Taseko Mines Limited disclosed its full‑year 2025 financial results, reporting adjusted EBITDA of $230 million, adjusted net income of $27 million, and total revenue of $673 million driven by 99 million pounds of copper and 1.9 million pounds of molybdenum.
In the fourth quarter, the company posted GAAP net income of $4 million and adjusted net income of $42 million. Copper production reached 31 million pounds with 830 thousand pounds of molybdenum, while the Gibraltar mine’s operating cost (C1) was $2.47 per pound. The earnings miss—EPS of $0.01 versus an estimate of $0.08—was largely attributable to lower copper prices and higher operating costs in the quarter.
The release highlighted that the Florence Copper electrowinning circuit has begun operating, marking the first commercial copper cathode production at the Arizona site. CEO Stuart McDonald said, "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." The milestone turns Taseko into a two‑mine producer and is expected to strengthen cash flow and margin profiles through low‑cost in‑situ recovery.
Management guided for 2026 copper production of 110–115 million pounds, with Florence expected to contribute 30–35 million pounds of cathode. The guidance reflects confidence in the ramp‑up of the new mine and signals a significant increase in annual output compared to 2025.
Gibraltar’s fourth‑quarter production was impacted by unscheduled maintenance and a serious accident that caused a temporary shutdown in November, representing a headwind. Conversely, the strong copper demand and the low‑cost ISR approach at Florence provide tailwinds that support the company’s growth outlook.
Analysts have responded to the results by raising their price targets: TD Securities lifted its target to C$12.00, National Bankshares to C$13.50, and BMO Capital Markets reaffirmed an Outperform rating. The upgrades reflect confidence in the company’s operational progress and guidance.
Taseko’s results and the launch of Florence Copper position the company for future growth, but the earnings miss underscores the need for continued cost discipline as the company expands its production base.
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