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Hamilton Spectator
a day ago
- Business
- Hamilton Spectator
Taseko Annual General Meeting Voting Results
VANCOUVER, British Columbia, June 13, 2025 (GLOBE NEWSWIRE) — Taseko Mines Limited (TSX: TKO; NYSE American: TGB; LSE: TKO) ('Taseko' or the 'Company') announces the voting results from its 2025 Annual General Meeting held Thursday, June 12, 2025 in Vancouver, British Columbia. A total of 178,630,931 common shares were voted at the meeting, representing 56.6% of the votes attached to all outstanding common shares. Shareholders voted in favour of all items of business before the meeting, including the continuation of the Company's Amended and Restated Shareholder Rights Plan for a three-year period and the Advisory Resolution on executive compensation (Say-on-Pay), and the election of all director nominees as follows: Detailed voting results for the 2025 Annual General Meeting are available at . For further information on Taseko, see the Company's website at or contact: Brian Bergot, Vice President, Investor Relations – 778-373-4533. Stuart McDonald President and CEO No regulatory authority has approved or disapproved of the information contained in this news release.
Business Upturn
06-06-2025
- Business
- Business Upturn
Taseko, Tŝilhqot'in Nation & Province of BC Reach Historic Agreement Concerning the New Prosperity Project
By GlobeNewswire Published on June 6, 2025, 02:19 IST VANCOUVER, British Columbia, June 05, 2025 (GLOBE NEWSWIRE) — Taseko Mines Limited (TSX: TKO; NYSE American: TGB; LSE: TKO) ('Taseko' or the 'Company'), the Tŝilhqot'in Nation and the Province of British Columbia ('BC') today announced the signing of an agreement (the 'Agreement') to resolve a complex, long-standing conflict concerning Taseko's New Prosperity mineral tenures, located approximately 125 kilometers southwest of Williams Lake, British Columbia in the Teẑtan Biny (Fish Lake) area of Tŝilhqot'in territory. New Prosperity is one of the largest copper-gold deposits in Canada, with a measured and indicated mineral resource containing 5.3 billion pounds of copper and 13.3 million ounces of gold1. Negotiated over a period of years, the Agreement ends litigation among the three parties, while providing certainty with respect to how the significant copper-gold resource at New Prosperity may be developed in the future. In resolving a high-profile conflict between the rights of resource developers and First Nations, the Agreement meaningfully advances the goals of reconciliation in British Columbia. Stuart McDonald, President & CEO commented, ' This Agreement resolves a damaging and value-destructive dispute, and acknowledges Taseko's commercial interests in the New Prosperity property and the cultural significance of the area to the Tŝilhqot'in Nation. Taseko will retain a majority interest (77.5%) in the mineral tenures, while any future development at New Prosperity will benefit the Tŝilhqot'in people, and will only occur with their free, prior and informed consent . 'We thank all the parties for their contributions at the negotiating table and their commitment to the multi-year dialogue that has led to this historic agreement. ' Key elements of the Agreement include: Taseko will receive a payment of $75 million from the Province of BC on closing. Taseko will contribute a 22.5% equity interest in the New Prosperity mineral tenures to a trust for the future benefit of the Tŝilhqot'in Nation. The trust will transfer the property interest to the Tŝilhqot'in Nation when and if it consents to a proposal to pursue mineral development in the project area. Taseko retains a majority interest (77.5%) in the New Prosperity mineral tenures and can divest some or all of its interest at any time, including to other mining companies that could advance a project with the consent of the Tŝilhqot'in Nation. However, Taseko has committed not to be the proponent (operator) of mineral exploration and development activities at New Prosperity, nor the owner of a future mine development. Taseko has entered into a consent agreement with the Tŝilhqot'in Nation, whereby no mineral exploration or development activity can proceed in the New Prosperity project area without the free, prior and informed consent of the Tŝilhqot'in Nation. BC and the Tŝilhqot'in Nation have agreed to negotiate the process by which the consent of the Tŝilhqot'in Nation will be sought for any proposed mining project to proceed through an environmental assessment process. The Tŝilhqot'in Nation and BC have agreed to undertake a land-use planning process for the area of the mineral tenures and a broader area of land within Tŝilhqot'in territory. BC will provide funding to the Tŝilhqot'in Nation to facilitate the land-use planning process and for a Cultural Revitalization Fund. 1 Refer below to 'New Prosperity Mineral Tenures and Mineral Resources' and cautionary note. Jagrup Brar, Minister of Mining and Critical Minerals for BC, commented: ' Resolution of this legal and public conflict has been a priority for this government. These negotiations, which began under the previous mandate, laid important groundwork. The agreement demonstrates B.C.'s commitment to reconciliation and ensuring that the interests of First Nations and mining companies can advance together. I want to recognize all parties to this agreement for their willingness to collaborate to find common ground, build mutual respect, and create a foundation for shared prosperity. We will continue working in partnership to maintain a stable investment climate and future economic benefits for British Columbians .' Christine Boyle, Minister of Indigenous Relations & Reconciliation commented: ' It has taken vision and courage from strong leaders to get us to this significant moment. Together with the Tŝilhqot'in Nation and Taseko Mines Limited, and through this settlement agreement, B.C. is aligning with commitments we've made under previous agreements—such as the Gwets'en Nilt'i Pathway Agreement—to support the Tŝilhqot'in path of self-determination. Through collaborative processes and by working in partnership with First Nations and industry, we will continue to advance reconciliation for the benefit of all .' Nits'ilʔin Roger William, Nits'ilʔin of Xeni Gwet'in, commented: ' This Agreement protects our rights of consent in the Teẑtan Area. That's huge. For over three decades, we've had conflict in the Teẑtan Area. For my oldest son, for many Tŝilhqot'in, that conflict has always been there, for their entire lives. Now we are turning the page. Tŝilhqot'in consent is protected: there is no longer the threat of exploration or mining without our consent. I hold my hands up to everyone that worked hard over the past five years to achieve this historic agreement that reflects true reconciliation, including the Province and Taseko Mines Limited. This is a time to celebrate for our people and honour all those who made this resolution possible .' Nits'ilʔin Lennon Solomon, Nits'ilʔin of Yuneŝit'in, commented: ' This is a historic moment for our people and for reconciliation in British Columbia and Canada. It shows what is possible when we come together in the right spirit to resolve even the deepest conflict. I am honoured to be part of a resolution that finally respects Tŝilhqot'in rights and jurisdiction in the Teẑtan Area, after a generation of conflict. I am grateful that we can move forward as Tŝilhqot'in in a positive way and put our energy and attention into our own priorities as a Nation .' The Agreement is subject to customary conditions and closing of the transaction is expected to occur in June 2025. For further information on Taseko, see the Company's website at or contact: Investor enquiries: Brian Bergot, Vice President, Investor Relations – 778-373-4554 Media enquiries: Sean Magee, Vice President, Corporate Affairs – 778-373-4543 Stuart McDonald President and CEO Background Information History In 2008, Taseko proposed a copper-gold mine known as the Prosperity Project ('Prosperity') and initiated federal and provincial Environmental Assessment ('EA') processes. The Tŝilhqot'in Nation opposed Prosperity, along with proposed mineral exploration and development activities in the area. In 2010, the Province of BC granted Taseko an EA Certificate for development of the Prosperity mine. Subsequently, in 2010, the Government of Canada denied Prosperity its federal EA Certificate and invited Taseko to submit a revised application to address specific issues related to its decision. In 2011, Taseko revised the project design and renamed the project New Prosperity. That same year, Taseko re-initiated federal and provincial EA processes with the updated project design. The Tŝilhqot'in Nation remained opposed to the New Prosperity project. In February 2014, the Government of Canada again denied New Prosperity federal authorization to proceed and again invited Taseko to submit a revised proposal. In June 2014, the Supreme Court of Canada declared Aboriginal title for the first time in Canadian history over an area of Tŝilhqot'in territory that includes lands near the New Prosperity property. In 2017, the Province of BC authorized Taseko to undertake a site investigation program at New Prosperity. Shortly afterward, the Tŝilhqot'in Nation initiated a lawsuit and in 2019, the B.C. Court of Appeal granted an injunction to halt Taseko's site investigation program to allow a full hearing of the case. With the Provincial EA Certificate valid and significant investment by Taseko, legal actions resulted involving the Tŝilhqot'in Nation, Taseko, the Province of BC and Government of Canada. The legal proceedings have focused on environmental assessment decisions by the federal and provincial governments, provincially authorized permits for site work programs, Taseko's proposed work programs, Taseko's mineral tenures, and Tŝilhqot'in proven and asserted Aboriginal rights and title. In 2019, the Tŝilhqot'in Nation and Taseko agreed to pause all court proceedings and regulatory processes in order to enter into a confidential dialogue, facilitated by the Province of BC. The resulting Agreement between Taseko, Tŝilhqot'in Nation, and BC has established a consent-based model for any mine development in the Project area; the parties can now explore long-term solutions outside of litigation. New Prosperity Mineral Tenures and Mineral Resources The New Prosperity mineral tenures consist of a mineral lease and 85 mineral claims owned by Taseko Mines Limited and located southwest of Williams Lake, BC, within the traditional territory of the Tŝilhqot'in Nation. The New Prosperity mineral resource estimate is described in a technical report entitled 'Technical Report on the 344 Million Tonne Increase in the Mineral Reserves at the Prosperity Gold-Copper Project, British Columbia, Canada' with an effective date of November 2, 2009 (the 'Prosperity Technical Report'). New Prosperity is not considered a property material to Taseko as defined by NI 43-101 and no additional work to identify further resources or reserves has been conducted at New Prosperity since the completion of the estimate. The below table sets out the mineral resources previously estimated at New Prosperity: Mineral Resources (effective November 2, 2009 at 0.14% copper cut-off) Metric Tonnes (millions) Copper Grade (%) Gold Grade (g/t) Measured 547 0.27 0.46 Indicated 463 0.21 0.34 Total Measured and Indicated Resources 1,010 0.24 0.41 Additional information regarding data verification, exploration information, known legal, political, environmental or other risks can be found in the Prosperity Technical Report. Due to the uncertainty surrounding the development of the New Prosperity Project and the fact that the Prosperity Technical Report has not been updated since 2009, caution is advised when assessing its conclusions in light of current metal price outlooks, operating and capital costs, appropriate technologies and like matters. No regulatory authority has approved or disapproved of the information contained in this news release Caution Regarding Forward-Looking Information This document contains 'forward-looking statements' that were based on Taseko's expectations, estimates and projections as of the dates as of which those statements were made. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as 'outlook', 'anticipate', 'project', 'target', 'believe', 'estimate', 'expect', 'intend', 'should' and similar expressions. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. These included but are not limited to: uncertainties about the future market price of copper and the other metals that we produce or may seek to produce; changes in general economic conditions, the financial markets, inflation and interest rates and in the demand and market price for our input costs, such as diesel fuel, reagents, steel, concrete, electricity and other forms of energy, mining equipment, and fluctuations in exchange rates, particularly with respect to the value of the U.S. dollar and Canadian dollar, and the continued availability of capital and financing; uncertainties about economic conditions generally including inflation levels, tariffs, and in particular with respect to the demand for copper and other metals we produce; uncertainties related to the accuracy of our estimates of Mineral Resources, production rates and timing of production, future production and future cash and total costs of production and milling; uncertainties related to whether the Tŝilhqot'in Nation will consent to advancement of New Prosperity, whether a new proponent for New Prosperity can be identified, and that the Mineral Resources at New Prosperity will ever be exploited; uncertainties with our ability to monetize our interest in the New Prosperity Project on economic terms or at all; our ability to comply with the extensive governmental regulation to which our business is subject; uncertainties related to our ability to obtain necessary title, licenses and permits for our development projects and project delays due to third party opposition; uncertainties related to First Nations claims and consultation issues; uncertainties related to unexpected judicial or regulatory proceedings; changes in, and the effects of, the laws, regulations and government policies affecting our exploration and development activities and mining operations and mine closure and bonding requirements; environmental issues and liabilities associated with mining; environmental hazards and risks associated with climate change, including the potential for damage to infrastructure and stoppages of operations due to forest fires, flooding, drought, or other natural events in the vicinity of our operations; litigation risks and the inherent uncertainty of litigation; our actual costs of reclamation and mine closure may exceed our current estimates of these liabilities; our ability to meet the financial reclamation security requirements; the capital intensive nature of our business both to sustain current mining operations and to develop any new projects,; our reliance upon key management and operating personnel; the competitive environment in which we operate; the risk of changes in accounting policies and methods we use to report our financial condition, including uncertainties associated with critical accounting assumptions and estimates; and Management Discussion and Analysis ('MD&A'), quarterly reports and material change reports filed with and furnished to securities regulators, and those risks which are discussed under the heading 'Risk Factors'. For further information on Taseko, investors should review the Company's annual Form 40-F filing with the United States Securities and Exchange Commission and home jurisdiction filings that are available at including the 'Risk Factors' included in our Annual Information Form. Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same. GlobeNewswire provides press release distribution services globally, with substantial operations in North America and Europe.
Yahoo
05-06-2025
- Business
- Yahoo
Taseko, Tŝilhqot'in Nation & Province of BC Reach Historic Agreement Concerning the New Prosperity Project
VANCOUVER, British Columbia, June 05, 2025 (GLOBE NEWSWIRE) -- Taseko Mines Limited (TSX: TKO; NYSE American: TGB; LSE: TKO) ('Taseko' or the "Company"), the Tŝilhqot'in Nation and the Province of British Columbia ('BC') today announced the signing of an agreement (the 'Agreement') to resolve a complex, long-standing conflict concerning Taseko's New Prosperity mineral tenures, located approximately 125 kilometers southwest of Williams Lake, British Columbia in the Teẑtan Biny (Fish Lake) area of Tŝilhqot'in territory. New Prosperity is one of the largest copper-gold deposits in Canada, with a measured and indicated mineral resource containing 5.3 billion pounds of copper and 13.3 million ounces of gold1. Negotiated over a period of years, the Agreement ends litigation among the three parties, while providing certainty with respect to how the significant copper-gold resource at New Prosperity may be developed in the future. In resolving a high-profile conflict between the rights of resource developers and First Nations, the Agreement meaningfully advances the goals of reconciliation in British Columbia. Stuart McDonald, President & CEO commented, 'This Agreement resolves a damaging and value-destructive dispute, and acknowledges Taseko's commercial interests in the New Prosperity property and the cultural significance of the area to the Tŝilhqot'in Nation. Taseko will retain a majority interest (77.5%) in the mineral tenures, while any future development at New Prosperity will benefit the Tŝilhqot'in people, and will only occur with their free, prior and informed consent. 'We thank all the parties for their contributions at the negotiating table and their commitment to the multi-year dialogue that has led to this historic agreement.' Key elements of the Agreement include: Taseko will receive a payment of $75 million from the Province of BC on closing. Taseko will contribute a 22.5% equity interest in the New Prosperity mineral tenures to a trust for the future benefit of the Tŝilhqot'in Nation. The trust will transfer the property interest to the Tŝilhqot'in Nation when and if it consents to a proposal to pursue mineral development in the project area. Taseko retains a majority interest (77.5%) in the New Prosperity mineral tenures and can divest some or all of its interest at any time, including to other mining companies that could advance a project with the consent of the Tŝilhqot'in Nation. However, Taseko has committed not to be the proponent (operator) of mineral exploration and development activities at New Prosperity, nor the owner of a future mine development. Taseko has entered into a consent agreement with the Tŝilhqot'in Nation, whereby no mineral exploration or development activity can proceed in the New Prosperity project area without the free, prior and informed consent of the Tŝilhqot'in Nation. BC and the Tŝilhqot'in Nation have agreed to negotiate the process by which the consent of the Tŝilhqot'in Nation will be sought for any proposed mining project to proceed through an environmental assessment process. The Tŝilhqot'in Nation and BC have agreed to undertake a land-use planning process for the area of the mineral tenures and a broader area of land within Tŝilhqot'in territory. BC will provide funding to the Tŝilhqot'in Nation to facilitate the land-use planning process and for a Cultural Revitalization Fund. 1 Refer below to 'New Prosperity Mineral Tenures and Mineral Resources' and cautionary note. Jagrup Brar, Minister of Mining and Critical Minerals for BC, commented: 'Resolution of this legal and public conflict has been a priority for this government. These negotiations, which began under the previous mandate, laid important groundwork. The agreement demonstrates B.C.'s commitment to reconciliation and ensuring that the interests of First Nations and mining companies can advance together. I want to recognize all parties to this agreement for their willingness to collaborate to find common ground, build mutual respect, and create a foundation for shared prosperity. We will continue working in partnership to maintain a stable investment climate and future economic benefits for British Columbians.' Christine Boyle, Minister of Indigenous Relations & Reconciliation commented: 'It has taken vision and courage from strong leaders to get us to this significant moment. Together with the Tŝilhqot'in Nation and Taseko Mines Limited, and through this settlement agreement, B.C. is aligning with commitments we've made under previous agreements—such as the Gwets'en Nilt'i Pathway Agreement—to support the Tŝilhqot'in path of self-determination. Through collaborative processes and by working in partnership with First Nations and industry, we will continue to advance reconciliation for the benefit of all.' Nits'ilʔin Roger William, Nits'ilʔin of Xeni Gwet'in, commented: 'This Agreement protects our rights of consent in the Teẑtan Area. That's huge. For over three decades, we've had conflict in the Teẑtan Area. For my oldest son, for many Tŝilhqot'in, that conflict has always been there, for their entire lives. Now we are turning the page. Tŝilhqot'in consent is protected: there is no longer the threat of exploration or mining without our consent. I hold my hands up to everyone that worked hard over the past five years to achieve this historic agreement that reflects true reconciliation, including the Province and Taseko Mines Limited. This is a time to celebrate for our people and honour all those who made this resolution possible.' Nits'ilʔin Lennon Solomon, Nits'ilʔin of Yuneŝit'in, commented: 'This is a historic moment for our people and for reconciliation in British Columbia and Canada. It shows what is possible when we come together in the right spirit to resolve even the deepest conflict. I am honoured to be part of a resolution that finally respects Tŝilhqot'in rights and jurisdiction in the Teẑtan Area, after a generation of conflict. I am grateful that we can move forward as Tŝilhqot'in in a positive way and put our energy and attention into our own priorities as a Nation.' The Agreement is subject to customary conditions and closing of the transaction is expected to occur in June 2025. For further information on Taseko, see the Company's website at or contact: Investor enquiries: Brian Bergot, Vice President, Investor Relations – 778-373-4554 Media enquiries: Sean Magee, Vice President, Corporate Affairs – 778-373-4543 Stuart McDonaldPresident and CEO Background Information History In 2008, Taseko proposed a copper-gold mine known as the Prosperity Project ('Prosperity') and initiated federal and provincial Environmental Assessment ('EA') processes. The Tŝilhqot'in Nation opposed Prosperity, along with proposed mineral exploration and development activities in the area. In 2010, the Province of BC granted Taseko an EA Certificate for development of the Prosperity mine. Subsequently, in 2010, the Government of Canada denied Prosperity its federal EA Certificate and invited Taseko to submit a revised application to address specific issues related to its decision. In 2011, Taseko revised the project design and renamed the project New Prosperity. That same year, Taseko re-initiated federal and provincial EA processes with the updated project design. The Tŝilhqot'in Nation remained opposed to the New Prosperity project. In February 2014, the Government of Canada again denied New Prosperity federal authorization to proceed and again invited Taseko to submit a revised proposal. In June 2014, the Supreme Court of Canada declared Aboriginal title for the first time in Canadian history over an area of Tŝilhqot'in territory that includes lands near the New Prosperity property. In 2017, the Province of BC authorized Taseko to undertake a site investigation program at New Prosperity. Shortly afterward, the Tŝilhqot'in Nation initiated a lawsuit and in 2019, the B.C. Court of Appeal granted an injunction to halt Taseko's site investigation program to allow a full hearing of the case. With the Provincial EA Certificate valid and significant investment by Taseko, legal actions resulted involving the Tŝilhqot'in Nation, Taseko, the Province of BC and Government of Canada. The legal proceedings have focused on environmental assessment decisions by the federal and provincial governments, provincially authorized permits for site work programs, Taseko's proposed work programs, Taseko's mineral tenures, and Tŝilhqot'in proven and asserted Aboriginal rights and title. In 2019, the Tŝilhqot'in Nation and Taseko agreed to pause all court proceedings and regulatory processes in order to enter into a confidential dialogue, facilitated by the Province of BC. The resulting Agreement between Taseko, Tŝilhqot'in Nation, and BC has established a consent-based model for any mine development in the Project area; the parties can now explore long-term solutions outside of litigation. New Prosperity Mineral Tenures and Mineral Resources The New Prosperity mineral tenures consist of a mineral lease and 85 mineral claims owned by Taseko Mines Limited and located southwest of Williams Lake, BC, within the traditional territory of the Tŝilhqot'in Nation. The New Prosperity mineral resource estimate is described in a technical report entitled 'Technical Report on the 344 Million Tonne Increase in the Mineral Reserves at the Prosperity Gold-Copper Project, British Columbia, Canada' with an effective date of November 2, 2009 (the 'Prosperity Technical Report'). New Prosperity is not considered a property material to Taseko as defined by NI 43-101 and no additional work to identify further resources or reserves has been conducted at New Prosperity since the completion of the estimate. The below table sets out the mineral resources previously estimated at New Prosperity: Mineral Resources (effective November 2, 2009 at 0.14% copper cut-off) Metric Tonnes (millions) Copper Grade (%) Gold Grade (g/t) Measured 547 0.27 0.46 Indicated 463 0.21 0.34 Total Measured and Indicated Resources 1,010 0.24 0.41 Additional information regarding data verification, exploration information, known legal, political, environmental or other risks can be found in the Prosperity Technical Report. Due to the uncertainty surrounding the development of the New Prosperity Project and the fact that the Prosperity Technical Report has not been updated since 2009, caution is advised when assessing its conclusions in light of current metal price outlooks, operating and capital costs, appropriate technologies and like matters. No regulatory authority has approved or disapproved of the information contained in this news release Caution Regarding Forward-Looking Information This document contains 'forward-looking statements' that were based on Taseko's expectations, estimates and projections as of the dates as of which those statements were made. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as 'outlook', 'anticipate', 'project', 'target', 'believe', 'estimate', 'expect', 'intend', 'should' and similar expressions. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. These included but are not limited to: uncertainties about the future market price of copper and the other metals that we produce or may seek to produce; changes in general economic conditions, the financial markets, inflation and interest rates and in the demand and market price for our input costs, such as diesel fuel, reagents, steel, concrete, electricity and other forms of energy, mining equipment, and fluctuations in exchange rates, particularly with respect to the value of the U.S. dollar and Canadian dollar, and the continued availability of capital and financing; uncertainties about economic conditions generally including inflation levels, tariffs, and in particular with respect to the demand for copper and other metals we produce; uncertainties related to the accuracy of our estimates of Mineral Resources, production rates and timing of production, future production and future cash and total costs of production and milling; uncertainties related to whether the Tŝilhqot'in Nation will consent to advancement of New Prosperity, whether a new proponent for New Prosperity can be identified, and that the Mineral Resources at New Prosperity will ever be exploited; uncertainties with our ability to monetize our interest in the New Prosperity Project on economic terms or at all; our ability to comply with the extensive governmental regulation to which our business is subject; uncertainties related to our ability to obtain necessary title, licenses and permits for our development projects and project delays due to third party opposition; uncertainties related to First Nations claims and consultation issues; uncertainties related to unexpected judicial or regulatory proceedings; changes in, and the effects of, the laws, regulations and government policies affecting our exploration and development activities and mining operations and mine closure and bonding requirements; environmental issues and liabilities associated with mining; environmental hazards and risks associated with climate change, including the potential for damage to infrastructure and stoppages of operations due to forest fires, flooding, drought, or other natural events in the vicinity of our operations; litigation risks and the inherent uncertainty of litigation; our actual costs of reclamation and mine closure may exceed our current estimates of these liabilities; our ability to meet the financial reclamation security requirements; the capital intensive nature of our business both to sustain current mining operations and to develop any new projects,; our reliance upon key management and operating personnel; the competitive environment in which we operate; the risk of changes in accounting policies and methods we use to report our financial condition, including uncertainties associated with critical accounting assumptions and estimates; and Management Discussion and Analysis ('MD&A'), quarterly reports and material change reports filed with and furnished to securities regulators, and those risks which are discussed under the heading 'Risk Factors'. For further information on Taseko, investors should review the Company's annual Form 40-F filing with the United States Securities and Exchange Commission and home jurisdiction filings that are available at including the 'Risk Factors' included in our Annual Information in to access your portfolio
Hamilton Spectator
01-05-2025
- Business
- Hamilton Spectator
Taseko Reports First Quarter 2025 Earnings
VANCOUVER, British Columbia, May 01, 2025 (GLOBE NEWSWIRE) — Taseko Mines Limited (TSX: TKO; NYSE American: TGB; LSE: TKO) ('Taseko' or the 'Company') reports first quarter 2025 Adjusted EBITDA* of $34 million and Earnings from mining operations before depletion and amortization and non-recurring items* of $39 million. Revenues for the first quarter were $139 million from the sale of 22 million pounds of copper and 364 thousand pounds of molybdenum. The Company recorded a Net loss of $29 million ($0.09 loss per share) and an Adjusted net loss* of $7 million ($0.02 loss per share). Gibraltar produced 20 million pounds of copper and 336 thousand pounds of molybdenum in the first quarter at Total operating costs (C1) of US$2.26 per pound of copper produced. Mill throughput averaged 87,800 tons per day, which was above design capacity. Copper grades in the quarter averaged 0.19% and copper recoveries were 68%. At Florence Copper, construction remains on schedule and as of the end of March the overall project completion was at 78%. Construction of the SX/EW plant, surface infrastructure and the wellfield drilling are tracking to plan. In the wellfield, drilling is nearly complete and the last two wells will be constructed in May. The electrowinning crane has been installed in the plant, allowing the building structure to be completed. Construction of surface infrastructure is also advancing on schedule, including work on the pipe corridor, electrical substation, tank farm, and office and dry buildings. Stuart McDonald, President and CEO of Taseko, commented, 'Through the first 15 months of construction at Florence Copper, all critical aspects of the project remain on schedule and our operating plans are well developed. In the coming months, site construction activities will begin to slow down and in the fall we expect to commence wellfield operations as we advance towards first copper cathode production later in the year. Our project team remains focussed on continued execution of the remaining construction activities, and our growing operations team is planning for the production ramp up in 2026.' 'At our Gibraltar mine, mill throughput exceeded design capacity in the first quarter and head grades were in line with plan. But copper production in the quarter was impacted by lower than expected metallurgical recoveries from oxidized ore. Also, challenging ground conditions at the top of the current Connector pit pushback have led to lower mining productivities in recent months which will delay the release of higher-grade ore from the second quarter to the third quarter. As a result, copper production for 2025 is expected to be about 10 million pounds (~8%) lower than our previous guidance. Significantly higher grades and recoveries are expected in the second half of this year and into 2026', continued Mr. McDonald. Mr. McDonald concluded, 'With less than nine months until the startup of Florence Copper, America's next copper mine, Taseko is approaching a period of significant production and cashflow growth. We are uniquely positioned as the North American copper producer with both near-term production growth and a longer-term growth pipeline.' *Non-GAAP performance measure. See end of news release. First Quarter Review *Non-GAAP performance measure. See end of news release. Highlights On March 25, 2024, the Company completed its acquisition of the remaining 50% interest in Cariboo Copper Corp. ('Cariboo') from Dowa Metals & Mining Co., Ltd. ('Dowa') and Furukawa Co., Ltd. ('Furukawa') increasing its effective interest in Gibraltar from 87.5% to 100%. As a result, the financial results reported in this MD&A reflect the Company's 87.5% effective interest for the period from March 15, 2023 to March 25, 2024 and 100% effective interest thereafter. For more information on the Company's acquisition of Cariboo, refer to the Financial Statements—Note 12. *Non-GAAP performance measure. See end of news release. Review of Operations Gibraltar mine Operations Analysis In the first quarter, mining activity at Gibraltar was focused on waste stripping for a new pushback in the Connector pit, which resulted in a higher than normal strip ratio and lower mined ore in the period. Lower grade stockpiled ore was the primary source of mill feed, resulting in lower copper production compared to recent quarters. Gibraltar produced 20.0 million pounds of copper in the first quarter and copper head grade was 0.19%, well below average reserve grade. Copper recovery was 68% and was notably impacted by oxidation in the stockpiled ore which mainly originated from the upper benches of the Connector pit. Mill throughput was 7.9 million tons in the quarter, above nameplate capacity due to the lower work index ore in the Connector pit. A total of 23.2 million tons were mined in the first quarter comparable to recent quarters. The average strip ratio was 4.6, as a total of 4.2 million tons of ore were mined. This includes 2.2 million tons of oxide ore that was added to the heap leach pads as plans for restart of the solvent extraction and electrowinning ('SX/EW') plant continue in Q2 2025. *Non-GAAP performance measure. See end of news release. Operations Analysis - Continued Capitalized stripping totaling $38.1 million was higher in the first quarter attributed to greater mining of waste tons above the average strip ratio for the Connector pit. Total site costs* including capitalized stripping was $107.0 million in the quarter consistent with the comparative prior year quarter. Decreased consumption of mining inputs such as diesel and explosives due to processing of stockpile material as well as lower diesel prices were offset by higher milling costs. Molybdenum production was 336 thousand pounds in the first quarter compared to 247 thousand pounds in the comparative prior year quarter. Higher molybdenum grades, on average, are expected in Connector pit ore. Grades will improve as stockpile ore feed decreases. At an average molybdenum price of US$20.53 per pound for the quarter, molybdenum contributed a meaningful by-product credit of US$0.33 per pound of copper produced. Off-property costs were US$0.18 per pound of copper produced. These lower costs reflect Gibraltar's 2025 offtake agreements with very favorable treatment and refining charges ('TCRC'). On a blended basis, TCRCs are effectively nil for this year. Total operating cost (C1)* was US$2.26 per pound of copper produced in the first quarter compared to US$2.46 in the comparative prior year quarter. Higher capitalized stripping costs, improved molybdenum by-product credits, and lower off property costs all contributed to driving down total operating cost (C1), partially offset by the effect of lower copper production as shown in the bridge graph below: Gibraltar Outlook Mining activities are now focused in the Connector pit, which will be the source of mill feed in 2025 and the years ahead. Copper production in the first quarter was approximately 10% below expectations, due to low recoveries from oxidized ore. In addition, mining rates in the upper benches of Connector pit have been behind plan due to challenging ground conditions resulting in lower equipment productivities. As a result, access to higher quality ore has been delayed from the second quarter to the third quarter, and annual copper production for 2025 is expected to be approximately 10 million pounds below the previous guidance of 120 to 130 million pounds. Significant increases in head grades and recoveries are expected in the second half of 2025 and continuing into 2026. *Non-GAAP performance measure. See end of news release. Gibraltar Outlook - Continued Increased mill availability and higher throughput is also expected this year, as major maintenance projects were completed in both mills last year. Refurbishment of the Gibraltar SX/EW plant, which has been idle since 2015, is nearing completion, with first cathode production expected in the second quarter, supplementing Gibraltar copper concentrate production. Molybdenum production is forecast to increase in 2025 as molybdenum grades are expected to be notably higher as more Connector pit ore is processed, also weighted to the second half of the year. The Company has offtake agreements covering Gibraltar concentrate production in 2025 and 2026, which contain significantly lower, and in certain cases negative (premium), TCRC rates reflecting the tightening copper smelting market. In 2024, TCRCs accounted for approximately US$0.09 per pound of off-property costs, and, with the new offtake agreements, the Company expects average TCRCs to reduce to nil in 2025 and 2026. Potential US import tariffs are not expected to have a material impact on sales at Gibraltar as the mine produces copper and molybdenum concentrates that are sold to international metal traders and delivered to Asian markets. Offtake agreements are in place for substantially all of Gibraltar's copper concentrate production in 2025 and 2026, and no changes to these sales channels are expected during this period. The Company has a prudent hedging program in place to protect a minimum copper price and Gibraltar cash flow during the Florence Copper construction period. Currently, the Company has copper collar contracts in place that secure a minimum copper price of US$4.00 per pound for 81 million pounds of copper production for the remainder of 2025 (refer to 'Financial Condition Review—Hedging Strategy' for details). Florence Copper The Company has all key permits in place for the commercial production facility at Florence and construction of the Florence Copper commercial production facility continues to advance on schedule. Approximately 670,000 project hours have been worked with no reportable injuries or environmental incidents. The Company has a fixed-price contract with the general contractor for construction of the SX/EW plant and associated surface infrastructure. A total of 80 production wells out of a total of 90 new wells to be drilled during the construction phase have been completed as of March 31, 2025. Process ponds and surface water runoff pond construction are complete, and installation of high-density polyethylene piping in the main pipeline corridor continued. Mechanical and piping installations throughout the SX/EW plant and electrical work continue to advance. Assembly of the modular office and dry buildings were also completed, and work on the exterior finishing has started. Site activities are focused on hiring additional personnel and other initiatives to support operational readiness and the ramp up of production. Florence Copper - Continued Florence Copper commercial facility construction costs were US$51.4 million in the first quarter and, since the beginning of construction, US$206.3 million has been incurred on the Florence Copper commercial facility as of March 31, 2025. In January 2025, the Company received its final US$10 million instalment from its US$50 million copper stream with Mitsui & Co. (U.S.A.) Inc. ('Mitsui'). The remaining Florence Copper commercial production facility construction costs are expected to be funded from the Company's available liquidity and cash flows from Gibraltar. The Company has a technical report titled 'NI 43-101 Technical Report Florence Copper Project, Pinal County, Arizona' dated March 30, 2023 (the 'Florence 2023 Technical Report') on SEDAR+. The Florence 2023 Technical Report was prepared in accordance with National Instrument 43‑101 ('NI 43-101') and incorporated the results of test work from the production test facility ('PTF') as well as updated capital and operating costs (Q3 2022 basis) for the commercial production facility. Project highlights based on the Florence 2023 Technical Report are detailed below: Based on the Florence 2023 Technical Report, the estimated construction costs for the Florence Copper commercial production facility were US$232 million and management expects that total construction costs will be within a range of 10% to 15% higher than this estimate. Florence Copper remains on track for first copper cathode production in Q4 2025. Long-term Growth Strategy Taseko's strategy has been to grow the company by acquiring and developing a pipeline of projects focused on copper in North America. We continue to believe this will generate long-term returns for shareholders. Our other development projects are located in BC, Canada. Yellowhead copper project The Yellowhead copper project ('Yellowhead') is expected to produce 4.4 billion pounds of copper over a 25-year mine life. During the first 5 years of operation, Yellowhead is expected to produce an average of 200 million pounds of copper per year. Yellowhead also contains valuable precious metal by-products with 440,000 ounces of gold production and 19 million ounces of silver production over the life of mine. The Yellowhead project is subject of technical report published in January 2020. Taseko plans to publish an updated technical report on Yellowhead in 2025 using updated long-term metal price assumptions, updated project costing, and incorporating the new Canadian tax credits available for copper mine development. The Company is ready to enter the environmental assessment ('EA') process and plans to submit an Initial Project Description to formally commence the EA process with regulators in Q2 2025. The Company is focusing discussions with regulators on developing a streamlined permitting process. Taseko also opened a Yellowhead project office in 2024 to support ongoing engagement with local communities including First Nations. New Prosperity copper-gold project In late 2019, the Tŝilhqot'in Nation, as represented by the Tŝilhqot'in National Government, and Taseko entered into a confidential dialogue, with the involvement of the Province of BC, seeking a long-term resolution to the conflict regarding Taseko's proposed copper-gold mine previously known as New Prosperity, acknowledging Taseko's commercial interests and the Tŝilhqot'in Nation's opposition to the project. This dialogue has been supported by the parties' agreement, beginning December 2019, to a series of standstill agreements on certain outstanding litigation and regulatory matters relating to Taseko's tenures and the area in the vicinity of Teẑtan Biny (Fish Lake). This dialogue process has made meaningful progress in recent months and is close to completion. The Tŝilhqot'in Nation and Taseko acknowledge the constructive nature of discussions, and the opportunity to conclude a long-term and mutually acceptable resolution of the conflict that also makes an important contribution to the goals of reconciliation in Canada. For further information on Taseko, please see the Company's website at or contact: Brian Bergot, Vice President, Investor Relations – 778-373-4554, toll free 1-800-667-2114 Stuart McDonald President & CEO No regulatory authority has approved or disapproved of the information in this news release. Non-GAAP Performance Measures This MD&A includes certain non-GAAP performance measures that do not have a standardized meaning prescribed by IFRS. These measures may differ from those used by, and may not be comparable to such measures as reported by, other issuers. The Company believes that these measures are commonly used by certain investors, in conjunction with conventional IFRS measures, to enhance their understanding of the Company's performance. These measures have been derived from the Company's financial statements and applied on a consistent basis. The following tables below provide a reconciliation of these non-GAAP measures to the most directly comparable IFRS measures. Total operating cost and site operating cost, net of by-product credit Total operating cost includes all costs absorbed into inventory, as well as transportation costs and insurance recoverable. Site operating cost is calculated by removing net changes in inventory, depletion and amortization, insurance recoverable, and transportation costs from cost of sales. Site operating cost, net of by-product credit is calculated by subtracting by-product credits from site operating cost. Site operating cost, net of by-product credit per pound is calculated by dividing the aggregate of the applicable costs by pounds of copper produced. Total operating cost per pound is the sum of site operating costs, net of by-product credits and off-property costs divided by pounds of copper produced. By-product credit is calculated based on actual sales of molybdenum (net of treating costs) and silver during the period divided by the total pounds of copper produced during the period. These measures are calculated on a consistent basis for the periods presented. Non-GAAP Performance Measures - Continued Total site costs Total site costs include site operating costs charged to cost of sales and mining costs capitalized to property, plant and equipment in the period. This measure is intended to capture total site operating costs incurred during the period calculated on a consistent basis for the periods presented. Adjusted net income (loss) and Adjusted EPS Adjusted net income (loss) removes the effect of the following transactions from net income (loss) as reported under IFRS: Management believes these transactions do not reflect the underlying operating performance of the Company's core mining business and are not necessarily indicative of future operating results. Furthermore, unrealized gains and losses on derivative instruments, changes in the fair value of financial instruments, and unrealized foreign currency gains and losses are not necessarily reflective of the underlying operating results for the periods presented. Non-GAAP Performance Measures - Continued Adjusted earnings per share ('Adjusted EPS') is Adjusted net income (loss) attributable to common shareholders of the Company divided by the weighted average number of common shares outstanding for the period. Non-GAAP Performance Measures - Continued Adjusted EBITDA Adjusted earnings before interest, taxes, depreciation and amortization ('Adjusted EBITDA') is presented as a supplemental measure of the Company's performance and ability to service debt. Adjusted EBITDA is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the industry, many of which present adjusted EBITDA when reporting their results. Issuers of 'high yield' securities also present adjusted EBITDA because investors, analysts and rating agencies considering it useful in measuring the ability of those issuers to meet debt service obligations. Adjusted EBITDA represents net income before interest, income taxes, depreciation and amortization, and also eliminates the impact of a number of transactions that are not considered indicative of ongoing operating performance. Certain items of expense are added back and certain items of income are deducted from net income that are not likely to recur or are not indicative of the Company's underlying operating results for the reporting periods presented or for future operating performance and consist of: Non-GAAP Performance Measures - Continued Non-GAAP Performance Measures - Continued Earnings from mining operations before depletion, amortization and non-recurring items Earnings from mining operations before depletion, amortization and non-recurring items is earnings from mining operations with depletion and amortization, and any items that are not considered indicative of ongoing operating performance added back. The Company discloses this measure, which has been derived from the Company's financial statements and applied on a consistent basis, to assist in understanding the results of the Company's operations and financial position, and it is meant to provide further information about the financial results to investors. Site operating costs per ton milled The Company discloses this measure, which has been derived from the Company's financial statements and applied on a consistent basis, to provide assistance in understanding the Company's site operations on a tons milled basis. Technical Information The technical information contained in this MD&A related to Florence Copper is based on the report titled 'NI 43‑101 Technical Report – Florence Copper Project, Pinal County, Arizona' issued March 30, 2023 with an effective date of March 15, 2023, which is available on SEDAR+. The Florence Copper technical report was prepared under the supervision of Richard Tremblay, P. Eng., MBA, Richard Weymark, P. Eng., MBA, and Robert Rotzinger, P. Eng. Mr. Tremblay is employed by the Company as Chief Operating Officer, Mr. Weymark is employed by the Company as Vice President, Engineering, and Mr. Rotzinger is employed by the Company as Vice President, Capital Projects. All three are Qualified Persons as defined by NI 43‑101. Caution Regarding Forward-Looking Information This document contains 'forward-looking statements' that were based on Taseko's expectations, estimates and projections as of the dates as of which those statements were made. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as 'outlook', 'anticipate', 'project', 'target', 'believe', 'estimate', 'expect', 'intend', 'should' and similar expressions. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. These included but are not limited to: For further information on Taseko, investors should review the Company's annual Form 40-F filing with the United States Securities and Exchange Commission and home jurisdiction filings that are available at . Cautionary Statement on Forward-Looking Information This discussion includes certain statements that may be deemed 'forward-looking statements'. All statements in this discussion, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities, and events or developments that the Company expects are forward-looking statements. Although we believe the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. All of the forward-looking statements made in this MD&A are qualified by these cautionary statements. We disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except to the extent required by applicable law. Further information concerning risks and uncertainties associated with these forward-looking statements and our business may be found in our most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities.
Saudi Gazette
03-03-2025
- Health
- Saudi Gazette
UK death rate 'reaches record low'
LONDON — The UK death rate reached a record low last year, according to an exclusive analysis carried out for BBC News. Mortality experts looked at death certificates registered in 2024 and found that deaths per head of the population had returned to pre-pandemic levels and were slightly below the previous record in 2019. However, the new figure puts the UK back on its long-term trend of only gradual improvement. The research was carried out by analysts from the Continuous Mortality Investigation (CMI) at the Institute and Faculty of Actuaries. "This is five years of basically flat mortality improvement, it's pretty poor by historical standards," said Stuart McDonald from the CMI. There was also a "concerning" rise in the death rate at young working ages, he said. A Department of Health spokesperson said the government was "shifting focus from sickness to prevention". The registered death rate in the UK steadily halved from 1974 to 2011 largely driven by improvements in tackling heart disease, including smoking prevention and medical advances. From 2011 to 2019 the improvements drastically slowed, then changed direction during Covid as thousands more people died than normal. The first post-pandemic year of 2022 also saw high numbers of extra deaths. To calculate the record low 2024 UK figure of 989 deaths per 100,000 people, analysts at the CMI used provisional weekly death registration figures for the four nations of the UK. "Clearly, it's very good news that our mortality rate is lower in 2024 than it was," says Dr Veena Raleigh, epidemiologist at health think tank The King's Fund. "But if you look at the broader canvas then it's not so good." Although similar countries also experienced a slowdown since 2011, the UK's has been more severe and our life expectancy is at the "bottom of the pack of comparable countries," she says, adding that nations such as Spain returned to pre-pandemic levels by 2023. Researchers point to a variety of reasons behind the slowdown since 2011. Some of the "low hanging fruit" of improvements in heart disease and cancer, such as the cut in smoking rates, had already happened, making further gains harder. At the same time, the UK saw rising risk factors, including obesity, poor diet and low levels of exercise, against a backdrop of widening social inequality and pressure on the NHS. Some academics argue that austerity cuts to public services after the 2008 financial crash had a strong impact on life expectancy, while others say it's not possible to prove this directly. Dementia and Alzheimer's disease is the leading cause of death in England and Wales, according to the latest official figures. Heart disease, lung disease, strokes, lung cancer also feature highly, along with flu in some years. "Cardiovascular disease remains a leading killer in the UK," said Prof Bryan Williams OBE, chief scientific and medical officer at the British Heart Foundation. "The plateau we have seen in reducing the number of deaths... is a serious cause for concern, made worse by the impact of the pandemic on an already overstretched health service." He added that early deaths from cardiovascular disease had grown in the most deprived areas of England and called for "urgent government action" in its prevention, detection and treatment. Overall death rates are largely a reflection of older people's health as more than three-quarters of UK deaths happen over the age of 70. So the main trend is driven by what is happening to people in this age group. But the CMI found "really significant differences" at younger ages says Stuart McDonald, with a "concerning" upward trend in mortality among 20-44-year-olds. "For this age group, death rates have actually been going up slightly, even before the pandemic. If we go back to 2011 we can see a slight increase in death rates year-on-year." Death numbers among this age group are much lower than at older ages and the causes tend to be different. Fewer than 20,000 people aged 20-44 die in the UK each year, about 3% of all deaths. "External and substance-related causes are most important because often that's what people die of in this age group," says Antonino Polizzi, researcher at the Leverhulme Centre for Demographic Science at the University of Oxford. "Things like drug overdoses, alcohol-related deaths, accidents, homicides and suicides." The UK, particularly Scotland, has seen a rise in drug-related death rates, he says. "These causes are usually improving for other Western European countries so we are seeing a divergent effect." Commenting on the overall trends at all age groups, a Department of Health and Social Care spokesperson said: "We inherited an NHS that was broken and we are determined to fix it. "Through our Plan for Change we are shifting focus from sickness to prevention and targeting the drivers of ill health and catching the biggest killers earlier. "We are creating the first smoke-free generation, stopping junk food ads being targeted at children and improving detection of diseases such as cancer and cardiovascular disease." The CMI took weekly provisional death registration data from the Office for National Statistics, for England and Wales, National Records of Scotland and Northern Ireland Statistics and Research Agency and calculated the 2024 rate. The rate is age-standardized, which means that you can make comparisons with other years even though the UK population as a whole is getting older. Changes to the death registration process may mean that more 2024 deaths are registered in 2025 than was the case for the previous year, but the CMI says this is not the main explanation for the return to the pre-pandemic trend. — BBC
