Taseko Mines Limited (NYSE:TGB) Q1 2022 Earnings Conference Call May 5, 2022 11:00 AM ET

Company Participants

Brian Bergot – Vice President, Investor Relations

Stuart McDonald – President and Chief Executive Officer

Bryce Hamming – Chief Financial Officer

Richard Tremblay – Senior Vice President-Operations

Conference Call Participants

Ed Brooker – Barclays

Alex Terentiew – Stifel

Operator

Good morning. My name is Miranda and I will be your conference operator today. At this time, I would like to welcome everyone to Taseko 2022 Q1 Earnings and Production Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions]

Thank you. Mr. Bergot, you may now begin your conference.

Brian Bergot

Thank you, Miranda. Welcome everyone. And thank you for joining Taseko’s first quarter 2022 conference call. The news release announcing our financial and operational results was issued yesterday after market close and is available on our website, tasekomines.com.

On the call with me today is Taseko’s President and CEO, Stuart McDonald; Taseko’s Chief Financial Officer, Bryce Hamming; and our Senior VP of 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 first 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 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. After opening remarks, we will open phone lines to analysts and investors for a question-and-answer session.

I’ll now turn the call over to Stuart for his remarks.

Stuart McDonald

Okay. Thank you, Brian. Good morning, everyone. Thanks for joining us today to review our first quarter 2022 financial and operating results. And it continues to be a great environment for copper miners and even with the pullback in copper prices over the last week or so. We remain very optimistic about the year ahead.

So in the first quarter, we actually had our highest ever realized selling price of $4.59 per pound of copper and that strong pricing combined with our 75% share of Gibraltar sales volumes resulted in $38 million of adjusted EBITDA and $52 million of cash flow from operations. Sales volumes exceeded production by 6 million pounds as we were able to move the excess inventory that was carried over from the last year.