VANCOUVER - Taseko Mines Limited (TSX: TKO) (NYSE American: TGB) (LSE: TKO) ('Taseko' or the 'Company') reports Adjusted EBITDA of $201 million for the full-year 2021, an 85% increase over 2020.
Revenues for the year were $433 million and Adjusted net income for the year was $45 million, or $0.16 per share. In the fourth quarter 2021, Taseko generated Adjusted EBITDA of $53 million, $103 million of Revenue and Adjusted net income of $13 million, or $0.05 per share.
Stuart McDonald, President and CEO of Taseko, stated, 'Realized copper sales of 105 million pounds for the year, buoyed by a strong average copper price of over US$4.20 per pound, generated the best financial results in our Company's history. This was accomplished despite the lagging copper sales in the fourth quarter as a result of major disruption to transportation infrastructure in southern BC from severe rainstorms in November, which limited our ability to ship copper concentrate and realize sales.'
'At Florence Copper, based on our ongoing dialogue with the US Environmental Protection Agency, we continue to expect the draft Underground Injection Control ('UIC') permit to be publicly issued very soon, and then a 45-day public comment period will commence. The UIC is the final permit needed to construct and operate the commercial production facility, which will be a major new source of low-carbon copper supply for the US market. The detailed engineering program for the commercial facility is complete and we're well advanced with procurement of key, long-lead items, which will ensure a rapid and smooth transition into construction.'
Mr. McDonald added, 'Operationally, Gibraltar production in the fourth quarter was impacted by lower grades and recoveries due to severe winter weather as well as oxidization and pyrite content in the upper benches of the Gibraltar pit. Mill operations are being optimized for the new mineralization, and ore quality will improve as mining progresses deeper into the Gibraltar pit this year. For 2022, we expect copper production of 115 million pounds (+/- 5%), with production weighted to the back half of the year and the first quarter being the lowest production quarter, similar to 2021. Next year mining operations will transition to higher grade zones, and copper production is planned to trend back toward the life of mine average of 130 million pounds. A new Gibraltar reserve update is expected to be completed in the second quarter.'
Mr. McDonald concluded, 'Our balance sheet remains healthy with nearly $300 million of available liquidity, including cash on hand and the new US$50 million credit facility that was closed in October. In addition, we recently took advantage of a strengthened copper price to extend our price protection strategy - we now have more than 90% of our 2022 production secured at a minimum price of US$4.00 per pound. With our strong financial position and robust copper markets, its ideal timing to be advancing our Florence Copper project to commercial production.'
Cautionary Statement on Forward-Looking Information
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 SEC and Canadian provincial securities regulatory authorities.
Contact:
Brian Bergot
Tel: 778-373-4554
TASEKO MINES LIMITED 
