Taseko(US:TGB)2025-05-01 23:43Financial Performance - Taseko reported revenues of $139.1 million for Q1 2025, a decrease of $7.8 million (5.3%) compared to $146.9 million in Q1 2024[7]. - The company experienced a net loss of $28.6 million in Q1 2025, compared to a net income of $18.9 million in Q1 2024, reflecting a change of $47.5 million[7]. - Adjusted net loss was C$6.9 million (C$0.02 loss per share) in Q1 2025, compared to adjusted net income of C$7.7 million (C$0.03 earnings per share) in Q1 2024, reflecting a decrease of C$14.7 million[51]. - Copper revenues decreased to C$127.7 million in Q1 2025 from C$143.9 million in Q1 2024, driven by a reduction of 6.5 million pounds sold[54]. - Molybdenum revenues increased to C$9.7 million in Q1 2025 from C$6.6 million in Q1 2024, primarily due to increased sales volume[56]. - Cash flows provided by operations were $55.9 million in Q1 2025, a decrease from $59.6 million in Q1 2024[82]. - Cash flows used for investing activities increased to $130.9 million in Q1 2025 from $46.7 million in Q1 2024, including $51.7 million for capital expenditures at Gibraltar and $80.0 million at Florence Copper[83]. - Cash flows from financing activities were $21.5 million in Q1 2025, down from $48.5 million in Q1 2024, with $29.6 million from shares issued and $14.4 million from the Mitsui copper stream[84]. Production and Operations - Copper production at Gibraltar was 20.0 million pounds in Q1 2025, down 9.7 million pounds (32.7%) from 29.7 million pounds in Q1 2024[7]. - Molybdenum production increased to 336 thousand pounds in Q1 2025, compared to 247 thousand pounds in Q1 2024, with an average price of US$20.53 per pound[16]. - The Company expects average TCRC rates to reduce to nil in 2025 and 2026, down from approximately US$0.09 per pound in 2024[22]. - The refurbishment of Gibraltar's SX/EW plant is complete, expected to start producing copper cathode in Q2 2025[88]. - The company expects to achieve copper production of 120 to 130 million pounds after the Connector pit pushback is completed, with production weighted towards the second half of 2025[87]. - Total pounds of copper produced in Q1 2025 was 19,959 thousand pounds, compared to 28,595 thousand pounds in Q4 2024, reflecting a decrease of 30.5%[124]. Project Developments - Construction of the Florence Copper facility was approximately 78% complete as of March 31, 2025, with first copper cathode production expected in Q4 2025[10]. - The Company has completed 80 out of 90 new production wells for the Florence Copper project as of March 31, 2025[26]. - The Florence Copper commercial facility construction costs were US$51.4 million in Q1 2025, with total costs incurred since the beginning of construction reaching US$206.3 million[28]. - The estimated net present value of the Florence Copper project is US$930 million, with an after-tax internal rate of return of 47% and a payback period of 2.6 years[32]. - The Company plans to publish an updated technical report on the Yellowhead copper project in 2025, incorporating new Canadian tax credits for copper mine development[36]. - The Company is ready to enter the environmental assessment process for the Yellowhead project, with plans to submit an Initial Project Description in Q2 2025[37]. Costs and Expenses - Total operating cost (C1) for copper production was US$2.26 per pound in Q1 2025, down from US$2.46 in Q1 2024[18]. - Treatment and refining costs decreased by $4.9 million to $0.4 million in Q1 2024, reflecting lower TCRC rates under the Company's 2025 favorable offtake agreement terms[57]. - Site operating costs decreased by $10.8 million to $68.9 million in Q1 2024, primarily due to increased capitalized stripping costs and lower input prices[58]. - Transportation costs decreased by $4.2 million to $6.0 million in Q1 2024, reflecting lower sales volume during the quarter[59]. - Cost of sales increased slightly by $0.3 million to $122.8 million in Q1 2024, impacted by changes in finished goods and stockpile inventories[60]. - Depletion and amortization increased by $7.4 million to $22.4 million in Q1 2024, reflecting depreciation of stockpile inventory costs processed during the quarter[61]. Financial Position - The company had a cash balance of $121 million and available liquidity of $279 million as of March 31, 2025[10]. - Cash and equivalents decreased by $51.9 million to $120.8 million as of March 31, 2025, compared to December 31, 2024[74]. - The company has significant capital commitments related to the Cariboo acquisition, with $30 million paid to Sojitz as of March 31, 2025, and additional payments scheduled[97]. - The company has capital expenditure commitments of $24.6 million for the Florence Copper commercial facility construction project[98]. - The company has hedged 81 million pounds of copper production for the remainder of the year to mitigate commodity price risks[91]. Management and Governance - Total KMP compensation for Q1 2025 was Cdn$7,333,000, a decrease of 4.5% from Cdn$7,676,000 in Q1 2024[119]. - The company has not made any changes to its internal control over financial reporting during the three months ended March 31, 2025[112].