This release s ("MD&A"), a currency amo of Williams L unless otherw May 13, 201 "Company") r First Quarter First q millio respec Gibra perfor Total

TASEK KO REPO ORTS FIRST QUAR RTER 201 15 RESUL LTS

T This release s should be rea ad with the C Company’s Fi inancial State ements and M Management D Discussion & & Analysis ( ("MD&A"), a available at www.tasekomines.com and d filed on ww

ww.sedar.com

m. Except whe ere otherwise noted, all c currency amounts are state ed in Canadian n dollars. Tas seko’s 75% o owned Gibralt tar Mine is lo ocated north o of the City o of Williams L Lake in south- -central Britis sh Columbia. Production v volumes stated d in this relea ase are on a 10 00% basis u unless otherwise indicated.

.

M May 13, 2015, Vancouve

er, BC – Tas seko Mines L Limited (TSX X: TKO; NY YSE MKT: T TGB) ("Tasek ko" or the "

"Company") r reports the res sults for the th hree months e ended March 31, 2015.

F First Quarter r Highlights

• First q quarter 2015 earnings from m mining oper rations (befor re depletion a and amortizati ion)* were $2 2.3 millio on and adjuste ed EBITDA* was $11.2 m million compar red to a loss o of ($0.9) milli ion and ($8.4

4) million, respec ctively, in the e fourth quarte er 2014,

• Gibra altar throughp put averaged 8 86,100 tons pe er day in the f first quarter, above design n capacity and d the best perfor rming quarter r since the con ncentrator wa as upgraded.
• Total production in n the first qua arter was 28.4 4 million poun nds of copper r and 404 thou usand pounds s of molyb bdenum, relat tively flat com mpared to pro oduction of 28 8.1 million po ounds and 445 5 thousand po ounds in the fo ourth quarter 2 2014.
• Total sales for the quarter were 25.4 million pounds of con ntained coppe er in concentr rate. Inventor ry increa ased by 3.0 m million pounds s due to shipm ment timing.
• In Jan nuary 2015, th he Company t took advantag ge of the wea ak copper pric ce and settled all outstandin ng copper put op ptions for cash h proceeds of f $17.4 millio on, resulting in n a gain on de erivatives of $11.8 million n.
• In Ap pril 2015, the Company acq quired copper r put options f for 30 million n pounds over r the second a and third ons was US$1.1 quarte ers of 2015 at t a strike price e of US$2.50 per pound. T Total cost of th hese put optio millio on.
• In Ma ay 2015, an up pdated mine p plan and reser rve for Gibra altar was anno ounced. The n new plan redu uces the overall strip ratio a and increases profitability o of the mine.

Russell H Hallbauer, President and CE EO of Taseko o, commented d, “Copper g grade in the fi irst quarter w was similar to the fourth quarter, as expected, bu ut trended hig gher in March h to 0.240% a and then to 0.

.260% in Apr ril. During the quart ter we succe essfully oper rated our co oncentrators a above design n capacity i in order to maximize production n, given the lower coppe er grade. Min ning operatio ons have now w worked thr rough the low wer grade material i in the upper benches and are now pro ogressing into

• higher grad de ore, with the grade ex xpected to

fluctuate b between 0.25%-0.28% for the balance o of 2015. Copp per recoveries during the f first quarter w were better than expe ected consider ring the lower copper grad de. The increa asing copper grade combin ned with wor rk that has been com mpleted on th he grinding an nd flotation circuits in re ecent months is expected to result in improved recoveries s going forwa ard.

* *Non-GAAP performance me easure. See end d of news relea ase.

The table belo ow details mo onthly production statistics s for the first q quarter, as we ell as a second d quarter fore ecast:

	Jan-15	Feb-15	Mar-15	Q1 Total	Q2 Forecast
Tons Milled (000s tons)	2,480	2,600	2,680	7,760	7,700
Tons Per Day	79,800	92,700	86,500	86,100	84,600
Strip Ratio	2.4	2.1	2.5	2.4	2.2
Grade	0.23%	0.21%	0.24%	0.23%	0.27%
Recovery	81.1%	80.2%	83.0%	81.4%	84.0%
Cu Production (000s lbs)	9,100	8,600	10,700	28,400	35,500
Cost Per Tonne Milled (C$)	$10.09	$8.96	$10.00	$9.66	$10.80
Site Operating Costs Net of By-Product Credits (US$/lb)	$2.06	$2.13	$1.77	$2.00	$1.75

N Note: Numbers ma ay not add up exact tly due to rounding g.

“ “Last week w we announced an updated m mine plan and d long-term re eserves for G Gibraltar. The six-month en ngineering s study optimiz zed cut-off g grade, strip ra atio and pit development t sequencing.

. The new m mine plan sig gnificantly uence, will result in lower costs and r reduces the st trip ratio and in combinati ion with the n new pit devel lopment sequ m more profitable copper pro oduction,” con ntinued Mr. H Hallbauer. “Th his is only ach hievable beca ause of the investments w we have made at Gibraltar

r. In recent m months, we ha ave been min ning to a shor rt-term plan w which is similar to the u updated long- -term plan. In n the space of just a few m months, we h have made significant redu uctions in co ost per ton m milled, and as s the grade h has been impr roving, costs per pound ar re also falling

g. Costs will continue to d decline as g grade stabilize es at higher le evels, recover ries improve a and as we adv vance other cost saving ini itiatives.”

M Mr. Hallbaue er added, “O Our Florence and Aley p projects cont tinue to pro ogress throug gh the permi itting and e environmental assessment phases. We a are managing g spending on n these projec cts to correspo ond with our cash flow and liquidity. Until copper market condi a itions improv ve, we will ma aintain a very y conservative e spending po olicy.”

M Mr. Hallbauer r concluded, “I would also like to con ngratulate thre ee members o of my manag gement team who have r recently recei ived importan nt industry aw wards. In January, Rob R Rotzinger, Vi ice President, , Capital Proj jects, was a awarded the M Mineral Proce essor of the Y Year by the C Canadian Min neral Process sors (CMP) G Group. This a award was p presented to R Rob in recogn nition of the o outstanding w work he perfo ormed on the GDP3 projec ct, for his ded dication to th he successful advancement of the Gib braltar Mine, , and for his s commitmen nt to advancin ng mineral p processing s solutions at G Gibraltar and Taseko as a a whole. In M May, John M McManus, Ch hief Operatin ng Officer, w was named M Mining Perso on of the Yea ar by the Mining Associa ation of BC. This award p publicly reco ognizes an ou utstanding ho has shown leadership in in ndividual wh n advancing a and promoting the mining industry in B British Colum mbia. John w was recognize ed for his wo ork on leading g the Mining Association of British Co olumbia both h as Chairman n and as a D Director durin ng a period wh hen significan nt changes we ere occurring g with respect to how our in ndustry is per rceived by th he public, government, me edia, and First Nations.”

“ “Also in May y, Tom Brodd dy, Manager, Engineering Projects rece eived two aw wards from the e Canadian In nstitute of M Mining, Meta allurgy and P Petroleum (C CIM). He wa as presented the District Distinguishe ed Service A Award for e exemplary eff fort in introd ducing studen nts to the min ning industry y and to the CIM, as wel ll as the Dist tinguished S Service Meda al for his comm mendable me entoring, his c commitment t to the Surface e Mining Soc ciety and his d dedication to the CIM Va ancouver Bra anch.”

H HIGHLIGHTS

F Financial Data a T Three months ended March 31, mounts) 2015 2014 Change (Cdn$ in thousa ands, except fo or per share am R Revenues 104,996 61,835 (43,161) E Earnings (loss) from mining op perations befor re depletion an nd amortization n* 2 2,329 19,439 (17,110) E Earnings (loss) from mining op perations (7 7,979) 8,787 (16,766) N Net earnings (lo oss) (25 5,206) (9,148) (16,058) Per share - b basic (“EPS”) (0.05)

( (0.11) (0.06) arnings (loss)^* (2 A Adjusted net ea 2,434) (2,710) 275 asic (“adjusted EPS”) ^* ( Per share - ba (0.01) (0.01) - EBITDA ^* (11,996) 8,858 (20,854) E DA ^* 14,594 A Adjusted EBITD 11,224 (3,370) vided by (used for) operations C Cash flows prov s 23,301 (3 3,328) (26,629)

T Three months ended March 31, Operating Data a (Gibraltar - 1 100% basis)

2015 2014 Change 21.0 25.9 Tons mined (millions) (4.9) T Tons milled (millions) 7.8 7.0 0.8 T

u) 28.4 34.5 (6.1) P Production (million pounds Cu pounds Cu) 25.4 40.0 (14.6) S Sales (million p

*N Non-GAAP performa ance measure. See p page 19 of this MD&

H HIGHLIGHTS - CONTIN NUED

• Earnin ngs from mining operations before depletion and am mortization we ere $2.3 million;
• Coppe er production n at Gibraltar was 28.4 million pounds (100% basis)

), and was im mpacted by lo ower head grade es. Grade is steadily incre easing and is expected t to fluctuate b between 0.25 5% and 0.28% for the remainder of 2015;

• Site o st per ton milled^* decreased to $9.66 in the first quarter of 201 operating cos 15, approxima ately 19% lower than the first quarter of 20 014 due to an overall reduc ction in spend ding;
• Total operating co osts^* were US S$2.39 per p pound produc ced, lower than the previo ous two quar rters as a kening Canadian dollar exc result of lower site operating cos sts and weak change rate;
• At Ma arch 31, 2015 the Company had a cash balance of $5 58 million;
• In Ma ay 2015, an updated mine plan and reserve for Gibra altar was ann nounced. The e new plan reduces the overa all strip ratio and increases profitability o of the mine;
• In Jan nuary 2015, w when the cop pper price dro opped to a re ecent low of US$2.45 per r pound, the Company 4 million. The Company’s sold a all outstandin ng copper pu ut options for r cash proce eeds of $17.4 s hedging strate egy is designe ed to mitigate a short term decline in cop pper price; an nd
• In April 2015, the C Company acq quired copper put options for 30 million n pounds ove er the second d and third quarte ers of 2015 at t a strike price e of US$2.50 per pound.

*Non-GA AAP performance m measure. See the en nd of the news relea ase.

F OPERATIO ONS

G Gibraltar min ne (75% Ow wned)

Operating results in the foll lowing table a are presented d on a 100% b basis.

O Operating Data a (100% basis

s) Q1 201 15 Q4 20 014 Q3 3 2014 Q Q2 2014 Q1 2014

T Tons mined (millions) 21.0 2 25.1 32.5 30.2 25.9 T Tons milled (millions) 7.8 7.6 7.8 7.7 7.0 S Strip ratio 2.4 3.1 3.0 3.1 2.8 lled (CAD) ^* $9 S Site operating c cost per ton mil 10.13 $ $12.10 $11.42 $11.91 9.66 $1

Copper concentrate

Grade (%) 0.

0.222 0.267 0.285 0.290 .225 0 Recovery (%)

) 81.4 8 81.3 83.3 85.3 84.6 Production (m million pounds C Cu) 28.4 2 27.7 34.5 37.6 34.5 Sales (million pounds Cu) 25.4 2 26.0 37.1 38.1 40.0 Inventory (mil llion pounds Cu

u) 6.2 3.2 1.4 3.9 4.4

C Copper cathod de

Production (m million pounds) - 0.4 0.9 0.9 - Sales (million pounds) - 0.5 1.0 0.6 -

M Molybdenum c concentrate

Grade (%) 0.

0.008 0.011 0.011 0.009 .006 0 Recovery (%)

) 40.0 4 38.8 38.0 41.4 42.5 Production (th housand pound ds Mo) 404 445 654 667 566 Sales (thousa and pounds Mo

o) 379 481 708 731 589 nd) ^*

P Per unit data (US$ per poun

g costs^* $2 Site operating $2.43 $2.60 $2.11 $2.19 2.12 $ redits ^* (0 By-product cr (0.11) (0.25) (0.35) (0.21) 0.12) ( ts ^* $2 S Site operating c costs, net of by y-product credit $2.32 $2.35 $1.76 $1.98 2.00 $ O Off-property cos sts 0.39 0 0.45 0.40 0.36 0.50 Total operating costs (C1) ^* $2 T 2.39 $ $2.77 $2.75 $2.12 $2.48

*N Non-GAAP performa ance measure. See t s release.

the end of the news

O OPERATION NS ANALYS SIS

D During the firs st quarter of 2 2015, Gibralta ar milled 7.8 m million tons o of ore, slightly y over the des sign capacity of 85,000 to ons per day. Gibraltar min ned 21.0 millio on tons of ma aterial which was lower th han recent quarters due to the idling of mine equipment to reduc ce expenditur res in the face e of temporar ry lower grade e to the mill.

A Average head d grade for the e first quarter r of 2015 was 0.225% com mpared to 0.29 9% in the first t quarter of 20 014. Head g grades are ex xpected to fluctuate betwe een 0.25% an nd 0.28% for the remainde er of 2015. Lo ower head gr rades also n negatively imp pacted coppe er recoveries in the first qu uarter of 2015

5. As grade im mproves reco overies are ex xpected to im mprove as we ell.

n pounds, a decrease of 18% from C Copper in con ncentrate pro oduction in the first quarter of 2015 wa as 28.4 million c copper production in the f first quarter o of 2014 of 34.5 million p pounds. Molyb bdenum prod duction during g the first ds, a decrease of 29% o q quarter of 2015 was 0.4 million pound over the first quarter of 2 2014. The de ecrease in m molybdenum production is due to lower molybdenum m grade.

y idle in in the first quarter b G Gibraltar’s SX X/EW plant wa as seasonally but was resta arted in April 2 2015.

per pound of copper produced was 5, site operating costs, ne In the first qu uarter of 2015 et of by-prod duct credits p on milled decreased by U US$2.00, com mpared to US S$1.98 during the first quarter of 2014. Site operatin ng cost per to a approximately y 19% to $9.6 66 in the first quarter of 2015 as a resul lt of a reduction in waste m mining, declin ning diesel p prices and low wer maintena ance costs. T The weakening Canadian n dollar is als so having a p positive impa act on our r reported US d dollar unit cos st. The increa ase in per pou und unit costs s is being driven by the lo ower copper p production a as a result of lower head grades, which has offset the e impact of op perating cost reductions.

costs, including transporta ent and refining charges, for the first quarter of 2 O Off-property c ation, treatme 2015 were U US$0.39 per p pound produc ced, compare ed to US$0.50 0 per pound p produced in th he first quarte er of 2014. Of ff-property und produced fluctuates based on costs are driv ven by sales s volumes, an nd therefore off-property cost per pou d differences be etween production and sale es volumes.

osts, for the first quarter of 2015 were US$2.39 p T The total ope erating costs, including of ff-property co per pound p produced, com mpared to US S$2.48 per po ound in the firs st quarter of 2 2014.

G GIBRALTAR R OUTLOOK K

F For the balan nce of 2015, copper grad des are fore ecasted to flu uctuate betwe een 0.25% a and 0.28%. Based on fo orecasted gr rades and su ubsequent im mproved recov veries, the G Gibraltar Mine e is expected d to produce e 130-140 m million pounds of copper in 2015 (100 0% basis). In ncreases in c copper grade es and produ uction are ex xpected to r reduce total o operating cos sts per pound d over the re emainder of this year. There are a n number of co ost control in nitiatives und derway includ ding mine pl lan modificat tions to redu uce waste st tripping requirements, a workforce costs of supplies and cons r reduction effe ective in Janu uary 2015, an nd initiatives with vendors s to reduce c sumables. T The mine is a also benefiting g from continu ued declines in the price o of diesel, which is a significant input co ost. Diesel p prices have f fallen by app proximately 2 23% since th he beginning of this year. The Cana adian dollar h has fallen a approximately y 15% since the beginnin ng of 2014 a and with app proximately 8 80% of Gibra altar’s operat ting costs denominated in Canadian d d dollars, the w weakening dollar has a sign nificant impac ct on total ope erating costs p per pound r reported in US S dollars.

T The cumulativ ve effects of these factors s are expecte ed to result in n reduced op perating costs s at the Gibra altar Mine g going forward.

F PROJECTS S

F Florence Cop pper Project t

ntly in the fin nal stages of permitting for the Phas se 1 Produc ction Test The Florence Copper Pro oject is curren Facility ("PTF

T The Temporary Aquifer Protection Perm mit (“APP”) fo or the PTF iss sued in July 2 2013 by the A Arizona Depa artment of E Environmenta al Quality (“A ADEQ”) was subject to an appeal. A As a result o of the appea al an amendm ment was and issuance of the amended APP is n s submitted in M March 2015 a now anticipated during the e third quarte er of 2015. In December, 2014, the C Company announced the r receipt of a d draft Undergro ound Injection Control (UIC) permit from the U.S. Environment tal Protection n Agency (EP PA). The UIC permit regula ates the cons struction and operation ction wells at the site and is the final re o of Florence C Copper's injec egulatory mile estone requir red by the Co ompany to construct and d operate the PTF. The pu ublic hearing for the draft t permit was held on Janu uary 22, 2015 and the p public comme ent period exp pired in April, 2015. The C Company expe ects the UIC p permit to be issued by mid d-2015.

A Aley Project

O On Septembe er 19, 2014 the BC Environ nmental Assessment Office e (EAO) issue ed a Section 10 Order und der the BC al Assessment Act, initiating the BC env E Environmenta vironmental as ssessment pr rocess for the e Aley Niobium m Project.

N New Prosperity Project

On February 26, 2014 th he Governme ent of Canad da announce ed its decisio on to not iss sue the auth horizations n necessary for the New P Prosperity pro oject to proc ceed. In the wake of this decision, Taseko initia ated legal p proceedings in the form of f two separate judicial reviews which c challenge the decision and d the process s by which 2014, the Company applie the decision w was reached. In August 2 ed to the Fed deral Court to convert bo oth judicial r reviews into a a civil action. T The motion w was dismissed d as the court felt that the judicial review w process is the correct v vehicle to purs sue the remedies that the Company see eks.

On January 14, 2015 the B nt granted the O British Columbia Minister o of Environmen e Company a a five-year ex xtension to the Environme ental Assessm ment Certifica ate.

T Taseko will hos st a conference e call on Thursday, May 14, 2 2015 at 11:00 a a.m. Eastern Ti ime (8:00 a.m.

. Pacific) to dis scuss these r results. The co onference call m may be accesse ed by dialing (8 877) 303-9079 in Canada and d the United St tates, or (970) 3 315-0461 hived webcast will also be av in nternationally. Alternatively, , a live and arch vailable at tase ekomines.com. The conferenc ce call will b be archived for r later playback k until May 21, , 2015 and can be accessed by y dialing (855)

) 859-2056 in Canada and th he United S States, or (404)

) 537-3406 inte ernationally and using the pas sscode 33407188.

F For further inf formation on Taseko, please see the Company's web bsite at www.t tasekomines.c com or contac ct:

B Brian Bergot, Vice Preside ent, Investor R Relations – 77 78-373-4554, toll free 1-80 00-667-2114

R Russell Hallba auer P President and d CEO

No regula atory authority h has approved or disapproved of t the information in this news rele ease.

N NON-GAAP P PERFORMAN NCE MEASURES

This document in ncludes certain non-GAAP perfo ormance measur res that do not have a standard dized meaning p prescribed by IF FRS. These m measures may di iffer from those u used by, and may not be compar rable to such me easures as report ted by, other issu uers. The Compa any believes th hat these meas sures are comm monly used by certain investo ors, in conjunction with conventional IFRS m measures, to en nhance their u understanding of the Company’s performance. T These measures have been deriv ved from the Com mpany’s financia al statements and applied on a a consistent basis. The following g tables below p provide a reconciliation of these non-GAAP mea asures to the mo ost directly comp parable IFRS m measure.

Total operating co osts & Site opera ating costs, net o of by-product credits

osts absorbed into inventory, as well as treatmen T Total costs of sal les include all co nt and refining co osts and transpo ortation costs. Site operating c costs is calculate ed by removing n net changes in in nventory, depletio on and amortiza ation and off-prop perty costs from cost of sales. Site operating c costs, net of by-p product credits is calculated by removing by-pro oduct credits fro om the site oper rating costs. Site e operating costs s, net of byp product credits pe er pound are calculated by dividing the aggregat te of the applicable costs by cop pper pounds prod duced. Total ope erating costs p per pound is the sum of site ope erating costs, ne et of by-product credits and off-p property costs divided by the co opper pounds pr roduced. Byp product credits a are calculated ba ased on actual sales of molybd denum and silve er during the pe eriod divided by the total pound ds of copper p produced during t the period. These measures are calculated on a c consistent basis for the periods p presented.

Three mo onths ended Mar rch 31,

(C Cdn$ in thousands, unless otherw

• 75% basis 2015 2014

wise indicated) –

Cost of sales 69,814 96,209 C

L Less Depletion an nd amortization (10,308) (10,652)

ventory 7,061 (8,622) N Net change in inv

Less off-property costs:

L

refining costs (6,770) (7,702) Treatment and r

costs (3,617) (6,513) Transportation c

Site operating costs 56,180 62,720 S

L Less by-product c credits:

Molybdenum (2,598) (5,090)

Silver (704) (1,012)

oduct credits 52,878 56,618 S Site operating costs, net of by-pro

T Total copper prod duced (thousand pounds) 21,273 25,906

T Total costs per po ound produced 2.49 2.19

eriod (CAD/USD) 1.24 1.10 Average exchang ge rate for the pe

S Site operating co osts, net of by-p product credits (US$ per poun nd) 2.00 1.98 oduct credits 52,878 56,618 S Site operating costs, net of by-pro

A Add off-property c costs:

Treatment and r refining costs 6,770 7,702

costs 3,617 6,513 Transportation c

osts 63,265 70,833 T Total operating co

T Total operating c costs (C1) (US$ $ per pound) 2.39 2.48

A Adjusted net earn nings

A Adjusted net earn nings remove the e effect of the foll lowing transactio ons from net earn nings as reported d under IFRS:

• Unreali ized gains/losses s on derivative in nstruments;
• Write d down of marketab ble securities;
• Unreali ized foreign curre ency gains/losse es; and
• Non-recurring transactions, including no on-recurring tax a adjustments.

ot reflect the underlying operating performance M Management bel lieves these tran nsactions do no e of our core mining business and are not n necessarily indica ative of future op perating results. Furthermore, un nrealized gains/lo osses on derivat tive instruments, , changes in the fair value of fi inancial instrume ents, and unrealized foreign currency gains/loss ses are not nece essarily reflective e of the underly ying operating re esults for the re eporting periods presented.

Three mon nths ended Marc ch 31,

($ $ in thousands, e except per share e amounts) 2

2015 2014

N Net earnings (loss) (25,2 206) (9,148) Unrealized loss (gain) on derivat tives 1,751 (2,744) Unrealized foreign exchange (ga ain) loss 21,469 8,480 Estimated tax ef ffect of adjustme ents (4 448)

A Adjusted net ear rnings (loss) (2,710) (2,4 434)

A Adjusted EPS (0.01) (0.01)

E EBITDA and adju usted EBITDA

EBITDA represents net earning E gs before interest, income taxe es, and depreciation. EBITDA A is presented because it is a an important s supplemental me easure of our p performance and d is frequently u used by securiti ies analysts, inv vestors and other interested pa arties in the e evaluation of com mpanies in the in ndustry, many of f which present EBITDA when r reporting their re esults. Issuers o of “high yield” se ecurities also p present EBITDA because investo ors, analysts and rating agencie es consider it us seful in measurin ng the ability of those issuers to

• meet debt

s service obligation ns. The Company believes EB BITDA is an ap ppropriate supple emental measur re of debt service capacity, be ecause cash e expenditures on interest are, by d definition, available to pay intere est, and tax expe ense is inversely y correlated to in nterest expense because tax expense goes do own as deductible e interest expens se goes up; depr reciation is a non n-cash charge.

A Adjusted EBITDA A is presented a as a further sup pplemental meas sure of the Com mpany’s performance and ability y to service deb bt. Adjusted E EBITDA is prepared by adjusting EBITDA to eliminate the impact of a number of i items that are no ot considered ind dicative of ongoing operating p performance.

y adding to EBITDA certain items A Adjusted EBITDA A is calculated by s of expense and d deducting from EBITDA certain items of income e that are not likely to recur or a are not indicative e of the Company y’s future operati ing performance consisting of:

• Unreali ized gains/losses s on derivative in nstruments;
• Write d down of marketab ble securities;
• Unreali ized foreign exch hange (gain) loss s; and
• Non-recurring transactions.

ns/losses on the sale of marketab ble securities do not reflect the un W While some of the e adjustments ar re recurring, gain nderlying perform mance of the C Company’s core mining business and are not n necessarily indicative of future r results. Furtherm more, unrealized d gains/losses o on derivative in nstruments, forei ign currency tran nslation gains/los sses and change es in the fair value of financial ins struments are not necessarily refl lective of the u underlying operat ting results for th he reporting perio ods presented.

Thre ee months ended March 31,

($ $ in thousands, e except per share e amounts) 2

2015 2014

N Net earnings (loss) (25, ,206) (9,148)

Add:

Depletion and A Amortization 10 0,334 10,735 Amortization of s stock-based com mpensation 206 2,083 Interest expense e 6 6,362 6,647 Interest income ( (657) (1,122) Income tax expe ense (recovery) (3, ,035) (337)

E EBITDA (11, ,996) 8,858 A Adjustments:

U Unrealized (gain)/loss on derivativ ve instruments 1 1,751 (2,744) Unrealized foreign exchange (gain) loss 21 U 1,469 8,480

A Adjusted EBITDA 11 1,224 14,594

E Earnings from mi ining operations before depletion and amortization

ining operations before depletion E Earnings from mi n and amortizatio on is earnings fro om mining opera ations with deple etion and amortiz zation added b back. The Comp pany discloses th his measure, wh hich has been derived from our financial statem ments and applie ed on a consiste ent basis, to p provide assistanc ce in understan nding the results s of the Compa any’s operations s and financial p position and it is meant to pro ovide further in nformation about t the financial res sults to investors s.

Thre ee months ende ed March 31,

Cdn$ in thousands, except per share amounts) 2015 2014

E Earnings (loss) f from mining op perations (7,979) 8,787 A Add:

Depletion and amortization 10,308 10,652

Earnings from m mining operation ns before deple etion and amorti ization 2,329 19,439

S Site operating costs per ton milled d

Thre ee months ende ed March 31,

Cdn$ in thousands, except per share amounts) 2015 2014 (C

D Direct mining an nd processing c costs (included in cost of sales

s) 56,180 62,720

T Tons milled (thou usands) (75% bas sis) 5,813 5,266

S Site operating co osts per ton milled $9.66 $11.91

C CAUTION RE EGARDING F FORWARD-LO OOKING INF FORMATION

T This document con ntains “forward-loo oking statements” that were based on Taseko’s expect tations, estimates a and projections as s of the dates as of f which those st tatements were m made. Generally, t these forward-looking statements c can be identified by the use of fo orward-looking ter rminology such a as “outlook”, “ “anticipate”, “proje ect”, “target”, “bel lieve”, “estimate”, “expect”, “intend”, “should” and sim milar expressions.

.

mpany’s actual results, level of F Forward-looking st tatements are subject to known and unknown risks, un ncertainties and ot ther factors that m may cause the Com activity, performan nce or achievemen nts to be materially y different from th hose expressed or implied by such f forward-looking s statements. These included but a are not limited to:

• uncertainties and costs related t to the Company’s exploration and d development activi ities, such as those e associated with c continuity of mine eralization or determining w whether mineral re esources or reserve es exist on a prope erty;
• uncertainties related to the ac ccuracy of our est timates of minera al reserves, miner ral resources, prod duction rates and d timing of production, future production an nd future cash and total costs of prod duction and milling g;
• uncertainties related to feasibil lity studies that pr rovide estimates o of expected or anti icipated costs, exp penditures and eco onomic returns fro om a mining project;
• uncertainties related to our ability to complete the e mill upgrade on t time estimated and d at the scheduled cost;
• uncertainties related to the abili ity to obtain necessary licenses perm mits for developme ent projects and pro oject delays due to
  • third party oppos sition;
• uncertainties related to unexpec cted judicial or reg gulatory proceedings;
• changes in, a opment activities and mining and the effects of f, the laws, regul lations and govern nment policies af ffecting our explo oration and develo operations, pa articularly laws, re egulations and poli icies;
• changes in g price for copper, gold and other m general economic conditions, the f financial markets and in the dema and and market p minerals and commodities, , such as diesel f fuel, steel, concre ete, electricity and d other forms of energy, mining e equipment, and fl luctuations in exc change rates, particularly w with respect to the value of the U.S. d dollar and Canadia an dollar, and the c continued availabi ility of capital and financing;
• the effects of s and the risks of counterparty f forward selling in nstruments to prot tect against fluctua ations in copper p prices and exchang ge rate movements defaults, and mark to market ris sk;
• the risk of ina adequate insurance e or inability to obtain insurance to c cover mining risks s;
• the risk of lo use to report our financial conditio oss of key emplo oyees; the risk of changes in accou unting policies an nd methods we u on, including uncertainties associated with cr ritical accounting a assumptions and estimates;
• environmenta al issues and liabili ities associated wi ith mining includin ng processing and stock piling ore; a and
• labour strikes s, work stoppages s, or other interru uptions to, or diffi iculties in, the em mployment of labo our in markets in n which we opera ate mines, or environmenta al hazards, industrial accidents or ot ther events or occu urrences, including g third party interf ference that interru upt the production n of minerals in our mines.

F For further inform mation on Taseko, investors should d review the Com mpany’s annual Fo orm 40-F filing w with the United S States Securities a and Exchange Commission www.

.sec.gov and home e jurisdiction filing gs that are availabl le at www.sedar.co om.