenues compared to the same quarter in 2024, which were $137.7 million [14] Production and Operations - Copper production at Gibraltar was 20 million pounds, with total operating costs (C1) of $3.14 per pound [2][13] - Mining operations at Gibraltar saw a 31% increase in tons mined compared to the first quarter, totaling 30.4 million tons [2][17] - The mill throughput averaged 84,200 tons per day with an average copper grade of 0.20% and recoveries of 63% [2][19] Project Developments - Construction at Florence Copper is over 90% complete, with first copper cathode production expected before the end of 2025 [3][30] - The company has incurred $239 million on construction over the last 18 months, with spending expected to decline as construction activities wind down [3][32] - Taseko has made significant progress on the Yellowhead project, with an updated technical study showing an after-tax NPV of $2 billion at a copper price of $4.25 per pound [7][40] Strategic Agreements - Taseko reached an agreement with Tŝilhqot'in Nation and the Province of BC regarding the New Prosperity Project, receiving a payment of $75 million [7][50] - The agreement aims to facilitate future development of the New Prosperity project with the consent of the Tŝilhqot'in Nation [7][50] Future Outlook - The company anticipates a stronger second half of 2025 due to expected higher grades and improved recoveries at Gibraltar [5][26] - Taseko has secured copper collar contracts to protect a minimum copper price of $4.00 per pound for 54 million pounds of copper for the remainder of 2025 [6][29]

Core Viewpoint - Taseko Mines Limited is set to release its second quarter 2025 financial results on August 6, 2025, after market close [1] Group 1 - The company will host a telephone conference call and live webcast on August 7, 2025, at 11:00 a.m. Eastern Time to discuss the financial results [2] - The conference call can be accessed by dialing 800-715-9871 toll free or 646-307-1963, with the access code 2521595 [2] - The webcast will be available at tasekomines.com/investors/events and archived until August 7, 2026, for later playback [3] Group 2 - For further information, contact Brian Bergot, Vice President of Investor Relations, at 778-373-4533 or toll free at 1-877-441-4533 [3] - Stuart McDonald serves as the President and CEO of the company [3] - No regulatory authority has approved or disapproved of the information contained in this news release [3]

Core Viewpoint - Taseko Mines Limited has released a new technical report for its Yellowhead Copper Project, highlighting significant improvements in project economics and establishing it as a world-class copper project in a tier-one jurisdiction [1][2]. Project Overview - The Yellowhead Project is located in central British Columbia, approximately 300 km southeast of the Gibraltar Mine and 150 km north of Kamloops, benefiting from excellent transportation infrastructure [4]. - Mining operations will utilize conventional truck and shovel techniques from a single open pit, with a process flowsheet that includes a SAG and ball milling circuit, followed by flotation processes [5]. Economic Highlights - The project has an estimated initial capital cost of C$2.0 billion, with a net present value (NPV) of C$2.0 billion and an internal rate of return (IRR) of 21% at a copper price of US$4.25 per pound [7][9]. - Average annual copper production is projected at 178 million pounds over a 25-year mine life, with total cash costs (C1) of US$1.90 per pound [7][9]. - The project is expected to generate total tax payments of approximately C$3.2 billion over its lifespan and create around 590 direct jobs and 1,120 indirect jobs [6]. Technical Report Updates - The new technical report incorporates updated capital and operating cost estimates, long-term metal prices, and additional technical work since the previous report in January 2020 [1][9]. - Key economic results show an increase in copper price assumptions from US$3.10 to US$4.25 per pound, and an increase in initial capital costs from C$1.3 billion to C$2.0 billion [9]. Environmental and Community Engagement - The project has commenced the Provincial and Federal environmental assessment processes, along with the Simpcw First Nation's assessment [10]. - Community engagement and technical studies are ongoing to support project permitting initiatives [10]. Mineral Reserves and Resources - As of June 1, 2025, the Yellowhead Project has proven and probable mineral reserves totaling 817 million tonnes, with an average copper grade of 0.28% [11]. - The measured and indicated mineral resources are estimated at 1,296 million tonnes, with an average copper grade of 0.25% [14].

Core Points - Taseko Mines Limited has filed and received acceptance for the Initial Project Description (IPD) for its Yellowhead Copper Project, marking the start of the Environmental Assessment (EA) process [1] - The company is committed to public involvement and Indigenous engagement throughout the EA and permitting processes [2] - The Yellowhead Project is located in the territory of Simpcw First Nation, and Taseko has established a relationship with Simpcw leadership to align project goals with community interests [3] - A Relationship Negotiation Agreement has been signed between Taseko and Simpcw to define roles in project oversight and establish an economic partnership [3] - The President & CEO of Taseko highlighted the submission of the IPD as a significant milestone and emphasized ongoing stakeholder engagement [4] - Taseko has launched a dedicated project website to keep stakeholders informed and encourage participation in the EA process [4]

Group 1 - The copper price has more than doubled over the last 10 years, indicating a significant long-term upward trend in the market [1] - Year to date, copper prices are up 25%, driven by tariff disruptions that have facilitated the movement of physical copper from global inventories to US consumers ahead of the tariff pause deadline [1]

Company Overview - Taseko Mines Limited is a small-cap copper producer based in British Columbia and Arizona [1] - The flagship asset is the Gibraltar mine located in British Columbia [1] - The near-term Florence Copper project in Arizona is expected to be a significant contributor to the company's growth [1] Investment Perspective - The company is positioned as an attractive investment opportunity due to its high optionality to the upside compared to relative downside risks [1] - The investment approach is grounded in value-based analysis while also considering special and short situations [1]

Core Viewpoint - The signing of an agreement between Taseko Mines Limited, the Tŝilhqot'in Nation, and the Province of British Columbia resolves a long-standing conflict regarding the New Prosperity mineral tenures, facilitating future development of one of Canada's largest copper-gold deposits while advancing reconciliation efforts [1][2][3]. Company Summary - Taseko Mines Limited retains a majority interest of 77.5% in the New Prosperity mineral tenures and will receive a payment of $75 million from the Province of BC upon closing [6]. - The company has committed to not being the proponent of mineral exploration and development activities at New Prosperity, ensuring that any future development will require the free, prior, and informed consent of the Tŝilhqot'in Nation [6][12]. - Taseko will contribute a 22.5% equity interest in the New Prosperity mineral tenures to a trust for the benefit of the Tŝilhqot'in Nation, which will transfer property interest to the Nation if they consent to mineral development [6][12]. Industry Summary - The agreement signifies a shift towards a consent-based model for mine development in British Columbia, allowing for collaborative processes between resource developers and First Nations [2][12]. - The resolution of this conflict is seen as a significant step in aligning the interests of First Nations and mining companies, promoting a stable investment climate in the region [5][7]. - The New Prosperity mineral resource includes a measured and indicated resource of 5.3 billion pounds of copper and 13.3 million ounces of gold, highlighting its potential economic significance [1][14].

Company Overview - Taseko Mines is a Canadian metal and mining company focusing on copper projects in North America [1] - The flagship asset is the Gibraltar mine located in British Columbia, where Taseko holds 100% ownership [1] Production and Operations - The Gibraltar mine produces nearly 100 million pounds of copper annually [1] Investment Focus - The company targets long-term and medium-term value investments, emphasizing firms with strong fundamentals [1]

Group 1 - Taseko Mines Limited (NYSE: TGB) is a Canadian mining company primarily focused on copper production [1] - The Gibraltar Mine in British Columbia is the company's main operation and has a long history of production [1] Group 2 - The company is categorized as a small- to mid-cap entity, which often attracts less attention from investors compared to large-cap companies [1]