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 volumes stated in this release are on a 100% basis unless otherwise indicated.
August 4, 2021, Vancouver, BC – Taseko Mines Limited (TSX: TKO; NYSE American: TGB; LSE: TKO) ("Taseko" or the "Company") reports financial results for the three months ended June 30, 2021. Adjusted EBITDA* for the period was $47.7 million and Earnings from mining operations before depletion and amortization was $54.5 million, increases of 101% and 80%, respectively, over the first quarter of 2021. Net income for the second quarter 2021 was $13.4 million, or $0.05 per share, and Adjusted net income was $9.9 million, or $0.04 per share.
Stuart McDonald, President and CEO of Taseko, commented, “Our improved financial performance in the quarter
was a result of the 20% increase in copper production at Gibraltar, and bolstered by strong copper prices which
averaged US$4.40 per pound for the period. Head grades at Gibraltar increased in the latter part of the second quarter as we transitioned into higher-grade benches, although average head grade for the quarter was still below the
life of mine average. With improving grades, we expect total copper production in the second half of the year to be at least 40% higher than the first half, which will lead to lower unit costs and improved margins and cash flow generation.”
“At our Florence Copper project, permitting, engineering and procurement activities are progressing. As reported in
early July, we expect the draft Underground Injection Control permit will be issued by the US EPA later in the third quarter. Detailed engineering is now 60% complete and at a point where we can begin securing and making initial
payments on key, long lead items for the solvent extraction and electrowinning (“SX/EW”) plant,” continued Mr. McDonald. “Our balance sheet remains in a strong position with $226 million of cash on hand at June 30 th , and a
price protection strategy in place that assures strong cash flow generation over the next year. Advancing procurement initiatives will position us to efficiently progress into construction upon receipt of the final permit.
Florence Copper will be America’s new, innovative and low impact copper producer supplying the US domestic market with green copper.”
Mr. McDonald added, “We recently announced the sale of our Harmony Gold project to JDS Gold Inc., who are a
proven team of mine developers and builders. Harmony is an advanced stage gold project, and by retaining a 15% carried interest in JDS Gold Inc. and a 2% NSR on the project, we have the opportunity to realize significant value
from this asset over the next few years. We will continue to look for other opportunities to create shareholder value
from our extensive portfolio of long-life assets.”

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

Second Quarter Review
? Second quarter earnings from mining operations before depletion and amortization* was $54.5 million,
Adjusted EBITDA* was $47.7 million and Adjusted net income* was $9.9 million ($0.04 per share);
? Cash flows from operations was $72.5 million and the Company’s cash balance at June 30, 2021 was $225.7 million;
? Site operating costs, net of by-product credits* were US$1.77 per pound produced, and total operating costs (C1)* were US$2.02 per pound produced;
? The Gibraltar mine produced 26.8 million pounds of copper in the second quarter. Copper recoveries were 83.3% and copper head grades were 0.22%. Mining operations transitioned into higher-grade benches in the
Pollyanna pit in the later part of the quarter which resulted in a 20% increase in copper production over the first quarter and in line with management expectations;
? Gibraltar sold 26.7 million pounds of copper in the quarter (100% basis) which resulted in $105.5 million of revenue for Taseko. Average LME copper prices were US$4.40 per pound in the quarter;
? In June, Gibraltar’s long term offtake agreement for copper concentrate was extended with treatment and refining costs priced within a range of a 40% to 50% discount to benchmark levels, reflecting the high
quality of Gibraltar concentrate;
? Detailed engineering and design of the commercial facility at Florence Copper is now 60% complete and the Company is preparing to make initial deposits for major processing equipment associated with the
SX/EW plant, which will allow Florence Copper to efficiently advance construction activities upon receipt
of the Underground Injection Control (“UIC”) permit. The Company expects a draft UIC permit to be issued in the third quarter which will be followed by a public comment period;
? During the quarter, the Company extended its copper price protection strategy by purchasing copper collars
for the first half of 2022 which secure a minimum copper price of US$4.00 per pound and a ceiling price of US$5.60 per pound for 43 million pounds of copper. These 2022 collar contracts supplement the existing
put option protection at US$3.75 per pound in place for the second half of 2021 for 41 million pounds of copper; and
? In July 2021, the Company entered into an agreement to sell the Harmony Gold Project (“Harmony”) to
JDS Gold Inc. (“JDS Gold”), a newly incorporated company controlled by JDS Energy & Mining Inc. and affiliates. Under the terms of the agreement, JDS Gold will become the owner and operator of Harmony, a high-grade development-stage gold project located on Graham Island in Haida Gwaii. The Company retains a 2% net smelter return royalty in Harmony and a 15% carried interest in JDS Gold.

HIGHLIGHTS
Operating Data (Gibraltar - 100% basis) Three months ended June 30, Six months ended June 30,
2021 2020 Change 2021 2020 Change
Tons mined (millions) 24.9 20.5 4.4 56.9 49.0 7.9
Tons milled (millions) 7.2 7.7 (0.5) 14.4 15.2 (0.8)
Production (million pounds Cu) 26.8 36.8 (10.0) 49.0 69.2 (20.2)
Sales (million pounds Cu) 26.7 39.3 (12.6) 48.7 70.4 (21.7)
Financial Data Three months ended June 30, Six months ended June 30,
(Cdn$ in thousands, except for per share amounts) 2021 2020 Change 2021 2020 Change
Revenues 111,002 106,005 4,997 197,743 168,089 29,654
Earnings from mining operations before depletion
and amortization*
54,482 50,336 4,146 84,795 56,259 28,536
Cash flows provided by operations 72,502 37,079 35,423 69,219 54,750 14,469
Adjusted EBITDA*
47,732 50,860 (3,128) 71,454 56,206 15,248
Adjusted net income (loss)*
9,948 8,335 1,613 4,414 (13,312) 17,726
Per share - basic (“adjusted EPS”)*
0.04 0.03 0.01 0.02 (0.05) 0.07
Net income (loss) (GAAP) 13,442 18,745 (5,303) 2,225 (30,205) 32,430
Per share - basic (“EPS”) 0.05 0.08 (0.03) 0.01 (0.12) 0.13

REVIEW OF OPERATIONS
Gibraltar mine (75% Owned)
Operating data (100% basis) Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020
Tons mined (millions) 24.9 32.0 26.4 23.3 20.5
Tons milled (millions) 7.2 7.2 7.5 7.5 7.7
Strip ratio 2.3 6.0 1.9 1.5 1.9
Site operating cost per ton milled (CAD$)* $9.16 $8.73 $11.67 $9.57 $7.66
Copper concentrate
Head grade (%) 0.22 0.19 0.20 0.23 0.28
Copper recovery (%) 83.3 81.5 83.3 85.0 85.2
Production (million pounds Cu) 26.8 22.2 25.0 28.9 36.8
Sales (million pounds Cu) 26.7 22.0 25.0 28.6 39.3
Inventory (million pounds Cu) 3.5 3.6 3.4 3.6 3.8
Molybdenum concentrate
Production (thousand pounds Mo) 402 530 549 668 639
Sales (thousand pounds Mo) 455 552 487 693 656
Per unit data (US$ per pound produced)*
Site operating costs*
$2.02 $2.23 $2.67 $1.85 $1.15
By-product credits*
(0.25) (0.27) (0.14) (0.14) (0.11)
Site operating costs, net of by-product credits*
$1.77 $1.96 $2.53 $1.71 $1.04
Off-property costs 0.25 0.27 0.29 0.29 0.30
Total operating costs (C1)*
$2.02 $2.23 $2.82 $2.00 $1.34
Second Quarter Review
Copper production in the second quarter was 26.8 million pounds and improved 20% from the first quarter as higher
ore grades were mined and processed from the Pollyanna pit in the latter part of the quarter. Copper recoveries also
improved with the increasing ore grade.
A total of 24.9 million tons were mined in the second quarter in line with the mine plan. Mining rates and strip ratio
were lower than the first quarter, which saw shorter hauling distances in the upper benches of the Pollyanna pit. In
addition to longer hauls in the second quarter, mining rates were also impacted by a temporary layoff of mining
personnel due to permitting delays. Initial waste stripping and dewatering of the Gibraltar pit commenced in May
after receipt of the required permit.
Total site spending (including capitalized stripping of $14.8 million on a 75% basis) was generally consistent with
the prior quarter. Capitalized stripping in the quarter decreased from the first quarter as a result of the lower strip
ratio. Capital expenditures of $8.0 million on a 75% basis in the second quarter was higher than the first quarter due to timing of routine maintenance.

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