Taseko Announces Continued Strong Operational and Financial Results in the First Quarter 2026

Press Release

May 6, 2026, Vancouver, BC – Taseko Mines Limited (TSX: TKO; NYSE American: TGB; LSE: TKO) (“Taseko” or the “Company”) reports first quarter 2026 Adjusted EBITDA* of $93 million and Earnings from mining operations before depletion and amortization and non-recurring items* of $115 million, a 172% and 195% improvement over the same period in 2025, respectively. Revenues in the first quarter were $237 million from the sale of 27 million pounds of copper and 708 thousand pounds of molybdenum. First quarter net income was $17 million ($0.05 per share) and Adjusted net income* was $28 million ($0.08 per share).

As previously released, Gibraltar produced 30 million pounds of copper and 717 thousand pounds of molybdenum in the first quarter, at Total operating cost (C1)* of US$2.63 per pound of copper produced. The strong production levels from the second half of 2025 continued in the first quarter and copper grades of 0.25% were in line with the life of mine average. Mill throughput was 7.0 million tons in the first quarter, slightly lower than the previous quarter. Throughput was adjusted to optimize copper recoveries, which increased to 83% in the quarter, and was also impacted by unscheduled maintenance. Tons mined in the first quarter were in line with plan.

At Florence Copper, the injection of solutions in the wellfield commenced in late 2025 in parallel with the SX/EW plant commissioning. Initial flowrates were above expectations resulting in faster acidification of the wellfield, and solution grades reached targeted levels in January. The SX/EW plant commenced operation in February, and first copper cathodes were harvested at the end of February. A total of 1.5 million pounds of copper cathode was produced in the first quarter. Five drill rigs are now operating on site and increased production from newly acidified wells is expected later in the second quarter. Additional production growth will come as new groups of wells are constructed, tested, and integrated into the wellfield operation over the remainder of the year. Expected copper cathode production in 2026 continues to be in the range of 30 to 35 million pounds.

Stuart McDonald, President & CEO of Taseko, commented, “Both of Taseko’s producing assets performed well in the first quarter. Gibraltar operations have achieved a consistent production level in recent quarters as mining activities have been advancing on plan in the Connector pit.”

“At Florence Copper, we are very pleased with the first six months of wellfield operations and first two months of plant operations. After the initial cathode harvest at the end of February, our operating team has done an excellent job stabilizing solution flow and grade from the wellfield through to the SX/EW plant circuits. Copper production from the initial wells has achieved a steady rate, in line with our expectations, and the focus is now on expanding the wellfield to ramp-up production over the remainder of the year.”

“Environmental assessment work on our Yellowhead copper project continued to advance in the quarter. After the first round of community open houses that we held last fall, our next significant milestone is filing the detailed project description, which will incorporate feedback received from the general public, Indigenous communities, and regulatory agencies. We are working on this now with the goal to file it this coming summer.”

“Taseko is uniquely positioned as a North American copper growth story. Florence Copper is adding low-cost production and cash flow growth this year, to Gibraltar’s existing production base. The Company is well positioned to capitalize on the strong copper markets we see today, and continue to unlock value from our pipeline of large-scale longer term projects.”

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

First Quarter Review

Earnings from mining operations before depletion and amortization* was $114.6 million, Adjusted EBITDA* was $93.5 million and cash flow from operations was $93.9 million;
Net income was $16.8 million ($0.05 earnings per share) and Adjusted net income* was $27.5 million ($0.08 adjusted earnings per share);
Gibraltar produced 30.0 million pounds of copper, including 0.7 million pounds of copper cathode, at a total operating cost (C1)* of US$2.63 per pound of copper produced. Copper head grades averaged 0.25% and recoveries averaged 83%;
Gibraltar sold 27.0 million pounds of copper, including 0.9 million pounds of copper cathode, at an average realized copper price of US$5.74 per pound contributing to revenues of $237.1 million for Taseko. The Company had copper collar contracts maturing in the first quarter for 27 million pounds with a ceiling price of US$5.40 per pound, resulting in a realized derivative loss of $17.4 million;
Site costs increased in the quarter compared to 2025 as a result of higher diesel and explosive costs which could remain elevated in the coming quarters due to market factors;
Florence Copper’s SX/EW plant started up in mid-February and first copper cathodes were harvested at the end of February. A total of 1.5 million pounds of copper cathode was produced in the last five weeks of the quarter. Ongoing drilling and expansion of the wellfield will continue in 2026 to support the ramp up of copper production at Florence; and
At March 31, 2026, the Company had a cash balance of $169 million and total available liquidity of $322 million including its undrawn corporate revolving credit facility.

IBF4