11:20 AM EST, 01/14/2025 (MT Newswires) -- (Adds analyst comment and updates shares.)

Taseko Mines ( TGB ) said Tuesday construction of its Florence copper project in Arizona remains on schedule.

The company said 56% of the project has been completed and first copper production continues to be targeted before the end of 2025.

Currently, there are approximately 290 construction and support personnel on site, Taseko added.

"The project remains on schedule, and construction costs remain in line with our previous guidance," said Stuart McDonald, Taseko's chief executive. "We are now less than a year from anticipated first copper production and, in addition to construction activities, our site management team is focused on operational readiness, key vendor agreements and recruiting."

Taseko said the U.S. Energy Department declined its application for a tax credit but noted that the company is in a strong financial position with $330 million of available liquidity at year-end, including its undrawn US$110 million revolving credit facility.

National Bank of Canada maintained its outperform rating and $4.25 price target following the company's release.

The bank said the rating is based on Taseko's transformational growth in the portfolio from completion of the Florence development project, defensibility in free cash flow throughout 2025, and supportive near-term catalysts.

Taseko shares were last seen down $0.05 to $2.89 on the Toronto Stock Exchange.

Price: 2.89, Change: -0.05, Percent Change: -1.70