SCHEDULE: L1 Capital Reduces Taseko Mines Stake to 9.1%

L1 Capital Pty Ltd has reduced its beneficial ownership in Taseko Mines Ltd to 9.1% of common shares, down from 36,889,336 shares previously reported.

Summary

• L1 Capital Pty Ltd, an Australian investment adviser, filed an Amendment No. 3 to Schedule 13G regarding its beneficial ownership in Taseko Mines Ltd.
• The reporting person now beneficially owns 32,842,186 common shares of Taseko Mines Ltd.
• This represents 9.1% of the class of securities, based on 359,726,610 common shares outstanding as of October 22, 2025.
• This is a decrease from the 36,889,336 common shares (approximately 10.25% based on the same outstanding shares) reported in the previous Schedule 13G/A filed on November 13, 2025, covering ownership as of October 31, 2025.
• L1 Capital Pty Ltd has sole voting and dispositive power over all 32,842,186 shares.
• The shares are owned by various funds controlled and managed by L1 Capital Pty Ltd, including L1 Long Short Fund Limited, L1 Capital Long Short Fund, L1 Capital Long Short (Master) Fund, L1 Capital Global Long Short Fund, and L1 Capital Global Long Short (Master) Fund.
• Directors Mark Landau and Raphael Lamm may be deemed to beneficially own these securities but disclaim beneficial ownership except to the extent of their pecuniary interest.

Sentiment

Score: 4

Explanation: The filing indicates a reduction in beneficial ownership by a significant institutional investor, L1 Capital Pty Ltd, from approximately 10.25% to 9.1%. While this is a passive filing and doesn't state reasons, a decrease in a major holder's stake is typically viewed as a negative signal by the market, suggesting a potential shift in investment strategy or reduced confidence in the issuer.

Negatives

• L1 Capital Pty Ltd reduced its beneficial ownership in Taseko Mines Ltd by 4,047,150 common shares, from 36,889,336 shares to 32,842,186 shares.
• The percentage of class owned decreased from approximately 10.25% to 9.1%.

Future Outlook

NA

Management Comments

• The securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11.

Industry Context

This filing indicates a reduction in a significant institutional investor's stake in Taseko Mines Ltd, a copper producer. While the filing does not provide reasons, such a change can reflect a shift in the investor's sentiment towards the company, the broader mining sector, or specific commodity outlooks, potentially signaling a less favorable view.

Stakeholder Impact

• Shareholders: The reduction in stake by a significant institutional investor could be perceived negatively, potentially influencing market sentiment and share price.

Key Dates

Recommendation

L1 Capital Pty Ltd, a significant institutional investor, has reduced its stake in Taseko Mines Ltd from approximately 10.25% to 9.1%. This reduction of over 4 million shares, while not a complete divestment, signals a potential shift in the investor's allocation or outlook. Without further context from L1 Capital or Taseko Mines regarding the reasons for this change, a seasoned investor would likely maintain a 'hold' position to observe future developments and company performance, rather than making an immediate 'sell' decision based solely on this passive filing. The filing itself does not provide enough information to warrant a strong buy or sell recommendation.

Keywords

Taseko Mines Ltd, L1 Capital Pty Ltd, Schedule 13G, Beneficial Ownership, Common Shares, Investment Adviser, Mining, Copper