This release should
be read with the Company's Financial Statements and Management
Discussion & Analysis ("MD&A"), available at
www.tasekomines.com and filed on www.sedar.com.
Except where otherwise noted, all currency amounts are stated in
Canadian dollars. Taseko's 75% owned Gibraltar Mine is located
north of the City of Williams Lake in south-central British
Columbia. Production volumes stated in this release are on a 100%
basis unless otherwise indicated.
|
VANCOUVER, May 3, 2017 /PRNewswire/ - Taseko Mines
Limited (TSX: TKO; NYSE MKT: TGB) ("Taseko" or the "Company")
reports the results for the three months ended March 31, 2017.
Russell Hallbauer, President and
CEO of Taseko, commented, "Gibraltar's strong production performance in
the first quarter translated into another quarter of great
financial results. Adjusted EBITDA increased to $47.9 million, up from ($4.5) million in the same period last year, due
to higher copper and molybdenum production, improved pricing for
both metals and stable mine operating costs. Over the last two
quarters, our adjusted EBITDA has exceeded $90 million and we expect these favourable
results to continue in the coming quarters."
"Also, during the first quarter we sold a silver stream for
$44 million which strengthened our
balance sheet and we ended the quarter with a cash balance of
$149 million, up 130% in the last six
months. More importantly, our net debt was reduced by $65 million during the first quarter. The reduced
net debt and expected further reductions in the quarters ahead,
provides us with added financial flexibility and numerous options
to deal with our debt which is maturing in 24 months," continued
Mr. Hallbauer.
"Total operating costs (C1)* were down another 10% in the first
quarter to US$1.33 per pound. Better
than expected grade and strong molybdenum production and sales
combined with consistent site spending were the major contributors
in the low cost per pound," concluded Mr. Hallbauer.
First Quarter Highlights
- Earnings from mining operations before depletion and
amortization* were $53.4 million, a
15% increase over the fourth quarter of 2016 due to increased
production, lower unit costs and higher metal prices;
- Net income for the period was $16.5
million or $0.07 per share and
adjusted net income* was $15.3
million ($0.07 per
share);
- Adjusted EBITDA* for the quarter was $47.9 million;
- The Company's cash balance at March 31,
2017 was $149.3 million;
- Site operating costs, net of by-product credits* were
US$1.00 per pound produced and total
operating costs (C1)* were US$1.33
per pound produced, down 44% and 37%, respectively, from the first
quarter of 2016;
- Copper production at Gibraltar
(100% basis) was 41.3 million pounds and molybdenum production was
0.9 million pounds;
- Total sales for the first quarter were 40.8 million pounds of
copper and 0.9 million pounds of molybdenum; and
- In March the Company completed a US$33
million streaming agreement with Osisko Gold Royalties Ltd.
("Osisko") for Taseko's 75% share of payable silver production from
the Gibraltar Mine.
*Non-GAAP performance
measure. See end of news release.
|
HIGHLIGHTS
Financial
Data
|
|
Three months ended
March 31,
|
(Cdn$ in thousands,
except for per share amounts)
|
|
2017
|
2016
|
Change
|
Revenues
|
|
104,389
|
58,183
|
46,206
|
Earnings (loss) from
mining operations before depletion and amortization*
|
|
53,427
|
(304)
|
53,731
|
Earnings (loss) from
mining operations
|
|
43,850
|
(13,814)
|
57,664
|
Net income
(loss)
|
|
16,479
|
(1,515)
|
17,994
|
|
Per share - basic
("EPS")
|
|
0.07
|
(0.01)
|
0.08
|
Adjusted net income
(loss)*
|
|
15,254
|
(18,083)
|
33,337
|
|
Per share - basic
("adjusted
EPS")*
|
|
0.07
|
(0.08)
|
0.15
|
EBITDA*
|
|
49,145
|
11,002
|
38,143
|
Adjusted
EBITDA*
|
|
47,934
|
(4,492)
|
52,426
|
Cash flows provided
by (used for) operations
|
|
79,765
|
(4,106)
|
83,871
|
|
|
|
|
|
|
Operating Data
(Gibraltar - 100% basis)
|
|
Three months ended
March 31,
|
|
|
2017
|
2016
|
Change
|
Tons mined
(millions)
|
|
21.8
|
21.5
|
0.3
|
Tons milled
(millions)
|
|
7.3
|
7.5
|
(0.2)
|
Production (million
pounds Cu)
|
|
41.3
|
28.8
|
12.5
|
Sales (million pounds
Cu)
|
|
40.8
|
30.5
|
10.3
|
*Non-GAAP performance
measure. See end of news release.
|
REVIEW OF OPERATIONS
Gibraltar Mine (75% Owned)
|
|
|
|
|
|
|
Operating data
(100% basis)
|
|
Q1
2017
|
Q4
2016
|
Q3
2016
|
Q2
2016
|
Q1
2016
|
Tons mined
(millions)
|
|
21.8
|
18.5
|
21.5
|
26.2
|
21.5
|
Tons milled
(millions)
|
|
7.3
|
7.3
|
7.4
|
7.2
|
7.5
|
Strip
ratio
|
|
2.4
|
1.1
|
1.0
|
2.4
|
1.7
|
Site operating cost
per ton milled (CAD$)
|
|
$8.59
|
$9.13
|
$9.47
|
$9.67
|
$9.59
|
Copper
concentrate
|
|
|
|
|
|
|
|
Grade (%)
|
|
0.328
|
0.319
|
0.259
|
0.252
|
0.228
|
|
Recovery
(%)
|
|
85.9
|
87.0
|
85.9
|
84.1
|
84.4
|
|
Production (million
pounds Cu)
|
|
41.3
|
40.7
|
33.1
|
30.6
|
28.8
|
|
Sales (million pounds
Cu)
|
|
40.8
|
40.4
|
29.8
|
30.3
|
30.5
|
|
Inventory (million
pounds Cu)
|
|
5.9
|
5.6
|
5.4
|
2.1
|
1.9
|
Molybdenum
concentrate
|
|
|
|
|
|
|
|
Production (thousand
pounds Mo)
|
|
866
|
764
|
185
|
-
|
-
|
|
Sales (thousand
pounds Mo)
|
|
859
|
798
|
105
|
-
|
-
|
Per unit data (US$
per pound produced)*
|
|
|
|
|
|
|
|
Site operating
costs*
|
|
$1.15
|
$1.23
|
$1.64
|
$1.77
|
$1.81
|
|
By-product
credits*
|
|
(0.15)
|
(0.11)
|
(0.06)
|
(0.03)
|
(0.03)
|
Site operating, net
of by-product credits*
|
|
$1.00
|
$1.12
|
$1.58
|
$1.74
|
$1.78
|
Off-property
costs
|
|
0.33
|
0.36
|
0.31
|
0.33
|
0.33
|
Total operating costs
(C1)*
|
|
$1.33
|
$1.48
|
$1.89
|
$2.07
|
$2.11
|
OPERATIONS ANALYSIS
First quarter results
Gibraltar's operating
performance in the first quarter was in line with management's
expectation.
Gibraltar mill throughput was
7.3 million tons of ore. A total of 21.8 million tons were mined
during the quarter, at a strip ratio of 2.4 to
1.
Copper head grade increased to 0.328%, which is slightly better
than planned as a result of higher grade ore encountered in the
current mining sequence. Copper recovery was 86% resulting in first
quarter copper production of 41.3 million pounds, which is an
increase over the fourth quarter of 2016.
The molybdenum circuit continued to operate at design capacity
in the period. A total of 0.9 million pounds of molybdenum
were produced, with recoveries averaging 51%.
Site operating costs per pound produced* decreased to
US$1.15 in the first quarter of 2017
from US$1.23 in the fourth quarter of
2016. The lower unit cost in the first quarter was a result of
increased copper production and capitalized stripping
allocation.
Total site spending has been maintained at a consistent level in
recent quarters. A total of $14.1
million of waste stripping costs were capitalized in the
quarter primarily related to the Pollyanna pit as well as waste
stripping in the Granite pit. Site operating cost per ton milled*
was $8.59 in the first quarter of
2017, which is lower than recent quarters primarily due to the
increased capitalization of stripping costs.
By-product credits per pound produced* increased to US$0.15 in the first quarter of 2017 from
US$0.11 in the fourth quarter of
2016. The increase was a result of higher molybdenum prices and
sales volume, partially offset by lower silver by-product credits.
The lower silver revenues are due to the new silver stream
agreement with Osisko which was effective from the beginning of
2017.
Off-property costs per pound produced* were US$0.33 for the first quarter of 2017. The prior
quarter off-property costs were US$0.36 per pound as a higher portion of
shipments were made to the Company's joint venture partner at
benchmark terms, as opposed to Gibraltar's normal treatment and refining
costs which are lower than benchmark terms.
Total operating costs (C1) per pound* decreased to US$1.33, a 10% reduction from the fourth quarter
of 2016.
*Non-GAAP performance
measure. See end of news release.
|
GIBRALTAR
OUTLOOK
Overall, Gibraltar has
maintained a stable level of operations and management continues to
focus on further improvements to operating practices to reduce unit
costs. The molybdenum plant continues to operate at design
capacity, and molybdenum prices have recently increased to nearly
US$9.00 per pound from approximately
US$7.50 per pound in the fourth
quarter of 2016.
The Canadian to US dollar exchange rate is expected to remain at
a range similar to previous quarters. A weak Canadian dollar
contributes to improved operating margins at Gibraltar as approximately 80% of mine
operating costs are paid in Canadian dollars.
REVIEW OF PROJECTS
Taseko's strategy has been to grow the Company by leveraging
cash flow from the Gibraltar Mine to assemble and develop a
pipeline of projects. We continue to believe this will generate the
best, long-term returns for shareholders. Our development projects
are located in British Columbia
and Arizona and represent a
diverse range of metals, including gold, copper, molybdenum and
niobium. During the first quarter of 2017, total expenditure of
$3.7 million was incurred on the
Florence Copper, Aley and New Prosperity projects. Taseko will
continue to take a prudent approach to spending on development
projects.
*Non-GAAP performance
measure. See end of news release.
|
Florence Copper
In January 2017, the Company
announced that completed technical work on the Florence property
has resulted in a significant improvement in project economics. On
February 28, 2017, the NI 43-101
technical report documenting these results was filed on
www.sedar.com.
Florence Copper Technical Report Highlights:
- Pre-tax net present value of US$920
million at a 7.5% discount rate;
- Pre-tax internal rate of return of 44% with a 2.3 year
payback;
- Operating costs of US$1.10 per
pound LME grade cathode copper;
- Total life of mine production in excess of 1.7 billion pounds
of copper;
- Average annual production of 81 million pounds of copper for
the life of mine;
- 21 year mine life;
- Total pre-production capital cost of US$200 million; and
- Long-term copper price of US$3.00
per pound.
The Florence Copper project is currently in the final stages of
permitting for the Production Test Facility ("PTF"). The PTF will
include a well field comprised of thirteen (four injection and nine
recovery) commercial scale production wells and numerous
monitoring, observation and point of compliance wells, and also an
integrated solvent extraction and electrowinning plant.
The Temporary Aquifer Protection Permit for the test facility
was issued in August 2016 and was
subject to an appeal. In March 2017,
the Arizona Water Quality Appeals Board conducted a hearing on
three remaining issues under appeal and dismissed the appeal,
upholding the permit.
In December 2016, the Company
received the final Underground Injection Control ("UIC") permit for
the test facility from the EPA. This permit is now going through an
appeal process. Once the UIC permit is upheld the Company will have
all of the permits required for construction and operation of the
PTF.
New Prosperity
The two Judicial Reviews initiated by Taseko were heard in
federal court over a five day period in the week of January 30, 2017. Both Judicial Reviews
focus on the principles of administrative and procedural
fairness. Taseko's allegation is that the Government of
Canada, through the conduct of the
environmental assessment and the decisions which resulted from it,
failed in their obligation to uphold those fundamental principles.
A decision is expected from the court within six to nine
months.
On February 12, 2016, Taseko
announced that it had filed a civil claim in the BC Supreme Court
against the Canadian federal government. The claim seeks damages in
relation to the February 25, 2014
decision concerning the New Prosperity Project in that the
Government of Canada and its
agents failed to meet the legal duties that were owed to Taseko and
that in doing so they caused and continue to cause damages,
expenses and loss to Taseko.
Taseko is proceeding with its request to amend the British Columbia environmental assessment
certificate for the New Prosperity Project. In addition, Taseko has
filed a Notice of Work with the Ministry of Energy & Mines
which will allow the Company to gather information to advance mine
permitting under the British Columbia Mines Act.
Note: Gibraltar is a
contractual, unincorporated joint venture between Taseko Mines
Limited (75% interest) and Cariboo Copper Corp. (25% interest). All
production and sales figures are reported on a 100% basis, unless
otherwise noted.
Taseko will host a
conference call on Thursday, May 4, 2017 at 11:00 a.m. Eastern Time
(8:00 a.m. Pacific) to discuss these results. The conference
call may be accessed by dialing (877) 303-9079 in Canada and the
United States, or (970) 315-0461 internationally. Alternatively, a
live and archived webcast will also be available at
tasekomines.com. The conference call will be archived for later
playback until May 11, 2017 and can be accessed by dialing (855)
859-2056 in Canada and the United States, or (404) 537-3406
internationally and using the passcode 86614020.
|
Russell Hallbauer
President and CEO
No regulatory authority has approved or
disapproved of the information in this news release.
NON-GAAP PERFORMANCE MEASURES
This document includes certain non-GAAP performance measures
that do not have a standardized meaning prescribed by IFRS. These
measures may differ from those used by, and may not be comparable
to such measures as reported by, other issuers. The Company
believes that these measures are commonly used by certain
investors, in conjunction with conventional IFRS measures, to
enhance their understanding of the Company's performance. These
measures have been derived from the Company's financial statements
and applied on a consistent basis. The following tables below
provide a reconciliation of these non-GAAP measures to the most
directly comparable IFRS measure.
Total operating costs and site operating costs, net of
by-product credits
Total costs of sales include all costs absorbed into inventory,
as well as transportation costs. Site operating costs is calculated
by removing net changes in inventory and depletion and amortization
and transportation costs from cost of sales. Site operating costs,
net of by-product credits is calculated by removing by-product
credits from the site operating costs. Site operating costs, net of
by-product credits per pound are calculated by dividing the
aggregate of the applicable costs by copper pounds produced. Total
operating costs per pound is the sum of site operating costs, net
of by-product credits and off-property costs divided by the copper
pounds produced. By-product credits are calculated based on actual
sales of molybdenum (net of treatment costs) and silver during the
period divided by the total pounds of copper produced during the
period. These measures are calculated on a consistent basis for the
periods presented.
|
|
Three months
ended
March 31,
|
(Cdn$ in thousands,
unless otherwise indicated) – 75% basis
|
|
2017
|
2016
|
Cost of
sales
|
|
60,539
|
71,997
|
Less:
|
|
|
|
|
Depletion and
amortization
|
|
(9,577)
|
(13,510)
|
|
Net change in
inventory
|
|
1,405
|
(1,087)
|
|
Transportation
costs
|
|
(5,217)
|
(3,593)
|
Site operating
costs
|
|
47,150
|
53,807
|
Less by-product
credits:
|
|
|
|
|
Molybdenum, net of
treatment costs
|
|
(5,807)
|
-
|
|
Silver, excluding
amortization of deferred revenue
|
|
(449)
|
(916)
|
Site operating costs,
net of by-product credits
|
|
40,894
|
52,891
|
Total copper produced
(thousand pounds)
|
|
30,943
|
21,615
|
Total costs per pound
produced
|
|
1.32
|
2.45
|
Average exchange rate
for the period (CAD/USD)
|
|
1.32
|
1.37
|
Site operating
costs, net of by-product credits (US$ per pound)
|
|
1.00
|
1.78
|
Site operating costs,
net of by-product credits
|
|
40,894
|
52,891
|
Add off-property
costs:
|
|
|
|
|
Treatment and
refining costs of copper concentrate
|
|
8,456
|
6,314
|
|
Transportation
costs
|
|
5,217
|
3,593
|
Total operating
costs
|
|
54,567
|
62,798
|
Total operating
costs (C1) (US$ per pound)
|
|
1.33
|
2.11
|
Adjusted net income (loss)
Adjusted net income (loss) remove the effect of the following
transactions from net income as reported under IFRS:
- Unrealized gains/losses on derivative instruments;
- Unrealized foreign currency gains/losses; and
- Non-recurring transactions, including related tax
adjustments.
Management believes these transactions do not reflect the
underlying operating performance of our core mining business and
are not necessarily indicative of future operating results.
Furthermore, unrealized gains/losses on derivative instruments,
changes in the fair value of financial instruments, and unrealized
foreign currency gains/losses are not necessarily reflective of the
underlying operating results for the reporting periods
presented.
|
|
|
|
|
Three months ended
March 31,
|
($ in thousands,
except per share amounts)
|
|
2017
|
2016
|
Net income
(loss)
|
|
16,479
|
(1,515)
|
|
Unrealized loss on
derivatives
|
|
1,466
|
701
|
|
Unrealized foreign
exchange gain
|
|
(2,677)
|
(19,625)
|
|
Other non-recurring
expenses*
|
|
-
|
3,430
|
|
Estimated tax effect
of adjustments
|
|
(14)
|
(1,074)
|
Adjusted net
income (loss)
|
|
15,254
|
(18,083)
|
Adjusted
EPS
|
|
0.07
|
(0.08)
|
* Other non-recurring
expenses includes legal and other advisory costs associated with
the special shareholder meeting, the proxy contest and related
litigation, and other non-recurring financing costs.
|
EBITDA and adjusted EBITDA
EBITDA represents net income before interest, income taxes, and
depreciation. EBITDA is presented because it is an important
supplemental measure of our performance and is frequently used by
securities analysts, investors and other interested parties in the
evaluation of companies in the industry, many of which present
EBITDA when reporting their results. Issuers of "high yield"
securities also present EBITDA because investors, analysts and
rating agencies consider it useful in measuring the ability of
those issuers to meet debt service obligations. The Company
believes EBITDA is an appropriate supplemental measure of debt
service capacity, because cash expenditures on interest are, by
definition, available to pay interest, and tax expense is inversely
correlated to interest expense because tax expense goes down as
deductible interest expense goes up; depreciation is a non-cash
charge.
Adjusted EBITDA is presented as a further supplemental measure
of the Company's performance and ability to service debt. Adjusted
EBITDA is prepared by adjusting EBITDA to eliminate the impact of a
number of items that are not considered indicative of ongoing
operating performance.
Adjusted EBITDA is calculated by adding to EBITDA certain items
of expense and deducting from EBITDA certain items of income that
are not likely to recur or are not indicative of the Company's
future operating performance consisting of:
- Unrealized gains/losses on derivative instruments;
- Unrealized foreign exchange gains/losses; and
- Non-recurring transactions.
While some of the adjustments are recurring, other non-recurring
expenses do not reflect the underlying performance of the Company's
core mining business and are not necessarily indicative of future
results. Furthermore, unrealized gains/losses on derivative
instruments, and unrealized foreign currency translation
gains/losses are not necessarily reflective of the underlying
operating results for the reporting periods presented.
|
|
|
|
|
Three months ended
March 31,
|
($ in thousands,
except per share amounts)
|
|
2017
|
2016
|
Net income
(loss)
|
|
16,479
|
(1,515)
|
Add:
|
|
|
|
|
Depletion and
amortization
|
|
9,577
|
13,597
|
|
Share-based
compensation expense
|
|
3,359
|
1,641
|
|
Finance
expense
|
|
8,034
|
6,835
|
|
Finance
income
|
|
(331)
|
(256)
|
|
Income tax expense
(recovery)
|
|
12,027
|
(9,300)
|
EBITDA
|
|
49,145
|
11,002
|
Adjustments:
|
|
|
|
|
Unrealized loss on
derivative instruments
|
|
1,466
|
701
|
|
Unrealized foreign
exchange gain
|
|
(2,677)
|
(19,625)
|
|
Other non-recurring
expenses*
|
|
-
|
3,430
|
Adjusted
EBITDA
|
|
47,934
|
(4,492)
|
* Other non-recurring
expenses includes legal and other advisory costs associated with
the special shareholder meeting, the proxy contest and related
litigation, and other non-recurring financing costs.
|
Earnings (loss) from mining operations before depletion and
amortization
Earnings (loss) from mining operations before depletion and
amortization is earnings from mining operations with depletion and
amortization added back. The Company discloses this measure, which
has been derived from our financial statements and applied on a
consistent basis, to provide assistance in understanding the
results of the Company's operations and financial position and it
is meant to provide further information about the financial results
to investors.
|
|
Three months ended
March 31,
|
(Cdn$ in thousands,
except per share amounts)
|
|
2017
|
2016
|
Earnings (loss)
from mining operations
|
|
43,850
|
(13,814)
|
Add:
|
|
|
|
|
Depletion and
amortization
|
|
9,577
|
13,510
|
Earnings (loss)
from mining operations before
depletion and amortization
|
|
53,427
|
(304)
|
Site operating costs per ton milled
|
|
Three months ended
March 31,
|
(Cdn$ in thousands,
except per share amounts)
|
|
2017
|
2016
|
Site operating
costs (included in cost of sales)
|
|
47,150
|
53,807
|
|
|
|
|
Tons milled
(thousands) (75% basis)
|
|
5,489
|
5,608
|
Site operating
costs per ton milled
|
|
$8.59
|
$9.59
|
CAUTION REGARDING FORWARD-LOOKING INFORMATION
This document contains "forward-looking statements" within the
meaning of applicable Canadian securities legislation and the
United States Private Securities Litigation Reform Act of 1995
(collectively, "forward looking statements") that were based on
Taseko's expectations, estimates and projections as of the dates as
of which those statements were made. Any statements that express,
or involve discussions as to, expectations, believes, plans,
objectives, assumptions or future events or performance that are
not historical facts, are forward-looking statements.
Generally, these forward-looking statements can be identified by
the use of forward-looking terminology such as "outlook",
"anticipate", "project", "target", "believe", "estimate", "expect",
"intend", "should" and similar expressions.
Forward-looking statements are subject to known and unknown
risks, uncertainties and other factors that may cause the Company's
actual results, level of activity, performance or achievements to
be materially different from those expressed or implied by such
forward-looking statements. These included but are not limited
to:
- uncertainties and costs related to the Company's exploration
and development activities, such as those associated with
continuity of mineralization or determining whether mineral
resources or reserves exist on a property;
- uncertainties related to the accuracy of our estimates of
mineral reserves, mineral resources, production rates and timing of
production, future production and future cash and total costs of
production and milling;
- uncertainties related to feasibility studies that provide
estimates of expected or anticipated costs, expenditures and
economic returns from a mining project;
- uncertainties related to the ability to obtain necessary title,
licenses and permits for development projects and project delays
due to third party opposition;
- our ability to comply with the extensive governmental
regulation to which our business is subject;
- uncertainties related to unexpected judicial or regulatory
proceedings;
- changes in, and the effects of, the laws, regulations and
government policies affecting our exploration and development
activities and mining operations, particularly laws, regulations
and policies;
- changes in general economic conditions, the financial markets
and in the demand and market price for copper, gold and other
minerals and commodities, such as diesel fuel, steel, concrete,
electricity and other forms of energy, mining equipment, and
fluctuations in exchange rates, particularly with respect to the
value of the U.S. dollar and Canadian dollar, and the continued
availability of capital and financing;
- the effects of forward selling instruments to protect against
fluctuations in copper prices and exchange rate movements and the
risks of counterparty defaults, and mark to market risk;
- the risk of inadequate insurance or inability to obtain
insurance to cover mining risks;
- the risk of loss of key employees; the risk of changes in
accounting policies and methods we use to report our financial
condition, including uncertainties associated with critical
accounting assumptions and estimates;
- environmental issues and liabilities associated with mining
including processing and stock piling ore;
- labour strikes, work stoppages, or other interruptions to, or
difficulties in, the employment of labour in markets in which we
operate mines, or environmental hazards, industrial accidents,
equipment failure or other events or occurrences, including third
party interference that interrupt the production of minerals in our
mines
- .;
- the availability of, and uncertainties relating to the
development of, infrastructure necessary for the development of our
projects;
- our reliance upon key personnel; and
- uncertainties relating to increased competition and conditions
in the mining capital markets.
For further information on Taseko, investors should review the
Company's annual Form 40-F filing with the United States Securities
and Exchange Commission www.sec.gov and home jurisdiction filings
that are available at www.sedar.com, including the "Risk Factors"
included in our Annual Information Form.
Cautionary Statement on Forward-Looking Information
This discussion includes certain statements that may be deemed
"forward-looking statements". All statements in this
discussion, other than statements of historical facts, that address
future production, reserve potential, exploration drilling,
exploitation activities, and events or developments that the
Company expects are forward-looking statements. Although we
believe the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are
not guarantees of future performance and actual results or
developments may differ materially from those in the
forward-looking statements. Factors that could cause actual
results to differ materially from those in forward-looking
statements include market prices, exploitation and exploration
successes, continued availability of capital and financing and
general economic, market or business conditions. Investors
are cautioned that any such statements are not guarantees of future
performance and actual results or developments may differ
materially from those projected in the forward-looking
statements. All of the forward-looking statements made in
this MD&A are qualified by these cautionary statements.
We disclaim any intention or obligation to update or revise any
forward-looking statements whether as a result of new information,
future events or otherwise, except to the extent required by
applicable law. Further information concerning risks and
uncertainties associated with these forward-looking statements and
our business may be found in our most recent Form 40-F/Annual
Information Form on file with the SEC and Canadian provincial
securities regulatory authorities.
SOURCE Taseko Mines Limited