11:52 AM EDT, 07/22/2025 (MT Newswires) -- (Adds comment and updates shares.)

Taseko Mines ( TGB ) on Tuesday said construction of the commercial production facility at its Florence copper project in Arizona is over 90% complete.

The project remains on schedule for first copper cathode production before the end of the year, Taseko said.

"The first 18 months of construction has gone exceptionally well, demonstrating the quality and experience of our on-site owner's team and contractors," said chief executive Stuart McDonald. "Construction activities are advancing on plan and project areas will soon start the transition to commissioning."

Bringing the project to production amid potential 50% tariffs on copper bodes well for Taseko, McDonald said.

"It's a great time to be bringing on a new U.S.-based copper mine, and a high Comex copper price premium would provide a further boost to Florence Copper's already strong project economics," McDonald said.

National Bank of Canada maintained its outperform rating and $5.25 price target on the company's shares following the news.

The bank said the rating reflects the company's portfolio growth driven by the completion of Florence, as well as lower operating costs through the second half at the Gibraltar operation.

National Bank also cited copper price hedges that provide some revenue defensibility for Taseko, as well as supportive near-term catalysts, including the announced resolution at New Prosperity and ramp-up of Florence.

Taseko shares were last seen up $0.13 to $4.57 on the Toronto Stock Exchange.

Price: 4.57, Change: +0.13, Percent Change: +2.93