09:01 PM EDT, 05/01/2024 (MT Newswires) -- Taseko Mines Limited ( TGB ) overnight Wednesday reported revenues for the first quarter were $147 million. Net income for the quarter was $19 million ($0.07 per share) and Adjusted net earnings were $8 million ($0.03 per share). In the first quarter, Gibraltar produced 30 million pounds of copper and 247 thousand pounds of molybdenum. Mill throughput in the quarter was 7.7 million tons, or 84,400 tons per day, processing an average grade of 0.24% copper. Total operating cash costs for the quarter were US$2.46 per pound of copper.

Stuart McDonald, President and CEO of Taseko, in a statement said: "Gibraltar operations performed generally in line with plan in the first quarter, generating strong margins on a realized copper sales price of US$3.89 per pound. The operating team successfully completed a mill component replacement in January and following this maintenance downtime, mill throughput averaged 90,000 tons per day, 6% above the design capacity. The gradual transition to the Connector pit will continue over the next few months, and the in-pit crusher relocation is planned for the second quarter.

"In late March we acquired the remaining 12.5% interest in Gibraltar and now own 100% of the mine. This transaction is a real positive for Taseko, providing immediate cashflow and production growth. The acquisition cost is spread out over 10 years, with the next scheduled payment in 2026, which allows us to focus our financial resources on Florence development. As part of the transaction, we also acquired additional concentrate offtake rights and, with smelter treatment costs at record lows, the timing could not have been better. This additional offtake has now been sold at negative treatment costs, resulting in cost savings of $10 million in the second half of 2024.

"At Florence Copper, initial construction and wellfield development activities are progressing smoothly. There are now three drill rigs operating on the commercial facility wellfield, with a fourth drill to be mobilized in May. A total of 10 new production wells have been drilled to date. Site preparation and earthworks for the SX/EW plant area are also underway and construction of the plant is expected to begin later this quarter. It is an exciting time for the company as we move closer to commercial operations at Florence.

"In April, we further strengthened our financial position through the successful refinancing of our senior secured notes. The maturity of the notes has been pushed out to 2030, and the upsizing provides additional cash proceeds and financial flexibility. With the bond refinancing complete, 100% ownership of Gibraltar, and the copper price today at US$4.49 per pound, our business is much improved from just a few months ago."

Meanwhile, Supremex Inc. ( SUMXF ) , a North American manufacturer and marketer of envelopes and a growing provider of paper-based packaging solutions, that rose 2.3% on Wednesday announced the acquisition of the assets of Forest Envelope Group, a regional player in specialty envelope manufacturing located in Bolingbrook, Illinois in the Greater Chicago area. The transaction was concluded for a total consideration of approximately US$1.8 million, on a cash-free and debt-free basis, subject to customary adjustments, financed through the company's existing credit facility.

Elsewhere, Wajax Corporation ( WJXFF ) , a diversified industrial products and services provider trading shy of 52 week highs, reported first quarter revenue of $482.3 million and adjusted basic earnings per share of $0.59. "In the first quarter of 2024, Wajax ( WJXFF ) delivered revenue of $482.3 million, down $33.7 million, or 6.5%, from the first quarter of 2023. This year over year decrease was primarily due to a decline in construction and forestry equipment sales in western and eastern Canada," said Iggy Domagalski, President and Chief Executive Officer. "Given our increased backlog of $587.1 million as at March 31, 2024, and the new HCMA financing program available March 1, 2024, stronger equipment sales are expected in the near term, and inventory is expected to decline over the next two quarters."

He continued, "The recently completed $100.0 million increase in credit limit under our senior secured credit facility provides us with additional flexibility as we continue to invest in future organic growth and our robust pipeline of potential acquisitions. We continue to monitor end markets and customer purchasing patterns, while being prudent with costs and maintaining focus on the execution of our strategic priorities."

Also, Canadian Spirit Resources Inc. ( CSPUF ) advised that, as a result of the continued deterioration of the North American natural gas prices accompanied by the further discounted price experienced by producers in northeastern British Columbia producing into the Spectra main pipeline, it has shut-in natural gas production at Farrell Creek/South Altares due to a negative netback on joint venture natural gas production. CSRI said its net production over the past 60 days at Farrell Creek/South Altares prior to the shut-in averaged 629 Mcf per day (net to the corporation). It added the natural gas processing facility and associated wells will be reactivated once natural gas prices return to price where there is not a negative netback on the joint venture natural gas production. At this time, Wednesday's statement noted, it is unknown when this will occur. The corporation will provide another update to this evolving situation when appropriate. On its Review of Strategic Alternatives, the corporation said it continues to work with Sayer Energy Advisors to review strategic alternatives and maximize value of the Montney resource base at Farrell Creek and Altares.