VANCOUVER, British Columbia – Taseko Mines Limited, a prominent mining company listed on the TSX, NYSE American, and LSE, has released its financial outcomes for the fourth quarter and full year of 2025, alongside a significant milestone with the initiation of copper production at its Florence Copper project.
Financial Performance Highlights
For the full year 2025, Taseko achieved an Adjusted EBITDA of $230 million and Earnings from mining operations before depletion and amortization and non-recurring items of $251 million. The company reported revenues of $673 million, generated from the sale of 99 million pounds of copper and 1.9 million pounds of molybdenum. Despite recording a net loss of $30 million, or $0.09 per share, the Adjusted net income stood at a positive $27 million, equating to $0.07 per share.
In the fourth quarter alone, Taseko demonstrated strong operational cash flow, with Adjusted EBITDA reaching $116 million and cash flow from operations at $101 million. The quarter ended with a net income of $4 million, or $0.01 per share, and an Adjusted net income of $42 million, or $0.11 per share.
Gibraltar Mine Production Details
During the fourth quarter, the Gibraltar mine produced 31 million pounds of copper and 830 thousand pounds of molybdenum, with a Total operating cost (C1) of US$2.47 per pound of copper. For the entire year, Gibraltar's output totaled 98 million pounds of copper and 1.9 million pounds of molybdenum, at a cost of US$2.66 per pound.
Production saw a notable recovery in the second half of 2025, increasing by 46% after mining through lower-grade ore earlier in the year. Copper grades improved to 0.24% with recoveries averaging 79%. Additionally, the restart of Gibraltar's SX/EW plant in May contributed 2.2 million pounds of copper cathode to the annual production. Molybdenum production was significantly higher due to elevated grades in the Connector Pit.
Florence Copper Project Milestone
Taseko has commenced copper cathode production at its Florence Copper site, marking a pivotal achievement for the company. The electrowinning circuit startup earlier this week has made the Florence SX/EW plant fully operational, with copper now being plated.
Injection of solutions began in the fourth quarter, and the wellfield performance has met or exceeded expectations. To support the ramp-up to full production capacity, expansion of the wellfield is underway, with three drill rigs currently operational and a fourth expected to arrive shortly.
Leadership Commentary
Stuart McDonald, President and CEO of Taseko, expressed optimism about the project's progress. "2025 was a productive and highly successful year for Florence Copper. With construction and commissioning now behind us, we're looking forward to the first cathode harvest in the coming days," he stated.
McDonald added, "For the year ahead, the team's focus will be ramping up the operation to production capacity. Results from the initial wellfield operations are positive, and we are targeting to produce 30 to 35 million pounds of copper in 2026. A key driver of the ramp-up will be our ability to expand the wellfield and bring additional wells into production through the year."
This development underscores Taseko's strategic growth in the copper mining sector, leveraging its operational strengths and new project initiatives to enhance financial stability and production output.
