Taseko Mines Ltd (TGB) Q4 2025 Earnings Call Highlights: Record Revenue and Strategic Developments

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Fri, February 20, 2026 at 8:02 AM GMT+9 4 min read

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**Total Revenue (Q4 2025):** $244 million.

**Annual Revenue (2025):** $673 million.

**Copper Sales (Q4 2025):** 32 million pounds at an average realized price of $5.13 per pound.

**Annual Copper Sales (2025):** 99 million pounds at an average realized price of $4.61 per pound.

**Molybdenum Revenue (Q4 2025):** $25 million.

**Net Income (Q4 2025):** $4.5 million or $0.01 per share.

**Adjusted Net Income (Q4 2025):** $42 million or $0.11 per share.

**Adjusted EBITDA (Q4 2025):** $116 million.

**Annual Adjusted EBITDA (2025):** $230 million.

**Cash Flow from Operations (Q4 2025):** $101 million.

**Annual Cash Flow from Operations (2025):** $220 million.

**Operating Costs (Q4 2025):** $2.47 per pound of copper.

**Annual Operating Costs (2025):** $2.66 per pound of copper.

**Cash Balance (End of 2025):** $188 million.

**Total Liquidity (End of 2025):** $340 million.

**Florence Copper Production (2026 Forecast):** 30 million to 35 million pounds.

**Gibraltar Copper Production (2025):** 98 million pounds.

**Gibraltar Molybdenum Production (2025):** 1.9 million pounds.

**Gibraltar Copper Production (2026 Forecast):** 110 million to 115 million pounds.

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Release Date: February 19, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

Florence Copper is now producing copper, marking a significant achievement for Taseko Mines Ltd (TGB).

Initial results from the Florence wellfield have been positive, with higher injection flow rates and faster-than-expected acidification of the ore body.

Gibraltar had a strong production quarter with 31 million pounds of copper and 800,000 pounds of molybdenum produced, benefiting from higher grades and recoveries.

Taseko Mines Ltd (TGB) recorded the highest quarterly and annual revenue in its history, with $244 million in Q4 and $673 million for the year.

The company has a strong liquidity position with a cash balance of $188 million and an undrawn revolving credit facility of USD 110 million, totaling $340 million in liquidity.

Negative Points

A tragic accident occurred at Gibraltar, resulting in the death of a contract worker, highlighting safety concerns.

Gibraltar experienced unscheduled mill downtime, leading to throughput being about 8% under design capacity.

The Connector pit at Gibraltar has encountered more oxide and supergene ore than expected, affecting recoveries and requiring adjustments to the geological model.

Taseko Mines Ltd (TGB) is taking a more conservative view on copper grades due to the impact of small higher-grade zones not being realized.

The commissioning of the SX/EW plant at Florence took longer than planned, delaying the start of copper production.

 






Story Continues  

Q & A Highlights

Q: What should we expect for CapEx and stripping this year? A: Bryce Hamming, CFO: Last year, we had $80 million of capitalized strip, and we’ll have slightly less this year as we’re past some of the heavier strip sequences at Gibraltar. On the sustaining CapEx side, we have some additional tailings work, but nothing unusual compared to prior years.

Q: How should we think about grade and throughput this year as it relates to your guidance? A: Stuart McDonald, President: We aim for design capacity throughput of 85,000 tonnes a day. The reserve grade in the Connector pit is 0.25, but we’re being conservative, expecting 5% to 10% lower due to skewed reserve grades by smaller high-grade zones.

Q: What are the risks in the Florence Copper ramp-up, and what are you monitoring? A: Stuart McDonald, President: We’re pleased with initial leaching results and PLS grade. The key focus is stabilizing the process and expanding the wellfield by adding 80 to 100 new wells annually. Richard Tremblay, COO, adds that drilling performance is crucial for ramp-up.

Q: Can you explain the issues at the Connector pit regarding high-grade zones and oxide material? A: Richard Tremblay, COO: High-grade zones are skewed by isolated drill holes, and we’re reinterpreting these to adjust grades. The oxide material is beneficial for longer SX/EW plant operation, while supergene zones need model adjustments to reflect reality.

Q: What are the next steps for Yellowhead, Prosperity, and the niobium project? A: Stuart McDonald, President: Yellowhead is in permitting, with potential JV discussions due to high interest. Prosperity requires consent from the Tsilhqot’in Nation, and we’re respecting their land use planning. The niobium project is progressing with technical work and potential partner discussions.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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