10 Best Mining Penny Stocks to Buy Now

8. Taseko Mines Limited (NYSE:TGB)

Number of Hedge Fund Holders: 12

Share Price as of the close of March 7: $2.09

Taseko Mines Limited (NYSE:TGB) is involved in the production of copper and molybdenum by operating its Gibraltar Mine in British Columbia, which was acquired in March 2024. The mine produced a total of 106 million pounds of copper and 1.4 million pounds of molybdenum in 2024.

Moreover, the company is making progress with its Florence Copper Project in Arizona, as 60% of construction is completed. The production is expected to start by early 2026. Taseko Mines also operates the Yellowhead and New Prosperity projects in Canada, with progress in feasibility studies.

Looking at Taseko Mines Limited (NYSE:TGB)’s financials, it reported a record revenue of approximately $450 million for the full year ended December 31, 2024. This was made possible through strong copper prices, averaging around $4.17 per pound, and the full acquisition of Gibraltar. Accordingly, the company reported an adjusted EBITDA of approximately $165 million, with an operating cash flow of $175 million.

However, the company recorded a net loss of $10 million, partially driven by losses in non-cash foreign exchange. Additionally, it faced production disruptions at Gibraltar due to maintenance work, which was caused by a labor strike, decreasing its copper production by 15 million pounds.

On the brighter side, Taseko Mines Limited (NYSE:TGB) was able to recover its production in Q4, with copper output at 29 million pounds at a cash cost of $2.42 per pound. Mill throughput excelled in its design capacity, and the production of molybdenum exceeded 600,000 pounds due to higher grades at the Connector pit.

Furthermore, copper output at Gibraltar is expected to increase by 120 to 130 million pounds in 2025, with better performance forecasted in the latter half of the year. The company is also resuming operations at its SX/SE plant, which will increase cathode production by 3 to 4 million pounds. It is looking at its Florence Copper Project to grow, targeting production start in 2026, and increasing it to 85 million pounds by 2027. Taseko Mines Limited (NYSE:TGB) is expected to benefit from favorable government policies such as tax credits, which can improve project economics. Thus, it is one of the best penny stocks to buy now.