TKO.TO · 2022-03-30 12:00:00

Taseko Announces a 40% Increase IN Gibraltar Proven and Probable Reserves

Corporate Updates

TASEKO ANNOUNCES A 40% INCREASE IN GIBRALTAR

PROVEN AND PROBABLE RESERVES

VANCOUVER, BC

March 30, 2022

/CNW/ - Taseko Mines Limited (TSX: TKO) (NYSE MKT) (TGB; LSE: TKO) ("Taseko" or the

"Company") is pleased to announce a new 706 million ton proven and probable sulphide reserve for the Gibraltar Mine, a 40% increase

as of

December 31, 2021

. The new reserve estimate allows for a significant extension of the mine life to 23 years with total recoverable

metal of 3.0 billion pounds of copper and 53 million pounds of molybdenum.

Highlights from the new reserve:

706 million tons grading 0.25% copper

Recoverable copper of 3.0 billion pounds and 53 million pounds of molybdenum

23 year mine life with average annual production of approximately 129 million pounds of copper and 2.3 million pounds of

molybdenum

Life-of-mine average strip ratio of 2.4:1

After-tax NPV8 of

$1.1 billion

(75% basis) and free cash flow of

$2.3 billion

(75% basis) at a long-term copper price of

US$3.50

per

pound

Note: Taseko's 75% owned Gibraltar Mine is located north of the

City of Williams Lake

in south-central

British Columbia

. All dollar

amounts are in Canadian dollars (C$) and units are imperial unless stated otherwise.

Stuart McDonald

, President and CEO, commented, "

Gibraltar

has been our cornerstone asset since it was restarted 17 years ago, and

with the extended mine life we expect it will continue to generate significant cashflow for many years to come. Over the last two years

there has been a dramatic shift in the long-term outlook for copper, as the world accelerates the transition to a green economy. With

the improved market outlook, our engineering team updated pit designs which have added 200 million tons of additional reserves to the

life of mine plan. The mine now has a 23-year mine life with significant leverage to copper prices going forward. At current copper

prices, the mine NPV increases to over

$2 billion

(75% basis, after-tax)."

Richard Tremblay

, Senior VP, Operations, added, "The additional tons in the new reserve are at a similar grade as

Gibraltar's

reserves. While the life of mine strip ratio has increased slightly, there has been no change to the mine plan over the next five years

where copper production is expected to average approximately 128 million pounds per year. The updated pit designs are based on a

conservative long-term copper price of

US$3.05

per pound (previously

US$2.75

per pound), and incorporate material that was previously

classified as resources."

Mr. McDonald concluded, "Recent market activity and global events continue to show the value of a long-life, steady-state copper mine

in a top mining jurisdiction. With our near-term growth plans in

Arizona

, and longer-term development projects in

British Columbia

Taseko is very well positioned to build a

North America

based mid-tier copper producer."

The NPV and cash flow is based on copper prices of $4.25 (2022), $3.90 (2023) and US$3.50 per pound long-term, and a molybdenum price of US$18 (2022), US$15 (2023) and US$13 per pound long-term and a foreign exchange rate of 1.3:1

(C$:US$).

Gibraltar Mine Sulphide Mineral Reserves as of December 31 , 2021 at 0.15% Copper Cut-off

Category

Tons

ASCu (%)

Proven

0.15

Probable

0.15

Ore Stockpiles

0.15

Total Proven and Probable

0.15

Mineral Reserves follow CIM Definition Standards for Mineral Resources and Mineral Reserves (2014).

Oxide Mineral Reserves are exclusive of Sulphide Mineral Reserves and are contained within Mineral Resources.

Mineral Reserves are assumed to be extracted using open pit mining methods and are based on

US$3.05

/lb Cu price,

$12.00

/lb Mo

price, exchange rate of

US$0.80

C$1.00

, metallurgical recoveries of 85% Cu and 40% Mo for sulphide ore and 50% ASCu for

oxide ore.

A tonnage factor of 12ft3/ton has been applied for rock and 15ft3/ton for overburden and fill.

Numbers may not add due to rounding.

Qualified Persons and 43-101 Disclosure

This technical content of this news release has been reviewed and approved by

Richard Weymark

, P.Eng., MBA, Vice President,

Engineering of Taseko. Mr. Weymark is a Qualified Person under the provisions of National Instrument 43-101 published by the

Canadian Securities Administrators.

The resource and reserve estimation was completed by Taseko and Gibraltar Mine staff and contributing consultants under the

supervision of

Richard Weymark

, P. Eng., MBA. Vice President, Engineering of Taseko and a Qualified Person under National

Instrument 43-101.

Additional information regarding data verification procedures, known legal, political, environmental or other risks can be found in the

Technical Report dated

March 30, 2022

, titled 'Technical Report on the Mineral Reserve Update at the Gibraltar Mine' which is available

on SEDAR.

Note to United States Investors

This news release has been prepared in accordance with the requirements of the securities laws in effect in

Canada

, which differ from

the requirements of

United States

securities laws. Canadian reporting requirements for disclosure regarding mineral properties are

governed by National Instrument 43-101 - Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators ("NI

43-101"). For this reason, information contained in this news release regarding the Company's Gibraltar Mine may not be comparable to

similar information made public by

United States

companies subject to the reporting and disclosure requirements under

the United States

securities laws and the rules and regulations thereunder.

For further information on the differences between the disclosure requirements for mineral properties in

the United States

and NI 43-101,

please refer to the company's Annual Information Form, a copy of which has been filed under Taseko's profile on SEDAR at

www.sedar.com

and the company's Form 40-F, a copy of which will be filed on EDGAR at

www.edgar.com

Stuart McDonald

President and CEO

No regulatory authority has approved or disapproved of the information contained in this news release.

CAUTION REGARDING FORWARD-LOOKING INFORMATION

This document contains "forward-looking statements" that were based on Taseko's expectations, estimates and projections as of the

dates as of which those statements were made. Generally, these forward-looking statements can be identified by the use of forward-

looking terminology such as "outlook", "anticipate", "project", "target", "believe", "estimate", "expect", "intend", "should" and similar

expressions.

Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the Company's

actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-

looking statements. These included but are not limited to:

uncertainties about the future market price of copper and the other metals that we produce or may seek to produce;

changes in general economic conditions, the financial markets, inflation and interest rates and in the demand and market price for

our input costs, such as diesel fuel, reagents, steel, concrete, electricity and other forms of energy, mining equipment, and

fluctuations in exchange rates, particularly with respect to the value of the U.S. dollar and Canadian dollar, and the continued

availability of capital and financing;

uncertainties resulting from the war in

Ukraine

, and the accompanying international response including economic sanctions levied

against

Russia

, which has disrupted the global economy, created increased volatility in commodity markets (including oil and gas

prices), and disrupted international trade and financial markets, all of which have an ongoing and uncertain effect on global

economics, supply chains, availability of materials and equipment and execution timelines for project development;

uncertainties about the continuing impact of the novel coronavirus ("COVID-19") and the response of local, provincial, state, federal

and international governments to the ongoing threat of COVID-19, on our operations (including our suppliers, customers, supply

chains, employees and contractors) and economic conditions generally including rising inflation levels and in particular with respect

to the demand for copper and other metals we produce;

inherent risks associated with mining operations, including our current mining operations at

Gibraltar

, and their potential impact on

our ability to achieve our production estimates;

uncertainties as to our ability to control our operating costs, including inflationary cost pressures at

Gibraltar

without impacting our

planned copper production;

the risk of inadequate insurance or inability to obtain insurance to cover material mining or operational risks;

uncertainties related to the feasibility study for Florence copper project (the "Florence Copper Project" or "Florence Copper") that

provides estimates of expected or anticipated capital and operating costs, expenditures and economic returns from this mining

project, including the impact of inflation on the estimated costs related to the construction of the Florence Copper Project and our

other development projects;

the risk that the results from our operations of the Florence Copper production test facility ("PTF") and ongoing engineering work

including updated capital and operating costs will negatively impact our estimates for current projected economics for commercial

operations at Florence Copper;

uncertainties related to the accuracy of our estimates of Mineral Reserves (as defined below), Mineral Resources (as defined

below), production rates and timing of production, future production and future cash and total costs of production and milling;

the risk that we may not be able to expand or replace reserves as our existing mineral reserves are mined;

the availability of, and uncertainties relating to the development of, additional financing and infrastructure necessary for the

advancement of our development projects, including with respect to our ability to obtain any remaining construction financing

potentially needed to move forward with commercial operations at Florence Copper;

our ability to comply with the extensive governmental regulation to which our business is subject;

uncertainties related to our ability to obtain necessary title, licenses and permits for our development projects and project delays

due to third party opposition, particularly in respect to Florence Copper that requires one key regulatory permit from the U.S.

Environmental Protection Agency ("EPA") in order to advance to commercial operations;

our ability to deploy strategic capital and award key contracts to assist with protecting the Florence Copper project execution plan,

mitigating inflation risk and the potential impact of supply chain disruptions on our construction schedule and ensuring a smooth

transition into construction once the final permit is received from the EPA;

uncertainties related to First Nations claims and consultation issues;

our reliance on rail transportation and port terminals for shipping our copper concentrate production from

Gibraltar

;

uncertainties related to unexpected judicial or regulatory proceedings;

changes in, and the effects of, the laws, regulations and government policies affecting our exploration and development activities

and mining operations and mine closure and bonding requirements;

our dependence solely on our 75% interest in

Gibraltar

(as defined below) for revenues and operating cashflows;

our ability to collect payments from customers, extend existing concentrate off-take agreements or enter into new agreements;

environmental issues and liabilities associated with mining including processing and stock piling ore;

labour strikes, work stoppages, or other interruptions to, or difficulties in, the employment of labour in markets in which we operate

our mine, industrial accidents, equipment failure or other events or occurrences, including third party interference that interrupt the

production of minerals in our mine;

environmental hazards and risks associated with climate change, including the potential for damage to infrastructure and stoppages

of operations due to forest fires, flooding, drought, or other natural events in the vicinity of our operations;

litigation risks and the inherent uncertainty of litigation, including litigation to which Florence Copper could be subject to;

our actual costs of reclamation and mine closure may exceed our current estimates of these liabilities;

our ability to meet the financial reclamation security requirements for the

Gibraltar

mine and Florence Project;

the capital intensive nature of our business both to sustain current mining operations and to develop any new projects, including

Florence Copper;

our reliance upon key management and operating personnel;

the competitive environment in which we operate;

the effects of forward selling instruments to protect against fluctuations in copper prices, foreign exchange, interest rates or input

costs such as fuel;

the risk of changes in accounting policies and methods we use to report our financial condition, including uncertainties associated

with critical accounting assumptions and estimates; and Management Discussion and Analysis ("MD&A"), quarterly reports and

material change reports filed with and furnished to securities regulators, and those risks which are discussed under the heading

"Risk Factors".

For further information on Taseko, investors should review the Company's annual Form 40-F filing with the United States Securities and

Exchange Commission

www.sec.gov

and home jurisdiction filings that are available at

www.sedar.com

, including the "Risk Factors"

included in our Annual Information Form.

View original content:

https://www.prnewswire.com/news-releases/taseko-announces-a-40-increase-in-gibraltar-proven-and-probable-reserves-301514310.html

SOURCE

Taseko Mines Limited

View original content:

http://www.newswire.ca/en/releases/archive/March2022/30/c5120.html

%SEDAR: 00003212E

For further information:

For further information on Taseko, please visit the Taseko website at www.tasekomines.com or contact: Brian

Bergot, Vice President, Investor Relations - 778-373-4533 or toll free 1-877-441-4533

CO: Taseko Mines Limited

CNW 18:15e 30-MAR-22

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