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Spread: 40.00 (7.018%)

Market Cap: £2.16b

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Https://www.tasekomines.com/investors/news/taseko-provides-update-on-florence-copper-ramp-up-and-gibraltar-2025-production-results/

Construction activity at Florence Copper is now complete and the focus has shifted to wellfield operations and commissioning of the SX/EW plant. Wellfield acidification commenced in early November, and in early December mining solutions were circulating in all the new production wells within the commercial wellfield. Injection flowrates in the wellfield have met or exceeded expectations to-date, resulting in faster initial acidification of the wellfield. The grade of copper recovered in solution from the recovery wells has continued to increase, and the average solution grade has now reached the level required for SX/EW plant operations. Commissioning of the SX/EW plant area has been advancing without any significant issues, and plant operations are expected to commence shortly.

Wellfield drilling has also re-commenced with three drill rigs currently operating on site. Continued expansion of the commercial wellfield will support higher solution flows and increased copper production for the ramp-up this year.

Stuart McDonald, President and CEO of Taseko, commented, “The transition from construction to early-stage operations at Florence has gone smoothly, and we are very pleased with the initial copper recoveries and performance of the commercial wellfield. Our project team is focused on the successful start-up of the SX/EW plant in the coming days, followed by first copper cathode production within a few weeks.”

At Gibraltar, copper and molybdenum production for the 2025 year was 98 million pounds and 1.9 million pounds, respectively. Sales for the year were 99 million pounds of copper and 1.9 million pounds of molybdenum. Fourth quarter copper production was 31 million pounds of copper, a significant increase over the previous quarters of 2025. Copper head grade for the quarter increased to 0.26%, in line with management expectations, and recoveries were 81%. Production in the fourth quarter was impacted by unanticipated mill downtime, due to unscheduled maintenance activities and a serious accident which resulted in a temporary site wide shut down in November. Molybdenum production in the quarter was 0.8 million pounds, approximately 50% higher than the third quarter, and the best quarterly production in eight years. Gibraltar’s SX/EW plant produced 0.9 million pounds of copper cathode in the fourth quarter, and continues to operate.

“Gibraltar production in the second half of the year was a notable improvement over the first half of the year with higher grades and better quality ore. Looking ahead to 2026, we expect more consistent quarterly production, now that we are better situated in the Connector pit, and higher overall copper production,” added Mr. McDonald.

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Taseko Comments on New US and Canadian Tariffs

VANCOUVER, British Columbia, Feb. 03, 2025 (GLOBE NEWSWIRE) -- Taseko Mines Limited (TSX: TKO; NYSE American: TGB; LSE: TKO) ("Taseko" or the "Company") provides the following update with respect to the new trade tariffs announced by the US and Canadian governments this weekend.

Taseko confirms that US import tariffs will have no impact on sales from its 100%-owned Gibraltar Mine. The mine produces copper and molybdenum concentrates that are sold to international metal traders and delivered to Asian markets. Offtake contracts are in place for 100% of copper concentrate production through the end of 2026, and no changes to these sales channels are expected during this period.

Taseko’s 100%-owned Florence Copper Project is currently under construction in Arizona, USA; the new operation is expected to produce first copper in Q4 2025. Florence is the only new copper mine currently under construction in the United States and will be a major new supplier of refined copper cathode for the US domestic market.

The Company does not expect any material impact on Florence construction costs or Gibraltar Mine operating costs as a result of the new tariffs. At Florence, construction procurement activities are essentially complete, and all construction materials are already on site or being fabricated in the US. At Gibraltar, based on the initial list of retaliatory tariffs published by the Government of Canada, the Company does not expect any material impact on mine operating costs.

Stuart McDonald, President & CEO of Taseko, commented, “Although these new tariffs will not directly impact our business, as a North America focussed copper producer we are hopeful that a more constructive trade relationship will emerge for copper and other critical minerals, for the benefit of both Canada and the United States. Going forward, we believe Canada must continue to diversify its economy by redoubling efforts to expedite development of critical mineral mines.”

Summary of construction update released today.

Approximately 300,000 project hours worked - no reportable injuries or environmental incidents.

There are currently 280 construction personnel at site - site development on schedule - the project is approaching 40% complete (September 30 2024).

First copper production anticipated Q4 2025 - no change to previous guidance.

Summary of key activities and status as of September 30, 2024:

· Earthworks and site preparation for the plant area and commercial wellfield - ~75% complete

· Concrete foundations for SX/EW plant and associated infrastructure - ~50% complete

· Pre-assembly and installation of structural steel for the solvent extraction plant commenced in August

· Installation of process equipment commenced in September

· Powerline installation - ~65% complete

· Wellfield drilling - a total of 34 production wells completed to date, out of a total of 90 to be drilled during the construction phase

· Point of compliance well drilling - 9 wells completed to date, out of a total of 18

· Construction of process and surface water runoff ponds

· Hiring permanent operating staff - 75 of 170 total positions and all but one key management position has been filled

Stuart McDonald, President & CEO comments:

"We are pleased with progress through the first nine months of construction. With approximately 75% of total construction costs now committed, we expect total costs to be within 10-15% of the original US$232 million* estimate. The project remains on track for first copper production in late 2025, which will be a transformative event for our Company."

"In addition, we have applied to the U.S. Department of Energy's Qualifying Advanced Energy Project Credit (48C) Program. Florence Copper, which is set to become North America's lowest GHG-intensity primary copper producer, qualifies as a critical materials project. After submitting a concept paper in June, we received encouragement to proceed with the full application. We have now filed the application seeking a tax credit of up to US $110 million, and we expect to hear whether Florence qualifies for the credit, or not, in January 2025" concluded Mr. McDonald.

Recent presentation following site tour available at the following link - note it's a long one!

https://tasekomines.com/_resources/presentations/October-2024-Florence-Site-Tour.pdf

On Florence Copper in the August 1st update

Construction activities at the Florence Copper project continued to ramp up in the second quarter and there are over 200 contractors now onsite. Concrete foundations have been poured for the SX/EW plant, tank farms and other key components of the plant site. On the wellfield, 18 production wells were completed to the end of June, in line with the schedule, and development of the pipeline corridor is well advanced. The first evaporation pond, which has been brought ahead in the schedule to provide greater water management flexibility will be fully lined and completed in the next few weeks.

Mr. McDonald added, "We're pleased with the initial construction progress at Florence as all key activities are advancing on schedule. We've also had good success in recruiting key management and technical roles for the commercial operation and now have nearly half of the 170 permanent positions filled. Many of these positions have been filled by local Arizonans and there is excitement about participating in the development of America's next copper mine. The project remains on schedule for first copper production in the fourth quarter 2025."

;Construction of the commercial production facility at Florence is advancing with recent activities focused on wellfield drilling, process pond construction and civil works including pouring of concrete foundations;On April 23, 2024, the Company completed an offering of US$500 million aggregate principal amount of 8.25% Senior Secured Notes due May 1, 2030. The majority of the proceeds were used to redeem the outstanding US$400 million 7% Senior Secured Notes due on February 15, 2026. The remaining proceeds, net of transaction costs, call premium and accrued interest, were approximately $110 million and are available to fund capital projects, including construction at Florence Copper; andThe Company had a cash balance of $199 million at June 30, 2024 and has approximately $308 million of available liquidity including its undrawn US$80 million revolving credit facility.

The Company considers that the construction of Florence Copper is now fully funded, and remaining project costs are expected to be funded with the Company's available liquidity, remaining instalments from Mitsui, and cashflow from its 100% ownership interest in Gibraltar. The Company also has in place an undrawn revolving credit facility for US$80 million.

Statement by Stuart McDonald, President and CEO of Taseko;

“An average realized copper price of US$4.02 per pound in the first quarter helped to drive our strong financial performance. Production in the first quarter was 25 million pounds of copper and 234 thousand pounds of molybdenum. Copper head grades for the period were on plan, averaging 0.22%, but production was slightly below plan due to unexpected mill downtime and operational issues with the primary crushers.

Mining advanced deeper into the Gibraltar pit which is the sole source of mill feed this year, and waste stripping ramped up in the new Connector pit. Initial tons of oxide ore were also mined from the Connector pit and have been placed on leach pads for future production when the Gibraltar SX/EW plant restarts. We have decided to defer the in-pit crusher move until the spring of 2024, to coincide with planned work on SAG mill #1 to minimize concentrator downtime.

In the first quarter, we increased our effective interest in Gibraltar to 87.5%, after acquiring a 12.5% stake from one of our joint venture partners. The transaction closed in mid-March and provides immediate 17% growth in our attributable copper production. Additionally, the five-year deferred payment structure allows Taseko to focus our financial resources on the construction of the commercial facility at Florence.

In March, we filed a new technical report** for the Florence Copper project. The report includes updated capital cost estimates based on detailed engineering and recent contractor and vendor quotations. Operating and sustaining capital costs have also been updated, and refinements have been made to the operating models based on the Production Test Facility (“PTF”) results. The project has been significantly de-risked in recent years and has an after-tax Net Present Value (8%) of US$930 million using a long-term copper price of US$3.75 per pound. The EPA permitting process continues to advance and we expect a favourable outcome in the coming months. We are ready to start construction of the commercial production facility as soon as the final Underground Injection Control permit is issued.

Considering global economic uncertainties, copper markets remain remarkably stable and continue to support a healthy price of about US$3.85 per pound. Demand for our product remains strong and the long-term supply / demand fundamentals appear to be favourable. In the short-term, we continue to maintain our price protection strategy, which provides a minimum copper price of US$3.75 per pound for most of Gibraltar’s production for the balance of 2023. Our original production guidance of 115 million pounds (+/-5%) for 2023 remains unchanged.

https://www.tasekomines.com/assets/docs/Q1-2023-Earnings%20Release.pdf

Taseko Announces At-The-Market Offering

May 3, 2023 – Taseko Mines Limited (TSX: TKO; NYSE American: TGB; LSE: TKO) (“Taseko” or the “Company”) announces that it has entered into an equity distribution agreement dated May 3, 2023 (the “Equity Distribution Agreement”) providing for an at-the-market equity offering program (“ATM”) with National Bank Financial, Canaccord Genuity and Stifel GMP and their respective United States affiliates (collectively, the “Agents”).

The ATM will allow Taseko, through the Agents, to offer and sell from time to time in Canada and the United States, through the facilities of the Toronto Stock Exchange (“TSX”) and the NYSE American LLC (“NYSE American”) such number of common shares as would have an aggregate offering price of up to US$50 million.

Sales of the common shares, if any, will be made in transactions that are deemed to be “at-the-market distributions” as defined in National Instrument 44-102 – Shelf Distributions and an “at-the-market offering” as defined in Rule 415 under the United States Securities Act of 1933, as amended, including sales made by the Agents directly on the TSX, the NYSE American or any other trading market for common shares in Canada, the United States or as otherwise agreed between the Agents and the Company. The Company has applied to the TSX and NYSE American for listing of the common shares that may be issued under the ATM and sales will be subject to the receipt of the required stock exchange approvals.

The common shares sold under the ATM will also be admitted to trading on the London Stock Exchange.

The ATM will be effective until May 26, 2025 unless terminated before such date in accordance with the Equity Distribution Agreement. The timing and extent of the use of the ATM will be at the discretion of the Company. Accordingly, total gross proceeds from sales made under the ATM, if any, could be significantly less than US$50 million.

The Company intends to use any proceeds from the ATM for its general corporate purposes, which may include (i) capital expenditures for the Company’s Gibraltar mine, (ii) expenses associated with the development of the Company’s Florence Copper project, (iii) expenditures on Taseko’s other projects, and (iv) general corporate and working capital purposes.

Taseko Mines announced updated economics for its 100%-owned Florence Copper Project at the end of March.

"The technical work completed by Taseko in recent years has been extensive and has de-risked the project significantly. The PTF operated successfully over an 18-month period and provided a valuable opportunity to test operational controls and strategies which will be applied in future commercial operations. In addition, a more sophisticated leaching model has been developed and calibrated to the PTF wellfield performance. This detailed modeling data, along with updated costing, has been used to update assumptions for the ramp up and operation of the commercial wellfield and processing facility."

Project Highlights:
Net present value of US$930 million (after-tax, at an 8% discount rate)
Internal rate of return of 47% (after-tax)
Payback period of 2.6 years
Operating costs (C1) of US$1.11 per pound of copper
Annual production capacity of 85 million pounds of LME grade “A” cathode copper
22 year mine life
Total life of mine production of 1.5 billion pounds of copper
Total estimated initial capital cost of US$232 million remaining
Long-term copper price of US$3.75 per pound

Stuart McDonald, President & CEO of Taseko, stated, “Despite global cost inflation in recent years, the Florence Copper Project continues to demonstrate robust economics and remains one of the lowest capital intensity copper development projects in the world.

The operational experience and technical information that we gained through the PTF testwork has been invaluable and we’re well positioned to build and operate the commercial-scale ISCR facility. The new Technical Report includes updated capital cost estimates based on detailed engineering and recent contractor and vendor quotations. The main cost increases relate to construction labour and wellfield drilling costs which impact both initial and sustaining capital costs.”

“The inflationary environment we have been in has also driven copper prices higher. With a lack of new mines being developed today and copper’s critical role in the global energy transition, the long-term price outlook remains very attractive for copper producers.The low-carbon, low impact production method at Florence Copper is expected to make it a preferred supplier of green, low carbon copper in the US domestic market. With procurement of long-lead items well advanced, we are ready to commence construction of the commercial facility following the issuance of the final UIC permit in the coming months,” Mr. McDonald concluded.

https://www.tasekomines.com/investors/news-releases/taseko-announces-improved-economics-for-its-florence-copper-project