Taseko Mines Ltd. Q4 FY2025 earnings call

Operational highlights: Florence Copper started copper production with the electrowinning circuit activated, and wellfield operations had positive initial results with higher injection flow rates and faster acidification and PLS grade ramp - up. Gibraltar had strong Q4 production with copper and molybdenum grades and recoveries up, but throughput was affected by mill downtime. Safety was a core value, with a tragic accident at Gibraltar in November 2025. Long - term projects: Yellowhead's new technical report confirmed strong economics and ongoing permitting efforts, New Prosperity had an agreement with the Tsilhqot'in Nation and land use planning in progress, and the niobium project had a large undeveloped deposit with a technical team working and seeking partners.

Copper segments: Florence Copper started producing copper in the fourth quarter, expected to produce ~30 - 35 million pounds of copper in 2025. Gibraltar produced 31 million pounds of copper and 800,000 pounds of molybdenum in Q4, with full - year 2025 production of 98 million pounds of copper and 1.9 million pounds of molybdenum. Revenue from copper sales: Q4 total copper sales 32 million pounds at an average realized price of $5.13 per pound, full - year 2025 copper sales 99 million pounds at an average realized price of USD 4.61 per pound. Revenue from molybdenum: Q4 was $25 million, and full - year 2025 was $25 million. Florence Copper's initial leaching results were positive, with higher injection flow rates, faster acidification, and PLS grade ramp - up. Gibraltar's Q4 copper head grades were 0.26%, recoveries were 81%, annual copper production was 98 million lbs, and molybdenum was 1.9 million lbs.

Florence was expected to produce 30 - 35 million pounds of copper in 2025. Gibraltar was expected to produce 110 - 115 million pounds of copper in 2026, with annual production in the same range plus or minus 5% through the end of 2028. CapEx for 2026 was expected to be slightly less than 2025 due to past heavy strip sequences at Gibraltar. Grade at Gibraltar was expected to be 5% - 10% lower than the reserve grade due to reinterpreting drill holes and adjusting for high - grade zones, and supergene and oxide material interpretations were adjusted.

There was a tragic accident at Gibraltar in November 2025. There were geological uncertainties at Gibraltar related to reinterpreting drill holes for high - grade zones and adjusting supergene/oxide material interpretations. There was a drilling performance risk at Florence for ramping up with the need to add 80 - 100 new wells annually.

Q: What should we expect for CapEx and stripping this year?

A: Bryce Hamming said CapEx would be slightly less than 2025 as past heavy strip sequences at Gibraltar were past, with some tailings work on sustaining CapEx.

Q: How should we think about grade and throughput this year as it relates to guidance?

A: Stuart McDonald said throughput aimed for design capacity of 85,000 tonnes/day, grade expected 5% - 10% lower than the reserve grade due to reinterpreting drill holes.

Q: How do you think about risks in Florence ramp - up?

A: Stuart McDonald and Richard Tremblay mentioned monitoring drilling performance and adding new wells.

Q: Talk about issues at Gibraltar's Connector pit?

A: Richard Tremblay explained high - grade zones were isolated drill holes skewing the model, and supergene and oxide material interpretations needed adjustment.

Q: Next steps for Yellowhead, New Prosperity, niobium?

A: Stuart McDonald said Yellowhead had ongoing permitting and JV discussions, New Prosperity had land use planning with the Tsilhqot'in Nation, and the niobium project had a technical team working and seeking partners.