Taseko Mines Conference Call Summary Company Overview - **Company**: Taseko Mines Limited - **Industry**: Copper Mining - **Focus**: Acquires, develops, and operates copper mines in North America, primarily in British Columbia and Arizona [1][4] Key Points Current Operations - **Gibraltar Mine**: - Located in British Columbia - Second largest copper mine in Canada and fourth largest in North America - 20 years of operational history with 20 years of mine life remaining [4][5] - **Florence Copper Project**: - Located in Arizona - Construction completed on time and within budget - Expected to start operations by the end of 2025, producing copper cathode [5][12] - Utilizes in-situ recovery (ISR) method, which is uncommon for copper mining [11][34] Financial Performance - **Market Capitalization**: Approximately $1.8 billion [7] - **Copper Price**: Currently around $4.84 per pound in the U.S., with expectations of reaching $5 [7][8] - **EBITDA Expectations**: Anticipated annual EBITDA of about $700 million at $4.50 copper [17] - **Debt**: Approximately $800 million in Canadian dollar debt, with plans to reduce leverage [18] Project Economics - **Florence Project Economics**: - Estimated upfront capital costs increased to $265 million from $230 million [12] - Projected NPV of $1.2 to $1.3 billion at current copper prices [12] - Operating costs estimated at $1.11 per pound [11] - **Gibraltar Mine Valuation**: Estimated worth of $2.2 billion Canadian [17] Market Dynamics - **Copper Supply and Demand**: - Strong fundamentals due to a supply deficit, exacerbated by recent operational issues at major mines like Grasberg [8][9] - New demand driven by sectors such as AI and data centers [8] - **Industry Challenges**: - Long lead times for new copper mines (upwards of 20 years) and historical underperformance in mine development [8] Environmental and Community Engagement - **Environmental Benefits of ISR**: - Lower water usage, reduced greenhouse gas emissions, and minimal landscape alteration [12][13] - **Community Relations**: - Engaged with First Nations communities for the Yellowhead Project, emphasizing the importance of partnership [30] Future Outlook - **Production Goals**: - Expected to produce 40 million pounds of copper in the first year of operation at Florence, ramping up to 85 million pounds by 2027 [15] - **Debt Management**: - Focus on reducing debt and achieving a net cash position by the end of 2028 [18] Additional Insights - **Labor Market**: - Positive hiring environment in Arizona, with about 120 employees hired for the Florence operation [26] - **Unique Mining Process**: - ISR method is not commonly used in copper mining, providing a competitive edge [34] Conclusion Taseko Mines is positioned for growth with its focus on copper production in North America, particularly through the Florence Copper Project. The company is navigating market dynamics favorably, with strong copper prices and a strategic approach to debt management and community engagement.

Report Overview - Report Title: Copper Futures Daily Report [1] - Date: June 26, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3][4] 1. Report Industry Investment Rating - Not provided in the report 2. Report's Core View - The short - term copper price is expected to maintain an upward trend due to low inventory support and a warming macro - environment. The market should pay attention to the Shanghai copper's test of the previous high pressure level [11] 3. Summary by Relevant Catalogs 3.1. Market Review and Operation Suggestions - Shanghai copper slightly rose to 78,810, with total positions increasing by 11,458 lots. The 07 - 08 spread on the board narrowed to 130, and the spot premium dropped 10 to 30. Downstream demand for high - priced copper was limited during the off - season [11] - LME market spreads also narrowed, with the 0 - 3 spread narrowing to $150/ton. The shortage of spot goods slightly eased, but LME inventory continued to decline by 1,200 to 93,475 tons. The high BACK structure caused by low LME inventory is difficult to ease in the short term [11] - The COMEX - LME spread widened to $1,214/ton. The high C - L premium due to the delayed US tariff implementation led to the continuous transfer of global inventory to COMEX. SHFE and LME will face continuous de - stocking pressure [11] - The macro - environment has improved. The sharp rise in A - shares has driven the market's bullish sentiment to spread to the commodity market, supporting the prices of Shanghai and London copper [11] 3.2. Industry News - A new preliminary feasibility study (PFS) of Ivanhoe Electric's Santa Cruz copper project in Arizona shows an initial cost of $1.24 billion and a post - tax net present value (NPV) of $1.4 billion. The underground mine can produce 72,000 tons of copper cathode per year in the first 15 years of its 23 - year lifespan. At a base price of $4.25 per pound, the internal rate of return (IRR) is 20%. At the current Comex high - grade copper price of $4.83 per pound, the NPV rises to $1.9 billion and the IRR rises to 24% [12] - The Shanghai Futures Exchange approved the registration of "Zhongtiaoshan" brand Grade A copper produced by Houma Beitong Copper Industry Co., Ltd., with a registered production capacity of 200,000 tons. It also cancelled the registration qualification of "Zhongtiaoshan" brand Grade A copper of Shanxi Beifang Copper Industry Co., Ltd.'s Houma Smelter [12] - The case of Zijin Mining Group Co., Ltd. and Ajlan Brothers Mining Company's new joint venture entered the publicity period (June 16 - 25, 2025). The joint venture will engage in exploration, potential mining, operation, management, development, production, and sales of minerals in Saudi Arabia [13] - An employee of First Quantum's Trident died in a dump truck accident at Sentinel. The company will cooperate fully with the investigation, and operations in the accident area have been temporarily suspended [13]