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.

February 22, 2022, Vancouver, BC – Taseko Mines Limited (TSX: TKO; NYSE American: TGB; LSE:
TKO) ("Taseko" or the "Company") reports Adjusted EBITDA* of $201 million for the full-year 2021, an
85% increase over 2020. Revenues for the year were $433 million and Adjusted net income* for the year
was $45 million, or $0.16 per share. In the fourth quarter 2021, Taseko generated Adjusted EBITDA* of
$53 million, $103 million of Revenue and Adjusted net income* of $13 million, or $0.05 per share.
Stuart McDonald, President and CEO of Taseko, stated, “Realized copper sales of 105 million pounds for
the year, buoyed by a strong average copper price of over US$4.20 per pound, generated the best financial
results in our Company’s history. This was accomplished despite the lagging copper sales in the fourth
quarter as a result of major disruption to transportation infrastructure in southern BC from severe rainstorms
in November, which limited our ability to ship copper concentrate and realize sales.”
“At Florence Copper, based on our ongoing dialogue with the US Environmental Protection Agency, we
continue to expect the draft Underground Injection Control (“UIC”) permit to be publicly issued very soon,
and then a 45-day public comment period will commence. The UIC is the final permit needed to construct
and operate the commercial production facility, which will be a major new source of low-carbon copper
supply for the US market. The detailed engineering program for the commercial facility is complete and
we’re well advanced with procurement of key, long-lead items, which will ensure a rapid and smooth
transition into construction.”
Mr. McDonald added, “Operationally, Gibraltar production in the fourth quarter was impacted by lower
grades and recoveries due to severe winter weather as well as oxidization and pyrite content in the upper
benches of the Gibraltar pit. Mill operations are being optimized for the new mineralization, and ore quality
will improve as mining progresses deeper into the Gibraltar pit this year. For 2022, we expect copper
production of 115 million pounds (+/- 5%), with production weighted to the back half of the year and the
first quarter being the lowest production quarter, similar to 2021. Next year, mining operations will
transition to higher grade zones, and copper production is planned to trend back toward the life of mine
average of 130 million pounds. A new Gibraltar reserve update is expected to be completed in the second
quarter.”
Mr. McDonald concluded, “Our balance sheet remains healthy with nearly $300 million of available
liquidity, including cash on hand and the new US$50 million credit facility that was closed in October. In
addition, we recently took advantage of a strengthened copper price to extend our price protection strategy
- we now have more than 90% of our 2022 production secured at a minimum price of US$4.00 per pound.
With our strong financial position and robust copper markets, its ideal timing to be advancing our Florence
Copper project to commercial production.”
2021 Annual Review
• Earnings from mining operations before depletion and amortization* was $230.4 million, Adjusted
EBITDA* was $200.7 million, and cash flows from operations was $174.8 million;
• Adjusted net income* was $44.7 million ($0.16 per share) and GAAP Net income was $36.5 million
($0.13 per share) for the year;
• Total operating costs (C1)* for the year were US$1.90 per pound produced;
• The Gibraltar mine produced 112.3 million pounds of copper and 2.0 million pounds of molybdenum
in 2021. Copper recoveries were 82.4% and copper head grades were 0.23%;
• Gibraltar sold 104.9 million pounds of copper for the year (100% basis) which contributed to record
revenue for Taseko of $433.3 million and an increase of 26% over 2020. Average realized copper
prices were US$4.31 per pound for year, compared to the LME average price of US$4.23 per pound;
• The Company has approximately $300 million of available liquidity at December 31, 2021, including
a cash balance of $237 million and a new US$50 million revolving credit facility with National Bank
of Canada which closed in early October;
• Development costs incurred for Florence Copper were $57.9 million in the year and included, detailed
engineering and design of the commercial facility, initial deposits for major processing equipment for
the SX/EW plant and ongoing site operating costs. These activities will allow the Florence project
team to efficiently advance into construction upon receipt of the Underground Injection Control
(“UIC”) permit; and
• In December 2021, the Company completed its review of the draft UIC permit and no significant issues
were identified. The EPA continues to advance their review process and the public comment period
on the draft UIC permit is expected to commence shortly after the draft UIC permit is publicly issued.
Fourth Quarter Review
• Fourth quarter earnings from mining operations before depletion and amortization* was $61.9 million,
Adjusted EBITDA* was $53.0 million, Adjusted net income* was $13.3 million ($0.05 per share) and
GAAP Net income was $11.8 million ($0.04 per share);
• Total operating costs (C1)* for the quarter were US$1.94 per pound produced;
• The Gibraltar mine produced 28.8 million pounds of copper and 450 thousand pounds of molybdenum in the fourth quarter. Copper recoveries were 80.4% and copper head grades were 0.24%;
*Non-GAAP performance measure. See end of news release
• Gibraltar sold 23.8 million pounds of copper in the quarter (100% basis). Due to extreme flooding in
southwest British Columbia in November which washed out highways and rail infrastructure, transportation options were impacted which resulted in a build-up of copper concentrate inventory to 9.9 million pounds at year end. Concentrate inventory should return to more normal levels by the end of the first quarter of 2022;
• Average realized copper prices were US$4.37 per pound in the quarter, which contributed $103.0 million of revenue for Taseko;
• Cashflow from operations was $37.2 million which was impacted by $20.5 million in non-cash
working capital attributed to the higher year-end inventory. Capital expenditures of $35.2 million
included Florence spend of $14.8 million in the quarter;
• The Company has recently extended its copper price protection and now has more than 90% of its attributable production secured for 2022 year at a minimum copper price of US$4.00 per pound.
Fourth quarter Adjusted net income and Adjusted EBITDA were impacted by a $6.4 million realized derivative loss ($0.02 per share) related to copper put options that expired in the quarter; and
• In November 2021, Gibraltar’s unionized workforce ratified a new, long-term collective bargaining agreement which will be in place until May 31, 2024.

HIGHLIGHTS
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https://www.tasekomines.com/assets/docs/Q4_2021_NewsRelease.pdf