All right. Hello everyone, and thank you for continuing to join us throughout the day here at the Lytham Partners Spring 2026 Investor Conference. Again, my name is Robert Blum, Managing Partner here at Lytham. Up next, we welcome Taseko Mines, ticker symbols of TGB in the U.S. and TKO in Canada. Welcoming us from the company is Brian Bergot. Brian, thank you so much for your participation here at the conference. The floor is all yours. Good morning, and thanks, Robert, for the intro. Great to be here again and participating in your conference. Yeah, I'll give you a quick overview of Taseko. We are a leading North American copper producer. We have two operating assets, one in British Columbia, where our head office is located, and our newest asset is down in Arizona, about an hour south of Phoenix. Yeah, we're a growing mid-tier copper producer and, with that, let me get into the story. We have our Gibraltar mine, which has been our foundational asset that we've been operating for 20 years. It's located about six hours north of Vancouver near a town called Williams Lake. Gibraltar is the second-largest copper mine in Canada and will produce, on average, about 125 million pounds per year for its remaining 19-year mine life. We've taken all the cash we've generated at Gibraltar over the last 20 years and reinvested it back into the business. With that, we've just started production at our Florence copper mine in Arizona. Florence, once we get it fully ramped up, will produce about 85 million pounds of copper per year over a 22-year mine life. It's a very exciting time, adding this new low-cost production to Gibraltar's. We'll now be producing slightly over 200 million pounds of copper annually. Both, like I mentioned, are long-term assets. We focused on copper. We believe the long-term fundamentals of the copper market have never been stronger. It's a real exciting time. We're sitting here with near all-time high copper prices, CAD 620-CAD 640, depending which market. We've got a real good, experienced operations team and executive team at Taseko. What we want to do is we want to continue to grow our company. We are focused in North America. As you can see, all of our assets are actually in BC and in Arizona. We've got a real good pipeline of growth projects, longer dated, but we have our Yellowhead copper project, in BC, which we've just started the environmental assessment work on. Well, we're about a year into that process. We have three to four more years of permitting work ahead of us there. We've got our New Prosperity project, which is actually the original project of the company's back from the 1990s, world-class gold copper project, in a great mining jurisdiction. We've had some pretty significant news there in the last, well, last year, about a year ago today. We'll touch on those towards the end of the presentation. Have a good, strong financial profile. Our balance sheet, we've got about CAD 170 million cash on hand plus an undrawn revolver. We're in great shape as we're ramping up our Florence project. Just want to touch on some recent news. We just announced that we're proposing to change our name from Taseko Mines to Trekor Metals. The company's grown a lot in the last 20 years. Taseko's really a B.C. name. We're no longer a B.C.-based company. We're now more North American. We thought the time is right with our growth and as we added new production in Arizona, that we do want to change our name. Really, Trekor reflects the journey we've been on and the journey we want to continue as we grow our company. Let me talk a little bit more specifics about our assets. As I mentioned, we've been operating Gibraltar for about 20 years now. It's a large-scale open-pit copper mine, and it'll produce on average about 125 million pounds of copper per year and still has 19 years of mine life ahead of it. Average cash costs over the life of mine are about CAD 230 per pound. Today, we're running a little bit higher than that, just based on some consumables and diesel costs, in the current oil price environment. We actually acquired Gibraltar in 1999 for CAD 1. The previous owners had just shut it down, and then we restarted it in 2004. Between 2006 and 2013, we invested CAD 800 million to expand the mine and to modernize it. We took it from a milling capacity of about 30,000 tonnes per day to what it is today, which is 85,000 tonnes per day, or about 50 million pounds of annual production to 125 million pounds. We've been operating at steady state at the higher levels really since 2014. As I mentioned, Gibraltar's generated a lot of cash over those years, and we've taken all that cash and reinvested it back into the business. We've got 19 years of mine life ahead of us here. This year, our production guidance is 110 million-115 million pounds, a little below that life of mine average. It's just as a result of where we're mining in the current pit. Based on that, we're about 15% higher production than where we were last year. We're off to a great start this year. We produced 30 million pounds of copper in the first quarter. We look forward to nice, consistent, steady production for the balance of this year, and really for the next few years while we're in the current pit, which is the Connector pit. Yeah, from Gibraltar, we just want to generate strong cash flows and continue to advance the rest of our projects. Florence, our newest producing asset. As I mentioned, it's located down in Arizona, about an hour south of Phoenix on the way to Tucson. Once we get Florence fully ramped up, we'll produce about 85 million pounds of copper per year. Thing about Florence is it's extremely low cost at a CAD 1.11 per pound. That's what our 2023 estimate was. Again, here we've got 22 years of mine life. A nice long life, mine life asset. Let me talk a little bit of the history. Well, in terms of the economics, 22-year mine life and, at 375 copper, this has got nearly a CAD 1 billion NPV. At today's copper price or at CAD 6, a little bit lower than where we're at today, Gibraltar, or sorry, Florence has got a $2 billion U.S. after-tax NPV. The economics here are very strong. We bought Florence back in 2014, and really we continued on the test work and advancing this project through permitting until 2023 when we got the final permits and then moved into construction. The one thing that's different about Florence is the mining method. This isn't an open pit or an underground mine. Here, what we're doing is we drill a well field down into the deposit, and what we're going to do is leach the copper in situ, leach it in place. We inject a solution, and that solution, as it migrates through the deposit, it leaches out the copper and dissolves the copper. We recover that copper-bearing solution through recovery wells. That solution is processed in a conventional SX/EW plant, where we produce pure copper cathodes. This is not traditional way to mine copper, which is why we built the project in two phases. The first phase was a production test facility, which we built and operated back in 2018 and 2019. We operated it for about 18 months and produced over a million pounds of copper. We did that, one, to prove to the regulators that we can inject these solutions and control the solutions 800 ft deep, and then recover those solutions. We proved that without any doubts that we can protect the environment and control these solutions. We also ran the test facility to prove that this process will work at Florence. Again, it was very much a success and gave us the confidence to spend the money and build the commercial facility. As I mentioned, we got our final permits in late 2023 and started construction in 2024. It was about a 20-month construction period. Construction involved drilling the initial well field of about 90 production wells. Those are injection and recovery wells. building the SX/EW plant where the copper is processed. We completed construction in October of last year. Then we got into commissioning and then initial flows in the well field. We produced first copper cathode in February of this year, so just a couple of months ago. Now we're really producing steady state at the lower production levels. Now the wrap-up will continue throughout this year, and really what we need to do is expand the well field. The SX/EW plant is ready for more solution. Now we need to expand that well field to increase those solution flows. We need to drill about another 100 wells in 2026 to get us through ramp-up this year and to get us to capacity in 2027. Drilling is a main focus and we're well on our way, and we're just in the process of adding new wells, which should start increasing production in Q2, and then again in Q3 and Q4. In Q1 of this year, we produced 1.5 million pounds of copper, and then we'll see steady progress through the balance of this year. Our guidance for 2026 is 30 million-35 million pounds. Like I say, we want to get up to capacity, which is 80 million-85 million pounds for next year. This is a very exciting time for the company. Based on Florence's cash flow, even though it doesn't produce quite as much copper as Gibraltar does, it'll more than double our cash flow because of its low costs. Yeah, very exciting time and a lot of people are focused on the ramp-up here because it's taken us 12 years to get to this point. We're here now and everything's gone very well in the first few months of production. I'll just quickly touch on a couple of our other projects. Our Yellowhead project back in B.C. We started the environmental assessment process here last year. We likely have another three to four years of that work ahead of us. This is a great asset. This is a traditional open pit copper mine, or will be. Large scale open pit copper, similar scale to our Gibraltar mine. Initial capital of about CAD 2 billion if we built it today, but very good economics at CAD 4.25 copper with an after-tax NPV of CAD 2 billion. We'll continue working our way through the EA process over the next couple of years and move this towards a construction decision, hopefully, yeah, in the next four years. Finally, our New Prosperity project, again in B.C., just a few hours from Gibraltar. This is a project that's been stuck in permitting and legal challenges for over 10 years. We had a breakthrough announcement last year. It was really a three-way agreement between Taseko, the province of BC, and the indigenous groups in this area. Taseko received CAD 75 million from the province. In exchange for that, we've put 22.5% of the project into a trust for the future benefit of the Tŝilhqot'in Nation. They are working on a land use planning process right now. At this point, we're going to be patient, let them work through that process. We believe this deal that we struck does potentially pave the way for this project to be built at some point in the future. It's out of our hands, but it's an extremely valuable project with 13 million oz of gold and 5 billion pounds of copper in the ground there. We'll just be patient and we'll see how things unfold here over the coming months and year. Just quickly, I'll wrap up, touch on our valuation. This is really just focusing on Gibraltar and Florence NAV. If you add the value of those two projects, take off our net debt, there's equity value of CAD 5 billion. Today, our market cap is about CAD 3.5 billion. We believe a lot of that re-rate is still from our Florence project. As it continues to ramp up, we expect to close that gap. In summary, we're a growing copper producer. We've got steady long-term production from our Gibraltar mine, and then we're ramping up Florence. We're in a real exciting time right now producing copper in North America. It's an exciting time, and we're excited for the next leg of our growth as we ramp up Florence. Brian. Thank you so much for the participation here in the conference here. Thank you to everybody, of course, watching. If there are any questions or if you'd like to schedule a meeting with the company here either at the conference or in the sort of the weeks to come here, shoot me an email. That's Blum, blum@lythampartners.com. Happy to coordinate there. Learn more about Lytham, make sure you visit our website and stay connected with us on LinkedIn. We hope everyone enjoys the conference here. Brian, again, thanks so much for your participation. Thanks, Robert.
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