November 3, 2021, Vancouver, BC – Taseko Mines Limited (TSX: TKO; NYSE American: TGB; LSE:
TKO) ("Taseko" or the "Company") reports revenues of $132.6 million, Earnings from mining operations
before depletion and amortization* of $83.7 million, Adjusted EBITDA* of $76.3 million and Adjusted net
income* of $27.0 million, or $0.10 per share, in the third quarter of 2021.
Stuart McDonald, President and CEO of Taseko, stated, “Gibraltar produced 34.5 million pounds of copper
in the third quarter, a 29% increase over the prior quarter, as copper grades improved in line with our
expectations and the mine plan. Higher metal production led to lower unit costs as Total operating costs
(C1)* fell to US$1.57 per pound produced, 22% lower than the previous quarter. Copper markets remained
robust through the period, resulting in Adjusted EBITDA* of $76 million, which is 60% higher than the
previous quarter and 140% higher than the comparative period last year.”
“During the third quarter, the Gibraltar pit started producing ore to supplement existing production from
the Pollyanna pit. The combined ore feed is being efficiently processed and the transition to the Gibraltar
pit will continue over the next few quarters. We expect a strong fourth quarter and copper production for
the year should be in line with the previous guidance of approximately 120 million pounds.
At Florence, we continue to advance detailed engineering and have made initial deposits on long-lead
equipment orders, which we believe will mitigate the impact of heightening global supply chain issues on
the construction schedule. Recent feedback from the US Environmental Protection Agency (“EPA”) on the
draft Underground Injection Control (“UIC”) permit is that no new issues have arisen, but final drafting
and review of the permit is taking longer than anticipated. We expect to receive the draft permit from the
EPA shortly and once received, will complete our review within the allotted timeframe and look forward
to the public comment period commencing,” continued Mr. McDonald.
“Our balance sheet remains strong and our cash position increased quarter-over-quarter to $239 million,
despite the $15 million of capital spending at Florence and a $18 million semi-annual interest payment on
our bonds during the period. We now have approximately $300 million in available liquidity and are well
positioned to move into our next phase of growth with construction of the Florence Copper commercial
production facility,” concluded Mr. McDonald.

Third Quarter Review
• Third quarter earnings from mining operations before depletion and amortization* was $83.7
million, Adjusted EBITDA* was $76.3 million and cash flows from operations was $68.3 million;
• Adjusted net income* was $27.0 million ($0.10 per share), a 171% increase from the second
quarter;
• Site operating costs, net of by-product credits* were US$1.28 per pound produced, and total
operating costs (C1)* were US$1.57 per pound produced;
• The Gibraltar mine produced 34.5 million pounds of copper and 571 thousand pounds of
molybdenum in the third quarter, increases of 29% and 42% over the second quarter, respectively.
Copper recoveries were 84.2% and copper head grades were 0.28%, in line with management
expectations;
• Gibraltar sold 32.4 million pounds of copper in the quarter (100% basis) which contributed to
$132.6 million of revenue for Taseko, an increase of 19% over the second quarter. Average realized
copper prices were US$4.26 per pound in the quarter, consistent with the LME average price;
• The Company has approximately $300 million of available liquidity, including a cash balance of
$239 million at September 30, 2021 and a US$50 million revolving credit facility (the “Facility”).
The Facility, which closed in early October, was arranged and fully underwritten by National Bank
of Canada, will be available for working capital and general corporate purposes, and provides
additional financial flexibility as the Company prepares for the construction at Florence Copper;
• Development costs incurred for Florence Copper were $19.1 million in the third quarter and
included detailed engineering and design of the commercial facility, and initial deposits for major
processing equipment associated with the solvent extraction and electrowinning (“SX/EW”) plant.
These activities will allow the project team to efficiently advance into construction upon receipt of
the Underground Injection Control (“UIC”) permit;
• The EPA continues to make progress towards finalizing the UIC permit with no significant issues
raised to-date, and the Company is expecting to receive the draft permit from the EPA shortly for
its review. Once publicly issued by the EPA, there will be a public comment period;
• The Company has secured minimum copper price protection for the coming quarters including
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; and
• In September 2021, the Company completed the sale of 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 became the owner and operator of
Harmony, a high-grade development-stage gold project located on Graham Island in Haida Gwaii.
The Company retained a 2% net smelter return royalty in Harmony and a 15% carried interest in JDS Gold.

see Read more on on

https://www.tasekomines.com/assets/docs/2021-11-03-tko-nr-554i9.pdf