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Taseko Mines Limited - Taseko Reports First Quarter 2024 Operational Performance and $50 Million of Adjusted EBITDA

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PR Newswire

LONDON, United Kingdom, May 02

Taseko Reports First Quarter 2024 Operational Performance and $50 Million of Adjusted EBITDA

This release should be read with the Company's Financial Statements and Management Discussion & Analysis ("MD&A"), available at www.tasekomines.com and filed on www.sedarplus.com. Except where otherwise noted, all currency amounts are stated in Canadian dollars. In March 2024 Taseko acquired the remaining 12.5% interest and now owns 100% of the Gibraltar Mine, located north of the City of Williams Lake in south-central British Columbia. Production and sales volumes stated in this release are on a 100% basis unless otherwise indicated.

VANCOUVER, BC, May 1, 2024 -- Taseko Mines Limited (TSX: TKO) (NYSE American: TGB) (LSE: TKO) ("Taseko" or the "Company") reports first quarter 2024 Adjusted EBITDA* of $50 million and Earnings from mining operations before depletion and amortization* of $53 million, 38% and 29% higher than the same quarter in 2023. Revenues for the first quarter were $147 million. Net income for the quarter was $19 million ($0.07 per share) and Adjusted net earnings* were $8 million ($0.03 per share).

In the first quarter, Gibraltar produced 30 million pounds of copper and 247 thousand pounds of molybdenum. Mill throughput in the quarter was 7.7 million tons, or 84,400 tons per day, processing an average grade of 0.24% copper. Total operating cash costs (C1)* for the quarter were US$2.46 per pound of copper.

Stuart McDonald, President and CEO of Taseko, commented, "Gibraltar operations performed generally in line with plan in the first quarter, generating strong margins on a realized copper sales price of US$3.89 per pound. The operating team successfully completed a mill component replacement in January and following this maintenance downtime, mill throughput averaged 90,000 tons per day, 6% above the design capacity. The gradual transition to the Connector pit will continue over the next few months, and the in-pit crusher relocation is planned for the second quarter."

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"In late March we acquired the remaining 12.5% interest in Gibraltar and now own 100% of the mine. This transaction is a real positive for Taseko, providing immediate cashflow and production growth. The acquisition cost is spread out over ten years, with the next scheduled payment in 2026, which allows us to focus our financial resources on Florence development. As part of the transaction, we also acquired additional concentrate offtake rights and, with smelter treatment costs at record lows, the timing could not have been better. This additional offtake has now been sold at negative treatment costs, resulting in cost savings of $10 million in the second half of 2024," continued Mr. McDonald.

"At Florence Copper, initial construction and wellfield development activities are progressing smoothly. There are now three drill rigs operating on the commercial facility wellfield, with a fourth drill to be mobilized in May. A total of ten new production wells have been drilled to date. Site preparation and earthworks for the SX/EW plant area are also underway and construction of the plant is expected to begin later this quarter. It is an exciting time for the Company as we move closer to commercial operations at Florence.

In April, we further strengthened our financial position through the successful refinancing of our senior secured notes. The maturity of the notes has been pushed out to 2030, and the upsizing provides additional cash proceeds and financial flexibility. With the bond refinancing complete, 100% ownership of Gibraltar, and the copper price today at US$4.49 per pound, our business is much improved from just a few months ago." concluded Mr. McDonald.

*Non-GAAP performance measure. See end of news release

First Quarter Review

First quarter cash flow from operations was $59.6 million and net income was $18.9 million ($0.07 per share) for the quarter;
Earnings from mining operations before depletion and amortization* was $52.8 million, Adjusted EBITDA* was $49.9 million, and Adjusted net income* was $7.7 million ($0.03 per share);
Gibraltar produced 29.7 million pounds of copper for the quarter. Average head grades were 0.24% and copper recoveries were 79% for the quarter;
Gibraltar sold 31.7 million pounds of copper in the quarter (100% basis) at an average realized copper price of US$3.89 per pound;
Total operating costs (C1)* for the quarter were US$2.46 per pound produced;
On March 25, 2024, the Company completed its acquisition of the remaining 12.5% interest in Gibraltar, and now owns 100%. The Company paid $5 million on closing, with the remaining amounts payable over a 10-year period with the next scheduled payment in March 2026;
Construction of the commercial production facility at Florence is advancing with recent site activities focused on site preparations and earthworks for the commercial wellfield and plant area. Wellfield drilling commenced in February and ten new production wells have been drilled to date;
During the quarter, the Company received the first US$10 million deposit from Mitsui & Co. (U.S.A.) Inc. ("Mitsui") for its copper stream financing and closed its US$50 million royalty financing with Taurus Mining Royalty Fund L.P. ("Taurus"). The Company had a cash balance of $158 million and has approximately $239 million of available liquidity at March 31, 2024; and
On April 23, 2024, the Company completed an offering of US$500 million aggregate principal amount of 8.25% Senior Secured Notes due May 1, 2030. A portion of the proceeds were used to redeem the outstanding US$400 million 7% Senior Secured Notes due on February 15, 2026. The remaining proceeds, net of transaction costs, call premium and accrued interest, are approximately $110 million.

*Non-GAAP performance measure. See end of news release

Highlights

Operating Data (Gibraltar - 100% basis)	Three months ended March 31,
	2024	2023	Change
Tons mined (millions)	22.8	24.1	(1.3)
Tons milled (millions)	7.7	7.1	0.6
Production (million pounds Cu)	29.7	24.9	4.8
Sales (million pounds Cu)	31.7	26.6	5.1

Financial Data	Three months ended March 31,
(Cdn$ in thousands, except for per share amounts)	2024	2023	Change
Revenues	146,947	115,519	31,428
Cash flows provided by operations	59,574	27,999	31,575
Net income (GAAP)	18,896	33,788	(14,892)
Per share - basic ("EPS")	0.07	0.12	(0.05)
Earnings from mining operations before depletion and amortization*	52,797	41,139	11,658
Adjusted EBITDA*	49,923	36,059	13,864
Adjusted net income*	7,728	5,088	2,640
Per share - basic ("Adjusted EPS") *	0.03	0.02	0.01

On March 15, 2023, the Company increased its effective interest in Gibraltar from 75% to 87.5% through the acquisition of a 50% interest in Cariboo Copper Corporation ("Cariboo") from Sojitz Corporation. On March 25, 2024, the Company increased its effective interest in Gibraltar from 87.5% to 100% through the acquisition of the remaining 50% interest in Cariboo from Dowa Metals & Mining Co., Ltd. ("Dowa") and Furukawa Co., Ltd. ("Furukawa").

The financial results reported in this MD&A include the Company's 87.5% proportionate share of Gibraltar mine income and expenses for the period March 16, 2023 to March 24, 2024 (prior to March 15, 2023 – 75%) and 100% of Gibraltar mine income and expenses for the period March 25, 2024 to March 31, 2024.

The Company finalized the accounting for the acquisition of its 50% interest in Cariboo from Sojitz and the related 12.5% interest in Gibraltar in the fourth quarter of 2023. In accordance with the accounting standards for business combinations, the comparable financial statements as of March 31, 2023 and for the three months then ended have been revised to reflect the changes in finalizing the consideration paid and the allocation of the purchase price to the assets and liabilities acquired.

*Non-GAAP performance measure. See end of news release

Highlights

Gibraltar Mine

Operating data (100% basis)

Q1 2024

Q4 2023

Q3 2023

Q2 2023

Q1 2023

Tons mined (millions)

22.8

24.1

16.5

23.4

24.1

Tons milled (millions)

7.7

7.6

8.0

7.2

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