Taseko Mines Limited (NYSE:TGB) Q4 2022 Results Conference Call February 24, 2023 11:00 AM ET

Company Participants

Brian Bergot - VP, IR

Stuart McDonald - President, CEO

Bryce Hamming - CFO

Conference Call Participants

Craig Hutchison - TD Securities

Alex Terentiew - Stifel

Operator

Good morning, and welcome everyone to Taseko's 2022 Year-End Earnings Conference Call. [Operator Instructions]

I would like to turn the conference over to Mr. Bergot. You may begin your conference.

Brian Bergot

Thank you, Sergio. Welcome, everyone, and thank you for joining Taseko's Fourth Quarter and Full Year 2022 Conference Call. The news release and regulatory filing announcing our financial and operational results was issued yesterday after market close and is available on our website at tasekomines.com and on SEDAR.

I am joined today in Vancouver by Taseko's President and CEO, Stuart McDonald; Taseko's Chief Financial Officer, Bryce Hamming; and our Senior VP, Operations, Richard Tremblay.

As usual, before we get into opening remarks by management, I 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 that may cause the stated outcome to differ materially from the actual outcome. For further information on these risks and uncertainties, I encourage you to read the cautionary note that accompanies our fourth quarter MD&A and the related news release, as well as the risk factors particular to our company.

I would also like to point out we will use various non-GAAP measures during the call. You can find explanations and reconciliations regarding these measures in the related news release. Following opening remarks, we will open the phone lines to analysts and investors for questions.

I will now turn the call over to Stuart.

Stuart McDonald

Okay. Thank you, Brian, and good morning, everyone. Thanks for joining our fourth quarter earnings call. I'll start with some high-level comments about the quarter and a project update, and then I'll turn it over to Bryce for some specifics on our recent financials.

In the fourth quarter, we continued to benefit from a strong copper price environment, the price averaging about $3.65 per pound, modestly higher than the average price for Q3. But the trend was upwards, ending the year at $3.80 per pound and today sitting right around $4. Molybdenum prices have also risen dramatically over the last 6 months and today are sitting at around $37 a pound. That's double the price of a year ago, and moly continues to represent an important byproduct credit at Gibraltar, about $0.40 a pound in Q4.