Taseko Mines Q4 2025: strong cash flow as copper prices lift
Taseko Mines has wrapped up 2025 with a punchy fourth quarter. Revenue jumped to $243.8 million, Adjusted EBITDA rose to $116.5 million, and cash flow from operations hit $101.2 million. Reported net income was $4.5 million (EPS $0.01), while Adjusted net income came in at $41.5 million (Adjusted EPS $0.11).
At Gibraltar, copper production stepped up to 30.7 million pounds with average realised copper prices of US$5.13 per pound and C1 cash costs of US$2.47 per pound. That spread is what you want to see – healthy margins supported by tight smelting terms and solid by-product credits from molybdenum.
| Q4 2025 key numbers | |
|---|---|
| Revenue | $243.8 million |
| Adjusted EBITDA | $116.5 million |
| Cash flow from operations | $101.2 million |
| Net income (EPS) | $4.5 million ($0.01) |
| Adjusted net income (Adjusted EPS) | $41.5 million ($0.11) |
| Gibraltar copper production | 30.7 million pounds |
| Average realised copper price | US$5.13/lb |
| C1 operating cost | US$2.47/lb |
Quick jargon check: Adjusted EBITDA is a non-IFRS profit proxy that strips out non-cash and non-recurring items. C1 cost is the industry’s standard “cash cost” per pound of copper produced, after by-product credits and before sustaining capital. Lower is better.
Full-year 2025: higher revenue, headline loss, and better H2 operations
For the year, Taseko delivered revenue of $672.9 million, Adjusted EBITDA of $230.4 million and Adjusted net income of $27.1 million ($0.07 per share). The company reported a net loss of $30.1 million, reflecting non-cash and non-recurring items that sit outside the adjusted figures.
Gibraltar produced 98.1 million pounds of copper at a C1 cost of US$2.66 per pound and sold 98.7 million pounds at an average realised price of US$4.61 per pound. Operations improved materially in the second half as grades and recoveries normalised – H2 copper output rose 46% versus H1, with grades at 0.24% and recoveries averaging 79% in H2.
| FY 2025 highlights | |
|---|---|
| Revenue | $672.9 million |
| Adjusted EBITDA | $230.4 million |
| Adjusted net income | $27.1 million |
| Reported net loss | $30.1 million |
| Gibraltar copper production | 98.1 million pounds |
| Average realised copper price | US$4.61/lb |
| C1 operating cost | US$2.66/lb |
| Molybdenum production | 1.9 million pounds |
Molybdenum was a quiet hero in 2025. With average prices of US$22.16 per pound, it contributed a by-product credit of US$0.40 per copper pound produced. Treatment and refining charges (TCRCs) averaged around nil for the year, reflecting a tight smelting market – another tailwind to unit margins.
Florence Copper is live: copper cathode plating has started
This is the big strategic milestone. Florence Copper – an in-situ copper recovery (ISCR) operation in Arizona – is now producing copper cathode following the mid-February start-up of its electrowinning circuit. The SX/EW (solvent extraction/electrowinning) plant is fully operational and “copper is being plated”.
Wellfield injection began in Q4 2025, with early flowrates above expectations, and the solution grades reached SX/EW operating levels. Management is targeting 30 to 35 million pounds of copper cathode production in 2026 as the wellfield is expanded – three drill rigs are active and a fourth is arriving. Notably, total construction cost for the commercial facility came in at US$274.6 million, completed on time and largely on budget, with roughly 1,000,000 project hours and no lost time injuries.
Why it matters: Florence brings a second producing asset and a structurally low-GHG route to LME Grade A copper metal without an open pit. If the ramp-up stays on track, it should diversify cash flows and reduce dependence on Gibraltar.
Gibraltar 2026 outlook: 110–115 million pounds with steady-state recoveries
Management expects Gibraltar to produce 110 to 115 million pounds of copper in 2026. Recoveries are forecast to average 75–80% as the mine continues to work through more abundant oxide and metallurgically tricky supergene material in the Connector Pit. Head grades have been 5–10% lower than the original plan due to small higher-grade zones not being realised yet, but oxide ore is being stacked for processing through Gibraltar’s restarted SX/EW plant in coming years.
- Low/negative TCRCs are expected to persist in 2026 under existing offtake contracts.
- Hedging in place: collars on 54 million pounds in H1 2026 (floor US$4.00/lb, ceiling US$5.40/lb) and 24 million pounds in Q3 2026 (floor US$4.75/lb, ceiling US$7.50–US$8.50/lb).
- Molybdenum output is expected to remain similar to 2025, with prices stabilising above US$20.00/lb – supportive for by-product credits.
Translation: unit margins should remain robust, and the hedge book helps protect cash flow during Florence’s ramp-up. The trade-off is some upside cap on a portion of volumes if copper spikes above the collar ceilings.
Financing and balance sheet moves
In October, Taseko raised US$172.8 million by issuing 42.7 million shares at US$4.05, using part of the proceeds to pay down its revolving credit facility and keeping the rest for general corporate purposes. With Q4 operating cash flow of $101.2 million and Gibraltar’s expected production uplift, the funding picture into 2026 looks more secure as Florence scales.
Pipeline optionality: Yellowhead and New Prosperity progress
The updated Yellowhead Technical Report (July 2025) outlines a 25-year mine life with average annual copper production of 178 million pounds at C1 costs of US$1.90 per pound. At US$4.25/lb copper and US$2,400/oz gold, the after-tax NPV is $2.0 billion (8% discount rate) with a 21% IRR, $2.0 billion initial capex, and a 3.3-year payback. The project could also be eligible for a 30% Canadian federal Clean Technology Manufacturing Investment Tax Credit – estimated
