Taseko Mines Q4 Earnings Call Highlights

Core Insights - Taseko Mines reported strong operational performance in Q4, with Gibraltar producing 31 million pounds of copper and achieving a copper head grade of 0.26% and recoveries of 81% [1] - The company highlighted the commencement of copper production at the Florence Copper project, with expectations for increased output in 2026 [7][12] Operational Performance - Gibraltar's throughput was approximately 8% below design capacity due to unscheduled mill downtime, which slightly offset the benefits of higher grades and recoveries [1] - Molybdenum production reached 800,000 pounds in Q4, marking the best production quarter in the mine's history [8] - Total operating costs declined to $2.47 per pound in Q4, with full-year 2025 costs at $2.66 per pound [9] Production Outlook - For 2026, Gibraltar is expected to produce 110–115 million pounds of copper, with management targeting throughput around design capacity of 85,000 tonnes per day [12][13] - The company plans to add 80–100 new wells annually at the Florence project, with initial results from wellfield operations described as "very positive" [3][5] Financial Performance - Taseko reported total quarterly revenue of CAD 244 million in Q4, including CAD 25 million from molybdenum revenue [14] - For full-year 2025, the company recorded CAD 673 million in revenue from sales of 99 million pounds of copper and 1.9 million pounds of molybdenum [15] - Adjusted EBITDA for Q4 was CAD 116 million, significantly higher than the prior-year quarter [16] Capital Expenditures and Liquidity - Capital spending fell to $8 million in Q4, with final capital costs for the Florence project at $275 million, about 3% over budget [18] - The company ended the year with CAD 188 million in cash and a total liquidity of approximately CAD 340 million [20] Project Pipeline - The Yellowhead project is now primarily in the permitting phase, with active engagement with regulators and local communities [21] - Discussions with potential joint venture partners for the New Prosperity project are anticipated to advance over the next year or two [21]