Fourth Quarter Results and Florence Production

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

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