**Summary**
Taseko Mines Limited reported strong financial results for the fourth quarter and full year 2025, highlighting significant achievements across its mining operations, particularly at the Gibraltar and Florence Copper projects.
**Key Financial Highlights (2025)**
**Full Year 2025**
Adjusted EBITDA$230 million.
Earnings from mining operations before depletion, amortization, and non-recurring items: $251 million.
Revenues$673 million from 99 million pounds of copper and 1.9 million pounds of molybdenum sales.
Net loss$30 million ($0.09 loss per share).
Adjusted net income$27 million ($0.07 per share).
**Fourth Quarter 2025**
Adjusted EBITDA$116 million.
Cash flow from operations$101 million.
Net income$4 million ($0.01 per share).
Adjusted net income$42 million ($0.11 per share).
**Operational Highlights**
**Gibraltar Mine**
Produced 98 million pounds of copper and 1.9 million pounds of molybdenum in 2025, with a total operating cost (C1) of $2.66 per pound of copper.
Fourth quarter production31 million pounds of copper and 830 thousand pounds of molybdenum at a C1 cost of $2.47 per pound.
Second half production increased by 46% compared to the first half, with improved copper grades and recoveries.
Restarted the SX/EW plant in May, producing 2.2 million pounds of copper cathode in 2025.
**Florence Copper**
Commenced copper cathode production in February 2026 with the startup of the electrowinning circuit.
SX/EW plant is fully operational, and wellfield performance has met or exceeded expectations.
Targeting 30 to 35 million pounds of copper production in 2026, with expansion of the wellfield underway.
**Strategic Developments**
**Yellowhead Copper Project**
Updated technical report highlights a 25-year mine life with 178 million pounds of annual copper production and a net present value of $2.0 billion.
Environmental Assessment process formally commenced.
**New Prosperity Project**
Reached a historic agreement with the Tลilhqotin Nation and the Province of BC, receiving a $75 million payment and securing future development rights.
**Outlook**
**Gibraltar**
Expects 110 to 115 million pounds of copper production in 2026, with higher annual production and more consistent quarterly output.
Anticipates higher cash flows due to increased production and higher copper prices.
**Florence Copper**
Focused on ramping up production to full capacity, with initial wellfield operations showing positive results.
**Management Commentary**
Stuart McDonald, President & CEO, emphasized the successful year for Florence Copper, the strong performance at Gibraltar, and the progress on long-term growth projects like Yellowhead and New Prosperity. He highlighted the companys focus on expanding Florence Coppers wellfield and unlocking value from its project pipeline.
**Conclusion**
Taseko Mines demonstrated robust financial and operational performance in 2025, driven by strong results from Gibraltar and the successful commencement of production at Florence Copper. The company is well-positioned for growth in 2026, with strategic advancements in its project portfolio and a focus on sustainable, environmentally responsible mining practices.
| Metric | 2024 | 2025 | Change |
|---|---|---|---|
| Revenues (Cdn$ in thousands) | 608,093 | 672,904 | +64,811 |
| Cash Flows from Operations (Cdn$ in thousands) | 232,615 | 219,558 | -13,057 |
| Net Income (Loss) (Cdn$ in thousands) | (13,444) | (30,076) | -16,632 |
| Adjusted EBITDA (Cdn$ in thousands) | 223,991 | 230,424 | +6,433 |
| Adjusted Net Income (Cdn$ in thousands) | 56,927 | 27,141 | -29,786 |
| Copper Production (million pounds) | 105.6 | 98.1 | -7.5 |
| Total Operating Cost (C1) (US$ per pound) | 2.66 | 2.66 | 0 |
| Debt (Equity Financing Proceeds, US$ in millions) | N/A | 172.8 | +172.8 |
| Debt Repayment (Revolving Credit Facility) | N/A | Partial Repayment | N/A |