Thank you, Bryce. Welcome, everyone, and thank you for joining Taseko's second quarter 26 conference call.

The news release and regulatory filing announcing our financial and operating results was issued yesterday after market close and is available on our website at tasekomines.com and on SEDAR plus. I am joined today in Vancouver by Taseko's president and CEO, Stuart McDonald, Taseko's Chief Financial Officer, Bryce Hamming, and our COO, Richard Tremblay.

As usual, before we get into opening remarks by management, would like to remind our listeners that our comments and answers to your questions will contain forward looking information. This information by its nature is subject to risks and uncertainties.

As such, actual results may differ materially from the views expressed today. For further information on these risks and uncertainties, I encourage you to read the cautionary note that accompanies our second quarter MD and A and the related news release.

As well as the risk factors particular to our company These documents can be found on our website and also on SEDAR plus. I would also like to point out that we will use various non GAAP measures during the call.

You can find explanations and reconciliations regarding these measures in the related news release. And finally, all dollar amounts we will discuss today are in Canadian unless otherwise specified.

Following opening remarks, we will open the phone lines to analysts and investors for questions. I will now turn the call over to Stuart for his remarks.

Morning, and welcome, everyone. Thanks for joining us today.

The Taseko Mines second quarter earnings call. It was a solid quarter for the company.

A steady operating performance at Gibraltar, allowed us to capitalize on a great copper price. We have often talked about the leverage that we have to copper, and that was shown this quarter with very strong EBITDA and operating cash flows.

Bryce can provide some more specifics on the financials in a minute, but first, I will start with a review of the operating highlights from the quarter. Starting with Florence.

As it was the first full production quarter for the new operation. And we are very pleased with the progress on the ramp up to date.

We were able to produce just over 5 million pounds of cathode in the quarter. At Florence, the operating team there has done a great job of stabilizing all the key process circuits.

Balancing injection and recovery wells in the wellfield, solution flows from the wellfields to the SXEW plant, and all the way through to plating and harvesting of copper cathode. The SXEW plant is running smoothly with no significant issues.

Great. So going forward, the key to the ramp up is the well field expansion.

In June, we added the first group of 20 new production wells. Those wells are now providing additional copper flows to the plant.

We have another set of new wells which were just approved by the state regulator. And 18 of those are being integrated into the well field this week.

With more to come later this month. Drilling is progressing well, and we should soon be into a more regular cadence where new wells are being added every month.

To be clear, when we talk about new wells, that includes recovery wells, injection wells, and hydraulic control wells. And they can all be repurposed and used in different ways as the well field advances.

In addition, the well field is expanding into an area of the deposit that is a thicker portion of the ore body. And we expect wells in that area to be higher producing.

So, not all wells will be equal. We are still targeting 30 to 35 million pounds of production for this year.

And still have the goal of running the plant at capacity by the end of the year. And that is a run rate of about 7 million pounds per month capacity.

Operating costs at Florence are generally tracking in line with plan. With no big surprises so far.

Florence generated positive operating margins and contributed roughly $10 million of EBITDA in the second quarter. We also reported a C1 cost of US$4.72 per pound.

But it is still early in the ramp up, and this is not indicative of where we will be in the future. A high portion of our site operating costs are fixed.

And as the ramp up continues, those fixed costs will be spread over a much bigger production base, which will drive down the c 1 cost significantly. Sulfuric acid is the largest component of Florence's cost structure.

We have a fixed price contract for this year at US$270 per ton. And that is a good price considering what is happened in the acid market recently.

This fall, we will be engaging with suppliers to establish next year's pricing. And we can expect there will be some price escalation in 2027.

But once ramped up, Florence's cost structure is so low that even with high acid prices, we still expect very strong margins. Turning to Gibraltar now, which had another quarter of strong operating performance.

The mine produced 30 million pounds of copper, which is the third consecutive quarter at that level. Grade recoveries and mill throughput have all been quite consistent over the last 9 months.

As ore release has been coming from the lower benches of the connector pit. Will be moving back into some of the more challenging ore later this year, which will impact recoveries.

But still on track for our annual guidance of a 110 to 115 million pounds. Gibraltar catheter production in the second quarter was a bit lower than expected as the SXEW plant experienced some electrical issues after the restart in late April.

We believe those have been addressed now, so we should see a good step up in cathode production in the coming months. With improved plant performance and the second leach pad now running.

Total site costs at Gibraltar were in line with the previous quarter as cost pressures continue in the area of fuel, explosives and parts and equipment. Timing of repairs and maintenance activity was also a factor as some mill maintenance activities were pulled forward into June.

Offsetting some of the inflationary pressure is a strong molybdenum byproduct credit. And moly prices have been back over $30 per pound recently.

Smelter treatment and refining costs also continue to trend lower. We have now contracted almost all of the 27 tonnage.

And we are seeing an average TCE next year in the range of negative $140 a ton. that is an amazing rate that we have never seen before.

And with our contracted terms for next year, we also expect to get paid for the gold content in Gibraltar concentrate. which is a small But Further Additional Benefit.

Sustaining capital expenditures at Gibraltar were about $48 million in the first half of 26. that is higher than we have seen in the past, and we expect that elevated spending level to continue.

The main driver of the increased spend has been implementing design changes at the tailings storage facility. to better utilize the TSF's existing footprint and also for improvements to site water management.

Lastly, a comment on our Yellowhead copper project. Our longer term development project.

The permitting continues to steadily advance and we have had a few notable milestones recently. Last week, the BCEAO issued a positive readiness decision.

And the project is now moving into the next stages of the EA process. The BC government recently highlighted Yellowhead as 1 of its priority projects so we believe it is a supportive environment right now, and we will keep moving the project forward.

There are very few copper development projects of this scale in North America. And we continue to believe Yellowhead will be a very valuable asset for us.

We are also continuing to work on other opportunities in our portfolio. In July, we were invited by the Tsilhqot'in National Government into their community for a ceremony to recognize the new prosperity agreement.

that we signed a year ago. that is a relationship that we continue to build on.

For the Harmony Gold project, we just extended our option agreement with JDS. And at our Aley Niobium project, we continue to advance network and product marketing initiatives.

And we will be able to share some additional updates on that work in the coming weeks. there is lots happening and lots of opportunities to unlock value that are still in front of us.

I will leave it at that for now and turn the call over to Bryce for his commentary on the financials.

Thank you, Stuart. It was a very good quarter for Taseko in terms of financial performance supported by a strong average LME copper price over $6 a pound.

We are seeing an arb on the COMEX copper pricing again, which is approximately $0.35 per pound higher than LME. As a reminder, this year, most of Florence's sales are COMEX based pricing as is our cathode at Gibraltar.

Sales in the quarter were 32 million pounds from Gibraltar, and 5.3 million pounds from Florence. The sale of 37 million pounds of copper generated revenue of $331 million which is the highest ever for Taseko.

It also includes $26 million from Moly sales. Moly prices today are $33 per pound, so moly is helping to buffer some of the inflation pressures we are seeing in diesel and explosives at Gibraltar.

Cash flow from operations was $183 million and adjusted EBITDA for the quarter was $125 million. Adjusted EBITDA reflects a realized loss on our hedging derivative position of $24 million in the quarter, for our $5.40 copper calls that we had in place for last year to support our construction ramp up at Florence.

into 2026. Going forward for Q3, we have collars with a ceiling price of $7.50 and $8.50 per pound.

To protect a $4.75 minimum copper price. Beyond Q3, we do not expect to have any additional ceiling price limit but we will continue with our long standing practice of protecting the downside with purchasing out of the money put options.

We have recently acquired straightforward options And that is put protection at $4.75 for Q4. And we will look to extend those, that put protection into 2027 as these higher copper prices prevail in the current market.

Net income for the quarter was $22 million or $0.06 per share. And adjusted net income was $40 million or $0.11 per share.

After backing out unrealized losses in accretion. Total site costs at Gibraltar for the quarter were $146 million slightly higher than the previous quarter.

This amount includes $28 million of capitalized stripping costs for the connector pit. Had a higher strip ratio in the quarter, which was 3.3-to-1, which contributed to this higher stripping rate.

At Florence, we provided some more details on its cost this quarter in the MD and A and show the contribution of Florence in our operating segment note, which is in Note 22. We will do so going forward.

Site operating costs at Florence were US$24 million. Compared to approximately $30 million in revenue.

And unlike Q1, we did not capitalize any of these site operating costs in the quarter. While Florence did generate some EBITDA in the period, as Stuart indicated, at these copper prices, we are still funding a portion of the well field development Our total well field development costs were US$26 million in the quarter.

Total liquidity at the end of June increased by $20 million to $342 million. And it includes $186 million of cash.

Growing production from Florence as well as no expected ceiling on our realized copper price going forward, further improve our liquidity in future quarters. We are beginning to review and prioritize debt repayment strategies as we look to delever in the quarters ahead given this copper backdrop coupled with our 2 producing assets.

And with that, I will turn it back to the operator to open the lines for questions.

Hi, guys. Good morning.

Thanks for taking my-- just the first question is on Gibraltar, just in terms of the cadence of the back half of this year. You mentioned that you are moving up in the benches and get back into more of the difficult ore, I guess, the transitional ore where you have some oxides and recoveries fall off.

But my question is just around, like, grades and throughput. Obviously, grades been quite strong first half of the year.

Do they fall with the with the movement to the upper portions of the pit? My second question is around throughput.

You have been trending, a fair bit below design here. Is the expectation that throughput increases in the second half this year?

Is the ore softer in these upper benches? Thanks.

Hi, Craig. it is Stuart here.

I will start. And yes, in terms of the production outlook for second half, as I said, moving into some transitional ore, that is more a fourth quarter thing that we are seeing right now.

And that will include some reduction in grade as well as part of that. And we will be-- I do not think we will be dropping off quite as much as we experienced in the first half last year, but, certainly, there will be I expect, lower grades, slightly lower recoveries in the last few months of the year.

Yeah. And I forgot the second part.

Yeah. No.

No. I will just say Just a quick 1, please.

So I would say it really comes down to watching how the mills are performing overall and taking advantages where it is possible to turn up the throughput and get more tons through while not giving up significant drops in recovery or challenges meeting the grind size that we are targeting.

Okay. Great.

And then from a cathode perspective with the SXEW plant back up and running, like, can we expect sort of a similar cadence we have seen in the past quarters or just under a million pounds per quarter type thing?

I-- This is Richard, again. It will actually with the second leach done brought online now, which we did back in April, we will see production kind of tweak up from that.

So Okay. I am envisioning a stronger performance here in the second half of the year.

Okay. that is good to hear.

And then in your comments, you mentioned about the TCRCs next year around negative $140 a ton. Have you guys locked that in already, or are you still kinda waiting to lock in next year's CCRCs?

No. Well, that is that is our contracted rate.

that is kind of a weighted average of several contracts that we have got in place. So, yeah, it is, it is firm.

Yeah. it is quite it is pretty amazing.

it is actually a different type of byproduct credit, really. it is it is Yeah.

Yeah. Quite a change from where we were know, 5 or 10 years ago.

that is great to hear. Maybe 1 last question for me.

Just on Florence, you mentioned the plans to start contracting for next year on sulfuric acid later this fall. But just can you tell us what the spot prices are right now in that in that region?

And are you do you have a sort of fixed amount you want to contract for next year? Are you gonna kind maybe do a blend of kind of term contracting and spot contracting?

Thanks.

Yes. On the sulfuric acid front, we are really just starting to engage in kind of more formal discussions with suppliers and exploring, you know, all like, a number of different scenarios or number of different options and I think that is probably all I can say at this point.

And Stuart here. I would add on the spot pricing.

You know, what we are seeing and learning, I guess, is that is that there is not a lot of trade or volume that happens at spot prices. Right?

Most of the big suppliers and buyers are buying on long term contracts, so I am not sure how much how much to read into spot prices. But, certainly, as I indicated, we expect some escalation next year given what is happened.

Yeah. Okay.

Thanks. Appreciate the color.

Thanks, guys. I am glad Craig left some questions for me there.

Just staying on that asset theme, can you provide some sensitivity around the C1 cost at Florence relative to acid prices?

Sure. I mean, I have got we are going to use when we ramp up, we will be in the range of, I think, 220 thousand tonnes.

4.22 million 240 thousand tonnes a year of acid. So you know, you can do the math on there.

What a $100 hundred dollars a ton would be, you know, 24 million US dollars. So that is that is gives you a rough sensitivity.

Yeah. And that and those-- and that would be after ramp up, right, when we are running at full run rates.

that is right. So, yeah, at steady state.

Thanks. that is usually helpful.

And then you mentioned that you guys are transitioning the well field now into a higher grade portion of the ore body. How long do you think you will stay in that portion of the ore body for?

And how sort of homogenous is the mine plan over the next couple of years?

this higher-- the wells that we put in grade zone, likely last for 4 to 7 years depending on how hard we run them in the overall mine planning. And, you know, this is as the well field expands out, we get into areas you know, we have areas that are thicker and there are other areas that are thinner and, you know, that is adjusted for or incorporated in the mine plan.

So part of our mine planning exercise is to kind of balance out how the development advances and ensure we have that consistent copper production profile over the long term is really the kind of work that goes on at Florence.

Thanks, guys. that is very helpful.

that is helpful.

Yes. Thank you.

Good morning, everyone. Another question on Florence, just on the Wellfield rollout and the capital cost there.

So $26 million US in Q2. Is that presumably will drop off as you reach sort of steady state.

But what do you think for Q3 and Q4? And what will it what do you think it will be on a sort of longer term rolling basis?

I would say hi, Duncan. it is Stuart here.

Certainly Q2 was high. I think we had some catching up to do on the drilling because we got off to a bit of a slow start in the early months of the year.

And I think now, you know, certainly in the second half, we expect to be into a more regular cadence. I think it remains to be seen exactly where the drilling settles out.

You know, that really is a factor, as Richard mentioned, a factor of our mine plan and, how many wells do we need to have open to be feeding the plant with 85 million pounds of copper. I think there is a little bit of unknown still on that, but I think upside potentially in what we have disclosed in the technical reports.

So I do not wanna put too fine a point on it for forecasting drilling costs, but I in the second half, but I do think that they will be a little bit lower than what you saw in Q2. Okay.

Great. Thank you.

And just on what you said about COMEX, I missed that. So all your Gibraltar cathodes you are selling on linked to the COMEX price.

And then Florence as well for this year. But is that going to be the case presumably going forward, is it?

Yeah. Hi, Duncan.

it is Bryce. Yeah.

You that is right. We have the ability to elect that.

Annually each year if we elect to lock in the COMEX price for the majority, like, 80% of our production at Florence. And so long as there is no tariff, Gibraltar will realize the COMEX price And it will have only LME if there is a tariff.

that is put in place.

Okay. Thanks.

Alright. Great.

Okay. Thanks, Bryce.

Thanks, Craig.

Okay. Thanks, everyone.

it is Stuart here. And yes, thanks again for joining our call, and we will talk to you quarter.