08:54 AM EST, 03/08/2024 (MT Newswires) -- Taseko Mines Limited ( TGB ) overnight Thursday reported fourth-quarter 2023 adjusted net income of $24.1 million, or $0.08 per share, rising from $7.1 million, or $0.02 per share, in the year-ago quarter.

Revenues also rose to $153.7 million from $100.6 million in the prior-year quarter.

Adjusted EBITDA increased to $69.1 million from $35.2 million in the same quarter a year ago.

Fourth-quarter copper production from the Gibraltar mine was 34 million pounds. Annual production of 123 million pounds in 2023 was above the company's original guidance and 26% higher than in 2022, Taseko said.

Taseko's strategy has been to acquire and develop a pipeline of complementary projects focus on copper in stable mining jurisdictions.

The company is preparing to advance the Yellowhead copper project into the environmental assessment process and is undertaking additional engineering work.

Taseko is still in talks with the Tsilhqot'in Nation to resolve conflict regarding the company's proposed copper-gold mine previously known as New Prosperity. The parties in March formally reinstated a standstill agreement for a final term, with a goal of finalizing a resolution before year-end.

Environmental monitoring and product marketing initiatives on the Aley niobium project continue. The converter pilot test is ongoing and is providing additional process data to support the design of the commercial process facilities and will provide final product samples for marketing purposes.

Meanwhile, Taseko's adjusted EPS missed National Bank of Canada's estimate of $0.09 but matched consensus estimates due to lower tax expenses.

The company beat the bank's revenue forecast of $148 million and the consensus estimate of $157 million due to higher-than-expected realized copper prices.

National Bank expects Taseko's shares to trade in line with peers today as its financials beat is likely to be offset by a softer 2024 production outlook and modest delay to the Florence project development/start-up.

The bank gave Taseko a sector perform rating with a $2.25 price target.