Florence Copper Shifts From Construction to Operations

Taseko Mines Limited has reported a major milestone at its Florence Copper project, with construction activities now complete and the operation transitioning into the commissioning and early ramp-up phase. The company confirmed that wellfield operations are progressing ahead of expectations, supported by strong injection flowrates and faster-than-planned acidification of the commercial wellfield.

Wellfield acidification began in early November, followed by the circulation of mining solutions through all new production wells by early December. Since then, copper grades recovered in solution have continued to rise, with average solution grades now reaching levels required for SX/EW plant operations. Commissioning of the SX/EW plant has advanced smoothly, and initial plant operations are expected to begin shortly, with first copper cathode production anticipated within weeks.

To support higher production during ramp-up, wellfield drilling has resumed with three rigs currently operating on site. Continued expansion of the commercial wellfield is expected to enable higher solution flows and increased copper output throughout the year.

Management Highlights Early Success at Florence

President and CEO Stuart McDonald said the transition from construction to early-stage operations has been seamless, noting encouraging early copper recoveries and strong wellfield performance. Management’s immediate focus is on the successful start-up of the SX/EW plant, which represents the final step before full commercial copper production begins at Florence.

Gibraltar Posts Improved Second-Half Performance in 2025

At the Gibraltar Mine, Taseko reported total 2025 copper production of 98 million pounds and molybdenum production of 1.9 million pounds. Annual sales reached 99 million pounds of copper and 1.9 million pounds of molybdenum.

Fourth-quarter copper production totaled 31 million pounds, marking a significant improvement over earlier quarters in the year. Copper head grades rose to 0.26 percent, in line with internal expectations, while recoveries averaged 81 percent. Despite these gains, production during the quarter was partially constrained by unplanned mill downtime related to unscheduled maintenance and a serious accident that resulted in a temporary site-wide shutdown in November.

Molybdenum production in the fourth quarter reached 0.8 million pounds, roughly 50 percent higher than the third quarter and the strongest quarterly performance in eight years. Gibraltar’s SX/EW plant also contributed 0.9 million pounds of copper cathode during the quarter and continues to operate reliably.

Outlook Points to Greater Stability in 2026

According to management, production in the second half of 2025 represented a clear improvement over the first half, driven by higher-grade ore and improved ore quality. Looking ahead, Taseko expects more consistent quarterly output in 2026 as mining progresses further into the Connector pit. With Florence Copper nearing first production and Gibraltar positioned for steadier performance, the company is setting the stage for higher and more balanced copper production across its asset base.