Taseko Announces Strong Fourth Quarter Financial Results and Commencement of Copper Production at Florence Copper

Press Release

February 18, 2026, Vancouver, BC – Taseko Mines Limited (TSX: TKO; NYSE American: TGB; LSE: TKO) (“Taseko” or the “Company”) reports full year 2025 Adjusted EBITDA* of $230 million and Earnings from mining operations before depletion and amortization and non-recurring items* of $251 million. Revenues for 2025 were $673 million from the sale of 99 million pounds of copper and 1.9 million pounds of molybdenum. For the year, a Net loss of $30 million ($0.09 loss per share) was recorded and Adjusted net income* was $27 million ($0.07 per share).

For the fourth quarter, Adjusted EBITDA* was $116 million, and cash flow from operations was $101 million.  Net income of $4 million ($0.01 per share) was recorded for the quarter and Adjusted net income* was $42 million ($0.11 per share).

In the fourth quarter, Gibraltar produced 31 million pounds of copper and 830 thousand pounds of molybdenum at Total operating cost (C1)* of US$2.47 per pound of copper produced.  For the year, Gibraltar produced 98 million pounds of copper and 1.9 million pounds of molybdenum at Total operating cost (C1) of US$2.66 per pound of copper produced.  After mining through lower grade and lower quality ore in the first half of 2025, second half production increased by 46% and returned to more normal levels with copper grades of 0.24% and recoveries averaging 79% in the second half.  Copper production in 2025 included 2.2 million pounds of copper cathode produced in Gibraltar’s SX/EW plant, which was restarted in May.  Molybdenum production for the fourth quarter and the year was significantly higher than previous periods, due to higher molybdenum grades in the Connector Pit.

At Florence Copper, production of copper cathode commenced earlier this week with the startup of the electrowinning circuit. The Florence SX/EW plant is fully operational and copper is now being plated. Injection of solutions commenced in the fourth quarter and wellfield performance to date has met or exceeded expectations.  Expansion of the wellfield will be required to support the production ramp up to capacity, and drilling was restarted in the fourth quarter.  There are currently three drill rigs operating and a fourth arriving to site in the next week.

Stuart McDonald, President & CEO of Taseko, commented, “2025 was a productive and highly successful year for Florence Copper.  With construction and commissioning now behind us, we’re looking forward to the first cathode harvest in the coming days.  For the year ahead, the team’s focus will be ramping up the operation to production capacity.  Results from the initial wellfield operations are positive and we are targeting to produce 30 to 35 million pounds of copper in 2026.  A key driver of the ramp up will be our ability to expand the wellfield and bring additional wells into production through the year.”

“Gibraltar finished 2025 with strong production and cash flows in the fourth quarter.  Looking ahead to 2026, we expect higher annual production and more consistent quarterly production, as mining activity is now well established in the Connector pit.  Total copper production for 2026 is expected to be in the range of 110 to 115 million pounds.  This includes the expected impact of supergene ore which has been affecting recoveries in previous pushbacks, as well as a more conservative forecast for head grade based on mining experience to-date in the Connector pit.  With the anticipated production increase at Gibraltar and copper prices roughly 25% higher today than our average realized price in 2025, Gibraltar is positioned to generate significantly stronger cashflows in 2026.

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

“Bringing our second mine into production will be a major accomplishment for the Company, and we’re looking forward to ramping up Florence and demonstrating the true value of this asset.  At the same time, we will continue to work to unlock value from our other projects, Yellowhead and New Prosperity, which both achieved significant milestones in 2025,” concluded Mr. McDonald.

2025 Annual Review

• Earnings from mining operations before depletion, amortization and non-recurring items* was $250.7 million, Adjusted EBITDA* was $230.4 million and cash flow from operations was $219.6 million;
• Net loss was $30.1 million ($0.09 loss per share) and Adjusted net income* was $27.1 million ($0.07 adjusted earnings per share);
• Gibraltar produced 98.1 million pounds of copper at a total operating cost (C1)* of US$2.66 per pound of copper produced.  Copper head grades averaged 0.22% and recoveries averaged 73%;
• Copper production included 2.2 million pounds of copper cathode from the Gibraltar SX/EW plant which was restarted in May;
• Gibraltar sold 98.7 million pounds of copper at an average realized copper price of US$4.61 per pound contributing to revenues of $672.9 million for Taseko;
• Construction activities at Florence Copper continued throughout 2025, completing in the fourth quarter on time and largely on budget at US$275 million.  During the 24-month construction period, there were approximately 1,000,000 project hours worked with no lost time injuries and no reportable incidents;
• In July, the Company filed an updated technical report for the Yellowhead project highlighting a 25 year mine life with an average annual copper production of 178 million pounds at a total cash cost (C1) of US$1.90 per pound, and a net present value of $2.0 billion (8% discount rate, US$4.25 per pound copper and US$2,400 per ounce gold).  The Company also announced that it had formally commenced the Environmental Assessment process for the Yellowhead project; and
• In June, Taseko, Tŝilhqot’in Nation and the Province of BC reached an agreement concerning the New Prosperity project.  Taseko received a payment of $75 million from the Province of BC upon closing of the transaction.

Fourth Quarter Review

• Earnings from mining operations before depletion, amortization and non-recurring items* was $124.1 million, Adjusted EBITDA* was $116.5 million and cash flow from operations was $101.2 million;
• Net income was $4.5 million ($0.01 earnings per share) and Adjusted net income* was $41.5 million ($0.11 adjusted earnings per share);
• Gibraltar produced 30.7 million pounds of copper, including 0.9 million pounds of copper cathode, at a total operating cost (C1)* of US$2.47 per pound of copper produced.  Copper head grades averaged 0.26% and recoveries averaged 81%;
• Gibraltar sold 31.6 million pounds of copper at an average realized copper price of US$5.13 per pound contributing to revenues of $243.8 million for Taseko;
• In October 2025, the Company closed an equity financing (the “Offering”) with a syndicate of underwriters pursuant to which the Company issued 42.7 million common shares at a price of US$4.05 per share for gross proceeds of US$172.8 million.  Proceeds from the Offering were partially used to repay outstanding debt under the Company’s revolving credit facility, with the remainder available for general corporate purposes; and
• The Company received the final approvals required to commence wellfield injection and recovery operations at Florence Copper in October.  Commercial wellfield acidification commenced in early November, and by early December mining solutions were circulating in all the new production wells within the commercial wellfield.  Production of copper cathode commenced mid-February with the startup of the electrowinning circuit, and the Florence Copper SX/EW plant is now fully operational with copper being plated.

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

Highlights

Operating data	Three months ended December 31,			Year ended December 31,
(Gibraltar – 100% basis)	2025	2024	Change	2025	2024	Change
Tons mined (millions)	28.0	24.0	4.0	110.9	88.3	22.6
Tons milled (millions)	7.2	8.3	(1.1)	30.6	29.3	1.3
Production (million pounds Cu)	30.7	28.6	2.1	98.1	105.6	(7.5)
Sales (million pounds Cu)	31.6	27.4	4.2	98.7	108.0	(9.3)

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

Review of Operations

Gibraltar

Operating data (100% basis)	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	2025	2024
Tons mined (millions)	28.0	29.3	30.4	23.2	24.0	110.9	88.3
Tons milled (millions)	7.2	7.8	7.7	7.9	8.3	30.6	29.3
Strip ratio	2.2	1.5	2.3	4.6	1.9	2.3	1.6
Site operating cost per ton milled*	$ 16.61	$ 14.98	$ 11.23	$ 8.73	$ 12.18	$ 12.81	$ 12.93
Copper concentrate
Head grade (%)	0.26	0.22	0.20	0.19	0.22	0.22	0.23
Recovery (%)	80.9	77.2	63.2	67.5	78.2	72.8	78.5
Production (million pounds Cu)	29.8	26.7	19.4	20.0	28.6	95.9	105.6
Sales (million pounds Cu)	30.8	25.4	19.0	21.8	27.4	97.0	108.0
Inventory (million pounds Cu)	2.9	4.0	2.7	2.3	4.1	2.9	4.1
Copper cathode
Production (thousand pounds Cu)	919	895	395	–	–	2,209	–
Sales (thousand pounds Cu)	783	905	–	–	–	1,688	–
Molybdenum concentrate
Production (thousand pounds Mo)	830	558	180	336	578	1,902	1,432
Sales (thousand pounds Mo)	953	421	178	364	607	1,916	1,434
Per unit data (US$ per Cu pound produced)1
Site operating cost*	$ 2.80	$ 3.09	$ 3.15	$ 2.41	$ 2.52	$ 2.86	$ 2.61
By-product credit*	(0.59)	(0.39)	(0.19)	(0.33)	(0.42)	(0.40)	(0.28)
Site operating cost, net of by-product credit*	2.21	2.70	2.96	2.08	2.10	2.46	2.33
Off-property cost*	0.26	0.17	0.18	0.18	0.32	0.20	0.33
Total operating cost (C1)*	$ 2.47	$ 2.87	$ 3.14	$ 2.26	$ 2.42	$ 2.66	$ 2.66
Copper pounds produced includes copper in concentrate and copper cathode.

Operations Analysis

Annual Results

Gibraltar mining operations were focused in the Connector pit during 2025, which is the primary source of mill feed for the next few years.  Mining rates increased approximately 25% year-over-year to 110.9 million tons in 2025, compared to 88.3 million tons in 2024, with the higher mining rates attributable to increased operating hours and improved productivity of the haul truck fleet.

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

Operations Analysis – Continued

Copper production was 98.1 million pounds in 2025, including 2.2 million pounds of copper cathode from the Gibraltar solvent extraction and electrowinning (“SX/EW”) plant that was restarted in May.  Mill throughput was 30.6 million tons for the year with average copper head grades of 0.22% and copper recoveries of 73%, which steadily improved throughout the year as mining advanced beyond the oxidized and supergene zones encountered in the initial phases of Connector pit.  Copper production in the second half of the year was a notable improvement over the first half of the year attributable to higher grades and better quality ore.

Total site costs* were $473.2 million (including capitalized stripping of $80.9 million) in 2025, compared to $400.2 million (including capitalized stripping of $32.5 million) in 2024.  The increase in total site costs is a result of higher mining rates and costs to restart and operate the Gibraltar SX/EW plant, which processes stockpiled oxide ore to produce copper cathode.

Molybdenum production increased to 1.9 million pounds in 2025 from 1.4 million pounds in 2024 primarily due to higher molybdenum grades and improved recoveries.  At an average molybdenum price of US$22.16 per pound for the year, molybdenum contributed to a by-product credit of US$0.40 per pound of copper produced.

Off-property costs were US$0.20 per pound of copper produced in 2025, compared to US$0.33 per pound of copper produced in 2024, and reflect Gibraltar’s favorable offtake agreements with average treatment and refining charges (“TCRC”) of around $nil for the year.

Total operating costs (C1)* were US$2.66 per pound of copper produced in 2025, consistent with US$2.66 per pound of copper produced in 2024.  The impacts of higher capitalized stripping, lower TCRCs, and higher molybdenum sales were offset by higher site operating costs due to higher mining rates, lower copper production, and the recommissioning and initial operation of the Gibraltar SX/EW plant.

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