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Taseko Reports 2024 Fourth Quarter and Annual Earnings
TKOTKO (TKO) GlobeNewswire·2025-02-20 01:15

Core Viewpoint - Taseko Mines Limited reported its financial results for the year 2024, highlighting a net loss of 13milliondespitesignificantrevenuesfromcopperandmolybdenumsales.Thecompanyanticipatesimprovedproductionin2025duetooperationalenhancementsandthecompletionofconstructionprojects.FinancialPerformance−Forthefullyear2024,TasekoreportedAdjustedEBITDAof13 million despite significant revenues from copper and molybdenum sales. The company anticipates improved production in 2025 due to operational enhancements and the completion of construction projects. Financial Performance - For the full year 2024, Taseko reported Adjusted EBITDA of 224 million and revenues of 608millionfromthesaleof108millionpoundsofcopperand1.4millionpoundsofmolybdenum[2][14]−Thecompanyrecordedanetlossof608 million from the sale of 108 million pounds of copper and 1.4 million pounds of molybdenum [2][14] - The company recorded a net loss of 13 million, equating to a loss of 0.05pershare,whileAdjustednetincomewas0.05 per share, while Adjusted net income was 57 million, or 0.19pershare[2][14]−InQ42024,AdjustedEBITDAwas0.19 per share [2][14] - In Q4 2024, Adjusted EBITDA was 56 million, with a net loss of 21million(21 million (0.07 loss per share) and Adjusted net income of 10million(10 million (0.03 per share) [3][14] Production and Operations - The Gibraltar mine produced 106 million pounds of copper and 1.4 million pounds of molybdenum in 2024, with production impacted by an 18-day labor strike and higher-than-normal scheduled downtime [5][21] - In Q4 2024, Gibraltar produced 29 million pounds of copper at total operating costs (C1) of 2.42perpound[4][28]−Copperproductionisexpectedtoincreaseto120to130millionpoundsin2025,withproductionweightedtowardsthelatterhalfoftheyearduetolowergradeorestockpilesbeingutilizedinitially[6][31]ProjectDevelopments−ConstructionattheFlorenceCopperprojectisover602.42 per pound [4][28] - Copper production is expected to increase to 120 to 130 million pounds in 2025, with production weighted towards the latter half of the year due to lower grade ore stockpiles being utilized initially [6][31] Project Developments - Construction at the Florence Copper project is over 60% complete, with first copper production targeted for late 2025 [7][43] - The refurbishment of the SX/EW plant at Gibraltar is on schedule, with first cathode production anticipated in Q2 2025 [8][31] - The Yellowhead project is advancing in permitting, with plans to publish a new technical report incorporating updated costs and metal prices [10][44] Market Conditions and Financial Position - The company ended 2024 with a cash balance of 173 million and available liquidity of approximately 331million[19][41]−RecenttrendsinglobalmarketshavepositivelyimpactedGibraltar,withcopperpricesrising8331 million [19][41] - Recent trends in global markets have positively impacted Gibraltar, with copper prices rising 8% since the start of the year [8][9] - Taseko has secured copper price protection with a minimum price of 4.00 per pound for all of 2025, providing additional downside protection [9][36]