Taseko Mines Stock Price, News & Analysis

Taseko Mines Limited (TSX: TKO) (NYSE American: TGB) announced the offering of US$325 million in Senior Secured Notes due 2026. The funds will be used to redeem existing 8.75% Senior Secured Notes due 2022, finance capital expenditures for the Florence Copper project and Gibraltar mine, and cover general corporate expenses. The offering is exempt from registration under U.S. securities laws and will be available to qualified institutional buyers. No regulatory authority has approved the information in this release.

Taseko Mines Limited (TGB) provided an update on its 2020 financial and operational performance, highlighting a significant increase in Adjusted EBITDA, estimated between $105 and $110 million, compared to $51 million in 2019. The Gibraltar mine produced 123 million pounds of copper and 2.3 million pounds of molybdenum. With a cash balance of $85 million, Taseko anticipates further production growth and remains optimistic about rising copper prices, currently around US$3.65 per pound.

Taseko Mines Limited (TGB) announced that the Florence Town Council will not appeal the recently granted Aquifer Protection Permit by the Arizona Department of Environmental Quality. This decision is seen as a positive step, suggesting a collaborative future. The company expects to transition Florence Copper to commercial production, projecting an average output of 85 million pounds of copper annually for 20 years, starting in late 2022. Key project metrics include a pre-tax NPV of $920 million, a 40% internal rate of return, and a 20-year mine life with low cash costs.

Taseko Mines Limited (TGB) announced that the Arizona Department of Environmental Quality has granted an Aquifer Protection Permit for its Florence Copper Project. This permit is a critical milestone, validating the project's environmental integrity. The project is expected to produce 85 million pounds of copper annually at a cash cost of US$1.13 per pound, with an after-tax NPV of US$680 million at a US$3.00 copper price, rising to US$920 million at current prices. Construction is set to begin in 2021, aligning with a growing demand for copper as the world transitions to greener energy.

Taseko Mines Limited (TGB) announces the extension of its standstill agreement with the Tŝilhqot'in Nation for one additional year. This decision follows a constructive dialogue aimed at resolving ongoing conflicts regarding the New Prosperity gold-copper project. The talks were initially initiated in late 2019, with delays due to the COVID-19 pandemic. The extension allows both parties to continue discussions, reflecting Taseko's commitment to addressing the Nation's concerns while pursuing its commercial interests.

Taseko Mines Limited (TGB) has successfully closed a bought deal offering, selling 27,750,000 common shares at US$0.83 per share, garnering gross proceeds of approximately US$23 million. An additional 4,162,500 common shares will be issued due to the Underwriters exercising their over-allotment option, adding approximately US$3.45 million. Proceeds will fund ongoing operating, engineering, and project costs related to the Florence Copper Project, alongside general corporate purposes. The offering was executed under an underwriting agreement with several financial institutions.

Taseko Mines has entered an agreement for a bought deal of 27,750,000 common shares at US$0.83 each, raising approximately US$23 million. There’s also a 30-day option for underwriters to purchase an additional 4,162,500 shares for up to US$3.5 million. Proceeds will fund the Florence Copper Project and general corporate purposes. The offering is set to close around November 17, 2020, pending necessary approvals. Furthermore, Taseko plans a non-brokered private placement of 2,409,639 shares at the same issue price for up to US$2 million, subject to TSX and NYSE approval.

Taseko Mines Limited (TGB) reported its Q3 2020 earnings, showing earnings from mining operations before depletion and amortization of $35.7 million and an Adjusted EBITDA of $31.5 million. The company achieved a net income of $1.0 million with sales of 29 million pounds of copper, generating revenues of $86.8 million. Despite lower than expected copper grades averaging 0.23%, molybdenum production remained strong at 668 thousand pounds. The company continues to advance its Florence Copper Project, with expectations for permitting progress in early 2021.

On October 22, 2020, Taseko Mines Limited (TGB) announced it will release its third quarter 2020 financial results after the market close on October 26, 2020. A conference call and live webcast will be held on October 27, 2020, at 11:00 a.m. ET to discuss these results. Management will make opening remarks, followed by a Q&A session for analysts and investors. The call can be accessed by dialing specific numbers for Canada, the US, and internationally, with an archived playback available until November 13, 2020.