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.sedar.com. Except where otherwise noted, all
currency amounts are stated in Canadian dollars. Taseko’s 75% owned Gibraltar Mine is 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.
November 3, 2022, Vancouver, BC – Taseko Mines Limited (TSX: TKO; NYSE American: TGB; LSE:
TKO) ("Taseko" or the "Company") reports Adjusted EBITDA* of $34.0 million and Adjusted net income*
of $4.5 million, or $0.02 per share for the third quarter 2022. Cash flows provided by operations was $12.1
million and Earnings from mining operations before depletion* was $18.6 million.
Stuart McDonald, President and CEO of Taseko, stated, “Strong financial performance in the third quarter
was driven by a nearly 40% increase in copper production at Gibraltar. Head grades and copper production
have continued to improve as mining advances deeper into the Gibraltar pit. Higher throughput due to the
softer ore in the new pit also benefited production with average daily mill throughput of 89,400 tons in the
third quarter. This was the highest quarterly mill throughput at Gibraltar since the expansion ten years ago,
and we continue to see the potential for further increases. Combined with higher grades, production in the
quarter was 28.3 million pounds of copper and 324 thousand pounds of molybdenum. For the fourth quarter,
we anticipate approximately a 10% increase in production, and more stable production levels in the coming
quarters.”
“Our unit operating costs declined by 22% quarter-over-quarter, as result of increased production and lower
site spending. But operating costs are still being impacted by diesel prices which are ~55% higher than in
2021. During the third quarter, we purchased diesel call options which will protect the Company from
further diesel price escalation through June 2023,” added Mr. McDonald.
“The average realized copper price for the period was US$3.48 per pound and was supported by our pricing
and hedging strategy. We realized proceeds of $18.6 million in the quarter from copper put options, and
going forward, we have protected a substantial portion of future sales at a minimum price of US$3.75 per
pound through June 2023. Given that we expect Florence construction to be underway next year, we are
looking for a market opportunity to extend our put position into the second half of 2023,” continued Mr.
McDonald.
“At our Florence Copper Project, we made important steps towards completion of the review process for
the Underground Injection Control (“UIC”) permit. The US Environmental Protection Agency (“EPA”)
issued the draft UIC permit in August and the subsequent public comment period and public hearing
confirmed overwhelming support for the project from residents of the town of Florence and surrounding
areas. We’re confident that all submitted comments will be fully addressed by the EPA, and we look
forward to receiving the final UIC permit and getting started on construction of the commercial production
facility. Deliveries of major components for the SX-EW plant and other long-lead items continued through the third quarter and should be complete by year-end.” continued Mr. McDonald.

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

Third Quarter Review
• Third quarter Adjusted EBITDA* was $34.0 million, earnings from mining operations before
depletion and amortization* was $18.6 million, and Adjusted net income* was $4.5 million ($0.02
per share);
• On September 29, 2022, the EPA concluded its 45-day public comment period for the draft
Underground Injection Control permit for Florence Copper. The project received overwhelming
support from business organizations, community leaders and state-wide organizations in written
submissions and as voiced at the public hearing;
• Gibraltar produced 28.3 million pounds of copper for the quarter. Head grades improved over the
first half of the year to 0.22% but were still impacted by higher than normal mining dilution;
• Mill throughput exceeded nameplate capacity at an average rate of 89,400 tons per day in the
quarter due to the softer ore from the Gibraltar pit. Copper recoveries were 77.1% for the quarter
and were primarily impacted by the lower head grade;
• Total site costs* in the third quarter decreased from the previous quarters of 2022 but remained
elevated compared to 2021 primarily due to higher diesel prices;
• Gibraltar sold 26.7 million pounds of copper in the quarter (100% basis) at an average realized
copper price of US$3.48 per pound;
• GAAP net loss was $23.5 million ($0.08 loss per share) and reflected unrealized foreign exchange
losses of $28.1 million on the translation of the Company’s US dollar denominated debt;
• Cash flow from operations was $12.1 million which did not include $18.6 million in cash proceeds
realized from copper put option contracts in the quarter;
• The Company has copper collar contracts in place to protect a minimum copper price of US$3.75
per pound until mid-2023. The Company also has 18 million litres of fuel call options in place to provide a ceiling cost for its share of diesel over the same period;
• Development costs incurred for Florence Copper were $27.3 million in the quarter and included further payments for the major processing equipment being delivered for the SX/EW plant, other pre-construction activities and ongoing site costs; and
• The Company had a cash balance of $142 million and has approximately $210 million of available liquidity at September 30, 2022, including its undrawn US$50 million revolving credit facility.

HIGHLIGHTS

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