TKO.TO · 2015-08-12

This release s ("MD&A"), a currency amo of Williams L unless otherw August 12, 2

Financials

TASEKO O REPOR RTS SECO OND QUA ARTER 20 015 RESU ULTS

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.

A August 12, 2015, Vancou

uver, BC – T Taseko Mines s Limited (TS SX: TKO; NY YSE MKT: T TGB) ("Tasek ko" or the "

"Company") r reports the res sults for the th hree and six m months ended d June 30, 201 15.

S Second Quar rter Highligh hts

Secon nd quarter 201 15 earnings fr rom mining o operations bef fore depletion n and amortization* increased to $26.3 million and a adjusted EBIT TDA increase ed to $23.4 m million, from $ $2.3 million a and $11.2 mil llion in the fir rst quarter 2015, respective ely.
Cash flows from op perations wer re $35.2 milli ion in the seco ond quarter 2 2015 compare ed to ($3.3) m million in the fir he second quarter. rst quarter. Th his included a a tax refund o of $7.5 million n, which was received in th
Cash and equivalen nts at June 30 0, 2015 were $ $74.9 million n, up from $58 8.3 million at t March 31, 2015.
Site o operating cost ts, net of by-p product credits* for the sec cond quarter d declined to US S$1.54 per po ound and total o operating cost ts (C1)* decli ined to US$1.97 per pound d.
Reven nues for the second quarter r 2015 were $ $103.3 million n, up from $6 61.8 million in n the first qua arter.
The G Gibraltar Mine e produced 39 9.8 million po ounds of copp per and 474 th housand poun nds of molybd denum in the se econd quarter, , a 40% and 1 18% increase, , respectively, over first qu uarter 2015.
Total sales for the quarter were 42.2 million pounds of cop pper and 391 thousand pou unds of moly ybdenum.
In Jul ly, the Compa any acquired a additional cop pper put optio ons for 15 mi illion pounds for the fourth h quarter of 201 15 at a strike price of US$2 2.40 per poun nd.

R Russell Hallb bauer, Presid dent and CEO O of Taseko o, commente ed, “Concent trator through hput, head g grade and r recoveries all trended highe er through the e second quar rter, with a co orresponding decrease in site operating costs. We targeted site o ound by the end of 2015;

operating cos sts of roughly y US$1.50-US S$1.60 per po ; however, th hrough the e efforts of our operations an nd maintenan nce teams, we e have already y achieved th hat level in M May and June. This past -going basis. Steady produ q quarter is a go ood indication of how we expect Gibra altar to perfor rm on an onuction has c continued into

the third qu uarter with a approximately y 14.5 million n pounds of copper produ uction in Jul ly. Due to

p planned mill maintenance in the third quarter, thro oughput will be slightly r reduced from m the previou us quarter, a although we s still expect to average desig gn rates for th he quarter.”

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

M Mr. Hallbauer r continued, “ “The improve ed financial re esults in the s second quarte er were a resu ult of increas sed copper p production an nd decreased o operating cos sts per pound. The $35 mi illion of cash flow from op perations dem monstrates th he ability of f Gibraltar to

generate si ignificant retu urns, even in n times of w weaker coppe er pricing. W We remain

f focussed on th he things we can control a and it is impe erative that w we continuous sly look to im mprove our co ornerstone operation to ensure it will g generate posit tive cash flow w at all points s of the coppe er price cycle.

.”

The table belo ow details mo onthly production statistics s for the secon nd quarter:

	Q1 Total	Apr-15	May-15	Jun-15	Q2 Total
Tons Milled (000s tons)	7,760	2,575	2,765	2,700	8,040
Tons Per Day	86,100	85,800	89,200	89,900	88,300
Strip Ratio	2.4	2.3	2.5	2.5	2.5
Grade	0.23%	0.26%	0.29%	0.30%	0.28%
Recovery	81.4%	82.7%	85.9%	87.9%	85.6%
Cu Production (000s lbs)	28,400	11,100	14,100	14,600	39,800
Cost Per Tonne Milled (C$)	$9.66	$10.72	$9.63	$9.37	$9.89
Site Operating Costs Net of By-Product Credits (US$/lb)	$2.00	$1.87	$1.46	$1.40	$1.54

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

“ “We have als so recently pu urchased 15 m million pound ds of copper put options for the fourth h quarter wit th a strike p price of US$2 2.40 per poun nd. These are in addition to

the five mil llion pounds p per month tha at we have in n place for

th he third quart ter at a strike price of US$2.50 per poun nd. At today’s copper price, the options s effectively r reduce our o operating cost ts by a further r seven cents per pound in the third qua arter,” conclud ded Mr. Hallb bauer.

H HIGHLIGHTS

Financial Data a Three months e ended June 30, Six mo onths ended J June 30, mounts) 2015 2

2014 Chan nge 2015 2014 Change (Cdn$ in thousa ands, except fo or per share am R Revenues 103,251 107 7,307 (4,05

56) 165,086 6 212,303 (47,217) E Earnings (loss) from mining op perations befor re d depletion and a amortization* 26,267 26 6,665 (39

98) 28,596 6 46,104 (17,508) E Earnings (loss) from mining op perations 14,010 13 3,334 6 676 6,031 1 22,121 (16,090) N Net earnings (lo oss) 4,017 2 2,628 1,3 389 (21,189

9) (6,520) (14,669) Per share - b basic (“EPS”) 0.02 0.01 0.

.01 (0.03)

(0.10

0) (0.07) arnings (loss)^* 1,601 (2, A Adjusted net ea ,172) 3,7 773 (833

3) (4,881) 4,048 asic (“adjusted EPS”)^* 0.01 (0 Per share - ba .02 - (0.03) 0.03 0.01) 0.

EBITDA ^* 25,959 23 E 3,336 2,6 623 13,963 3 32,194 (18,231) DA ^* 23,402 19 A Adjusted EBITD 9,217 4,185 34,626 6 33,811 815 vided by (used for) operations C Cash flows prov s 35,212 13 3,551 21,6 661 32,482 2 36,852 (4,370)

Three months e ended June 30, Six mo onths ended J June 30, O Operating Data a (Gibraltar - 1 100% basis)

2015 2 2014 Chan nge 2015 2014 Change

Tons mined (millions) 24.0 30.3 (6 6.3) 45.0 0 56.1 (11.1) T Tons milled (millions) 8.0 7.7 0 0.3 15.8 8 14.8 1.0 T

u) 39.8	38.5	1.3 68.2
		2 73.0 (4.8)
42.2	38.7	3

P Production (million pounds Cu pounds Cu) 67.7 3.5 78.7 S Sales (million p 7 (11.0)

Secon nd quarter ea arnings from m mining operat tions before d depletion and d amortization n* were $26.3 3 million, a signifi icant improve ement over th he previous t two quarters due to incre eased copper r production a and lower opera ating costs;
The C Company gen nerated cash f flow from ope erations of $3 35.2 million du uring the seco ond quarter, a and had a cash balance of $7 74.9 million at t June 30, 2015;
The C Company has s in place cop pper put optio ons for 30 million pounds o over the third and fourth q quarters of 2015 at a strike price of US$2.5 50 and US$2.4 40 per pound d, respectively y;
Total operating cos sts (C1)^* were cantly lower t than the previous three e US$1.97 pe er pound prod duced, signific quarte ers and 7% l lower than th he second qu uarter of 2014 4 due to cos st reductions and increase ed copper produ uction;
Site o US$1.54 per pound produ uced, which is a 23% sts, net of by y-product cre edits* were U impro he first quarter of 2015 and d a 13% impro he second qu uarter of 2014 4;
Site o ed^* was CAD operating cost per ton mille D$9.89 in the second quar rter of 2015, comparable t to the first er of 2015 and down 15% from $11.42 in the second quarte d quarter of 20 014;
Coppe er production n at Gibraltar r was 39.8 m million pounds (100% bas sis), a 40% increase ove er the first quarte er of 2015 primarily as a re esult of increa ased throughp put and impro oved head gra ade and recov veries;
Conce entrator throu ughput for the e quarter aver raged 88,000 tons per day y, which is 3,0 000 tons per d day above design capacity; an nd
In Ma ay 2015, an updated mine plan and res serve for Gibr raltar was announced. The e new plan re esults in a lower life of mine s strip ratio and reduced unit operating co osts.

*Non-GA AAP performance m measure. See page 2 20 of this MD&A

F OPERATIO ONS

Gibraltar min ne (75% Ow wned)

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

s) Q2 201 15 Q1 20 Operating Data a (100% basis 015 Q4 2 2014 Q Q3 2014 Q2 2014

Tons mined (millions) 24.0 2 21.0 25.1 32.5 30.2 Tons milled (millions) 8.0 7.8 7.6 7.8 7.7 S Strip ratio 2.5 2.4 3.1 3.0 3.1 lled (CAD)^* $9 S Site operating c cost per ton mil 9.89 $ $9.66 $ $10.13 $12.10 $11.42

C Copper concentrate

Grade (%) 0.

0.225 0.222 0.267 0.285 .285 0 Recovery (%)

) 85.6 8 81.4 81.3 83.3 85.3 Production (m million pounds C Cu) 39.2 3 28.4 27.7 34.5 37.6 Sales (million pounds Cu) 41.8 4 25.4 26.0 37.1 38.1 Inventory (mil llion pounds Cu

u) 3.6 6.2 3.2 1.4 3.9

C Copper cathod de

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

M Molybdenum c concentrate

Grade (%) 0.

0.006 0.008 0.011 0.011 .009 0 Recovery (%)

) 33.7 3 40.0 38.8 38.0 41.4 Production (th housand pound ds Mo) 474 404 445 654 667 Sales (thousa and pounds Mo

o) 391 379 481 708 731 nd) ^*

P Per unit data (US$ per poun

g costs^* $1 Site operating $2.12 $2.43 $2.60 $2.11 1.63 $ redits ^* (0 By-product cr (0.12) (0.11) (0.25) (0.35) 0.09) ( ts ^* $1 S Site operating c costs, net of by y-product credit $2.00 $2.32 $2.35 $1.76 1.54 $ O Off-property cos sts 0.43 0 0.39 0.45 0.40 0.36 Total operating costs (C1) ^* $1 T 1.97 $ $2.39 $2.77 $2.75 $2.12

*N Non-GAAP performa ance measure. See p page 20 of this MD& &A

O OPERATION NS ANALYS SIS

D During the second quarter of 2015, Gib braltar milled o on average 8 88,000 tons per day, 3,000 0 tons per day y over the d design capaci ity of 85,000 tons per day. Gibraltar mi ined 24.0 million tons of m material which h reflects the strip ratio o of the new min ne plan releas sed in May 20 015.

arter of 2015 was 0.285% compared to 0.225% in th A Average head d grade for the second qua he first quarte er of 2015. ate between 0.25% and 0.28% for th H Head grades are expecte ed to fluctua he remainde er of 2015. C Copper in c concentrate p production in t the second q quarter of 201 15 was 39.2 m million pound ds, an increas se of 38% fro om copper g the second quarter of p production in t the first quart ter of 2015 of 28.4 million p pounds. Moly ybdenum prod duction during 2015 was 0.5 million pound ds, an increas se of 25% ove er the first quarter of 2015.

O OPERATION NS ANALYS SIS - CONTINUED

Gibraltar’s SX X/EW plant w was restarted for the 2015 5 season and d produced 0 0.6 million po ounds of copp per in the s second quarte er of 2015.

In the second d quarter of 2015, site ope erating costs, net of by-pro oduct credits per pound of f copper prod duced was U US$1.54, com mpared to US$2.00 during the first quarter of 2015 primarily due t to increased c copper produ uction as a overies. Site operating cos r result of incre eased head grade and reco st per ton mil lled was $9.8 89 which is co omparable to

the first qua arter of 2015 and 14% lowe er than the se econd quarter r of 2014.

O Off-property c costs, includin ng transportat tion, treatmen nt and refinin ng charges, fo or the second d quarter of 2 2015 were U US$0.43 per p pound produc ced, compare ed to US$0.39 9 per pound p produced in th he first quarte er of 2015. Of ff-property und produced fluctuates based on c costs are driv ven by sales s volumes, an nd therefore off-property cost per pou benefit from low ocean d differences be etween produ uction and sa ales volumes. Off-property y costs are co ontinuing to b freight costs. Treatment an nd refining co osts are also declining which should pr rovide further r cost reductio ons in the future.

T The total operating costs, including off- -property cos sts, for the se econd quarter r of 2015 were US$1.97 p per pound p produced, com mpared to US S$2.39 per po ound in the firs st quarter of 2 2015.

D During the firs st six months s of 2015, Gib braltar spent $1.2 million o on capital exp penditures, and incurred c capitalized s stripping of $6 6.0 million.

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 s of copper in n 2015 (100% % basis).

difications A A number of c cost control in nitiatives were e completed during the firs st half of 2015 including m mine plan mod requirements and a workfo to

reduce was ste stripping r orce reduction

n. Mine opera ating costs ha ave also bene efited from c continued dec clines in the p price of diesel l, which has f fallen 10% sin nce the begin nning of this y year, and 41% % over the la ast twelve m months. As a a result of the ese factors, Gibraltar’s si ite operating cost per ton n milled* has s fallen to 2014. This unit cost is C CAD$9.92 in the second q quarter of 20 015, a 15% re eduction from m the second d quarter of 2 e expected to be sustainable e going forwar rd.

lar since the beginning T The Canadian n dollar excha ange rate has s fallen appro oximately 17.5 5% relative to

the US doll

o of 2014, and has continue ed to decline since the en nd of the sec cond quarter. The weaken ning Canadian n dollar is c contributing to

improved op perating marg gins at Gibraltar as approx ximately 80% of mine oper rating costs a are paid in

C Canadian dollars. Gibralta ar’s total ope erating costs (C1)* were $US 1.97 pe er pound pro oduced for th he second q quarter of 201 15, based on n the average e Canadian/U US dollar exc change rate o of 1.23 for the e period. Ass suming an e exchange rate e of 1.30, Gib braltar’s total o sts (C1)* would have been approximate ely $US 1.90 p per pound fo or the second d quarter of 2015.

G Gibraltar’s total operating c costs (C1)* per pound in t the second qu uarter include e a by-produc ct credit of $U US 0.06/lb r related to mo olybdenum revenues, whic ch was offset t by molybde enum off-prop perty costs of f $US 0.03/lb b and site o operating cos sts of $US 0 0.02/lb in the e period. At t current ma arket prices t there is no o operating ma argin from m molybdenum production at t Gibraltar an nd, as a resu ult, the molybdenum circui it has been te emporarily id dled. It will r remain on car re and mainte enance until m market conditions improve and a restart is warranted.

C Capital expen nditures at Gibraltar are ex xpected to be e between $8 8.0 million an nd $10.0 million for 2015, excluding c capitalized str ripping. Proje ect developme ent costs ass sociated with the Florence e copper and Aley niobium m projects e balance of the spending under Prop a are being cap pitalized and make up the perty, Plant a and Equipme ent on the S Statement of C Cash Flows.

*N Non-GAAP performan nce measure. See pag e 20 on this MD&A

F PROJECTS S

Florence Cop pper Project t T The Florence Copper Proje ect is currently in the final stages of pe ermitting for th he Phase 1 P Production Te est Facility ("PTF"). The C Company is w working with A Arizona Depa artment of En nvironmental Q Quality (“ADE EQ”) in conne ection with the Temporar ry Aquifer Pro otection Perm mit (“APP”), a and with the U U.S. Environmental Prote ection Agency y (EPA) in c connection w with the Unde erground Injection Control (UIC) perm mit. These ar re the final t two remaining permits r required for co onstruction an nd operation o of the PTF.

A Aley Project ed a Section 10 Order und O On Septembe er 19, 2014 the BC Environ nmental Assessment Office e (EAO) issue der the BC E Environmenta al Assessmen nt Act, initiating the BC env vironmental as ssessment pr rocess for the e Aley Niobium m Project. O On Decembe er 31, 2014 EAO issued a Section 11 Order establishing the e scope, procedures and methods c concerning the environmen ntal assessme ent for the pro oject.

N New Prosperity Project O On January 14, 2015 the B British Columbia Minister o of Environmen nt granted the e Company a a five-year ex xtension to ate.

the Environme ental Assessm ment Certifica

T The Company y will host a a telephone c conference ca all and live w webcast on T Thursday, Au ugust 13 at 11:00 a.m. Eastern Time (8:00 a.m. P Pacific) to discuss these results. The co onference cal ll may be acc cessed by dialing (877) 303-9079 in Canada and the United States, or (9 970) 315-046 61 internation nally. The co onference cal ll will be archived for later playback a k until Augus st 20, 2015 an nd can be acc cessed by dia aling (855) 85 59-2056 in Ca anada and th he United Sta ates, or (404) 537-3406 int ternationally a and using the e passcode 717 746324.

F For further inf formation con ntact: Brian B Bergot, Invest tor Relations –

778-373-45 554, toll free 1-800-667-21

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.

E MEASURES

T 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 costs & Site operating costs, , net of by-prod duct credits ortation costs. Site operating osts absorbed into inventory, as well as treatmen T Total costs of sal les include all co nt and refining co osts and transpo perty costs from cost of sales. Site operating c costs is calculate ed by removing n net changes in in nventory, depletio on and amortiza ation and off-prop 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 e measures are calculated on a c consistent basis for the periods p presented.

A Adjusted net ea arnings

Three Months ended Six Months end ded June 30, June 30,

75% basis 20

015 2014 2015 2014 (C Cdn$ in thousands, unless otherw wise indicated) –

C Cost of sales

89,2 241 9 93,973 159,055 190,182 L Less Depletion an nd amortization (12,2 257) (13 3,331) (22,565) (23,983) N Net change in inv ventory (1,6 3,113) 5,408 (11,735) 653) (3 L Less offsite costs s:

Treatment and r refining costs (10,4 7,287) (17,267) (14,989) 497) (7 Transportation c costs (5,2 4,012) (8,856) (10,524) 239) (4 S Site operating costs

59,5 66,230 115,775 128,951 595 6

L Less by-product c credits:

Molybdenum 0,084) (4,810) (15,174) (2,2 212) (10 Silver 1,047) (1,739) (2,059) (1,0 035) (1 S Site operating costs, net of by-pro oduct credits

56,3 348 5 55,099 109,226 111,718 T Total copper prod duced (thousand pounds)

29,8 857 2 28,858 51,130 54,764 T Total costs per po ound produced 1.89 1.90 2.14 2.03 A Average exchang ge rate for the pe eriod (CAD/USD)

1.23 1.09 1.24 1.10

S Site operating co osts, net of by-p product credits (US$ per pound) 1.54 1.76 1.73 1.86 p

S Site operating costs, net of by-pro oduct credits 56,3 348 5 55,099 109,226 111,718 A Add off property c costs:

Treatment and r refining costs 497 7,287 17,267 14,989 10,4 Transportation c costs 239 4,012 8,856 10,524 5,2 T Total operating co osts 72,0 084 6 66,398 135,349 137,231

T Total operating c costs (US$ per pound) 1.97 2.12 2.14 2.28 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.

M Management bel lieves these tran nsactions do no ot reflect the underlying operating performance 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 months ended S Six months end ded Jun ne 30, June 30,

($ e amounts) 2015 2014 2015 2014

Net earnings (loss) 4,017 2,628 (

Unrealized loss (gain) on derivat tives 490 2,660 2,241 (84) Unrealized fore eign exchange (gain) loss (3,047) (7,1 198) 18,422 1,282 Write down of m marketable securi ities

4 419 - 419

Estimated tax ef ffect of adjustme ents 141 (6 681) (307) 22

A Adjusted net ear rnings (loss) 1,601 (2,1 172) (833) (4,881) A Adjusted EPS 0.01 (0.

.01) (0.00) (0.03)

E EBITDA and ad djusted EBITDA A

E EBITDA represents net earning 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 e 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.

ble securities do not reflect the un W While some of the e adjustments ar re recurring, gain ns/losses on the sale of marketab 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.

Three mo onths ended S Six months ende ed Ju une 30, June 30,

($ e amounts)

2015 5 2 2014 2015 2014 Net earnings (loss) 4,017 7 2, ,628 (2

Add:

Depletion and A Amortization 12,277 7 13, ,380 22,611 24,115 Amortization of stock based com mpensation 1,144 4 478 1,350 2,561 Interest expense e 6,247 ,535 12,609 13,182 7 6, Interest income (167)

942) (824) (2,064) ) (9 Income tax expe ense (recovery) 2,441 ,257 (594) 920 1 1,

E EBITDA 25,959 ,336 13,963 32,194 9 23,

Adjustments:

Unrealized (gain)/loss on deriva ative instruments s 490 ,660 2,241 (84) 0 2, Write-down of m marketable securities -

419 - 419

Unrealized foreign exchange (ga ain) loss (3,047)

198) 18,422 1,282 ) (7,1

A Adjusted EBITDA 23,402 2 19, ,217 34,626 33,811

Earnings from m mining operatio ons before depletion and amo ortization

E Earnings from mi ining operations before depletion 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.

Three months ended Six x months ended d June 30, June 30,

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

E Earnings from m mining operation ns 14,010 13,334 6 6,031 22,121 A Add:

Depletion and amortization 12,257 13,331 22 2,565 23,983

E Earnings from m mining operation ns before deple etion 26,267 26,665 28 8,596 46,104 a and amortization n

S Site operating c costs per ton m milled

Three months ended Six x months ended d June 30, June 30,

share amounts) 2015 2014 2015 2014 (( (Cdn$ in thousan nds, except per s

D Direct mining an nd processing c costs (included in cost of sales) 59,595 66,230 115 5,775 128,951 c

Tons milled (tho ousands) (75% basis) 6,028 5,800 11 1,841 11,066

S Site operating co osts per ton milled $9.89 $11.42 $ $9.78 $11.65

C CAUTION REG GARDING FOR RWARD-LOOK KING INFORM MATION

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.

tatements are subject to known and unknown risks, un mpany’s actual results, level of F Forward-looking st ncertainties and ot ther factors that m may cause the Com statements. These included but a activity, performan nce or achievemen nts to be materially y different from th hose expressed or implied by such f forward-looking s 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 C Commission www.

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

← Back to feed