TKO.TO · 2025-02-19 12:00:00

Taseko Reports 2024 Fourth Quarter and Annual Earnings

Financials

This release should be read with the Company’s Financial Statements and Management Discussion & Analysis ("MD&A"),

available at www.tasekomines.com and filed on www.sedarplus.com . Except where otherwise noted, all currency

amounts are stated in Canadian dollars. In March 2024 Taseko acquired the remaining 12.5% interest and now owns 100% of

the Gibraltar Mine, located north of the City of Williams Lake in south-central British Columbia. Production and sales volumes

stated in this release are on a 100% basis unless otherwise indicated.

VANCOUVER, British Columbia, Feb. 19, 2025 -- Taseko Mines Limited (TSX: TKO; NYSE American: TGB; LSE: TKO)

("Taseko" or the "Company") reports full year 2024 Adjusted EBITDA* of $224 million and Earnings from mining operations

before depletion and amortization and non-recurring items* of $244 million. Revenues for 2024 were $608 million from the sale

of 108 million pounds of copper and 1.4 million pounds of molybdenum. For the year, a Net loss of $13 million ($0.05 loss per

share) was recorded and Adjusted net income* was $57 million ($0.19 per share).

For the fourth quarter, Adjusted EBITDA* was $56 million, Earnings from mining operations before depletion and amortization

and non-recurring items* was $59 million and Cash flows from operations was $73 million. A Net loss of $21 million ($0.07 loss

per share) was recorded and Adjusted net income* was $10 million ($0.03 per share).

Gibraltar produced 29 million pounds of copper and 578 thousand pounds of molybdenum in the fourth quarter at Total

operating costs (C1) of $2.42 per pound of copper produced. Mill throughput averaged 89,600 tons per day, which is the

highest ever achieved for a quarter at Gibraltar.

For the year, copper production was 106 million pounds, in line with the revised production guidance, and molybdenum

production was 1.4 million pounds. Higher than normal scheduled downtime in both concentrators and an 18-day labour strike

impacted annual production by approximately 15 million pounds in 2024. Copper grades in 2024 averaged 0.23% and Total

operating costs (C1) were US$2.66 per pound produced.

Copper production in 2025 is expected to increase to 120 to 130 million pounds as mill operating time returns to normal levels

and the restart of the SX/EW plant adds additional capacity. However, production will be weighted to the back half of the year

and the first quarter will be the lowest production quarter as lower grade ore stockpiles will be used to supplement mined ore

from a new pushback in the Connector pit.

At Florence Copper, construction is advancing on schedule, including all critical path items, and the overall project completion

was over 60% as of the end of January. A total of 58 out of the 90 production wells to be drilled during the construction phase

have now been completed. In the SX/EW area, construction activities are focussed on mechanical, piping and electrical

installations. The erection of the electrowinning building has commenced, and construction of the tank farm is well advanced.

Work in the pipe corridor continues with lining and pipe installation nearly complete.

Stuart McDonald, President and CEO of Taseko, commented, “We had a strong finish to the year at Gibraltar and, with both

concentrators operating well, the mine achieved a new record for quarterly mill throughput. With stable milling operations

expected in 2025 we expect a significant improvement in annual production of copper and molybdenum, although we will see

lower head grades in the first part of the year during a new pushback in the Connector pit. The refurbishment of the SX/EW

plant is progressing on schedule and first cathode production at Gibraltar is anticipated in the second quarter.”

Mr. McDonald continued, “We remain pleased with the construction progress at Florence. Four drill rigs are advancing wellfield

drilling which is scheduled for completion in the second quarter. Our construction workforce is currently at approximately 360

workers, and will reach peak manpower levels this quarter. First copper production continues to be targeted before the end of

the year.”

“The Company remains in a solid financial position with a year end cash balance of $173 million and available liquidity of

approximately $331 million, including our undrawn credit facility. Recent trends in global markets are benefitting Gibraltar as

copper prices have risen 8% since the start of the year, and the Canadian dollar has weakened relative to the US dollar.

Gibraltar’s cost structure will also benefit this year from copper offtake contracts at average TC/RCs of zero, higher by-product

credits from increased molybdenum production, and lower oil prices. Our copper price protection at a minimum price of

US$4.00 per pound for all of 2025, provides additional downside protection. We’re very excited about the year ahead as we’re

now less than 12 months from first copper production at Florence Copper, which is going to dramatically improve our business

outlook,” added Mr. McDonald.

“In the longer term, the Yellowhead project represents another major growth opportunity for our North American copper

business. We’re advancing project permitting this year and also publishing a new technical report, with updated costing and

metal prices, and incorporating the new Canadian tax credits available for copper mine development,” concluded Mr.

McDonald.

2024 Annual Review

• Earnings from mining operations before depletion, amortization and non-recurring items* for the year was $243.6 million,

Adjusted EBITDA* was $224.0 million, and cash flow from operations was $232.6 million;

• GAAP net loss for the year totalled $13.4 million ($0.05 loss per share) and Adjusted net income* was $56.9 million

($0.19 per share);

• Total operating costs (C1)* for the year were US$2.66 per pound produced and the average realized copper price was

US$4.17 per pound;

• The Gibraltar mine produced 105.6 million pounds of copper and 1.4 million pounds of molybdenum in 2024. Copper

head grades were 0.23% and mill recoveries averaged 78.5% for the year;

• Gibraltar sold 108.0 million pounds of copper for the year (100% basis), resulting in $608.1 million of revenue to Taseko;

• In January 2024, the Company commenced construction of the commercial production facility at its wholly-owned

Florence Copper project. Construction activities are advancing on schedule and the project is approximately 56%

complete at year end. First copper is expected to be produced in the fourth quarter of 2025;

• In March 2024, Taseko acquired the remaining 12.5% interest in Gibraltar, increasing its effective interest in the mine

from 87.5% to 100%. An initial payment of $5 million was paid on closing with remaining consideration to be paid in

annual instalments commencing in March 2026, with payments based on the average LME copper price subject to a

cap tied to a percentage of Gibraltar’s cashflow; and

• In April 2024, the Company completed an offering of US$500 million aggregate principal amount of 8.25% Senior

Secured Notes due 2030. A portion of the proceeds was used to redeem the outstanding US$400 million Senior

Secured Notes due 2026 and pay related transaction costs with the remaining proceeds available for capital

expenditures, working capital, and general corporate purposes.

*Non-GAAP performance measure. See end of news release.

Fourth Quarter Review

• Fourth quarter earnings from mining operations before depletion, amortization and non-recurring items* was $59.4

million, Adjusted EBITDA* was $55.6 million, and cash flow from operations was $73.3 million;

• GAAP net loss for the quarter totalled $21.2 million ($0.07 loss per share) and Adjusted net income* was $10.5 million

($0.03 per share);

• Gibraltar produced 28.6 million pounds of copper for the quarter. Average head grades were 0.22% and copper

recoveries were 78.2% for the quarter;

• Gibraltar sold 27.4 million pounds of copper in the quarter (100% basis) at an average realized copper price of US$4.13

per pound;

• Total operating costs (C1)* for the quarter were US$2.42 per pound produced;

• At Florence, seventeen production wells were constructed in the quarter, bringing the total completed wells to 51 out of

the 90 planned. Development of the main pipe corridor from the wellfield to the processing plant are mostly completed.

Electrical, mechanical and piping installations are underway for the solvent extraction and electrowinning (“SX/EW”)

plant and other site infrastructure;

• In November 2024, the Company entered into an amendment to its revolving credit facility, extending the maturity date

to November 2027, and increasing the facility amount to US$110 million from US$80 million. No amounts are currently

drawn against the revolving credit facility;

• In December 2024, the Company closed a transaction with Osisko Gold Royalties, amending the Gibraltar silver stream

agreement and increasing the attributable silver percentage from 87.5% to 100% in exchange for an additional cash

payment of US$12.7 million; and

• The Company had a cash balance of $173 million and approximately $331 million of available liquidity at December 31,

2024 including its undrawn corporate credit facility.

*Non-GAAP performance measure. See end of news release.

Highlights

Operating Data (Gibraltar - 100% basis)

Three months ended

December 31,

Year ended

December 31,

2024 2023 Change 2024 2023 Change

Tons mined (millions) 24.0 24.1 (0.1) 88.3 88.1 0.2

Tons milled (millions) 8.3 7.6 0.7 29.3 30.0 (0.7)

Production (million pounds Cu) 28.6 34.2 (5.6) 105.6 122.6 (17.0)

Sales (million pounds Cu) 27.4 35.9 (8.5) 108.0 120.7 (12.7)

Financial Data

Three months ended

December 31,

Year ended

December 31,

(Cdn$ thousands, except per share amounts) 2024 2023 Change 2024 2023 Change

Revenues 167,799 153,694 14,105 608,093 524,972 83,121

Cash flows from operations 73,292 62,835 10,457 232,615 151,092 81,523

Net (loss) income (21,207) 38,076 (59,283) (13,444) 82,726 (96,170)

Per share - basic (“EPS”) (0.07) 0.13 (0.20) (0.05) 0.29 (0.34)

Earnings from mining operations before

depletion, amortization and non-recurring

items* 59,405 73,106 (13,701) 243,646 207,354 36,292

Adjusted EBITDA* 55,602 69,107 (13,505) 223,991 190,079 33,912

Adjusted net income* 10,468 24,061 (13,593) 56,927 44,431 12,496

Per share - basic (“Adjusted EPS”)* 0.03 0.08 (0.05) 0.19 0.15 0.04

Effective as of March 25, 2024, the Company increased its ownership in Gibraltar from 87.5% to 100%. As a result, the

financial results reported in this MD&A include 100% of Gibraltar’s income and expenses for the period March 25, 2024, to

December 31, 2024 (87.5% for the period March 16, 2023 to March 24, 2024, and 75% prior to March 15, 2023).

The Company finalized the accounting for the acquisition of the remaining 50% interest in Cariboo from Dowa Metals & Mining

Co., Ltd. (“Dowa”) and Furukawa Co., Ltd. (“Furukawa”) and the related 12.5% interest in Gibraltar in the fourth quarter of 2024.

For more information on the Company’s acquisition of Cariboo, please refer to the Financial Statements – Note 3.

*Non-GAAP performance measure. See end of news release.

Review of Operations

Gibraltar mine

Operating data (100% basis)

2024

2023

2024

2023

Tons mined (millions) 23.9 23.2 18.4 22.8 24.1 88.3 88.1

Tons milled (millions) 8.3 7.6 5.7 7.7 7.6 29.3 30.0

Strip ratio 1.9 1.2 1.6 1.7 1.5 1.6 1.3

Site operating cost per ton milled

(Cdn$)* $12.18 $14.23 $13.93 $11.73 $9.72 $12.93 $12.16

Copper concentrate

Head grade (%) 0.22 0.23 0.23 0.24 0.27 0.23 0.25

Copper recovery (%) 78.2 78.9 77.7 79.0 82.2 78.5 82.6

Production (million pounds Cu) 28.6 27.1 20.2 29.7 34.2 105.6 122.6

Sales (million pounds Cu) 27.4 26.3 22.6 31.7 35.9 108.0 120.7

Inventory (million pounds Cu) 4.1 2.9 2.3 4.9 6.9 4.1 6.9

Molybdenum concentrate

Production (thousand pounds Mo) 578 421 185 247 369 1,432 1,202

Sales (thousand pounds Mo) 607 348 221 258 364 1,434 1,190

Per unit data (US$ per pound

produced)*

Site operating costs* $2.52 $2.91 $2.88 $2.21 $1.59 $2.61 $2.19

By-product credits* (0.42) (0.25) (0.26) (0.17) (0.13) (0.28) (0.20)

Site operating costs, net of by-

product

credits* $2.10 $2.66 $2.62 $2.04 $1.46 $2.33 $1.99

Off-property costs 0.32 0.26 0.37 0.42 0.45 0.33 0.38

Total operating costs (C1)* $2.42 $2.92 $2.99 $2.46 $1.91 $2.66 $2.37

Operations Analysis

Full Year Results

Gibraltar produced 105.6 million pounds of copper for the year compared to 122.6 million pounds of copper in 2023 with lower

mill running time being the primary factor for the decreased production.

Both concentrators were down for 18 days in June when the unionized workforce went on strike. The strike overlapped with

planned downtime in Concentrator #1 for its primary crusher move as well as major maintenance on its SAG, which extended

the downtime to approximately seven weeks. Concentrator #2 was also down in January 2024 for a planned major component

replacement on its ball mill. The reduced operating hours in 2024 resulted in approximately 15 million fewer copper pounds

being produced compared to normal milling rates at similar grades and recoveries.

*Non-GAAP performance measure. See end of news release.

Operations Analysis - Continued

A total of 88.3 million tons were mined in the year consistent with the 88.1 million tons mined in 2023. The strip ratio

increased to 1.6 from 1.3 as mining operations transitioned into the Connector pit in 2024. The Gibraltar pit, which was the

main source of ore in 2023, had a lower strip ratio. Ore stockpiles also increased by 5.0 million tons in 2024, comprised

primarily of oxide ore from the upper benches of the Connector pit. The oxide ore stockpiled will allow the restart of the

Gibraltar SX/EW plant in the second quarter of 2025.

Total site costs* at Gibraltar of $413.9 million (100% basis) were $16.9 million lower than 2023 due to lower input costs such

as diesel and the impact of the 18-day labour strike in June 2024 which reduced site operating costs in the second quarter of

2024.

Transportation costs for the year ended December 31, 2024 increased by $5.4 million over the same prior period, due to higher

costs for rail, ocean freight and port handling costs, and trucking related costs.

Molybdenum production was 1.4 million pounds in the year compared to 1.2 million pounds in the prior year. Molybdenum

prices weakened in 2024 with an average molybdenum price of US$21.30 per pound, a decrease of 12% compared to the 2023

average price of US$24.19 per pound.

Off-property costs per pound produced* were US$0.33 for the year, which is US$0.05 lower than the prior year primarily due to

a decrease in realized treatment and refining charges (TC/RC) rates due to the tightening smelter market.

Total operating costs per pound produced (C1)* was US$2.66 for the year, compared to US$2.37 in the prior year and the

increase was substantially attributed to lower production and less capitalized stripping costs as shown in the bridge graph

below:

https://www.globenewswire.com/NewsRoom/AttachmentNg/223b49e5-9f9a-47ca-b30d-2b225d76603f

Fourth Quarter Results

Gibraltar produced 28.6 million pounds of copper in the quarter. Copper head grades were 0.22% and copper recoveries in the

fourth quarter were 78%, in line with recent quarters. Mill throughput was 8.3 million tons, consistently above nameplate

capacity throughout the quarter and benefitting from the softer characteristics of the ore feed.

A total of 24.0 million tons were mined in the fourth quarter at an average strip ratio of 1.9 and the majority of ore and waste

mining occurred in the Connector pit.

Total site costs* at Gibraltar of $102.5 million (100% basis) were lower than the third quarter of 2024, with the prior quarter

including repairs and maintenance costs associated with a large maintenance project on one of the shovels.

*Non-GAAP performance measure. See end of news release.

Operations Analysis - Continued

Molybdenum production was 578 thousand pounds in the fourth quarter. The 57% increase in quarter-over-quarter production is

primarily due to higher molybdenum grade in the Connector pit ore. At an average molybdenum price of US$21.71 per pound,

molybdenum generated a meaningful by-product credit per pound of copper produced of US$0.42 in the fourth quarter.

Off-property costs per pound produced* were US$0.32 for the fourth quarter, in line with average costs for the year.

Gibraltar Outlook

With the major project and related mill maintenance work completed in 2024, increased mill availability and higher throughput

is expected to be the primary driver of improved copper production in 2025. Refurbishment of Gibraltar’s SX/EW plant, which

has been idle since 2015, is underway and the plant is expected to start producing copper cathode in the second quarter.

Total copper production for the year is expected to be in the range of 120 to 130 million pounds.

Mining activities have transitioned to the Connector pit, which will be the main source of mill feed going forward. A new

pushback in the Connector pit has been initiated in early 2025 resulting in a higher strip ratio in the first quarter. Lower grade

ore stockpiles will be utilized to supplement mined ore during this period, and as a result 2025 copper production will be

weighted to the second half of the year.

Molybdenum production is forecast to increase in 2025 as molybdenum head grades are expected to be notably higher in the

Connector pit ore compared to the Gibraltar pit ore.

The Company has previously entered into offtake contracts for Gibraltar concentrate production in 2025 and 2026, which will

result in significantly lower treatment and refining costs (“TC/RCs”). In 2024, TC/RCs accounted for approximately US$0.09 per

pound of off-property costs, and with the new offtake contracts, the Company expects average TC/RCs to reduce to zero in

2025 and 2026.

The Company benefits from a strengthening of the US dollar relative to the Canadian dollar as our sales contracts are priced in

US dollars whereas our Gibraltar mine costs are primarily incurred in Canadian dollars.

The Company also has a prudent hedging program in place to protect a minimum copper price during the Florence

construction period. Currently, the Company has copper collar contracts that secure a minimum copper price of US$4.00 per

pound for 108 million pounds of copper for 2025. The copper collar contracts also have ceiling prices between US$5.00 and

US$5.40 per pound (refer to the section “Hedging Strategy” for details).

Florence Copper

The Company has all the key permits in place for the commercial production facility at Florence Copper and construction of

the Florence Copper commercial production facility continues to advance on schedule. Nearly 450,000 project hours have been

worked with no reportable injuries or environmental incidents. The Company has a fixed-price contract with the general

contractor for construction of the SX/EW plant and associated surface infrastructure.

A total of 51 production wells out of a total of 90 new wells had been completed as of December 31, 2024. Process ponds and

surface water runoff pond construction are complete, and development of the main pipe corridor is substantially complete with

the installation of high density polyethylene piping in the corridor ongoing. Mechanical and piping installations are underway

throughout the SX/EW plant, erection of structural steel for solvent extraction pipe rack is nearing completion, and the

electrical work has commenced.

Florence Copper - Continued

Florence Copper Quarterly Capital Spend

Three months ended Year ended

(US$ in thousands) December 31, 2024 December 31, 2024

Site and PTF operations 6,007 19,512

Commercial facility construction costs 57,647 154,970

Other capital costs - 28,943

Total Florence project expenditures 63,654 203,425

Construction costs in the fourth quarter were US$57.6 million, and US$155.0 million has been incurred for the year ended

December 31, 2024. Other capital costs of US$28.9 million include final payments for delivery of long-lead equipment that was

ordered in 2022, and the construction of an evaporation pond to provide additional water management flexibility. Construction of

this evaporation pond was completed in the third quarter of 2024.

The Company has closed several Florence project level financings to fund initial commercial facility construction costs. In

October the Company received the fourth deposit of US$10 million from the US$50 million copper stream transaction with

Mitsui & Co. (U.S.A.) Inc. (“Mitsui”). The final deposit of US$10 million was received in January 2025.

Remaining project construction costs are expected to be funded with the Company’s available liquidity and cashflow from its

100% ownership interest in Gibraltar. The Company also has in place an undrawn corporate revolving credit facility for US$110

million.

The Company has a technical report entitled “NI 43-101 Technical Report Florence Copper Project, Pinal County, Arizona”

dated March 30, 2023 (the “2023 Technical Report”) on SEDAR+. The 2023 Technical Report was prepared in accordance with

NI 43-101 and incorporated the results of testwork from the Production Test Facility (“PTF”) as well as updated capital and

operating costs (Q3 2022 basis) for the commercial production facility.

Project highlights based on the 2023 Technical Report:

• Net present value of US$930 million (at $US 3.75 copper price, 8% after-tax discount rate)

• Internal rate of return of 47% (after-tax)

• Payback period of 2.6 years

• Operating costs (C1) of US$1.11 per pound of copper

• Annual production capacity of 85 million pounds of LME grade A cathode copper

• 22 year mine life

• Total life of mine production of 1.5 billion pounds of copper

• Remaining initial capital cost of US$232 million (Q3 2022 basis)

Based on the 2023 Technical report, the estimated remaining construction costs for the commercial facility were US$232

million (basis Q3 2022), and management expects that total costs will be within 10% to 15% of that estimate. Florence

Copper remains on track for first copper production in late 2025.

Long-term Growth Strategy

Taseko’s strategy has been to grow the Company by acquiring and developing a pipeline of projects focused on copper in

North America. We continue to believe this will generate long-term returns for shareholders. Our other development projects

are located in British Columbia, Canada.

Yellowhead Copper Project

The Yellowhead Project (“Yellowhead”) is expected to produce 4.4 billion pounds of copper over a 25-year mine life at an

average C1* cost, net of by-product credit, of US$1.67 per pound. During the first 5 years of operation, Yellowhead will produce

an average of 200 million pounds of copper per year at an average C1* cost, net of by-product credit, of US$1.43 per pound.

The Yellowhead project also contains valuable precious metal by-products with 440,000 ounces of gold and 19 million ounces

of silver production over the life of mine.

The economic analysis in the 2020 Technical Report was prepared using long-term copper price of US$3.10 per pound, a gold

price of US$1,350 per ounce, and silver price of US$18 per ounce. This report entitled “Technical Report on the Mineral

Reserve Update at the Yellowhead Copper Project, British Columbia, Canada” was published on January 16, 2020, under the

supervision of Richard Weymark, P. Eng., MBA, Vice President, Engineering for Taseko and a Qualified Person as defined by

NI 43-101. Taseko plans to publish a new technical report in 2025 using updated long-term metal price assumptions, updated

project costing, and incorporating the new Canadian tax credits available for copper mine development.

The Company is ready to enter the environmental assessment process and plans to submit an Initial Project Description to

formally commence this process with the regulators in the second quarter this year. The Company is also focusing

discussions with the regulators on developing a workplan to streamline the overall permitting process. Taseko opened a project

office in 2024 to support ongoing engagement with local communities including First Nations.

New Prosperity Gold-Copper Project

In late 2019, the Tŝilhqot’in Nation, as represented by Tŝilhqot’in National Government, and Taseko Mines Limited entered into

a confidential dialogue, with the involvement of the Province of British Columbia, seeking a long-term resolution of the conflict

regarding Taseko’s proposed copper-gold mine previously known as New Prosperity, acknowledging Taseko’s commercial

interests and the Tŝilhqot’in Nation’s opposition to the project.

This dialogue has been supported by the parties’ agreement, beginning December 2019, to a series of standstill agreements

on certain outstanding litigation and regulatory matters relating to Taseko’s tenures and the area in the vicinity of Teztan Biny

(Fish Lake).

The dialogue process has made meaningful progress in recent months and is close to completion. The Tŝilhqot’in Nation and

Taseko acknowledge the constructive nature of discussions, and the opportunity to conclude a long-term and mutually

acceptable resolution of the conflict that also makes an important contribution to the goals of reconciliation in Canada.

Aley Niobium Project

The converter pilot test is ongoing to provide additional process data to support the design of commercial process facilities and

final product samples to support product marketing initiatives. The Company has also initiated a scoping study to investigate

the potential production of niobium oxide at Aley to supply the growing market for niobium-based batteries.

Conference Call and Webcast

The Company will host a telephone conference call and live webcast on Thursday, February 20, 2025, at 11:00 a.m. Eastern

Time (8:00 a.m. Pacific) to discuss these results. After opening remarks by management, there will be a question-and-

answer session open to analysts and investors.

Participants can join by conference call dial-in or webcast:

Conference Call Dial-In

• Participants can dial in to the conference call; however, pre-registration is required

• To register, visit https://bit.ly/Q42024_Dialin

• Once registered, an email will be sent, including dial-in details and a unique access code required to join the live call

• Please ensure you have registered at least 15 minutes prior to the conference call start time

Webcast

• A live webcast of the conference call can be accessed at Taseko Mines | Events

• The webcast will be archived for later playback until March 13, 2025 at Taseko Mines | Events

For further information on Taseko, please see the Company's website at www.tasekomines.com or contact:

Brian Bergot, Vice President, Investor Relations – 778-373-4554, toll free 1-800-667-2114

Stuart McDonald

President & CEO

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

Non-GAAP Performance Measures

This document includes certain non-GAAP performance measures that do not have a standardized meaning prescribed by

IFRS. These measures may differ from those used by, and may not be comparable to such measures as reported by, other

issuers. The Company believes that these measures are commonly used by certain investors, in conjunction with conventional

IFRS measures, to enhance their understanding of the Company’s performance. These measures have been derived from the

Company’s financial statements and applied on a consistent basis. The following tables below provide a reconciliation of these

non-GAAP measures to the most directly comparable IFRS Accounting Standards measure.

Total operating costs and site operating costs, net of by-product credits

Total costs of sales include all costs absorbed into inventory, as well as transportation costs and insurance recoverable. Site

operating costs are calculated by removing net changes in inventory, depletion and amortization, insurance recoverable, and

transportation costs from cost of sales. Site operating costs, net of by-product credits is calculated by subtracting by-product

credits from the site operating costs. Site operating costs, net of by-product credits per pound are calculated by dividing the

aggregate of the applicable costs by copper pounds produced. Total operating costs per pound is the sum of site operating

costs, net of by-product credits and off-property costs divided by the copper pounds produced. By-product credits are

calculated based on actual sales of molybdenum (net of treatment costs) and silver during the period divided by the total

pounds of copper produced during the period. These measures are calculated on a consistent basis for the periods presented.

(Cdn$ in thousands, unless otherwise indicated)

2024

Q11

2024

YE1

Cost of sales 134,940 124,833 108,637 122,528 490,938

Less:

Depletion and amortization (24,641) (20,466) (13,721) (15,024) (73,852)

Net change in inventories of finished goods 4,064 2,938 (10,462) (20,392) (23,852)

Net change in inventories of ore stockpiles (3,698) 9,089 1,758 2,719 9,868

Transportation costs (10,170) (8,682) (6,408) (10,153) (35,413)

Site operating costs 100,495 107,712 79,804 79,678 367,689

Less by-product credits:

Molybdenum, net of treatment costs (16,507) (8,962) (7,071) (6,112) (38,652)

Silver, excluding amortization of deferred revenue (139) (241) (144) (137) (661)

Site operating costs, net of by-product credits 83,849 98,509 72,589 73,429 328,376

Total copper produced (thousand pounds) 28,595 27,101 20,225 26,694 102,615

Total costs per pound produced 2.94 3.63 3.59 2.75 3.20

Average exchange rate for the period (CAD/USD) 1.40 1.36 1.37 1.35 1.37

Site operating costs, net of by-product credits

(US$ per pound) 2.10 2.66 2.62 2.04 2.33

Site operating costs, net of by-product credits 83,849 98,509 72,589 73,429 328,376

Add off-property costs:

Treatment and refining costs 2,435 816 3,941 4,816 12,008

Transportation costs 10,170 8,682 6,408 10,153 35,413

Total operating costs 96,454 108,007 82,938 88,398 375,797

Total operating costs (C1) (US$ per pound) 2.42 2.92 2.99 2.46 2.66

1 Q1 2024 includes the impact from the March 25, 2024 acquisition of Cariboo from Dowa and Furukawa, which increased the

Company’s Gibraltar mine ownership from 87.5% to 100%.

Non-GAAP Performance Measures - Continued

Total operating costs and site operating costs, net of by-product credits (Continued)

(Cdn$ in thousands, unless otherwise indicated)

2023

Q11

2023

YE1

Cost of sales 93,914 94,383 99,854 86,407 374,558

Less:

Depletion and amortization (13,326) (15,993) (15,594) (12,027) (56,940)

Net change in inventories of finished goods (1,678) 4,267 3,356 (399) 5,546

Net change in inventories of ore stockpiles (3,771) 12,172 2,724 5,561 16,686

Transportation costs (10,294) (7,681) (6,966) (5,104) (30,045)

Site operating costs 64,845 87,148 83,374 74,438 309,805

Oxide ore stockpile reclassification from capitalized

stripping - - (3,183) 3,183 -

Less by-product credits:

Molybdenum, net of treatment costs (5,441) (9,900) (4,018) (9,208) (28,567)

Silver, excluding amortization of deferred revenue 124 290 (103) (160) 151

Site operating costs, net of by-product credits 59,528 77,538 76,070 68,253 281,389

Total copper produced (thousand pounds) 29,883 30,978 24,640 19,491 104,992

Total costs per pound produced 1.99 2.50 3.09 3.50 2.68

Average exchange rate for the period (CAD/USD) 1.36 1.34 1.34 1.35 1.35

Site operating costs, net of by-product credits

(US$ per pound) 1.46 1.87 2.30 2.59 1.99

Site operating costs, net of by-product credits 59,528 77,538 76,070 68,253 281,389

Add off-property costs:

Treatment and refining costs 7,885 6,123 4,986 4,142 23,136

Transportation costs 10,294 7,681 6,966 5,104 30,045

Total operating costs 77,707 91,342 88,022 77,499 334,570

Total operating costs (C1) (US$ per pound) 1.91 2.20 2.66 2.94 2.37

1 Q1 2023 includes the impact from the March 15, 2023 acquisition of Cariboo from Sojitz, which increased the Company’s

Gibraltar mine ownership from 75% to 87.5%.

Non-GAAP Performance Measures - Continued

Total Site Costs

Total site costs are comprised of the site operating costs charged to cost of sales as well as mining costs capitalized to

property, plant and equipment in the period. This measure is intended to capture Taseko’s share of the total site operating

costs incurred in the quarter at Gibraltar calculated on a consistent basis for the periods presented.

(Cdn$ in thousands, unless otherwise indicated) –

100% basis (except for Q1 2024)

2024

Q11

2024

YE1

Site operating costs 100,495 107,712 79,804 79,678 367,689

Add:

Capitalized stripping costs 1,981 3,631 10,732 16,152 32,496

Total site costs – Taseko share 102,476 111,343 90,536 95,830 400,185

Total site costs – 100% basis 102,476 111,343 90,536 109,520 413,875

1 Q1 2024 includes the impact from the March 25, 2024 acquisition of Cariboo from Dowa and Furukawa, which increased the

Company’s Gibraltar mine ownership from 87.5% to 100%.

(Cdn$ in thousands, unless otherwise indicated) –

87.5% basis (except for Q1 2023)

2023

Q11

2023

YE1

Site operating costs 64,845 87,148 83,374 74,438 309,805

Add:

Capitalized stripping costs 31,916 2,083 8,832 12,721 55,552

Total site costs – Taseko share 96,761 89,231 92,206 87,159 365,357

Total site costs – 100% basis 110,584 101,978 105,378 112,799 430,739

1 Q1 2023 includes the impact from the March 15, 2023 acquisition of Cariboo from Sojitz, which increased the Company’s

Gibraltar mine ownership from 75% to 87.5%.

Non-GAAP Performance Measures - Continued

Adjusted net income (loss) and Adjusted EPS

Adjusted net income (loss) removes the effect of the following transactions from net income as reported under IFRS:

• Unrealized foreign currency gains/losses;

• Unrealized gain/loss on derivatives;

• Other operating costs;

• Call premium on settlement of debt;

• Loss on settlement of long-term debt, net of capitalized interest;

• Bargain purchase gains on Cariboo acquisition;

• Gain on acquisition of control of Gibraltar;

• Realized gain on sale of finished goods inventory;

• Inventory write-ups to net realizable value that was sold or processed;

• Accretion and fair value adjustment on Florence royalty obligation; and

• Finance and other non-recurring costs for Cariboo acquisition.

Management believes these transactions do not reflect the underlying operating performance of our core mining business and

are not necessarily indicative of future operating results. Furthermore, unrealized gains/losses on derivative instruments,

changes in the fair value of financial instruments, and unrealized foreign currency gains/losses are not necessarily reflective of

the underlying operating results for the reporting periods presented.

Adjusted EPS is the Adjusted net income (loss) attributable to common shareholders of the Company divided by the weighted

average number of common shares outstanding during the period.

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