TGB · Taseko Mines Limited

Taseko’s Q1 2026 results reflect a pivotal inflection point: Gibraltar delivered consistent, high-volume copper production (30.0M lbs) with improved recoveries (83%) and stable head grades (0.25%), while Florence Copper transitioned from construction to commercial operations—producing 1.5M lbs of cathode in the final five weeks of the quarter. The 172% YoY rise in Adjusted EBITDA to $93M was driven by higher sales volume (27.0M lbs sold), favorable realized copper pricing ($5.74/lb), and molybdenum by-product credits ($0.62/lb), though partially offset by $11.4M in incremental diesel and explosives costs linked to Middle East conflict-driven oil prices and supply chain disruptions. Management explicitly attributes Gibraltar’s cost increase to unscheduled maintenance and ore hardness—not operational deterioration—and reaffirms full-year guidance: 110–115M lbs from Gibraltar (±5% through 2028) and 30–35M lbs from Florence, where five drill rigs are now expanding the wellfield to support second-half ramp-up. Critically, Florence’s low-GHG, in-situ model is positioned in the lowest global cost quartile, and its integration with Gibraltar’s existing cash flow creates a dual-stream growth profile. With $322M in total liquidity and no debt maturities near term, Taseko maintains strategic optionality to fund Florence’s expansion while navigating volatile input costs—underscoring its execution credibility amid rising copper demand and tightening smelting capacity reflected in nominal TCRCs for 2026.