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 87.5% 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.
March 7, 2024, Vancouver, BC – Taseko Mines Limited (TSX: TKO; NYSE American: TGB; LSE: TKO) ("Taseko" or the "Company") reports full year 2023 Adjusted EBITDA* of $190 million and Earnings from mining operations before depletion and amortization* of $207 million. Revenues for 2023 were $525 million, 34% higher than the prior year as a result of improved copper production and an increase in the Company’s effective interest in the Gibraltar Mine, from 75% to 87.5%, in March 2023. Net income for the year was $83 million ($0.29 per share) and Adjusted net earnings* were $44 million ($0.15 per share).

In the fourth quarter, Adjusted EBITDA* was $69 million and Earnings from mining operations before depletion and amortization* was $73 million. Net income for the fourth quarter was $67 million ($0.23 per share) and Adjusted net earnings* was $24 million ($0.08 per share).

Fourth quarter copper production from Gibraltar was 34 million pounds, and for the full year 2023 production was 123 million pounds. Annual production was above the Company’s original guidance and also 26% higher than in 2022. Strong production supported lower Total operating cash costs (C1)* of US$1.91 per pound for the fourth quarter and US$2.37 per pound for the year. Molybdenum production for the fourth quarter and year was 369 thousand pounds and 1.2 million pounds, respectively.

Stuart McDonald, President and CEO of Taseko, commented, “The Gibraltar Mine finished a successful year with another strong production quarter. The lower benches of the Gibraltar pit continued to deliver the quality ore we expected, with copper grades averaging 0.27% for the period. This resulted in strong earnings and $63 million of operating cash flow in the fourth quarter. For the full year 2023, the average copper grade was 0.25%, which is in line with Gibraltar’s life of mine reserve grade, and led to significantly improved copper production and financial performance compared to 2022.

“At our Florence Copper project we achieved a major milestone in the fourth quarter, as the final Underground Injection Control permit became effective, successfully concluding the EPA’s lengthy permitting process. We also announced two Florence project financings totalling US$100 million, from Taurus Mining Royalty Fund and Societe Generale, which supplement the previously announced financings from Mitsui and Bank of America.
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