Taseko Mines Reports Strong Q4 2025 Results and Commences Copper Production at Florence Copper

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
Adjusted EBITDA
Cash flow from operations
Net income (EPS)
Adjusted net income (Adjusted EPS)
Gibraltar copper production
Average realised copper price
C1 operating cost

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
Adjusted EBITDA
Adjusted net income
Reported net loss
Gibraltar copper production
Average realised copper price
C1 operating cost
Molybdenum production

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