Taseko Mines Limited (TSX: TKO; NYSE American: TGB; LSE: TKO) has reported its financial results for the first quarter of 2026, showcasing robust operational and financial performance. The company achieved an Adjusted EBITDA of $93 million and earnings from mining operations before depletion and amortization and non-recurring items of $115 million, representing a 172% and 195% improvement, respectively, compared to the same period in 2025.
Revenue and Production Highlights
First-quarter revenues totaled $237 million, driven by the sale of 27 million pounds of copper and 708,000 pounds of molybdenum. Net income for the quarter was $17 million ($0.05 per share), while adjusted net income reached $28 million ($0.08 per share).
Gibraltar mine produced 30 million pounds of copper and 717,000 pounds of molybdenum in the first quarter, with a total operating cost (C1) of US$2.63 per pound of copper produced. Copper grades averaged 0.25%, consistent with the life-of-mine average. Mill throughput was 7.0 million tons, slightly lower than the previous quarter, as adjustments were made to optimize copper recoveries, which increased to 83%. Unscheduled maintenance also impacted throughput, but tons mined were in line with plan.
Florence Copper Progress
At Florence Copper, solution injection into the wellfield began in late 2025, alongside SX/EW plant commissioning. Initial flowrates exceeded expectations, accelerating wellfield acidification, and solution grades reached targeted levels by January. The SX/EW plant commenced operations in February, with the first copper cathodes harvested at the end of that month. A total of 1.5 million pounds of copper cathode was produced in the first quarter.
Currently, five drill rigs are operating on site, and increased production from newly acidified wells is expected later in the second quarter. Additional production growth will come as new well groups are constructed, tested, and integrated into the wellfield operation over the remainder of the year. The company maintains its 2026 copper cathode production guidance of 30 to 35 million pounds.
Management Commentary
Stuart McDonald, President and CEO of Taseko, commented: "Both of Taseko's producing assets performed well in the first quarter. Gibraltar operations have achieved a consistent production level in recent quarters as mining activities have been advancing on plan in the Connector pit."
"At Florence Copper, we are very pleased with the first six months of wellfield operations and first two months of plant operations. After the initial cathode harvest at the end of February, our operating team has done an excellent job stabilizing solution flow and grade from the wellfield through to the SX/EW plant circuits. Copper production from the initial wells has achieved a steady rate, in line with our expectations, and the focus is now on expanding the wellfield to ramp-up production over the remainder of the year."
Yellowhead Copper Project Update
Environmental assessment work on the Yellowhead copper project continued to advance during the quarter. Following the first round of community open houses held last fall, the next significant milestone is filing the detailed project description, which will incorporate feedback from the general public, Indigenous communities, and regulatory agencies. The company is working on this with the goal to file it this coming summer.
