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Overig advies 09/08/2022 06:23
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.
August 8, 2022, Vancouver, BC – Taseko Mines Limited (TSX: TKO; NYSE American: TGB; LSE: TKO)
("Taseko" or the "Company") reports Cash flows provided by operations of $18.3 million, Earnings from mining
operations before depletion* of $7.2 million, Adjusted EBITDA* of $1.7 million and an Adjusted net loss* of
$16.1 million, or $0.06 per share for the second quarter 2022.
Stuart McDonald, President and CEO of Taseko, stated, “Over the first half of 2022, mining operations were
sequencing through the lower grade upper benches of the Gibraltar pit. These smaller, complex ore zones are
challenging sections for our mining equipment, resulting in higher dilution and lower than expected copper
grade. The mill operated at design capacity in the second quarter, but lower head grades contributed to lower
recoveries, resulting in copper production of 21 million pounds.
Mining operations are now advancing deeper into the Gibraltar pit where the higher-grade ore for the upcoming
quarters is located. Copper production is expected to be significantly higher in the second half of the year, and
we have already seen improvements since quarter-end as 9.5 million pounds of copper was produced in the
month of July. We still expect to meet our original copper production guidance of 115 million pounds (+/-5%),
but given the more challenging conditions in the first half of the year, now expect to be at the lower end of that
“Our average realized copper price for the period was US$4.08 per pound, but the decline in the price late in the
quarter impacted our financial results as we recognized negative price adjustments and an inventory write-down
totalling $7 million. Going forward, we have a valuable copper hedge position which protects a minimum price
of US$3.75 per pound through June 2023,” continued Mr. McDonald.
Mr. McDonald added, “On the cost side, we continued to see the impact of higher fuel costs in the second quarter,
as diesel prices climbed by 23% quarter-over-quarter, and nearly 70% over the prior year. Other than fuel, our
total site spending is generally in line with the prior quarter and prior year. Although Total operating costs (C1)*
per pound of copper has been driven higher by the lower production in the second quarter, these unit costs will
drop significantly in the second half of 2022 as production increases. Diesel prices have recently fallen from
their highs in the second quarter.”
“At Florence Copper, we are still waiting for the US Environmental Protection Agency (“EPA”) to begin the
public comment period for the draft Underground Injection Control permit. This permit is the final key permit
required to construct and operate the commercial production facility. All indications from the EPA are that there
are no outstanding items remaining with the permit and they are just completing final internal sign offs. The
public comment period is expected to be 45 days. During the second quarter, development costs of $27 million
were incurred including procurement of long lead time items that were committed to last year. Capital spending
on Florence will now slow down until we receive the final UIC permit,” continued Mr. McDonald.
Second Quarter Review
• Second quarter cash flow from operations was $18.3 million, earnings from mining operations before
depletion and amortization* was $7.2 million and net loss was $5.3 million ($0.02 loss per share);
• Gibraltar produced 20.7 million pounds of copper for the quarter. Head grades averaged 0.17% which was
lower than expected due to the complexity of the ore zones mined in the upper benches of the Gibraltar pit
resulting in higher than normal mining dilution. Grades and copper production are expected to improve
significantly in the second half of the year;
• Mill throughput outperformed recent quarters, in line with expectations, due to the softer ore from the
Gibraltar pit. Copper recoveries were 77.3% for the quarter and were impacted by the lower head grade;
• Total site costs* in the second quarter have increased due primarily to the impact of higher diesel costs;
• Gibraltar sold 21.7 million pounds of copper in the quarter (100% basis) at an average realized copper price
of US$4.08 per pound;
• The decline in copper prices during the second quarter resulted in negative provisional price adjustments of
$5.5 million and a write-down of ore stockpile inventories of $1.5 million;
• Adjusted EBITDA* was $1.7 million and Adjusted net loss* was $16.1 million ($0.06 loss per share), and
these amounts include the negative provisional price adjustments and inventory write-down;
• The Company has copper collar contracts in place to protect a minimum copper price until mid-2023. The
copper price collars outstanding at the end of the second quarter resulted in an unrealized gain of $30.7 million. Subsequent to quarter-end, $15.2 million of this gain was realized as cash proceeds upon payout of
the July contract and through a repricing of the copper price floors from US$4.00 to US$3.75 per pound for
the remainder of 2022;
• Development costs incurred for Florence Copper were $27.0 million in the quarter and included further
payments for major processing equipment for the SX/EW plant, other pre-construction activities and ongoing
site costs; and
• The Company had a cash balance of $176 million and has approximately $240 million of available liquidity at June 30, 2022, including its undrawn US$50 million revolving credit facility.
see &

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