Taseko(TGB)2025-02-20 20:08Financial Data and Key Metrics Changes - The company generated CAD224 million of adjusted EBITDA and CAD233 million of cash flow from operations, showing notable improvements over 2023 due to a higher copper price and increased ownership in Gibraltar [10][26] - For the year, sales reached 108 million pounds of copper, generating revenues of CAD608 million, the highest reported by the company [26] - The company posted a GAAP net loss of CAD13 million for 2024, but on an adjusted basis, net income was CAD57 million, a CAD0.04 increase per share over the prior year [27][28] Business Line Data and Key Metrics Changes - Gibraltar produced 106 million pounds of copper and 1.4 million pounds of molybdenum in 2024, with a cash cost of US4.17 per pound, contributing to the record revenues [26] - The company has implemented copper price protection for 2025 with a minimum price of CAD4 per pound and a ceiling price averaging CAD5.20 per pound [37] Company Strategy and Development Direction - The company is advancing the Yellowhead project permitting and aims to publish an updated technical report in Q2 2025, incorporating new Canadian tax credits for copper mine development [21][23] - Construction at Florence is progressing smoothly, with expectations to produce 40 million to 50 million pounds in 2026 and ramping up to 85 million pounds annual capacity [20][21] Management Comments on Operating Environment and Future Outlook - Management expressed satisfaction with the progress made despite challenges faced at Gibraltar, including milling disruptions and a labor strike [8] - The company remains optimistic about the future, particularly with the expected ramp-up in production and the successful execution of projects like Florence [20][21] Other Important Information - The company ended 2024 with over CAD330 million of available liquidity after significant capital expenditures at Florence [9][36] - Total site costs at Gibraltar were CAD414 million, CAD17 million lower than 2023 due to reduced input costs and the impact of the labor strike [31] Q&A Session Summary Question: What was behind the higher sustaining CapEx spend at Gibraltar in the fourth quarter? - The higher sustaining capital was attributed to the timing of repairs and maintenance on the mobile fleet, with expectations for ordinary levels of CAD20 million to CAD30 million for FY 2025 [42][43] Question: Have contracts for the acquisition of acid been put in place for Florence? - The company is in dialogue with four acid suppliers and will issue an RFP to secure future acid supply [45] Question: How is throughput at Gibraltar looking so far this quarter? - Throughput continues to be strong, with production expected to be weighted to the second half of the year due to supplementing ore feed with stockpile material [47]