Taseko Mines Posts Q1 EBITDA Surge to $93M; Florence Plant Yields 1.5M Pounds
Taseko reported Q1 Adjusted EBITDA of $93 million and mining operations earnings of $115 million, up 172% and 195% year-over-year on $237 million revenue from sale of 27 million copper pounds. The Florence Copper SX/EW plant began in February, producing 1.5 million pounds of cathode and targeting 30–35 million pounds.
1. Financial Results
Taseko reported Adjusted EBITDA of $93.5 million and earnings from mining operations before depletion and amortization of $114.6 million in Q1 2026, marking 172% and 195% year-over-year improvements. Revenue reached $237.1 million from 27.0 million copper pounds sold, while net income was $16.8 million and adjusted net income was $27.5 million.
2. Gibraltar Operations
Gibraltar produced 30.0 million pounds of copper and 717,000 pounds of molybdenum at a C1 operating cost of US$2.63 per pound of copper. Copper head grades averaged 0.25%, recoveries rose to 83%, and mill throughput was 7.0 million tons despite unscheduled maintenance.
3. Florence Copper Start-Up
Florence Copper commenced solution injection in late 2025 and began SX/EW operations in February, harvesting 1.5 million pounds of cathode in the first five weeks. Five drill rigs are now active and the company is expanding wellfield groups toward a 2026 output goal of 30–35 million pounds of copper cathode.
4. Liquidity and Outlook
As of March 31, Taseko held $169 million in cash and $322 million in total available liquidity, including its undrawn revolving credit facility. Environmental assessment work on the Yellowhead copper project continues, positioning the company to capitalize on strong copper markets and its growth pipeline.