overview from MANAGEMENT'S DISCUSSIONMANAGEMENT'S DISCUSSION AND ANALYSIS
1.2 Overview
Taseko is a mining and mineral exploration company with three properties located in British Columbia,
Canada. These are the Gibraltar copper-molybdenum mine and two exploration projects: the Prosperity
copper-gold property and the Harmony gold property. In 2006, Taseko anticipates continuing to focus its
resources and its efforts on the Gibraltar mine and the Prosperity project.
Taseko had earnings of $6.7 million during the quarter ended December 31, 2005, compared to earnings
of $16.4 million (which includes $17.5 million in tax recoveries) in the previous quarter and a loss of $5.3
million in the same quarter of the previous fiscal year.
During the quarter ended December 31, 2005 the Gibraltar mine met its copper production forecast and
exceeded its molybdenum production forecast by 11%. The mine produced 13.4 million pounds of
copper and 223 thousand pounds of molybdenum.
The Company realized revenues of $36.2 million and $5.1 million from sales of copper and molybdenum
concentrates, respectively, from the Gibraltar mine during the period.
Results of a reserve update for the Gibraltar mine were announced on December 12, 2005: proven and
probable reserves increased by 30%, from 149 million tons to 194 million tons.
The Company also announced that it had re-initiated work on the Prosperity Project. Previous feasibility
work is being reviewed and permitting activities have been re-activated, with the objective of advancing
the project toward a production decision.