Taseko Mines Ltd. Q1 FY2026 earnings call

Stuart started with an overview of operating results, noting Gibraltar's steady production and Florence's startup. Bryce then reviewed financial performance: Gibraltar copper sales 27 million pounds, moly sales 708 thousand pounds, total revenue $237 million. Total site costs $142 million. Generated $94 million of adjusted EBITDA, $115 million of earnings from mining operations, $94 million in cash flow from operations. Net income $17 million. Florence had sales of 600 thousand pounds of cathode, direct costs $10 million, capitalized $21 million of commissioning costs and $18 million of wellfield development costs.

Gibraltar mine: Produced 30 million pounds of copper and just over 700 thousand pounds of molybdenum in the first quarter. Head grade of 0.25% was slightly above life-of-mine reserve grade, copper recoveries 83%. C1 cash cost increased to $2.63 US per pound due to cost inflation. Florence mine: Startup in late February with first copper cathode production. Currently has approximately 90 production wells producing at 55-60 thousand pounds daily. Targeting 30 to 35 million pounds of copper production this year, 80 to 85 million pounds next year.

Florence to begin generating free cash flow later this year and likely revert to purchasing out-of-the-money copper price puts with shorter time horizons. Copper collars roll off in June. Florence targets 30 to 35 million pounds of copper production in 2026 and 80 to 85 million pounds in 2027.

Diesel prices increased due to Middle East situation, impacting costs. Explosives costs higher due to US plant outage. Copper collars in place reducing effective selling price.

Q: Trying to unpack diesel and asset exposure, impact on cap strip at Gibraltar and wellfield deployment at Florence.

A: Stuart mentioned $0.50 Canadian per liter increase in diesel costs at Gibraltar, Florence uses no diesel.

Q: Conversations with suppliers about next year around availability and pricing.

A: Richard said availability seems there, more of a price discussion.

Q: Clarity on Florence cadence, material uplift in Q2.

A: Stuart said no major uplift in Q2, bigger increase in Q3 and Q4.

Q: Yellowhead on BC major projects list, impact on permitting and support.

A: Stuart said no significant change in permitting process, good support from province and federal government but nothing tangible yet.

Q: New Prosperity update.

A: Stuart said no major updates, focused on expanding relationship with Tŝilhqot’in Nation