Taseko Mines Limited (TGB): Business Model Canvas [Dec-2025 Updated]

You're digging into Taseko Mines Limited because, frankly, the story isn't just the stock price; it's about execution, especially as they balance the steady cash flow from Gibraltar with the massive ramp-up at Florence Copper. Honestly, seeing their Q3 2025 revenue hit C$173.9 million while pushing toward a projected 100 to 105 million pounds of copper production this year tells you they are serious about their value proposition: low-carbon, low-cost LME Grade A cathode from Arizona. If you want to see exactly how they structure this transition-from key partnerships with the Tŝilhqot'in Nation to their specific revenue streams from concentrate sales-the Business Model Canvas below breaks down the entire operational blueprint for you.

Taseko Mines Limited (TGB) - Canvas Business Model: Key Partnerships

You're looking at the critical relationships Taseko Mines Limited relies on to operate its Gibraltar mine and advance its Florence Copper project as of late 2025. These partnerships are central to managing risk and securing future cash flow.

Osisko Gold Royalties for the Gibraltar silver stream agreement

The relationship with Osisko Gold Royalties centers on the silver produced at the Gibraltar mine. In late December 2024, Taseko Mines Limited closed a transaction to amend the existing agreement, which resulted in Taseko receiving an additional cash payment of US$12.7 million. This amendment increased Taseko Mines Limited's attributable silver percentage from 87.5% to 100%. The original 2017 agreement involved an upfront deposit of US$33 million (C$44 million) for 100% of Taseko Mines Limited's share of payable silver until 5.9 million ounces were delivered, with 35% of Taseko Mines Limited's share thereafter. Ongoing payments under that contract were set at US$2.75 per ounce of silver delivered.

Tŝilhqot'in Nation, a key Indigenous partner for resource development consent

A Teẑtan Biny Gagaghut'i Agreement was signed on June 5, 2025, resolving a long-standing conflict regarding the New Prosperity mineral tenures. Key financial and ownership terms include:

• Taseko Mines Limited retains a 77.5% majority interest in the New Prosperity mineral tenures.
• Taseko Mines Limited will contribute a 22.5% equity interest to a trust for the future benefit of the Tŝilhqot'in Nation.
• The Province of B.C. will pay Taseko Mines Limited $75 million upon closing of the agreement.

The New Prosperity deposit holds measured and indicated mineral resources of 5.3 billion pounds of copper and 13.3 million ounces of gold. Any future mineral exploration or mine development in the area requires the consent of the Tŝilhqot'in Nation.

BMO Capital Markets and Canaccord Genuity Corp. as lead underwriters for financing

Taseko Mines Limited executed a significant equity financing in October 2025, with BMO Capital Markets and Canaccord Genuity Corp. acting as co-lead managers. The final closing on October 22, 2025, involved the sale of 42,000,000 common shares at a price of US$4.05 per share, resulting in gross proceeds of US$170,100,000. The initial agreement announced on October 15, 2025, was for 37,100,000 shares at US$4.05 for gross proceeds of US$150,255,000. The underwriting syndicate also included National Bank Financial Inc. and TD Securities Inc..

Major equipment and service suppliers for the Gibraltar and Florence projects

Specific financial details for major equipment and service supplier contracts are not publicly itemized, but project milestones indicate significant supplier activity:

Provincial and federal governments for operating permits and regulatory compliance

Regulatory and governmental relationships are key for Taseko Mines Limited's operations and future projects. The Province of B.C. provided a $75 million payment to Taseko Mines Limited in Q2 2025 related to the New Prosperity agreement. For the Florence Copper project, final regulatory approvals were received, leading to the commencement of wellfield operations in October 2025. For the Yellowhead project, the company formally commenced the Environmental Assessment process with regulators in July 2025.

• Florence Copper is projected to produce LME Grade A copper metal on-site.
• Florence Copper is projected to support more than 800 Arizona jobs.
• The Yellowhead project's 2020 study estimated pre-production CAPEX at C$1.3 billion.

Taseko Mines Limited (TGB) - Canvas Business Model: Key Activities

You're mapping out Taseko Mines Limited's core engine, the things they absolutely must do well to keep the lights on and fund future growth. Here's a breakdown of those essential actions, grounded in the numbers as of late 2025.

Operating the Gibraltar copper-molybdenum open-pit mine in British Columbia

The Gibraltar mine remains the foundational asset, driving near-term cash flow. Following major maintenance in July 2025, operations smoothed out, though not without hiccups. You'll want to track the revised 2025 guidance closely, as operational hurdles in the Connector pit pushback forced a significant cut.

• 2025 Copper Production Guidance (Revised): 100-105 million pounds.
• Original 2025 Copper Production Target: 120-130 million pounds.
• Copper Production Shortfall Implied by Revision: Approximately 18-19% reduction from original target.
• Q3 2025 Copper Output: 27.6 million pounds.
• Q4 2024 Copper Production: 29 million pounds.
• 2024 Copper Production Total: 106 million pounds.
• 2024 Total Revenues: $608 million.

Here's a look at the recent operational metrics for Gibraltar:

The mine life is projected to support production until at least 2044.

Commissioning and ramping up the Florence Copper In-Situ Copper Recovery (ISCR) facility

This Arizona project is the next major source of refined copper cathode, using a less impactful recovery method. The focus in late 2025 shifted entirely from construction to operational readiness.

• SX/EW Plant Substantial Completion: September 2025.
• Wellfield Operations Start: Mid-October 2025.
• First Copper Production Target: Early 2026 (though late 2025 was previously targeted).
• Projected Annual Capacity: 85 million pounds per year.
• Environmental Benefit: Uses 75% fewer GHG emissions and 78% less water per pound compared to conventional Arizona open-pit mines.
• Original Capital Cost Estimate: Within 10-15% of the US$232 million estimate.

The ISCR technology requires careful wellfield optimization, meaning the ramp-up is methodical, unlike conventional mining. Drilling will restart after plant commissioning to expand the wellfield to reach full capacity.

Advancing the Yellowhead Copper Project, a large-scale development asset

Taseko Mines Limited released an updated Technical Report in July 2025, significantly improving the project economics based on current metal prices and engineering work. This asset is key for long-term growth.

The project is currently advancing through the harmonised provincial-federal environmental assessment (EA) process, with the public comment period closing on September 15, 2025.

Managing commodity price risk through hedging or forward sales

To protect cash flow from Gibraltar against short-term copper price dips, Taseko Mines Limited has actively managed its sales exposure. This is a crucial activity to ensure operational stability while developing Florence Copper.

• Copper Sales Price Protection: Taseko had copper hedges in place protecting a minimum sales price of US$4.00 per pound for most of Gibraltar's production for the balance of 2025.

Securing financing, like the US$170.1 million equity raise in October 2025

Capital raising is a necessary activity to manage debt and fund ongoing development, as evidenced by the recent bought deal financing completed in October 2025. This action directly impacts the balance sheet.

• Gross Proceeds Raised (October 2025): US$170,100,000.
• Shares Sold: 42,000,000 common shares.
• Price Per Share: US$4.05.
• Use of Proceeds: Repay outstanding indebtedness under the revolving credit facility and for general corporate and working capital purposes.

Finance: draft 13-week cash view by Friday.

Taseko Mines Limited (TGB) - Canvas Business Model: Key Resources

You're looking at the core assets that power Taseko Mines Limited's operations as of late 2025. These aren't just properties; they are the physical and intellectual capital driving near-term production and future growth.

Gibraltar Mine, a long-life foundational asset in British Columbia

The Gibraltar Mine, Taseko Mines Limited's foundational asset, is a massive open-pit copper-molybdenum operation in south-central British Columbia. It is recognized as the second largest open-pit copper mine in Canada and the largest employer in the Cariboo region. This asset is expected to support production until at least 2044. The facility has a processing capacity of 85,000 tons-per-day (tpd), with a life of mine (LOM) average annual copper production targeted at 130 million pounds. For context on recent performance, Q4 2024 mill throughput averaged over 89,000 tons per day, exceeding design capacity. The 2025 production guidance for Gibraltar is set between 100 to 105 million pounds of copper.

Florence Copper Project, a 100% owned, low-cost ISCR facility in Arizona

This project represents Taseko Mines Limited's entry into U.S. domestic copper supply using In-Situ Copper Recovery (ISCR) technology. As of the end of June 2025, construction of the commercial production facility was over 90% complete, keeping the project on schedule for first copper cathode production before the end of 2025. The facility is designed for an annual capacity of 85 million pounds of copper. The ISCR method is key, as it results in significantly lower environmental impact compared to conventional open-pit mines in Arizona, using 75% fewer GHG emissions and 65% less energy use per pound of copper produced. All injection and recovery wells planned for startup have been drilled and constructed as of June 2025.

The key physical and financial metrics supporting these operations are summarized below:

The table above shows the operational scale. To be fair, the Q3 2025 revenue was reported at $174 million, and Q1 2025 revenue was $139.1 million (from $139,149 thousand). The required figure for the nine-month period is C$429.1 million.

Proven and probable copper reserves across its North American asset base

Taseko Mines Limited holds significant copper in reserves across its portfolio, which includes Gibraltar, Florence, and Yellowhead. The total copper in reserves across these assets is cited as nearly 15 billion pounds. Including gold in reserves, this equates to over 19 billion pounds of copper equivalent. Specifically for the Gibraltar Sulphide Mineral Reserves, as of December 31, 2024, the Proven reserves were 437 million US Short Tons at a 0.15% copper cut-off. Another reporting shows Gibraltar sulphide reserves at 640.5 million tonnes grading 0.25% copper and 0.008% molybdenum (as of March 2022, subject to depletion).

Key technical expertise in ISCR mining and large-scale open-pit operations

Taseko Mines Limited possesses dual technical capabilities. First, expertise in large-scale open-pit operations, demonstrated by the decades-long operation and modernization of the Gibraltar Mine. Second, the company has developed critical know-how in In-Situ Copper Recovery (ISCR) mining, which is being deployed at the Florence Copper Project. This ISCR expertise is central to the Florence project's low-cost, lower-impact production profile, which is a key differentiator in the current market. The company's technical team is focused on transitioning Florence from construction to commissioning, with acidification of the wellfield planned for the fall of 2025.

• Gibraltar Mine: Second largest open-pit copper mine in Canada.
• Florence Copper: The only new copper mine under construction in the United States as of 2025.
• Technical Team: Overseeing the transition from construction to commissioning at Florence.
• Copper Hedges: Minimum sales price of US$4.00 per pound protected for most of Gibraltar's 2025 production.

Finance: draft 13-week cash view by Friday.

Taseko Mines Limited (TGB) - Canvas Business Model: Value Propositions

You're looking at Taseko Mines Limited's core promises to its customers and the market as of late 2025. It's about what Taseko delivers that matters to the buyers of copper and molybdenum, especially with the Florence project coming online.

The value proposition centers on a dual-asset platform providing both stable, established supply and high-growth, low-carbon product.

Reliable supply of copper and molybdenum concentrate from the Gibraltar Mine is the foundation. This asset, the second largest open-pit copper mine in Canada, has a processing capacity of 85,000 tons-per-day (tpd) and is expected to support production until at least 2044. For instance, in 2024, Gibraltar produced 106 million pounds of copper and 1.4 million pounds of molybdenum. This provides the immediate, consistent feed for Taseko Mines Limited's revenue base.

The next major piece is the Florence Project, which is set to deliver low-carbon, low-cost LME Grade A copper cathode. This project is designed for an annual capacity of approximately 85 million pounds of copper over a 22-year mine life. The cost structure is a key differentiator; the estimated C1 cash cost is just US$1.11 per pound, placing it in the lowest quartile on the global cost curve. You'll see first cathode production very soon, following the commencement of wellfield operations in late 2025.

Taseko Mines Limited is offering direct exposure to the North American copper market for electrification and energy transition needs. This positioning is enhanced by market structure, including a 50% tariff on imported copper, which widens the Comex price premium for domestic supply. Demand in this sector is projected to grow by 30% annually through 2030, and Florence will supply the high-purity LME Grade A standard required by these end-users.

The company demonstrates operational resilience even with near-term challenges. The revised projected 2025 copper production, accounting for operational factors at Gibraltar, is set between 100 to 105 million pounds. This figure, though lower than earlier targets of 120-130 million pounds, still represents a significant volume while the high-growth Florence asset ramps up.

Finally, the Florence ISCR method delivers a reduced environmental footprint, which is increasingly valuable to ESG-focused capital markets. Compared to a typical Arizona open-pit copper mine, the ISCR process achieves:

• Reduces carbon emissions by 71% per pound of copper.
• Reduces energy use by 65% per pound of copper.
• Reduces water consumption by 78% per pound of copper.
• Eliminates waste rock piles and tailings storage facilities.

Here's a quick look at the production profile you are buying into:

The environmental advantage of Florence is not just a talking point; it's quantified by the elimination of surface disturbance-no open excavation, waste rock piles, or tailings storage areas are generated. That's a defintely cleaner way to produce copper.

Finance: draft 13-week cash view by Friday.

Taseko Mines Limited (TGB) - Canvas Business Model: Customer Relationships

You're looking at how Taseko Mines Limited (TGB) manages its connections with the market and stakeholders as of late 2025. It's a mix of established sales channels and forward-looking partnerships, especially with the Florence Copper project nearing startup.

Direct sales contracts with international smelters and refiners.

Taseko Mines Limited sells the copper concentrate produced at its Gibraltar Mine, which is shipped to both domestic and international smelters for final refining. The sales volume for Q3 2025 shows the scale of these ongoing relationships. For the third quarter of 2025, Taseko Mines Limited sold 26.3 million pounds of copper at an average realized copper price of US$4.49 per pound. Total revenues for Q3 2025 were $174 million from the sale of 26 million pounds of copper and 421 thousand pounds of molybdenum. The Gibraltar Mine produced 27.6 million pounds of copper in that same quarter.

Transactional relationships for spot market sales of concentrate.

While contracts are key, a portion of sales likely interacts with the spot market, especially for by-products or volumes outside fixed agreements. The realized price of US$4.49 per pound for copper in Q3 2025 reflects the prevailing market conditions, which includes spot price exposure. The company's total operating (C1) cost for that quarter was US$2.87 per pound of copper produced.

The operational performance metrics for Gibraltar in Q3 2025, which directly impact the quality and volume available for sale, are:

Long-term, strategic relationships for Florence's LME Grade A cathode.

The Florence Copper project is set to establish a new, long-term customer relationship base in North America, producing high-quality cathode. Construction of the commercial production facility was over 90% complete as of the end of June 2025, with first copper cathode production targeted before the end of 2025. When fully operational, the facility has an annual production capacity of 85 million pounds of LME Grade A copper cathode. The project's low-cost structure, with operating costs (C1) projected at US$1.11 per pound over a 22-year mine life, makes these future cathodes highly attractive to North American manufacturers focused on electrification and semiconductors.

A key strategic relationship is already in place with Mitsui, which provided US$50 million for a 2.67% copper stream and secured an offtake contract for 81% of the initial years' copper cathode production.

Investor relations focused on transparency and growth strategy execution.

Taseko Mines Limited executed a significant financing event to support the Florence ramp-up, a key part of its growth strategy execution communicated to investors. In October 2025, the company closed an equity financing, issuing 42.7 million common shares at US$4.05 per share for gross proceeds of US$172.8 million. The cash balance at June 30, 2025, was $122.0 million. The company also has financial instruments in place to manage commodity price risk, holding copper collar contracts securing a minimum price of US$4.00 per pound for 54 million pounds of copper for the remainder of 2025.

Key investor relations data points for Q3 2025 include:

• Adjusted EBITDA: $62.1 million
• Revenues: $174 million
• Adjusted Net Income: $5.5 million (or $0.02 per share)
• Net Loss (GAAP): $27.8 million (or $0.09 loss per share)

Community engagement to maintain social license to operate.

Maintaining the social license to operate is critical, particularly in British Columbia and Arizona. At the Gibraltar Mine, the company is a major regional employer in the Cariboo region. Furthermore, in June 2025, Taseko Mines Limited reached an agreement with the Tŝilhqot'in Nation concerning the New Prosperity project. For the Florence Copper project, the operation is positioned to support more than 800 Arizona jobs in the Florence community. The Florence project also reported over 900,000 project hours worked with no reportable injuries or environmental incidents to date as of July 2025.

Taseko Mines Limited (TGB) - Canvas Business Model: Channels

You're looking at how Taseko Mines Limited moves its product to market, which is split between established concentrate sales and the new refined copper coming online from Arizona. The primary channel for Gibraltar Mine output is the direct shipping of copper and molybdenum concentrate via rail and port terminals. Taseko Mines Limited has off-take agreements in place for substantially all of Gibraltar's copper concentrate production for both 2025 and 2026, with these sales delivered to Asian markets.

The second major channel involves the direct sales of LME Grade A copper cathode from the Florence site in Arizona, which is set to begin commercial production before the end of 2025. This facility is designed for an annual production capacity of $\mathbf{85}$ million pounds of copper. A strategic partnership with Mitsui includes an offtake contract for $\mathbf{81\%}$ of the copper cathode produced during the initial years of operation. This positions Taseko Mines Limited as a significant domestic U.S. supplier of refined copper.

Investor relations channels are standard for a publicly traded entity. Taseko Mines Limited communicates through its listings on the stock exchanges (TSX:TKO, NYSE American:TGB, LSE:TKO) and mandatory SEC filings. For instance, the Second Quarter 2025 financial results were released after market close on Wednesday, August 6, 2025, followed by a conference call on Thursday August 7, 2025. The Third Quarter 2025 Earnings Conference Call was held on November 13, 2025.

Market presence is maintained through participation in industry conferences and trade associations. Taseko Mines Limited presented at the Lytham Partners Fall 2025 Investor Conference on October 3, 2025. The company also has a dedicated Investor Relations contact, with Brian Bergot serving as Vice President, Investor Relations.

Here's a look at the production volumes that feed these channels:

The operational metrics supporting the concentrate shipping channel include:

• Gibraltar Mill Throughput (Q4 2024): Averaged over $\mathbf{89,000}$ tons per day.
• Gibraltar Copper Grade (Q3 2025): Averaged $\mathbf{0.22\%}$.
• Gibraltar C1 Costs (Q3 2025): Declined to $\mathbf{USD 2.87}$ per pound.

For the Florence Copper cathode sales channel, the following financial data from Q3 2025 is relevant:

• Q3 2025 Revenue: $\mathbf{\$174}$ million (includes $\mathbf{\$14}$ million from moly sales).
• Q3 2025 Adjusted EBITDA: $\mathbf{\$62}$ million.
• Q3 2025 Average Realized Copper Price: Just shy of $\mathbf{USD 4.50}$ per pound.

Investor communications are supported by the company's presence on the $\mathbf{TSX}$, $\mathbf{NYSE}$ $\mathbf{American}$, and $\mathbf{LSE}$.

Market presence is also driven by analyst coverage from firms including National Bank Financial, Paradigm Capital Inc., TD Securities, Cantor, BMO, Canaccord, Panmure Liberum, Stifel.

Taseko Mines Limited (TGB) - Canvas Business Model: Customer Segments

You're looking at Taseko Mines Limited's (TGB) customer base as of late 2025, which is clearly segmented across physical commodity purchasers and financial market participants, plus essential local stakeholders.

The primary physical customers for Taseko Mines Limited's output from the Gibraltar Mine are international buyers of concentrate. The company's flagship operation produces copper and molybdenum concentrate which is then sold to international markets, mostly in Asia. For instance, in the second quarter of 2025, Gibraltar sold 19.0 million pounds of copper and 178 thousand pounds of molybdenum, contributing to revenues of $116.1 million for that quarter. By the third quarter of 2025, revenue had climbed to $173.9 million from the sale of 26 million pounds of copper and 421 thousand pounds of molybdenum.

A developing, high-value customer segment is emerging from the Florence Copper project in Arizona. This operation is on track for its first copper cathode production before the end of 2025. This facility is designed to produce 85 million pounds of LME grade A copper cathode annually. This high-purity product is specifically aimed at supporting North American manufacturing and economic security with domestically-produced metal.

The financial market segment consists of those seeking commodity price exposure. As of 31-Oct-2025, Taseko Mines Limited had a market capitalization of $1.63B, supported by 360M shares outstanding. The company's trailing twelve-month revenue, as of 30-Sep-2025, stood at $426M. Taseko Mines Limited is listed on multiple exchanges, including the TSX, NYSE American, and LSE, indicating a broad market focus for institutional and retail investors.

Key stakeholders, including local communities and Indigenous Nations, form a non-revenue generating but critical segment. The Gibraltar Mine directly employs more than 700 people. Furthermore, Taseko Mines Limited actively partners with local Indigenous communities to foster employment and skills training, reflecting commitments to reconciliation. For the Yellowhead copper project, the company entered into the Simpcw First Nation's Indigenous-led assessment process in 2024.

Here is a summary of the key customer-facing metrics and forward-looking production targets relevant to these segments:

The company's strategy involves serving the traditional concentrate market while simultaneously building out the cathode-producing segment in the U.S. to capture North American demand for lower-carbon metal. The financial segment is directly tied to the success of these operational milestones.

• Copper production for 2025 is forecast to be between 120-million and 130-million pounds.
• Total life of mine production for the Yellowhead project is projected at 4.4 billion pounds recoverable copper.
• Taseko reported a cash balance of $122.0 million and available liquidity of $197.0 million at the end of Q2 2025.
• The Florence Copper project completion was over 90% as of the end of June 2025.

Taseko Mines Limited (TGB) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive Taseko Mines Limited's operations as of the third quarter of 2025. This is where the cash goes to keep the lights on and build the future.

The Gibraltar operation carries substantial fixed costs inherent to running a large open-pit mine and mill. For the third quarter of 2025, Total site costs were reported at $123.8 million, which included $6.1 million in capitalized stripping costs. This figure reflects higher mining rates and the restart of the SX/EW plant compared to the prior year.

The variable component of production at Gibraltar showed improvement. The Total operating (C1) cost at Gibraltar for Q3 2025 was US$2.87 per pound of copper produced. This C1 cost was lower than the previous quarter and was expected to trend downward further in the fourth quarter. Off-property costs, which are part of the overall cost structure, were US$0.17 per pound of copper produced in Q3 2025.

Significant capital spending is tied up in bringing the Florence Copper project online. As of September 30, 2025, the cumulative amount incurred on the construction of the commercial facility was US$266.6 million. For the third quarter alone, Florence Copper commercial facility construction costs amounted to US$27.3 million. The company also used proceeds from a recent financing to fund further wellfield development at Florence Copper and advancement of the Yellowhead project.

Financing costs are a persistent item. In Q2 2025, the company's debt-to-equity ratio stood at 1.75, which analysts flagged as a key risk point. To manage this, Taseko closed an equity financing in October 2025, raising gross proceeds of US$172.8 million, which was then used to repay a $75-million drawn amount on the corporate revolving credit facility.

General and administrative expenses, plus other operational overheads, are captured in the broader earnings figures. Earnings from mining operations before depletion, amortization and non-recurring items for Q3 2025 were $67.3 million. Reclamation and environmental compliance costs are embedded within these operating and capital expenditures, though specific standalone figures for reclamation accruals aren't detailed here.

Here's a quick look at the key Q3 2025 cost components:

You'll want to watch the Yellowhead project economics too; its projected LOM C1 cost is US$1.90 per pound of copper produced, with the first 5 years estimated at US$1.62 per pound.

Taseko Mines Limited (TGB) - Canvas Business Model: Revenue Streams

You're looking at the core ways Taseko Mines Limited brings in cash right now, which is heavily weighted toward its established Gibraltar Mine, but with a major new source on the immediate horizon.

The primary revenue driver remains the sales of copper concentrate from the Gibraltar Mine in British Columbia. This operation is currently mining deeper into the higher-grade zones of the Connector pit, which has boosted both the copper grade and recoveries lately. For the third quarter of 2025, Gibraltar produced 27.6 million pounds of copper, which included 895 thousand pounds of copper cathode from its existing operations.

Also crucial is the revenue from molybdenum concentrate, a valuable by-product. Molybdenum production at Gibraltar saw a significant jump in Q3 2025, producing 558 thousand pounds, a 33% increase compared to the prior year's quarter, thanks to higher grades in the ore being processed.

Here's a quick look at the key Q3 2025 operational sales data that fed into the top line:

The total reported revenue for the period reflects these sales. You'll see the Q3 2025 revenue of C$173.9 million from copper and molybdenum sales, which is exactly what the company reported for the quarter.

Looking ahead, the next major revenue stream is the sales of LME Grade A copper cathode from Florence Copper in Arizona. This project is transitioning from construction to revenue generation now. Here are the latest milestones:

• The SX/EW (solvent extraction/electrowinning) plant achieved substantial completion in September 2025.
• Wellfield operations began in mid-October, with first solutions injected in early November.
• Taseko Mines Limited expects to produce first copper cathode early next year, meaning early 2026.
• When fully operational, the facility is planned for a production capacity of 85 million pounds of LME Grade A copper metal per year over a 22-year mine life.

Finally, Taseko secured a non-dilutive cash infusion by adjusting its existing metal contract. This involves proceeds from the Gibraltar silver stream agreement with Osisko Gold Royalties. In late 2024, Taseko amended the agreement to increase its attributable silver percentage to 100%, receiving an additional cash payment of US$12.7 million. This follows the initial upfront deposit of US$33 million from the original 2017 agreement. That cash definitely helped strengthen the balance sheet during the final push at Florence Copper.