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.sedarplus.com. Except where otherwise noted, all currency amounts are stated in Canadian dollars. In March 2024 Taseko acquired the remaining 12.5% interest and now owns 100% of the Gibraltar Mine, located north of the City of Williams Lake in south-central British Columbia. Production and sales volumes stated in this release are on a 100% basis unless otherwise indicated. VANCOUVER, BC, July 31, 2024 /CNW/ - Taseko Mines Limited (TSX:TKO) (NYSE:TGB) (LSE: TKO) ("Taseko" or the "Company") reports second quarter 2024 Adjusted EBITDA* of $71 million and Earnings from mining operations before depletion and amortization* of $77 million. Second quarter earnings benefited from a $26 million insurance recovery related to mill repairs that were completed in January. Revenues for the second quarter were $138 million. A net loss of $11 million ($0.04 loss per share) was recorded for the quarter and adjusted net income was $31 million ($0.10 per share).  Gibraltar produced 20 million pounds of copper and 185 thousand pounds of molybdenum in the second quarter, as previously disclosed. Production was impacted by planned downtime for the in-pit crusher relocation and other maintenance, and an 18-day mine shutdown for a labour strike. Mill throughput in the quarter was 5.7 million tons, processing an average grade of 0.23% copper. Copper recoveries in the quarter averaged 78%, lower than previous quarters due to interruptions to operating time in both concentrators. Total operating costs (C1)* for the quarter were US$2.99 per pound of copper produced, higher than recent quarters mainly due to lower production levels. The in-pit crusher relocation, a project in development for nearly two years, was completed in the second quarter. Conveyor and electrical tie ins were done by mid-July and the new system is now running at full capacity. Stuart McDonald, President and CEO of Taseko, commented, "This was our first full quarter with 100% ownership of Gibraltar and despite the operational disruptions, the mine's financial performance was quite strong as we generated $35 million of operating cashflow. With all of the major project and mill maintenance work now completed at Gibraltar, we're looking forward to stronger copper production and cashflow generation in the second half." Construction activities at the Florence Copper project continued to ramp up in the second quarter and there are over 200 contractors now onsite. Concrete foundations have been poured for the SX/EW plant, tank farms and other key components of the plant site. On the wellfield, 18 production wells were completed to the end of June, in line with the schedule, and development of the pipeline corridor is well advanced. The first evaporation pond, which has been brought ahead in the schedule to provide greater water management flexibility will be fully lined and completed in the next few weeks. Mr. McDonald added, "We're pleased with the initial construction progress at Florence as all key activities are advancing on schedule.  We've also had good success in recruiting key management and technical roles for the commercial operation and now have nearly half of the 170 permanent positions filled. Many of these positions have been filled by local Arizonans and there is excitement about participating in the development of America's next copper mine.  The project remains on schedule for first copper production in the fourth quarter 2025." *Non-GAAP performance measure. See end of news release Second Quarter Review Earnings from mining operations before depletion, amortization and non-recurring items* was $76.9 million, Adjusted EBITDA* was $70.8 million, and Adjusted net income* was $30.5 million ($0.10 per share);  Second quarter cash flow from operations was $34.7 million and net loss was $11.0 million ($0.04 loss per share) for the quarter; Gibraltar produced 20.2 million pounds of copper for the quarter. Average head grades were 0.23% and copper recoveries were 78% for the quarter; Gibraltar sold 22.6 million pounds of copper in the quarter at an average realized copper price of US$4.49 per pound; Total operating costs (C1)* for the quarter were US$2.99 per pound produced; On June 1, 2024, operations at the Gibraltar mine were suspended for 18 days due to strike action by its unionized workforce. The mine was put into temporary care and maintenance with only essential staff operating and maintaining critical systems during the strike. Operations at Gibraltar resumed on June 19 after the ratification of a new agreement by union members; During the quarter, a total of 5.7 million tons were milled. Throughput was impacted by both the labour strike and planned downtime in Concentrator #1 for the relocation of the primary crusher and maintenance; During the quarter, the Company finalized an insurance claim for property damage to Concentrator #2 and business interruption for the associated production impact in 2023 and January 2024. An additional insurance recovery of $26.3 million was recorded in the second quarter, and proceeds are expected to be received in the third quarter; Construction of the commercial production facility at Florence is advancing with recent activities focused on wellfield drilling, process pond construction and civil works including pouring of concrete foundations; On April 23, 2024, the Company completed an offering of US$500 million aggregate principal amount of 8.25% Senior Secured Notes due May 1, 2030. The majority of the proceeds were used to redeem the outstanding US$400 million 7% Senior Secured Notes due on February 15, 2026. The remaining proceeds, net of transaction costs, call premium and accrued interest, were approximately $110 million and are available to fund capital projects, including construction at Florence Copper; and The Company had a cash balance of $199 million at June 30, 2024 and has approximately $308 million of available liquidity including its undrawn US$80 million revolving credit facility. *Non-GAAP performance measure. See end of news release Highlights Operating Data (Gibraltar - 100% basis) Three months ended June 30, Six months ended June 30, 2024 2023 Change 2024 2023 Change Tons mined (millions) 18.4 23.4 (5.0) 41.2 47.5 (6.3) Tons milled (millions) 5.7 7.2 (1.5) 13.4 14.3 (0.9) Production (million pounds Cu) 20.2 28.2 (8.0) 49.9 53.1 (3.2) Sales (million pounds Cu) 22.6 26.1 (3.5) 54.3 52.7 1.6   Financial Data Three months ended June 30, Six months ended June 30, (Cdn$ in thousands, except for per share amounts) 2024 2023 Change 2024 2023 Change Revenues 137,730 111,924 25,806 284,677 227,443 57,234 Cash flows provided by operations 34,711 33,269 1,442 94,285 61,268 33,017 Net (loss) income (GAAP) (10,953) 9,991 (20,944) 7,943 43,779 (35,836) Per share – basic ("EPS") (0.04) 0.03 (0.07) 0.03 0.15 (0.12) Earnings from mining operations before depletion, amortization and non-recurring items* 76,928 27,664 49,264 129,725 68,803 60,922 Adjusted EBITDA* 70,777 22,218 48,559 120,700 58,277 62,423 Adjusted net income (loss)* 30,503 (4,376) 34,879 38,231 712 37,519 Per share – basic ("adjusted EPS")* 0.10 (0.02) 0.12 0.13 - 0.13 Effective as of March 25, 2024 the Company increased its ownership in Gibraltar from 87.5% to 100%.  As a result, the financial results reported in this MD&A include 100% of Gibraltar income and expenses for the period March 25, 2024 to June 30, 2024 (87.5% for the period March 16, 2023 to March 24, 2024, and 75% prior to March 15, 2023).  For more information on the Company's acquisition of Cariboo, please refer to the Financial Statements – Note 3. The Company finalized the accounting for the acquisition of its initial 50% interest in Cariboo from Sojitz and the related 12.5% interest in Gibraltar in the fourth quarter of 2023.  In accordance with the accounting standards for business combinations, the comparable financial statements as of June 30, 2023 and for the three and six months then ended have been revised to reflect the changes in finalizing the consideration paid and the allocation of the purchase price to the assets and liabilities acquired. *Non-GAAP performance measure. See end of news release Review of Operations Gibraltar mine  Operating data (100% basis) Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Tons mined (millions) 18.4 22.8 24.1 16.5 23.4 Tons milled (millions) 5.7 7.7 7.6 8.0 7.2 Strip ratio 1.6 1.7 1.5 0.4 1.5 Site operating cost per ton milled (Cdn$)* $13.93 $11.73 $9.72 $12.39 $13.17 Copper concentrate  Head grade (%) 0.23 0.24 0.27 0.26 0.24  Copper recovery (%) 77.7 79.0 82.2 85.0 81.9  Production (million pounds Cu) 20.2 29.7 34.2 35.4 28.2  Sales (million pounds Cu) 22.6 31.7 35.9 32.1 26.1  Inventory (million pounds Cu) 2.3 4.9 6.9 8.8 5.6 Molybdenum concentrate  Production (thousand pounds Mo) 185 247 369 369 230  Sales (thousand pounds Mo) 221 258 364 370 231 Per unit data (US$ per pound produced)*  Site operating costs* $2.88 $2.21 $1.59 $2.10 $2.43  By-product credits* (0.26) (0.17) (0.13) (0.23) (0.13) Site operating costs, net of by-product credits* $2.62 $2.04 $1.46 $1.87 $2.30 Off-property costs 0.37 0.42 0.45 0.33 0.36 Total operating costs (C1)* $2.99 $2.46 $1.91 $2.20 $2.66 Review of Operations Second Quarter Review Gibraltar produced 20.2 million pounds of copper for the quarter. Copper production and mill throughput in the quarter were impacted by a strike in June 2024 and planned downtime in Concentrator #1 for the relocation of the in-pit crusher and other concurrent maintenance. On June 1, 2024, operations at the mine were suspended for 18 days due to strike action by Gibraltar's unionized workforce strike. During this period all mining and milling operations were shut down and only essential staff remained on site to operate and maintain critical systems. Operations resumed on June 19, after the ratification of a new agreement by union members. Copper head grades of 0.23% were in line with management expectations and the mine plan. Copper recoveries in the second quarter were 78%, lower than the recent quarters due to increased milling of partially oxidized ore from the Connector pit and variable mill operating conditions during the strike and maintenance activities. Operations Analysis - Continued A total of 18.4 million tons were mined in the second quarter, lower than previous quarters due to the labour disruption. Stripping continued in the Connector pit and ore release will transition from the Gibraltar pit to the Connector pit in the coming months. A total of 1.5 million tons of oxide ore from the upper benches of the Connector pit were also added to the heap leach pads in the period. Total site costs* at Gibraltar of $90.5 million (which includes capitalized stripping of $10.7 million) was lower compared to the previous quarter due to the strike in June. A total of $2.5 million care and maintenance costs were incurred during the strike which are not included in total site costs or cost of sales. During the six months ended June 30, 2024, the Company incurred total costs of $9.7 million in relation to the primary crusher relocation project for Concentrator #1. Direct costs for the physical move of the crusher of $7.9 million have been included in the statement of income (loss).  Molybdenum production was 185 thousand pounds in the second quarter and production was impacted by mill availability. At an average molybdenum price of US$21.79 per pound, molybdenum generated a by-product credit per pound of copper produced of US$0.26 in the second quarter. Off-property costs per pound produced* were US$0.37 for the second quarter and also reflected higher copper sales volumes relative to production volumes compared to the prior quarter. Total operating costs per pound produced (C1)* was US$2.99 for the quarter, compared to US$2.66 in the prior year quarter as shown in the bridge graph below with the difference substantially attributed to the lower copper production in the quarter: Gibraltar Outlook With the major project and maintenance work in both concentrators now completed, production in the second half of 2024 is expected to be stronger than the first half of 2024. An updated mine plan and mill throughput opportunities are being evaluated to recover some of the production that was lost during the strike. Copper production for the year is expected to be in the range of 110 to 115 million pounds, compared to original guidance of approximately 115 million pounds. The Gibraltar pit continued to be the main source of mill feed in the second quarter and mining of ore is now transitioning into the Connector pit, which will be the primary source of mill feed in the second half of the year.  Additional oxide ore from Connector pit is expected to be added to the heap leach pads this year.  Refurbishment of Gibraltar's SX/EW plant, which has been idle since 2015, will begin later this year and management is planning to restart the facility in 2025. *Non-GAAP performance measure. See end of news release Gibraltar Outlook - Continued In the quarter, the Company has tendered Gibraltar concentrate to various customers for the remainder of 2024 and for significant tonnages in 2025 and 2026. In 2023, Treatment and Refining Costs ("TCRCs") accounted for approximately US$0.17 per pound of off-property costs. With these recently awarded offtake contracts, the Company expects off-property costs to reduce to US$0.05 per pound or less over the next two and a half years due to these fixed, lower TCRCs on the sale of its copper concentrate. The Company has a prudent hedging program in place to protect a minimum copper price during ...