VANCOUVER, British Columbia, Feb. 18, 2026 (GLOBE NEWSWIRE) -- Taseko Mines Limited (TSX: TKO; NYSE American: TGB; LSE: TKO) ("Taseko" or the "Company") reports full year 2025 Adjusted EBITDA* of $230 million and Earnings from mining operations before depletion and amortization and non-recurring items* of $251 million. Revenues for 2025 were $673 million from the sale of 99 million pounds of copper and 1.9 million pounds of molybdenum. For the year, a Net loss of $30 million ($0.09 loss per share) was recorded and Adjusted net income* was $27 million ($0.07 per share).
For the fourth quarter, Adjusted EBITDA* was $116 million, and cash flow from operations was $101 million. Net income of $4 million ($0.01 per share) was recorded for the quarter and Adjusted net income* was $42 million ($0.11 per share).
In the fourth quarter, Gibraltar produced 31 million pounds of copper and 830 thousand pounds of molybdenum at Total operating cost (C1)* of US$2.47 per pound of copper produced. For the year, Gibraltar produced 98 million pounds of copper and 1.9 million pounds of molybdenum at Total operating cost (C1) of US$2.66 per pound of copper produced. After mining through lower grade and lower quality ore in the first half of 2025, second half production increased by 46% and returned to more normal levels with copper grades of 0.24% and recoveries averaging 79% in the second half. Copper production in 2025 included 2.2 million pounds of copper cathode produced in Gibraltar's SX/EW plant, which was restarted in May. Molybdenum production for the fourth quarter and the year was significantly higher than previous periods, due to higher molybdenum grades in the Connector Pit.
At Florence Copper, production of copper cathode commenced earlier this week with the startup of the electrowinning circuit. The Florence SX/EW plant is fully operational and copper is now being plated. Injection of solutions commenced in the fourth quarter and wellfield performance to date has met or exceeded expectations. Expansion of the wellfield will be required to support the production ramp up to capacity, and drilling was restarted in the fourth quarter. There are currently three drill rigs operating and a fourth arriving to site in the next week.
Stuart McDonald, President & CEO of Taseko, commented, "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. 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."
"Gibraltar finished 2025 with strong production and cash flows in the fourth quarter. Looking ahead to 2026, we expect higher annual production and more consistent quarterly production, as mining activity is now well established in the Connector pit. Total copper production for 2026 is expected to be in the range of 110 to 115 million pounds. This includes the expected impact of supergene ore which has been affecting recoveries in previous pushbacks, as well as a more conservative forecast for head grade based on mining experience to-date in the Connector pit. With the anticipated production increase at Gibraltar and copper prices roughly 25% higher today than our average realized price in 2025, Gibraltar is positioned to generate significantly stronger cashflows in 2026.
"Bringing our second mine into production will be a major accomplishment for the Company, and we're looking forward to ramping up Florence and demonstrating the true value of this asset. At the same time, we will continue to work to unlock value from our other projects, Yellowhead and New Prosperity, which both achieved significant milestones in 2025," concluded Mr. McDonald.
2025 Annual Review
-- Earnings from mining operations before depletion, amortization and
non-recurring items* was $250.7 million, Adjusted EBITDA* was $230.4
million and cash flow from operations was $219.6 million;
-- Net loss was $30.1 million ($0.09 loss per share) and Adjusted net
income* was $27.1 million ($0.07 adjusted earnings per share);
-- Gibraltar produced 98.1 million pounds of copper at a total operating
cost (C1)* of US$2.66 per pound of copper produced. Copper head grades
averaged 0.22% and recoveries averaged 73%;
-- Copper production included 2.2 million pounds of copper cathode from the
Gibraltar SX/EW plant which was restarted in May;
-- Gibraltar sold 98.7 million pounds of copper at an average realized
copper price of US$4.61 per pound contributing to revenues of $672.9
million for Taseko;
-- Construction activities at Florence Copper continued throughout 2025,
completing in the fourth quarter on time and largely on budget at US$275
million. During the 24-month construction period, there were
approximately 1,000,000 project hours worked with no lost time injuries
and no reportable incidents;
-- In July, the Company filed an updated technical report for the Yellowhead
project highlighting a 25 year mine life with an average annual copper
production of 178 million pounds at a total cash cost (C1) of US$1.90 per
pound, and a net present value of $2.0 billion (8% discount rate, US$4.25
per pound copper and US$2,400 per ounce gold). The Company also announced
that it had formally commenced the Environmental Assessment process for
the Yellowhead project; and
-- In June, Taseko, Tŝilhqot'in Nation and the Province of BC reached
an agreement concerning the New Prosperity project. Taseko received a
payment of $75 million from the Province of BC upon closing of the
transaction.
Fourth Quarter Review
-- Earnings from mining operations before depletion, amortization and
non-recurring items* was $124.1 million, Adjusted EBITDA* was $116.5
million and cash flow from operations was $101.2 million;
-- Net income was $4.5 million ($0.01 earnings per share) and Adjusted net
income* was $41.5 million ($0.11 adjusted earnings per share);
-- Gibraltar produced 30.7 million pounds of copper, including 0.9 million
pounds of copper cathode, at a total operating cost (C1)* of US$2.47 per
pound of copper produced. Copper head grades averaged 0.26% and
recoveries averaged 81%;
-- Gibraltar sold 31.6 million pounds of copper at an average realized
copper price of US$5.13 per pound contributing to revenues of $243.8
million for Taseko;
-- In October 2025, the Company closed an equity financing (the "Offering")
with a syndicate of underwriters pursuant to which the Company issued
42.7 million common shares at a price of US$4.05 per share for gross
proceeds of US$172.8 million. Proceeds from the Offering were partially
used to repay outstanding debt under the Company's revolving credit
facility, with the remainder available for general corporate purposes;
and
-- The Company received the final approvals required to commence wellfield
injection and recovery operations at Florence Copper in October.
Commercial wellfield acidification commenced in early November, and by
early December mining solutions were circulating in all the new
production wells within the commercial wellfield. Production of copper
cathode commenced mid-February with the startup of the electrowinning
circuit, and the Florence Copper SX/EW plant is now fully operational
with copper being plated.
Highlights
Three months ended Year ended
Operating data December 31, December 31,
(Gibraltar --
100% basis) 2025 2024 Change 2025 2024 Change
---------------- ----- ----- ------ ----- ----- --------
Tons mined
(millions) 28.0 24.0 4.0 110.9 88.3 22.6
Tons milled
(millions) 7.2 8.3 (1.1) 30.6 29.3 1.3
Production
(million pounds
Cu) 30.7 28.6 2.1 98.1 105.6 (7.5)
Sales (million
pounds Cu) 31.6 27.4 4.2 98.7 108.0 (9.3)
Three months ended Year ended
December 31, December 31,
--------------------
Financial data (Cdn$
in thousands, except
per share amounts) 2025 2024 Change 2025 2024(1) Change
-------------------- ------- -------- ------ -------- -------- ----------
Revenues 243,767 167,799 75,968 672,904 608,093 64,811
Cash flows from
operations 101,234 73,292 27,942 219,558 232,615 (13,057)
Net income (loss) 4,454 (21,207) 25,661 (30,076) (13,444) (16,632)
Per share -- Basic
("EPS") 0.01 (0.07) 0.08 (0.09) (0.05) (0.04)
Earnings from mining
operations before
depletion,
amortization and
non-recurring
items* 124,055 59,405 64,650 250,664 243,646 7,018
Adjusted EBITDA* 116,464 55,602 60,862 230,424 223,991 6,433
Adjusted net income* 41,525 10,468 31,057 27,141 56,927 (29,786)
Per share -- Basic
("Adjusted EPS")* 0.11 0.03 0.08 0.07 0.19 (0.12)
--------------------- ------- ------- ------ ------- ------- -------
(1) Amounts for the year ended December 31, 2024 reflect
the impact from the March 25, 2024 acquisition of
Cariboo from Dowa and Furukawa, which increased the
Company's effective interest in the Gibraltar mine
from 87.5% to 100%.
Review of Operations
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