TGB · Taseko Mines Limited

Taseko Mines delivered strong Q1 2026 results with revenues nearly doubling year-over-year to C$237.1 million, propelled by Gibraltar's copper production surging 50% to 30 million pounds at realized prices of US$5.74 per pound, despite copper collar hedges capping gains and resulting in a US$17.4 million realized derivative loss. Earnings from mining operations reached C$84.4 million, bolstered by higher volumes of copper concentrate, cathode, molybdenum, and by-product credits of US$0.62 per pound, though offset by elevated site costs from diesel (up due to oil prices tied to Middle East conflict), explosives (supply disruptions), and unscheduled maintenance. Total C1 cash costs rose to US$2.63 per pound from US$2.26, reflecting these pressures partially mitigated by favorable offtake TCRCs. Florence Copper's SX/EW plant commissioned in February, yielding 1.5 million pounds cathode in five weeks, with wellfield expansion underway to ramp toward 85 million pounds annual capacity. Operating cash flow of C$93.9 million funded C$97.9 million capex, primarily Florence development (C$45.9 million) and Gibraltar (C$37.5 million), ending with C$169 million cash and C$322 million liquidity. Management guides Gibraltar 2026 production to 110-115 million pounds, sustained through 2028 via Connector pit, with unhedged Florence output and prudent collars (floor US$4.00-4.75, ceilings to US$8.50) protecting cash flows during ramp-up. Molybdenum credits remain robust above US$25/pound, and low-cost Florence positions Taseko for cost curve advantage.