Taseko Reports Third Quarter 2024 Operational Performance and $48 Million of Adjusted EBITDA

Core Viewpoint - Taseko Mines Limited reported its third quarter 2024 financial results, highlighting a net loss of $0.2 million, adjusted net income of $8 million, and significant production and operational updates from its Gibraltar Mine and Florence Copper project. Financial Performance - Adjusted EBITDA for Q3 2024 was $48 million, with earnings from mining operations before depletion and amortization at $55 million [2][6] - Revenues for the quarter reached $156 million from the sale of 26 million pounds of copper and 348 thousand pounds of molybdenum [2][8] - The company recorded a net loss of $0.2 million, translating to $nil per share, while adjusted net income was $8 million, or $0.03 per share [2][8] Production and Operations - Gibraltar Mine produced 27 million pounds of copper and 421 thousand pounds of molybdenum in Q3 2024, with copper grades at 0.23% [3][11] - Total operating costs (C1) for the quarter were US$2.92 per pound of copper produced, reflecting a slight increase compared to previous quarters [3][18] - The company experienced nearly three weeks of downtime in Concentrator 1, impacting mill throughput and copper production [11][19] Future Outlook - For 2025, Taseko expects copper production to increase to the range of 120 to 130 million pounds, with improved mill throughput and ore quality anticipated as mining progresses deeper into the Connector pit [4][21] - The Florence Copper project is on track for first copper production in late 2025, with construction progressing and key permits in place [24][27] - The company has applied for a tax credit of up to US$110 million under the U.S. Department of Energy's Qualifying Advanced Energy Project Credit Program, with results expected in January 2025 [29][30] Strategic Developments - Taseko is preparing to enter the environmental assessment process for the Yellowhead Copper Project in early 2025, with plans for an updated feasibility study next year [5][33] - The company has a strong balance sheet with $209 million in cash and total liquidity of approximately $317 million as of September 30, 2024 [4][6] - Taseko's strategy focuses on acquiring and developing copper projects in North America to generate long-term returns for shareholders [31]