Taseko Mines (TGB)
Market Price (6/28/2026): $6.46 | Market Cap: $2.3 BilSector: Materials | Industry: Copper
Taseko Mines (TGB)
Market Price (6/28/2026): $6.46Market Cap: $2.3 BilSector: MaterialsIndustry: Copper
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 33%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 16% Attractive yieldFCF Yield is 5.2% Megatrend and thematic driversMegatrends include Electric Vehicles & Autonomous Driving, and Renewable Energy Transition. Themes include EV Manufacturing, Battery Storage & Grid Modernization, Show more. | Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 153x Stock price has recently run up significantly12M Rtn12 month market price return is 111% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.7% Key risksTGB key risks include [1] operational and execution challenges at its specific Gibraltar and Florence Copper projects and [2] a high-leverage financial structure that could impact its ability to secure capital for development. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 33%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 16% |
| Attractive yieldFCF Yield is 5.2% |
| Megatrend and thematic driversMegatrends include Electric Vehicles & Autonomous Driving, and Renewable Energy Transition. Themes include EV Manufacturing, Battery Storage & Grid Modernization, Show more. |
| Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 153x |
| Stock price has recently run up significantly12M Rtn12 month market price return is 111% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.7% |
| Key risksTGB key risks include [1] operational and execution challenges at its specific Gibraltar and Florence Copper projects and [2] a high-leverage financial structure that could impact its ability to secure capital for development. |
Qualitative Assessment
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Taseko Mines (TGB) stock has lost about 25% since 2/28/2026 because of the following key factors:
1. Fiscal Q1 2026 Earnings Shortfall Against Higher Analyst Estimates.
Taseko Mines reported an Earnings Per Share (EPS) of $0.08 for fiscal Q1 2026, which concluded on March 31, 2026. This figure fell short of a consensus analyst estimate of $0.1212 by nearly 34%. Following this announcement, Taseko's shares experienced a decline of 6.27% in after-hours trading. Although the company highlighted strong year-over-year operational and financial improvements, including a net income of $17 million ($0.05 per share) and adjusted net income of $28 million ($0.08 per share), the miss relative to higher market expectations for EPS negatively impacted investor sentiment.
2. Operational Ramp-up Risks and Cost Pressures.
While the Florence Copper project successfully commenced operations in mid-February 2026, producing 1.5 million pounds of copper cathode in fiscal Q1 2026, the ongoing ramp-up to its full nameplate capacity of 85 million pounds per year throughout 2026 and into 2027 introduces inherent execution risks. Additionally, the Gibraltar mine is facing potential diesel cost pressure, which could increase its operating costs by US$0.10–US$0.15 per pound in 2026. These uncertainties surrounding the full realization of Florence Copper's low-cost production potential and rising operational costs at Gibraltar contributed to investor caution regarding future profitability.
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Taseko Mines (TGB) stock has lost about 25% since 2/28/2026 because of the following key factors:
1. Fiscal Q1 2026 Earnings Shortfall Against Higher Analyst Estimates.
Taseko Mines reported an Earnings Per Share (EPS) of $0.08 for fiscal Q1 2026, which concluded on March 31, 2026. This figure fell short of a consensus analyst estimate of $0.1212 by nearly 34%. Following this announcement, Taseko's shares experienced a decline of 6.27% in after-hours trading. Although the company highlighted strong year-over-year operational and financial improvements, including a net income of $17 million ($0.05 per share) and adjusted net income of $28 million ($0.08 per share), the miss relative to higher market expectations for EPS negatively impacted investor sentiment.
2. Operational Ramp-up Risks and Cost Pressures.
While the Florence Copper project successfully commenced operations in mid-February 2026, producing 1.5 million pounds of copper cathode in fiscal Q1 2026, the ongoing ramp-up to its full nameplate capacity of 85 million pounds per year throughout 2026 and into 2027 introduces inherent execution risks. Additionally, the Gibraltar mine is facing potential diesel cost pressure, which could increase its operating costs by US$0.10–US$0.15 per pound in 2026. These uncertainties surrounding the full realization of Florence Copper's low-cost production potential and rising operational costs at Gibraltar contributed to investor caution regarding future profitability.
3. High Stock Volatility and Market Sensitivity.
Taseko Mines' stock is characterized by high volatility, indicating a significant sensitivity to broader market conditions or economic fluctuations rather than being solely driven by its own business performance. This inherent characteristic can lead to larger and more frequent price drops, making the stock susceptible to negative shifts in overall market sentiment, particularly within the metals and mining sector.
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Stock Movement Drivers
Fundamental Drivers
The -27.4% change in TGB stock from 2/28/2026 to 6/27/2026 was primarily driven by a -35.5% change in the company's P/S Multiple.| (LTM values as of) | 2282026 | 6272026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.88 | 6.45 | -27.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 597 | 771 | 29.1% |
| P/S Multiple | 4.7 | 3.0 | -35.5% |
| Shares Outstanding (Mil) | 317 | 363 | -12.8% |
| Cumulative Contribution | -27.4% |
Market Drivers
2/28/2026 to 6/27/2026| Return | Correlation | |
|---|---|---|
| TGB | -27.4% | |
| Market (SPY) | 6.6% | 71.7% |
| Sector (XLB) | -3.0% | 71.2% |
Fundamental Drivers
The 22.2% change in TGB stock from 11/30/2025 to 6/27/2026 was primarily driven by a 29.1% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 11302025 | 6272026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.28 | 6.45 | 22.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 597 | 771 | 29.1% |
| P/S Multiple | 2.8 | 3.0 | 8.5% |
| Shares Outstanding (Mil) | 317 | 363 | -12.8% |
| Cumulative Contribution | 22.2% |
Market Drivers
11/30/2025 to 6/27/2026| Return | Correlation | |
|---|---|---|
| TGB | 22.2% | |
| Market (SPY) | 7.3% | 54.0% |
| Sector (XLB) | 16.5% | 62.6% |
Fundamental Drivers
The 189.2% change in TGB stock from 5/31/2025 to 6/27/2026 was primarily driven by a 163.7% change in the company's P/S Multiple.| (LTM values as of) | 5312025 | 6272026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.23 | 6.45 | 189.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 600 | 771 | 28.4% |
| P/S Multiple | 1.2 | 3.0 | 163.7% |
| Shares Outstanding (Mil) | 310 | 363 | -14.6% |
| Cumulative Contribution | 189.2% |
Market Drivers
5/31/2025 to 6/27/2026| Return | Correlation | |
|---|---|---|
| TGB | 189.2% | |
| Market (SPY) | 25.1% | 45.9% |
| Sector (XLB) | 21.9% | 49.4% |
Fundamental Drivers
The 424.4% change in TGB stock from 5/31/2023 to 6/27/2026 was primarily driven by a 184.0% change in the company's Net Income Margin (%).| (LTM values as of) | 5312023 | 6272026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.23 | 6.45 | 424.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 389 | 771 | 98.3% |
| Net Income Margin (%) | 0.7% | 2.0% | 184.0% |
| P/E Multiple | 130.1 | 152.9 | 17.5% |
| Shares Outstanding (Mil) | 288 | 363 | -20.7% |
| Cumulative Contribution | 424.4% |
Market Drivers
5/31/2023 to 6/27/2026| Return | Correlation | |
|---|---|---|
| TGB | 424.4% | |
| Market (SPY) | 81.3% | 45.5% |
| Sector (XLB) | 45.9% | 51.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| TGB Return | 55% | -28% | -5% | 39% | 192% | 16% | 398% |
| Peers Return | 49% | -2% | 20% | 6% | 74% | 17% | 278% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 7% | 96% |
Monthly Win Rates [3] | |||||||
| TGB Win Rate | 50% | 42% | 42% | 58% | 75% | 67% | |
| Peers Win Rate | 50% | 48% | 52% | 45% | 67% | 57% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| TGB Max Drawdown | -43% | -62% | -42% | -38% | -33% | -35% | |
| Peers Max Drawdown | -33% | -50% | -33% | -33% | -32% | -31% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: FCX, SCCO, TECK, HBM, ERO.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/26/2026 (YTD)
How Low Can It Go
| Event | TGB | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -17.5% | -18.8% |
| % Gain to Breakeven | 21.2% | 23.1% |
| Time to Breakeven | 6 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -25.9% | -7.8% |
| % Gain to Breakeven | 34.9% | 8.5% |
| Time to Breakeven | 50 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -26.7% | -9.5% |
| % Gain to Breakeven | 36.4% | 10.5% |
| Time to Breakeven | 64 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -26.9% | -6.7% |
| % Gain to Breakeven | 36.9% | 7.1% |
| Time to Breakeven | 283 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -56.9% | -24.5% |
| % Gain to Breakeven | 131.9% | 32.4% |
| Time to Breakeven | 620 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -50.1% | -33.7% |
| % Gain to Breakeven | 100.5% | 50.9% |
| Time to Breakeven | 58 days | 140 days |
In The Past
Taseko Mines's stock fell -17.5% during the 2025 US Tariff Shock. Such a loss loss requires a 21.2% gain to breakeven.
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| Event | TGB | S&P 500 |
|---|---|---|
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -25.9% | -7.8% |
| % Gain to Breakeven | 34.9% | 8.5% |
| Time to Breakeven | 50 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -26.7% | -9.5% |
| % Gain to Breakeven | 36.4% | 10.5% |
| Time to Breakeven | 64 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -26.9% | -6.7% |
| % Gain to Breakeven | 36.9% | 7.1% |
| Time to Breakeven | 283 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -56.9% | -24.5% |
| % Gain to Breakeven | 131.9% | 32.4% |
| Time to Breakeven | 620 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -50.1% | -33.7% |
| % Gain to Breakeven | 100.5% | 50.9% |
| Time to Breakeven | 58 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -41.5% | -19.2% |
| % Gain to Breakeven | 70.8% | 23.8% |
| Time to Breakeven | 595 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -46.5% | -12.2% |
| % Gain to Breakeven | 86.9% | 13.9% |
| Time to Breakeven | 54 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -88.5% | -6.8% |
| % Gain to Breakeven | 768.7% | 7.3% |
| Time to Breakeven | 632 days | 15 days |
| 2013 Taper Tantrum | ||
| % Loss | -21.1% | -0.2% |
| % Gain to Breakeven | 26.7% | 0.2% |
| Time to Breakeven | 34 days | 1 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -48.6% | -17.9% |
| % Gain to Breakeven | 94.7% | 21.8% |
| Time to Breakeven | 5154 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -43.5% | -15.4% |
| % Gain to Breakeven | 77.1% | 18.2% |
| Time to Breakeven | 94 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -88.6% | -53.4% |
| % Gain to Breakeven | 778.6% | 114.4% |
| Time to Breakeven | 388 days | 1085 days |
In The Past
Taseko Mines's stock fell -17.5% during the 2025 US Tariff Shock. Such a loss loss requires a 21.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Taseko Mines (TGB)
Taseko Mines Limited (TGB) is a Canadian mining company engaged in the acquisition, development, and operation of mineral properties. Its core business involves the exploration and extraction of various metals, with a particular focus on copper, alongside other commodities such as molybdenum, gold, niobium, and silver.
The company's principal producing asset is the Gibraltar mine in British Columbia, Canada, where it holds a 75% ownership interest and extracts significant quantities of copper and molybdenum. Taseko also possesses a portfolio of 100%-owned development projects, including the Yellowhead copper, Aley niobium, and New Prosperity gold and copper projects in British Columbia, as well as the Florence copper project in Arizona, positioning it for future growth and diversification across these key metals.
As a producer of industrial metals like copper, molybdenum, and niobium, Taseko Mines primarily serves global industrial markets. Copper and molybdenum are critical inputs for manufacturing, construction, and advanced technologies, while niobium is vital for high-strength steel alloys. Its precious metal interests in gold and silver also tap into investment and jewelry markets, contributing to the broader global commodities trade.
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- Like a smaller, Canadian version of Freeport-McMoRan (FCX).
- Think of it as a more concentrated, smaller Teck Resources (TECK.B).
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- Copper: A base metal widely used in electrical applications, construction, and plumbing.
- Molybdenum: A refractory metal primarily used as an alloying agent in steel to increase strength and corrosion resistance.
- Gold: A precious metal highly valued for jewelry, investment, and industrial applications.
- Niobium: A rare metal used in high-strength low-alloy steels and various superalloys to enhance strength and reduce weight.
- Silver: A precious metal used in jewelry, silverware, coinage, and various industrial applications, including electronics and photography.
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Major Customers of Taseko Mines (TGB)
Taseko Mines Limited (TGB) is a mining company that extracts and sells industrial raw materials, primarily copper and molybdenum in concentrate form, along with other metals like gold, niobium, and silver. Due to the nature of these products as industrial inputs rather than consumer goods, Taseko Mines sells primarily to other businesses rather than directly to individuals.
For commodity producers like Taseko, specific major customer names are typically not publicly disclosed. Sales often occur through long-term off-take agreements, annual contracts, or spot sales to a diverse range of international buyers. However, the primary categories of customers for Taseko Mines' products include:
- Smelters and Refiners: These are industrial companies that purchase raw mineral concentrates (such as copper and molybdenum concentrates) to process them into refined metals. These operations are often large-scale and located globally, with a significant concentration in Asia.
- Commodity Trading Houses: Large international firms that specialize in the global buying, selling, and logistics of raw materials. They act as intermediaries, connecting mining companies with smelters, refiners, and industrial end-users worldwide.
Given the commodity nature of Taseko's products, the company does not typically disclose the names of individual major customers or their stock symbols, as sales are often fragmented among numerous buyers in the global market.
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Stuart McDonald, President & CEO
Mr. McDonald was appointed President & CEO of Taseko Mines in July 2021, having previously served as the Chief Financial Officer from 2013. He brings over 25 years of experience in mining, corporate development, financial, and management roles. Prior to joining Taseko, he was the CFO of Quadra FNX Mining Ltd. (and its predecessor Quadra Mining Ltd.), a mid-tier copper producer, where he was instrumental in its growth, including a merger valued over $2 billion. Mr. McDonald also held senior executive roles with Yukon Zinc Corp. and was Corporate Controller at Cumberland Resources Ltd. until its acquisition by Agnico-Eagle Mines in 2007. He began his career with 10 years in public accounting at Deloitte & Touche and Ernst & Young. He holds a Bachelor of Commerce (Finance) degree from the University of British Columbia and is a Chartered Professional Accountant (CPA). Mr. McDonald led the team that acquired, permitted, and developed the Florence Copper project and has guided Taseko through significant transactions, including a US$500 million bond refinancing and a strategic partnership with Mitsui.
Bryce Hamming, Chief Financial Officer
Mr. Hamming joined Taseko in 2018 and was appointed Chief Financial Officer in June 2019. With a finance career spanning over 20 years, he oversees Taseko's corporate finance, corporate development, treasury, tax, and accounting functions. Before his role as CFO, he served as Director of Corporate Finance at Taseko from July 2018 to June 2019. His prior experience includes serving as CFO at Northcliff Resources Ltd. and as Vice President of Corporate Finance and Business Development at Hunter Dickinson Inc. He also worked as a Corporate Finance and Business Development Consultant for Seaspan Corporation and Northern Dynasty Minerals Ltd. Mr. Hamming's early career included roles as an Associate Director at Royal Bank of Scotland Business and Senior Manager at KPMG. He holds a Bachelor's Degree in Business from Simon Fraser University, is a CPA, CA, and completed the CFA Charter program.
Richard Tremblay, Chief Operating Officer
Mr. Tremblay was appointed Chief Operating Officer in November 2023. He joined Taseko in 2014 as General Manager of the Gibraltar Mine and progressed through roles including Vice President & General Manager, Vice President Operations, and Senior Vice President, Operations. He possesses over 30 years of experience in the mining industry, specializing in large-scale open pit mining operations and mineral processing. Mr. Tremblay has been instrumental in the development of the Florence Copper Project, including its permitting process and technical de-risking. He holds an MBA from Simon Fraser University and a Bachelor of Science (Chemical Engineering) from Queen's University, and is a Professional Engineer (P.Eng.).
Richard Weymark, Vice President, Engineering
Mr. Weymark joined Taseko as Chief Engineer in July 2018 and was appointed Vice President, Engineering in July 2021. His primary focus at Taseko is the advancement of the engineering and environmental aspects of the company's development projects. Prior to joining Taseko, he held increasingly senior roles at Teck Resources' Highland Valley Copper operations, encompassing mine engineering, mine operations, business improvement, and tailings dam construction. Mr. Weymark holds a Bachelor of Applied Science in Mining Engineering from the University of British Columbia and a Master of Business Administration from Queen's University, and is a Professional Engineer (P.Eng.).
Sean Magee, VP, Corporate Affairs
Mr. Magee joined Taseko in September 2021 as Vice President Corporate Affairs. In this role, he is responsible for leading Taseko's public affairs, community relations programs, and government relations initiatives.
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The key risks to Taseko Mines (TGB) are:
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Operational Challenges and High Operating Costs at Gibraltar Mine: Taseko's primary operating asset, the Gibraltar mine, has faced significant operational challenges, including complex geological and ground conditions that have disrupted production schedules and reduced mining productivity. These issues have led to lower-than-expected copper head grades, processing difficulties with oxidized ore, and consequently, increased operating costs and reduced production guidance. For example, challenging ground conditions during pit expansion and secondary mineralization have complicated mining and contributed to lower ore quality. In the first half of 2025, Gibraltar was the sole operating mine, and production headwinds resulted in a reduced annual guidance of 100 to 105 million pounds of copper.
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Execution Risk, Delays, and Cost Overruns at Florence Copper Project: While the Florence Copper Project is considered a transformative, low-cost asset crucial for Taseko's future, it faces execution risks, including delays in achieving first copper cathode production and potential capital cost overruns. The timeline for first copper cathode production has reportedly slipped from late 2025 to early 2026, which delays a critical new revenue stream and impacts valuation.
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Commodity Price Volatility: Taseko Mines is highly exposed to the global copper price, which is subject to significant fluctuations due to supply-demand balances, economic cycles, and speculation. Although the long-term outlook for copper is strong due to electrification and energy transition demand, the near-term market can exhibit volatility, directly impacting the company's revenues and profitability.
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The addressable markets for Taseko Mines' main products are as follows:
- Copper: The global copper market size was valued at approximately USD 261.93 billion in 2025. It is projected to grow to about USD 466.67 billion by 2034, exhibiting a compound annual growth rate (CAGR) of 6.63% during the forecast period (2026-2034).
- Molybdenum: The global molybdenum market size was valued at USD 4.96 billion in 2025. The market is projected to grow from USD 5.23 billion in 2026 to USD 7.91 billion by 2034, exhibiting a CAGR of 5.31% during the forecast period.
- Gold: The global gold market was valued at USD 291.68 billion in 2024 and is projected to reach a market size of USD 400 billion by the end of 2030, growing at a CAGR of 6.51% over the forecast period (2025-2030).
- Niobium: The global niobium market size was estimated to be over USD 3.4 billion in 2025 and is projected to reach USD 6.5 billion by the end of 2035, expanding at a CAGR of 6.8% during the forecast timeline (2026-2035).
- Silver: The global silver market size was projected to be USD 95.20 billion in 2025 and is expected to grow to USD 202.07 billion by 2033, exhibiting a CAGR of 9.86% during the forecast period (2025-2033).
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Here are the expected drivers of future revenue growth for Taseko Mines (TGB) over the next 2-3 years:
- Florence Copper Project Ramp-up and Commercial Production: The Florence Copper project, which recently completed construction, is transitioning into commercial operations. First copper cathode production commenced in February 2026. Taseko anticipates Florence Copper to produce between 30 million and 35 million pounds of copper in 2026 and reach its full nameplate capacity of 85 million pounds (40,000 tons) of LME Grade A copper cathode per year by 2027. This new low-cost asset is expected to significantly expand Taseko's overall copper production capacity.
- Increased Production at Gibraltar Mine: Taseko expects more consistent quarterly production and a higher overall copper output from its Gibraltar mine in 2026. After producing 98 million pounds of copper in 2025, the company forecasts Gibraltar's copper production to increase to 110-115 million pounds in 2026. Improved mill availability is also anticipated to contribute to annual production reaching 120-130 million pounds.
- Favorable Copper Market and Strong Copper Prices: A robust outlook for copper prices is expected to sustain revenue growth. This is driven by strong global demand, particularly from electrification trends, coupled with limited mine supply. The anticipation of sustained strong copper prices through 2026 provides a positive market environment for Taseko's copper sales.
- Enhanced Molybdenum Production: In addition to copper, Taseko's Gibraltar mine also produces molybdenum. The fourth quarter of 2025 saw a significant increase in molybdenum production, reaching 0.8 million pounds, marking the best quarterly performance in eight years. Consistent and potentially increased molybdenum output will serve as an additional revenue stream.
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Share Issuance
- In October 2025, Taseko Mines completed a bought deal offering, issuing 42,000,000 common shares at US$4.05 per share, resulting in gross proceeds of US$170.1 million. The funds were intended to repay outstanding revolving credit facility debt and for general corporate and working capital purposes.
- The company's outstanding shares increased from 0.28 billion at the end of 2023 to 0.29 billion in 2024 and further to 0.31 billion by the end of 2025, marking a 7.38% increase in 2025.
Inbound Investments
- Taseko increased its ownership in the Gibraltar Mine, first from 75% to 87.5% in March 2023 through the acquisition of a 50% interest in Cariboo Copper Corp., and then fully to 100% in March 2024.
- The Florence Copper project secured additional funding, including US$100 million in November 2023 and a US$50 million copper stream from Mitsui, with the first US$10 million received in January 2024 and subsequent installments in October 2024 and January 2025.
- In April 2024, Taseko completed an offering of US$500 million aggregate principal amount of 8.25% Senior Secured Notes due 2030, with proceeds utilized to redeem prior notes and fund capital expenditures, working capital, and general corporate purposes.
Capital Expenditures
- Construction of the Florence Copper commercial facility was largely completed by February 2026 at a total cost of approximately US$275 million, with significant capital expenditures of US$203.425 million in 2024 and US$157.942 million in 2025 for the project. The project commenced commercial copper cathode production in mid-February 2026 and is expected to produce 30-35 million pounds of copper in 2026 during its ramp-up phase.
- For the Gibraltar Mine, sustaining capital includes the planned restart of its SX/EW facility in 2026 to process stockpiled oxide ore, following major maintenance work and an in-pit crusher relocation completed in 2024.
- The Yellowhead copper project, which formally commenced its Environmental Assessment process in 2025, has estimated initial capital costs of $2.0 billion according to a July 2025 technical report.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Taseko Mines Stock Jump Looks Great, But How Secure Is That Gain? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 42.39 |
| Mkt Cap | 18.9 |
| Rev LTM | 7,391 |
| Op Inc LTM | 1,636 |
| FCF LTM | 473 |
| FCF 3Y Avg | 187 |
| CFO LTM | 1,906 |
| CFO 3Y Avg | 1,713 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 24.6% |
| Rev Chg 3Y Avg | 17.2% |
| Rev Chg Q | 53.3% |
| QoQ Delta Rev Chg LTM | 11.5% |
| Op Inc Chg LTM | 74.8% |
| Op Inc Chg 3Y Avg | 35.1% |
| Op Mgn LTM | 26.9% |
| Op Mgn 3Y Avg | 24.8% |
| QoQ Delta Op Mgn LTM | 2.9% |
| CFO/Rev LTM | 33.4% |
| CFO/Rev 3Y Avg | 32.9% |
| FCF/Rev LTM | 13.3% |
| FCF/Rev 3Y Avg | 9.4% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Single Segment | 673 | 608 | 525 | ||
| Copper contained in concentrate | 381 | 402 | |||
| Copper price adjustments on settlement | -5 | 8 | |||
| Molybdenum concentrate | 20 | 29 | |||
| Molybdenum price adjustments on settlement | 4 | 3 | |||
| Silver | 5 | 5 | |||
| Treatment and refining costs | -13 | -13 | |||
| Total | 673 | 608 | 525 | 392 | 433 |
| $ Mil | 2024 |
|---|---|
| Gibraltar | 1,183 |
| Florence Copper | 828 |
| Corporate | 158 |
| Yellowhead | 26 |
| Total | 2,195 |
Price Behavior
| Market Price | $6.45 | |
| Market Cap ($ Bil) | 2.3 | |
| First Trading Date | 06/02/1994 | |
| Distance from 52W High | -27.4% | |
| 50 Days | 200 Days | |
| DMA Price | $7.17 | $6.15 |
| DMA Trend | up | up |
| Distance from DMA | -10.0% | 4.8% |
| 3M | 1YR | |
| Volatility | 73.5% | 64.8% |
| Downside Capture | 559.20 | 273.18 |
| Upside Capture | 318.69 | 307.93 |
| Correlation (SPY) | 68.5% | 48.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 5.50 | 4.25 | 3.45 | 2.67 | 2.30 | 1.79 |
| Up Beta | 5.72 | 3.20 | 3.45 | 2.54 | 2.12 | 1.50 |
| Down Beta | 7.38 | 8.04 | 2.39 | 1.88 | 1.73 | 1.77 |
| Up Capture | 354% | 314% | 331% | 509% | 842% | 2226% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 8 | 20 | 28 | 62 | 127 | 354 |
| Down Capture | 718% | 704% | 375% | 226% | 164% | 112% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 12 | 21 | 35 | 60 | 114 | 350 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TGB | |
|---|---|---|---|---|
| TGB | 125.6% | 65.2% | 1.52 | - |
| Sector ETF (XLB) | 20.7% | 17.5% | 0.92 | 52.7% |
| Equity (SPY) | 21.2% | 12.4% | 1.26 | 48.3% |
| Gold (GLD) | 21.8% | 27.7% | 0.70 | 57.2% |
| Commodities (DBC) | 21.8% | 18.6% | 0.92 | 11.0% |
| Real Estate (VNQ) | 16.1% | 13.6% | 0.85 | 15.7% |
| Bitcoin (BTCUSD) | -44.2% | 42.5% | -1.25 | 29.9% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TGB | |
|---|---|---|---|---|
| TGB | 27.9% | 62.9% | 0.65 | - |
| Sector ETF (XLB) | 7.2% | 19.0% | 0.27 | 54.9% |
| Equity (SPY) | 13.4% | 17.1% | 0.61 | 46.1% |
| Gold (GLD) | 17.8% | 18.3% | 0.79 | 40.4% |
| Commodities (DBC) | 7.4% | 19.5% | 0.28 | 34.5% |
| Real Estate (VNQ) | 3.4% | 18.9% | 0.08 | 31.6% |
| Bitcoin (BTCUSD) | 10.9% | 54.0% | 0.39 | 24.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TGB | |
|---|---|---|---|---|
| TGB | 29.6% | 65.8% | 0.68 | - |
| Sector ETF (XLB) | 10.3% | 20.7% | 0.44 | 44.7% |
| Equity (SPY) | 15.2% | 18.0% | 0.72 | 37.3% |
| Gold (GLD) | 11.8% | 16.1% | 0.60 | 28.1% |
| Commodities (DBC) | 5.9% | 18.0% | 0.26 | 33.0% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.23 | 23.7% |
| Bitcoin (BTCUSD) | 54.7% | 66.4% | 0.95 | 15.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 03/31/2026 | 40-F |
| 09/30/2025 | 11/13/2025 | 6-K |
| 06/30/2025 | 08/07/2025 | 6-K |
| 03/31/2025 | 05/02/2025 | 6-K |
| 12/31/2024 | 03/28/2025 | 40-F |
| 09/30/2024 | 11/07/2024 | 6-K |
| 06/30/2024 | 08/01/2024 | 6-K |
| 03/31/2024 | 05/02/2024 | 6-K |
| 12/31/2023 | 03/28/2024 | 40-F |
| 09/30/2023 | 11/02/2023 | 6-K |
| 06/30/2023 | 08/02/2023 | 6-K |
| 03/31/2023 | 05/04/2023 | 6-K |
| 12/31/2022 | 03/31/2023 | 40-F |
| 09/30/2022 | 11/04/2022 | 6-K |
| 06/30/2022 | 08/09/2022 | 6-K |
| 03/31/2022 | 05/05/2022 | 6-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 03/31/2026 | 40-F |
| 09/30/2025 | 11/13/2025 | 6-K |
| 06/30/2025 | 08/07/2025 | 6-K |
| 03/31/2025 | 05/02/2025 | 6-K |
| 12/31/2024 | 03/28/2025 | 40-F |
| 09/30/2024 | 11/07/2024 | 6-K |
| 06/30/2024 | 08/01/2024 | 6-K |
| 03/31/2024 | 05/02/2024 | 6-K |
| 12/31/2023 | 03/28/2024 | 40-F |
| 09/30/2023 | 11/02/2023 | 6-K |
| 06/30/2023 | 08/02/2023 | 6-K |
| 03/31/2023 | 05/04/2023 | 6-K |
| 12/31/2022 | 03/31/2023 | 40-F |
| 09/30/2022 | 11/04/2022 | 6-K |
| 06/30/2022 | 08/09/2022 | 6-K |
| 03/31/2022 | 05/05/2022 | 6-K |
| 12/31/2021 | 03/31/2022 | 40-F |
| 09/30/2021 | 11/03/2021 | 6-K |
| 06/30/2021 | 08/05/2021 | 6-K |
| 03/31/2021 | 05/06/2021 | 6-K |
| 12/31/2020 | 03/30/2021 | 40-F |
| 09/30/2020 | 10/26/2020 | 6-K |
| 06/30/2020 | 08/05/2020 | 6-K |
| 03/31/2020 | 04/29/2020 | 6-K |
| 12/31/2019 | 03/31/2020 | 40-F |
| 09/30/2019 | 11/06/2019 | 6-K |
| 06/30/2019 | 08/08/2019 | 6-K |
| 03/31/2019 | 05/08/2019 | 6-K |
Industry Resources
| Materials Resources |
| Chemical & Engineering News (C&EN) |
| Mining.com |
| Plastics News |
| Copper Resources |
| International Copper Association |
| Copper Investing News |
| Kitco Copper |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.