About Taseko Mines

Taseko Mines Limited (Taseko) is a copper focused mining company. The company engages in acquiring, developing, and operating large tonnage mineral deposits in North America. The company's principal operating asset is the 87.5% owned Gibraltar Mine, which is located in central British Columbia and is one of the largest copper mines in North America. Taseko also owns Florence Copper, which the company anticipates will be one of the lowest energy and greenhouse gas-intense sources of mined copper globally and is advancing towards construction. Taseko also owns the Yellowhead copper, New Prosperity gold-copper, and Aley niobium projects. In December 2020, Gibraltar Mines Ltd. entered into an option agreement granting Gibraltar the exclusive right and option to acquire a 100% title and interest in five additional mineral claims covering 2,888 hectares which are located northeast of the Gibraltar Mine. In 2022, four exploration drill holes totaling 3,164 ft were completed to test magnetic-conductive anomalies at three targets surrounding the Gibraltar Mine, including the Cuisson Lake Zone, Southeast Zone and Gunn Zone. In addition, an infill drilling program consisting of 22 holes totaling 14,511 ft was carried at the Gibraltar Mine, where 9,389 ft were drilled at the Connector pit and 6,001 ft at the Gibraltar pit. In addition, three water monitoring wells totaling 3,200 ft were drilled at the Pollyanna and Gibraltar pits. The Gibraltar Mine is a typical open pit operation that utilizes drilling, blasting, cable shovel loading and large-scale truck hauling to excavate rock. The Gibraltar Mine is planned for excavation of sulphide mineralized material of sufficient grade that it can be economically mined, crushed, ground and processed to a saleable product by froth flotation. The Florence Copper Project presents a unique opportunity to construct a commercial scale ISCR facility that has low initial capital and operating costs, less environmental impact than a traditional open pit mine and is located in a secure mining friendly jurisdiction. The Florence Copper Project is located in the Town of Florence, Pinal County, Arizona. The property consists of two land parcels: 1,145 acres held in fee simple ownership, and 160 acres of Arizona State Trust Lands through Arizona State Mineral Lease 11-26500. The Yellowhead Copper Project is located approximately 150 kms northeast of Kamloops at latitude 51°30' north and longitude 119°48' west in the Kamloops Mining Division. The property consists of one mineral lease which is valid until at least June 2050 and 94 mineral claims covering a total of approximately 42,358 hectares. All mineral claims are in good standing until at least October 2023. There are three parcels of fee simple land located 2.5 kms west of the nearest community, Vavenby, where the rail load-out facility would be located. Six claims are subject to a 2.5% net smelter returns (NSR) royalty to Xstrata while 31 claims are subject to a 3% NSR royalty to US Steel Corp., capped at $3.0 million, subject to inflation. The New Prosperity Project consists of one mineral lease which is valid until at least June 2039 and 85 mineral claims covering the mineral rights for approximately 190 square kms. The property is located in the Omineca Mining Division in British Columbia, Canada. The Aley property consists of one mineral lease valid until at least December 2045 and one hundred and eleven mineral claims covering the mineral rights for approximately 470 square kms. All claims are in good standing until at least December 2024. The Aley Property is not subject to any royalty terms, back-in rights, payments or any other agreements or encumbrances. Taseko's principal operating asset is its 87.5% interest in the Gibraltar Mine in British Columbia, Canada. Gibraltar is the second largest open pit copper mine in Canada, having produced 97 million pounds of copper and 1.1 million pounds of molybdenum (on a 100% basis) in 2022. The company increased its ownership stake in Gibraltar from 75.0% to 87.5% in 2023. Florence Copper, located in Arizona, the U.S.A., is the next copper mine development for Taseko. Once completed and in operation, the company anticipates that Florence Copper will be one of the greenest sources of copper for the U.S. domestic consumption, with carbon emissions, water and energy consumption all dramatically lower than a conventional mine. The company has operated a Production Test Facility (PTF) on the property since 2018. The company is awaiting the issuance of the commercial UIC permit from the EPA, which is the final permitting step required prior to construction commencing on the commercial production facility. The EPA is addressing comments that were received during the public comment period held in the fall of 2022. In December 2022, the company signed agreements with Mitsui & Co. (U.S.A.) Inc. (Mitsui) to form a strategic partnership to develop Florence Copper. Taseko has a diverse pipeline of wholly-owned development projects at various stages of technical and economic feasibility studies, including the Yellowhead copper project, the Aley niobium project, and the New Prosperity gold and copper project (collectively as the Other Development Projects). During 2022, Gibraltar produced 97 million pounds of copper and 1.1 million pounds of molybdenum. On December 20, 2022, Taseko signed agreements with Mitsui & Co. (U.S.A.) Inc. (Mitsui) to form a strategic partnership to develop Florence Copper. Business Strategy Taseko's strategy has been to grow the company by acquiring and developing a pipeline of complementary projects focused on copper in stable mining jurisdictions. All of the company’s producing and development projects are located in British Columbia and Arizona. The company’s project focus is on the development of Florence Copper. Environmental Protection Requirements Taseko's mining, exploration and development activities in Canada are subject to various levels of Canadian Federal and British Columbia Provincial laws and regulations relating to the protection of the environment. Similarly, Florence Copper is subject to various levels of the U.S. Federal and Arizona State laws and regulations relating to protection of the environment. History Taseko Mines Limited was incorporated in 1966 pursuant to the Company Act (British Columbia).