Taseko Reports Strong Fourth Quarter Financial Performance and $190 Million of Adjusted EBITDA for 2023
This release should be read with the Company's Financial Statements and Management Discussion & Analysis ("MD&A"), available at
www.tasekomines.com
and filed on
www.sedar.com
. Except where otherwise noted, all currency amounts are stated in Canadian dollars. Taseko's 87.5% owned |
In the fourth quarter, Adjusted EBITDA* was
Fourth quarter copper production from
"At our
We're now moving forward with construction of the commercial production facility at Florence. Initial activities have focused on site preparations, earthworks and civil work for the wellfield as well as hiring additional site personnel for the construction and operations teams. Wellfield drilling commenced in February and construction of the SX/EW plant and other surface infrastructure will begin in the second quarter. First copper production expected in fourth quarter 2025."
- Annual cash flow from operations was
$151.1 million and net income was$82.7 million ($0.29 per share) for the year; - Earnings from mining operations before depletion and amortization* was
$207.4 million , Adjusted EBITDA* was$190.1 million and Adjusted net income* was$44.4 million ($0.15 per share); - Total operating costs (C1)* for the year was
US$2.37 per pound produced; - The
Gibraltar mine produced 122.6 million pounds of copper and 1.2 million pounds of molybdenum in 2023. Copper recoveries averaged 82.6% and copper head grades were 0.25%; -
Gibraltar sold 120.7 million pounds of copper for the year (100% basis) which contributed to revenue for Taseko of$525.0 million , the highest annual revenue Taseko has ever recorded. Average realized copper prices wereUS$3.84 per pound for the year; - On
March 15, 2023 , Taseko acquired 50% ofCariboo Copper Corp. increasing its effective interest from 75% to 87.5% in theGibraltar mine; and - In September, the
U.S. Environmental Protection Agency ("EPA") issued the Final Underground Injection Control ("UIC") permit for theFlorence Copper Project and the permit became effective onOctober 31, 2023 . The Company now has all key permits in place and is commencing construction of the commercial production facility at Florence.
- Fourth quarter cash flow from operations was
$62.8 million and net income was$67.4 million ($0.23 per share) for the quarter; - Earnings from mining operations before depletion and amortization* was
$73.1 million , Adjusted EBITDA* was$69.1 million , and Adjusted net income* was$24.1 million ($0.08 per share); -
Gibraltar produced 34.2 million pounds of copper for the quarter. Average head grades were 0.27% and copper recoveries were 82.2% for the quarter; -
Gibraltar sold 35.9 million pounds of copper in the quarter (100% basis) at an average realized copper price ofUS$3.75 per pound; - Total operating costs (C1)* for the quarter was
US$1.91 per pound produced; - Construction of the commercial production facility at Florence is advancing with recent site activities focused on site preparations, earthworks and civil work for the commercial wellfield. Wellfield drilling commenced in February and construction of the SX/EW plant and associated surface infrastructure is scheduled to get underway in the second quarter of 2024;
*Non-GAAP performance measure. See end of news release |
- During the quarter, the Company closed the first Florence project debt facility with Bank of America for gross proceeds of
US$25 million , secured against the SX/EW plant and other equipment; - The Company had a cash balance of
$96.5 million and has approximately$176 million of available liquidity atDecember 31, 2023 ; and - On
February 2, 2024 , the Company closed itsUS$50 million royalty withTaurus Mining Royalty Fund L.P. ("Taurus") and the Company also received the firstUS$10 million of theUS$50 million Mitsui copper stream financing inJanuary 2024 .
Operating Data ( |
Three months ended |
Year ended |
||||
|
2023 |
2022 |
Change |
2023 |
2022 |
Change |
Tons mined (millions) |
24.1 |
22.9 |
1.2 |
88.1 |
88.7 |
(0.6) |
Tons milled (millions) |
7.6 |
7.3 |
0.3 |
30.0 |
30.3 |
(0.3) |
Production (million pounds Cu) |
34.2 |
26.7 |
7.5 |
122.6 |
97.0 |
25.6 |
Sales (million pounds Cu) |
35.9 |
25.5 |
10.4 |
120.7 |
101.3 |
19.4 |
Financial Data |
Three months ended |
Year ended |
||||
(Cdn$ in thousands, except for per share amounts) |
2023 |
2022 |
Change |
2023 |
2022 |
Change |
Revenues |
153,694 |
100,618 |
53,076 |
524,972 |
391,609 |
133,363 |
Cash flows provided by (used for) operations |
62,835 |
(946) |
63,781 |
151,092 |
81,266 |
69,826 |
Net income (loss) (GAAP) |
67,425 |
(2,275) |
69,700 |
82,726 |
(25,971) |
108,697 |
Per share - basic ("EPS") |
0.23 |
(0.01) |
0.24 |
0.29 |
(0.09) |
0.38 |
Earnings from mining operations before depletion |
73,106 |
37,653 |
35,453 |
207,354 |
106,217 |
101,137 |
Adjusted EBITDA* |
69,107 |
35,181 |
33,926 |
190,079 |
109,035 |
81,044 |
Adjusted net income* |
24,060 |
7,146 |
16,914 |
44,431 |
1,723 |
42,708 |
Per share - basic ("Adjusted EPS") * |
0.08 |
0.02 |
0.06 |
0.15 |
0.01 |
0.14 |
On
*Non-GAAP performance measure. See end of news release |
Operating data (100% basis) |
Q4 2023 |
Q3 2023 |
Q2 2023 |
Q1 2023 |
Q4 2022 |
YE 2023 |
YE 2022 |
Tons mined (millions) |
24.1 |
16.5 |
23.4 |
24.1 |
22.9 |
88.1 |
88.7 |
Tons milled (millions) |
7.6 |
8.0 |
7.2 |
7.1 |
7.3 |
30.0 |
30.3 |
Strip ratio |
1.5 |
0.4 |
1.5 |
1.9 |
1.1 |
1.3 |
1.8 |
Site operating cost per ton milled (Cdn$)* |
|
|
|
|
|
|
|
Copper concentrate |
|
|
|
|
|
|
|
Head grade (%) |
0.27 |
0.26 |
0.24 |
0.22 |
0.22 |
0.25 |
0.20 |
Copper recovery (%) |
82.2 |
85.0 |
81.9 |
80.7 |
83.4 |
82.6 |
79.5 |
Production (million pounds Cu) |
34.2 |
35.4 |
28.2 |
24.9 |
26.7 |
122.6 |
97.0 |
Sales (million pounds Cu) |
35.9 |
32.1 |
26.1 |
26.6 |
25.5 |
120.7 |
101.3 |
Inventory (million pounds Cu) |
6.9 |
8.8 |
5.6 |
3.7 |
5.4 |
5.6 |
5.4 |
Molybdenum concentrate |
|
|
|
|
|
|
|
Production (thousand pounds Mo) |
369 |
369 |
230 |
234 |
359 |
1,202 |
1,118 |
Sales (thousand pounds Mo) |
364 |
370 |
231 |
225 |
402 |
1,190 |
1,131 |
Per unit data (US$ per pound produced) * |
|
|
|
|
|
|
|
Site operating costs* |
|
|
|
|
|
|
|
By-product credits* |
(0.13) |
(0.23) |
(0.13) |
(0.37) |
(0.40) |
(0.20) |
(0.23) |
Site operating costs, net of by-product credits* |
|
|
|
|
|
|
|
Off-property costs |
0.45 |
0.33 |
0.36 |
0.37 |
0.36 |
0.38 |
0.36 |
Total operating costs (C1)* |
|
|
|
|
|
|
|
*Non-GAAP performance measure. See end of news release |
Full Year Results
A total of 88.1 million tons were mined in the year compared to 88.7 million tons mined in 2022. The strip ratio of 1.3 was lower than the prior year as mining operations were focused in the
Total site costs* at
Molybdenum production was 1.2 million pounds in the year compared to 1.1 million pounds in the prior year. Molybdenum prices strengthened in 2023 with an average molybdenum price of
Off-property costs per pound produced* were
Total operating costs per pound produced (C1)* was
*Non-GAAP performance measure. See end of news release |
Fourth Quarter Results
Copper recoveries in the fourth quarter were 82.2% and were impacted by performance in concentrator #2 prior to a major component replacement that was completed in January.
Total site costs* at
Molybdenum production was 369 thousand pounds in the fourth quarter. At an average molybdenum price of
Off-property costs per pound produced* were
Total operating costs per pound produced (C1)* was
The
Concentrator #2 had additional downtime in
The estimated remaining capital cost of the crusher relocation project is
The Company continues to purchase options to provide copper price and fuel price protection. Currently, the Company has copper put contracts in place that secure a minimum copper price of
*Non-GAAP performance measure. See end of news release |
On
Site activities to-date have focused on site preparations, earthworks and civil work for the commercial wellfield and the hiring of additional management and site personnel positions for the construction and operations teams. The initial drilling contracts have been awarded and finalized, and drilling of the commercial facility wellfield commenced in February.
The Company recently executed a fixed-price contract with the general contractor for construction of the SX/EW plant and associated surface infrastructure which is scheduled to commence in the second quarter of 2024. All the major plant components are on site and the early work on detailed engineering and procurement of long-lead items has significantly de-risked the construction schedule. First copper production is expected in the fourth quarter of 2025.
The Company has advanced Florence project level financing to fund construction. In the fourth quarter, the Company closed a
In
Florence Copper Project Highlights:
- Net present value of
US$930 million (after-tax at an 8% discount rate) - Internal rate of return of 47% (after-tax)
- Payback period of 2.6 years
- Operating costs (C1) of
US$1.11 per pound of copper - Annual production capacity of 85 million pounds of LME grade A cathode copper
- 22 year mine life
- Total life of mine production of 1.5 billion pounds of copper
- Total estimated initial capital cost of
US$232 million remaining - Long-term copper price of
US$3.75 per pound
Taseko's strategy has been to grow the Company by acquiring and developing a pipeline of complementary projects focused on copper in stable mining jurisdictions. We continue to believe this will generate long-term returns for shareholders. Our other development projects are located in
Yellowhead Copper Project
The Company is preparing to advance into the environmental assessment process and is undertaking some additional engineering work in conjunction with ongoing engagement with local communities including First Nations. The Company is also collecting baseline data and modeling which will be used to support the environmental assessment and permitting of the project.
In late 2019, the Tŝilhqot'in Nation, as represented by Tŝilhqot'in National Government, and
This dialogue has been supported by the parties' agreement, beginning
The dialogue process has made meaningful progress in recent months but is not complete. 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
In
Environmental monitoring and product marketing initiatives on the Aley niobium project continue. The converter pilot test is ongoing and is providing additional process data to support the design of the commercial process facilities and will provide final product samples for marketing purposes. The Company has also initiated a scoping study to investigate the potential production of niobium oxide at Aley to supply the growing market for niobium-based batteries.
Nothing is more important to Taseko than the safety, health and well-being of our workers and their families. Taseko places a high priority on the continuous improvement of performance in the areas of employee health and safety at the workplace and protection of the environment.
The full report is available on the Company's website at https://tasekomines.com/sustainability/overview/.
Taseko's 2023 ESG report will be published in the second quarter of 2024.
Prices (USD per pound for Commodities) |
(Source Data: |
Copper prices are currently around
Electrification of transportation and the focus on government investment in construction and infrastructure including initiatives focused on the renewable energy, electrification and meeting net zero targets by 2050, are inherently copper intensive and supports higher copper prices in the longer term. According to S&P Global's copper market outlook report published in
Approximately 4% of the Company's revenue is made up of molybdenum sales. During the fourth quarter of 2023, the average molybdenum price was
Approximately 80% of the
The Company will host a telephone conference call and live webcast on
|
To join the conference call without operator assistance, you may pre-register at https://emportal.ink/41ycQtM to receive an instant automated call back just prior to the start of the conference call. Otherwise, the conference call may be accessed by dialing 888-390-0546 toll free, 416-764-8688 in
|
The conference call will be archived for later playback until |
President & CEO
This document 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 measure.
Total operating costs and site operating costs, net of by-product credits
Total costs of sales include all costs absorbed into inventory, as well as transportation costs and insurance recoverable. Site operating costs are calculated by removing net changes in inventory, depletion and amortization, insurance recoverable, and transportation costs from cost of sales. Site operating costs, net of by-product credits is calculated by subtracting by-product credits from the site operating costs. Site operating costs, net of by-product credits per pound are calculated by dividing the aggregate of the applicable costs by copper pounds produced. Total operating costs per pound is the sum of site operating costs, net of by-product credits and off-property costs divided by the copper pounds produced. By-product credits are calculated based on actual sales of molybdenum (net of treatment 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.
(Cdn$ in thousands, unless otherwise indicated) – 87.5% basis |
2023 Q41 |
2023 Q31 |
2023 Q21 |
2023 Q11 |
2023 YE |
Cost of sales |
93,914 |
94,383 |
99,854 |
86,407 |
374,558 |
Less: |
|
|
|
|
|
Depletion and amortization |
(13,326) |
(15,993) |
(15,594) |
(12,027) |
(56,940) |
Net change in inventories of finished goods |
(1,678) |
4,267 |
3,356 |
(399) |
5,546 |
Net change in inventories of ore stockpiles |
(3,771) |
12,172 |
2,724 |
5,561 |
16,686 |
Transportation costs |
(10,294) |
(7,681) |
(6,966) |
(5,104) |
(30,045) |
Site operating costs |
64,845 |
87,148 |
83,374 |
74,438 |
309,805 |
Oxide ore stockpile reclassification from capitalized stripping |
- |
- |
(3,183) |
3,183 |
- |
Less by-product credits: |
|
|
|
|
|
Molybdenum, net of treatment costs |
(5,441) |
(9,900) |
(4,018) |
(9,208) |
(28,567) |
Silver, excluding amortization of deferred revenue |
124 |
290 |
(103) |
(160) |
151 |
Site operating costs, net of by-product credits |
59,528 |
77,538 |
76,070 |
68,253 |
281,389 |
Total copper produced (thousand pounds) |
29,883 |
30,978 |
24,640 |
19,491 |
104,992 |
Total costs per pound produced |
1.99 |
2.50 |
3.09 |
3.50 |
2.68 |
Average exchange rate for the period (CAD/USD) |
1.36 |
1.34 |
1.34 |
1.35 |
1.35 |
Site operating costs, net of by-product credits (US$ per pound) |
1.46 |
1.87 |
2.30 |
2.59 |
1.99 |
Site operating costs, net of by-product credits |
59,528 |
77,538 |
76,070 |
68,253 |
281,389 |
Add off-property costs: |
|
|
|
|
|
Treatment and refining costs |
7,885 |
6,123 |
4,986 |
4,142 |
23,136 |
Transportation costs |
10,294 |
7,681 |
6,966 |
5,104 |
30,045 |
Total operating costs |
77,707 |
91,342 |
88,022 |
77,499 |
334,570 |
Total operating costs (C1) (US$ per pound) |
1.91 |
2.20 |
2.66 |
2.94 |
2.37 |
1 Q1, Q2, Q3 and Q4 2023 includes the impact from the |
(Cdn$ in thousands, unless otherwise indicated) – 75% basis |
2022 Q4 |
2022 Q3 |
2022 Q2 |
2022 Q1 |
2022 YE |
Cost of sales |
73,112 |
84,204 |
90,992 |
89,066 |
337,374 |
Less: |
|
|
|
|
|
Depletion and amortization |
(10,147) |
(13,060) |
(15,269) |
(13,506) |
(51,982) |
Net change in inventories of finished goods |
1,462 |
2,042 |
(3,653) |
(7,577) |
(7,726) |
Net change in inventories of ore stockpiles |
18,050 |
3,050 |
(3,463) |
(3,009) |
14,628 |
Transportation costs |
(6,671) |
(6,316) |
(4,370) |
(5,115) |
(22,472) |
Site operating costs |
75,806 |
69,920 |
64,237 |
59,859 |
269,822 |
Oxide ore stockpile reclassification from capitalized stripping |
- |
- |
|
|
- |
Less by-product credits: |
|
|
|
|
|
Molybdenum, net of treatment costs |
(11,022) |
(4,122) |
(3,023) |
(3,831) |
(21,999) |
Silver, excluding amortization of deferred revenue |
263 |
25 |
36 |
202 |
526 |
Site operating costs, net of by-product credits |
65,047 |
65,823 |
61,250 |
56,230 |
248,349 |
Total copper produced (thousand pounds) |
20,020 |
21,238 |
15,497 |
16,024 |
72,778 |
Total costs per pound produced |
3.25 |
3.10 |
3.95 |
3.51 |
3.41 |
Average exchange rate for the period (CAD/USD) |
1.36 |
1.31 |
1.28 |
1.27 |
1.30 |
Site operating costs, net of by-product credits (US$ per pound) |
2.39 |
2.37 |
3.10 |
2.77 |
2.62 |
Site operating costs, net of by-product credits |
65,047 |
65,823 |
61,250 |
56,230 |
248,349 |
Add off-property costs: |
|
|
|
|
|
Treatment and refining costs |
3,104 |
3,302 |
2,948 |
2,133 |
11,486 |
Transportation costs |
6,671 |
6,316 |
4,370 |
5,115 |
22,472 |
Total operating costs |
74,822 |
75,441 |
68,568 |
63,478 |
282,307 |
Total operating costs (C1) (US$ per pound) |
2.75 |
2.72 |
3.47 |
3.13 |
2.98 |
Total Site Costs
Total site costs are comprised of the site operating costs charged to cost of sales as well as mining costs capitalized to property, plant and equipment in the period. This measure is intended to capture Taseko's share of the total site operating costs incurred in the quarter at the
(Cdn$ in thousands, unless otherwise indicated) – 87.5% basis (except for Q1 2023) |
2023 Q4 |
2023 Q3 |
2023 Q2 |
2023 Q11 |
2023 YE1 |
Site operating costs |
64,845 |
87,148 |
83,374 |
74,438 |
309,805 |
Add: |
|
|
|
|
|
Capitalized stripping costs |
31,916 |
2,083 |
8,832 |
12,721 |
55,552 |
Total site costs – Taseko share |
96,761 |
89,231 |
92,206 |
87,159 |
365,357 |
Total site costs – 100% basis |
110,584 |
101,978 |
105,378 |
112,799 |
430,739 |
1 Q1 2023 includes the impact from the
(Cdn$ in thousands, unless otherwise indicated) – 75% basis |
2022 Q4 |
2022 Q3 |
2022 Q2 |
2022 Q1 |
2022 YE |
Site operating costs |
75,806 |
69,920 |
64,237 |
59,859 |
269,822 |
Add: |
|
|
|
|
|
Capitalized stripping costs |
3,866 |
1,121 |
11,887 |
15,142 |
32,016 |
Total site costs – Taseko share |
79,672 |
71,041 |
76,124 |
75,001 |
301,838 |
Total site costs – 100% basis |
106,230 |
94,721 |
101,499 |
100,001 |
402,451 |
Adjusted net income (loss) and Adjusted EPS
Adjusted net income (loss) removes the effect of the following transactions from net income as reported under IFRS:
- Unrealized foreign currency gains/losses;
- Unrealized gain/loss on derivatives;
- Gain on Cariboo acquisition; and
- Finance and other non-recurring costs.
Management believes these transactions do not reflect the underlying operating performance of our core mining business and are not necessarily indicative of future operating results. Furthermore, unrealized gains/losses on derivative instruments, changes in the fair value of financial instruments, and unrealized foreign currency gains/losses are not necessarily reflective of the underlying operating results for the reporting periods presented.
Adjusted EPS is the Adjusted net income attributable to common shareholders of the Company divided by the weighted average number of common shares outstanding during the period.
Adjusted net income (loss) and Adjusted EPS (Continued)
(Cdn$ in thousands, except per share amounts) |
2023 Q4 |
2023 Q3 |
2023 Q2 |
2023 Q1 |
2023 YE |
Net income |
67,425 |
871 |
9,991 |
4,439 |
82,726 |
Unrealized foreign exchange (gain) loss |
(14,541) |
14,582 |
(10,966) |
(950) |
(11,875) |
Unrealized loss (gain) on derivatives |
1,636 |
4,518 |
(6,470) |
2,190 |
1,874 |
Gain on Cariboo acquisition |
(46,212) |
- |
- |
- |
(46,212) |
Finance and other non-recurring costs |
(916) |
1,244 |
1,714 |
- |
2,042 |
Estimated tax effect of adjustments |
16,668 |
(1,556) |
1,355 |
(591) |
15,876 |
Adjusted net income (loss) |
24,060 |
19,659 |
(4,376) |
5,088 |
44,431 |
Adjusted EPS |
0.08 |
0.07 |
(0.02) |
0.02 |
0.15 |
(Cdn$ in thousands, except per share amounts) |
2022 Q4 |
2022 Q3 |
2022 Q2 |
2022 Q1 |
2022 YE |
Net (loss) income |
(2,275) |
(23,517) |
(5,274) |
5,095 |
(25,971) |
Unrealized foreign exchange (gain) loss |
(5,279) |
28,083 |
11,621 |
(4,398) |
30,027 |
Unrealized loss (gain) on derivatives |
20,137 |
(72) |
(30,747) |
7,486 |
(3,196) |
Estimated tax effect of adjustments |
(5,437) |
19 |
8,302 |
(2,021) |
863 |
Adjusted net income (loss) |
7,146 |
4,513 |
(16,098) |
6,162 |
1,723 |
Adjusted EPS |
0.02 |
0.02 |
(0.06) |
0.02 |
0.01 |
Adjusted EBITDA
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 consider it useful in measuring the ability of those issuers to meet debt service obligations.
Adjusted EBITDA represents net income before interest, income taxes, and depreciation and also eliminates the impact of a number of items that are not considered indicative of ongoing operating performance. Certain items of expense are added 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:
- Unrealized foreign exchange gains/losses;
- Unrealized gain/loss on derivatives;
- Amortization of share-based compensation expense;
- Gain on Cariboo acquisition; and
- Non-recurring other expenses.
Adjusted EBITDA (Continued)
(Cdn$ in thousands) |
2023 Q4 |
2023 Q3 |
2023 Q2 |
2023 Q1 |
2023 YE |
Net income |
67,425 |
871 |
9,991 |
4,439 |
82,726 |
Add: |
|
|
|
|
|
Depletion and amortization |
13,326 |
15,993 |
15,594 |
12,027 |
56,940 |
Finance expense |
12,804 |
14,285 |
13,468 |
12,309 |
52,866 |
Finance income |
(972) |
(322) |
(757) |
(921) |
(2,972) |
Income tax expense |
34,068 |
12,041 |
678 |
3,356 |
50,143 |
Unrealized foreign exchange (gain) loss |
(14,541) |
14,582 |
(10,966) |
(950) |
(11,875) |
Unrealized loss (gain) on derivatives |
1,636 |
4,518 |
(6,470) |
2,190 |
1,874 |
Amortization of share-based compensation expense |
1,573 |
727 |
417 |
3,609 |
6,326 |
Gain on Cariboo acquisition |
(46,212) |
- |
- |
- |
(46,212) |
Non-recurring other expenses |
- |
- |
263 |
- |
263 |
Adjusted EBITDA |
69,107 |
62,695 |
22,218 |
36,059 |
190,079 |
(Cdn$ in thousands) |
2022 Q4 |
2022 Q3 |
2022 Q2 |
2022 Q1 |
2022 YE |
Net (loss) income |
(2,275) |
(23,517) |
(5,274) |
5,095 |
(25,971) |
Add: |
|
|
|
|
|
Depletion and amortization |
10,147 |
13,060 |
15,269 |
13,506 |
51,982 |
Finance expense |
10,135 |
12,481 |
12,236 |
12,155 |
47,007 |
Finance income |
(700) |
(650) |
(282) |
(166) |
(1,798) |
Income tax expense |
1,222 |
3,500 |
922 |
1,188 |
6,832 |
Unrealized foreign exchange (gain) loss |
(5,279) |
28,083 |
11,621 |
(4,398) |
30,027 |
Unrealized loss (gain) on derivatives |
20,137 |
(72) |
(30,747) |
7,486 |
(3,196) |
Amortization of share-based compensation expense (recovery) |
1,794 |
1,146 |
(2,061) |
3,273 |
4,152 |
Adjusted EBITDA |
35,181 |
34,031 |
1,684 |
38,139 |
109,035 |
No regulatory authority has approved or disapproved of the information in this news release.
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 effect of COVID-19 and the response of local, provincial, federal and international governments to the threat of COVID-19 on our operations (including our suppliers, customers, supply chain, employees and contractors) and economic conditions generally and in particular with respect to the demand for copper and other metals we produce;
- uncertainties and costs related to the Company's exploration and development activities, such as those associated with continuity of mineralization or determining whether mineral resources or reserves exist on a property;
- uncertainties related to the accuracy of our estimates of mineral reserves, mineral resources, production rates and timing of production, future production and future cash and total costs of production and milling;
- uncertainties related to feasibility studies that provide estimates of expected or anticipated costs, expenditures and economic returns from a mining project;
- uncertainties related to the ability to obtain necessary licenses permits for development projects and project delays due to third party opposition;
- 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, particularly laws, regulations and policies;
- changes in general economic conditions, the financial markets and in the demand and market price for copper, gold and other minerals and commodities, such as diesel fuel, 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; - the effects of forward selling instruments to protect against fluctuations in copper prices and exchange rate movements and the risks of counterparty defaults, and mark to market risk;
- the risk of inadequate insurance or inability to obtain insurance to cover mining risks;
- the risk of loss of key employees; 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;
- environmental issues and liabilities associated with mining including processing and stock piling ore; and
- labour strikes, work stoppages, or other interruptions to, or difficulties in, the employment of labour in markets in which we operate mines, or environmental hazards, industrial accidents or other events or occurrences, including third party interference that interrupt the production of minerals in our mines.
For further information on Taseko, investors should review the Company's annual Form 40-F filing with the
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
View original content to download multimedia:https://www.prnewswire.com/news-releases/taseko-reports-strong-fourth-quarter-financial-performance-and-190-million-of-adjusted-ebitda-for-2023-302083605.html
SOURCE