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.
May 3, 2023, Vancouver, BC – Taseko Mines Limited (TSX: TKO; NYSE American: TGB; LSE: TKO)
("Taseko" or the "Company") reports first quarter 2023 Adjusted EBITDA* of $36 million, Earnings from
mining operations before depletion* of $41 million and Cash flows provided by operations of $28 million.
Adjusted net income* was $5 million, or $0.02 per share.
Stuart McDonald, President and CEO of Taseko, stated, “An average realized copper price of US$4.02 per
pound in the first quarter helped to drive our strong financial performance. Production in the first quarter
was 25 million pounds of copper and 234 thousand pounds of molybdenum. Copper head grades for the
period were on plan, averaging 0.22%, but production was slightly below plan due to unexpected mill
downtime and operational issues with the primary crushers. Mining advanced deeper into the Gibraltar pit
which is the sole source of mill feed this year, and waste stripping ramped up in the new Connector pit.
Initial tons of oxide ore were also mined from the Connector pit and have been placed on leach pads for
future production when the Gibraltar SX/EW plant restarts.
We have decided to defer the in-pit crusher move until the spring of 2024, to coincide with planned work
on SAG mill #1 to minimize concentrator downtime.”
Mr. McDonald added, “In the first quarter, we increased our effective interest in Gibraltar to 87.5%, after
acquiring a 12.5% stake from one of our joint venture partners. The transaction closed in mid-March and
provides immediate 17% growth in our attributable copper production. Additionally, the five-year deferred
payment structure allows Taseko to focus our financial resources on the construction of the commercial
facility at Florence.”
“In March, we filed a new technical report** for the Florence Copper project. The report includes updated
capital cost estimates based on detailed engineering and recent contractor and vendor quotations. Operating
and sustaining capital costs have also been updated, and refinements have been made to the operating models based on the Production Test Facility (“PTF”) results. The project has been significantly de-risked
in recent years and has an after-tax Net Present Value (8%) of US$930 million using a long-term copper
price of US$3.75 per pound. The EPA permitting process continues to advance and we expect a favourable outcome in the coming months. We are ready to start construction of the commercial production facility as
soon as the final Underground Injection Control permit is issued,” continued Mr. McDonald.

*Non-GAAP performance measure. See end of news release
**NI 43-101 Technical Report, Florence Copper Project, Pinal County, Arizona” dated March 30, 2023. The report has been prepared for Taseko
Mines Limited, a producing issuer, under the supervision of Richard Tremblay, P.Eng., MBA, Richard Weymark, P.Eng., MBA, and Robert
Rotzinger, P.Eng. Mr. Tremblay is employed by the Company as Sr. Vice President Operations, Mr. Weymark is Vice President Engineering and
Robert Rotzinger is Vice President Capital Projects. All three are “Qualified Persons” as defined in National Instrument 43–101 Standards of
Disclosure for Mineral Projects (“NI 43–101”)

“Considering global economic uncertainties, copper markets remain remarkably stable and continue to
support a healthy price of about US$3.85 per pound. Demand for our product remains strong and the longterm supply/demand fundamentals appear to be favourable. In the short-term, we continue to maintain our
price protection strategy, which provides a minimum copper price of US$3.75 per pound for most of
Gibraltar’s production for the balance of 2023. Our original production guidance of 115 million pounds
(+/-5%) for 2023 remains unchanged,” concluded Mr. McDonald.
First Quarter Review
• In March 2023, the Company announced the results of recent technical work and updated
economics for the Florence Copper project. Including updated modelling, capital expenditures and
operating costs, the Florence Copper project now has an after-tax net present value of US$930
million (at an 8% discount rate) with an internal rate of return of 47% and a 2.6 year payback
period;
• First quarter earnings from mining operations before depletion and amortization* was $41.1
million, Adjusted EBITDA* was $36.1 million, and cash flows from operations was $28.0 million;
• GAAP net income was $4.4 million ($0.02 per share) and Adjusted net income* was $5.1 million
($0.02 per share);
• Gibraltar produced 24.9 million pounds of copper for the quarter which was slightly below expectations due to unplanned mill downtime that was necessary to address crusher maintenance and other operational issues;
• Copper head grades in the quarter were 0.22%, similar to recent quarters and in line with management’s expectation;
• Gibraltar sold 26.6 million pounds of copper in the quarter (100% basis) which contributed to revenue for Taseko of $115.5 million. The average realized copper price was US$4.02 per pound
for the first quarter, compared to the LME average price of US$4.05 per pound;
• Total site costs* in the first quarter was $112.8 million on a 100% basis, $6.6 million higher than
the previous quarter due to greater diesel consumption from the higher mining rates and additional
costs incurred for mill maintenance;
• On March 15, 2023, the Company completed its acquisition of an additional 12.5% interest in the Gibraltar mine from Sojitz Corporation (“Sojitz”) and now holds an effective 87.5% interest in the
Gibraltar mine;
• In February 2023, the Company entered into an agreement to extend the maturity date of its revolving credit facility by an additional year to July 2026. In addition to the one-year extension, the lender has also agreed to an accordion feature, which will allow the amount of the credit facility to be increased to US$80 million, subject to credit approval and other conditions; and
• The Company had a closing cash balance of $102 million at March 31, 2023.

see & read more on
https://tasekomines.com/assets/docs/Q1-2023-Earnings%20Release.pdf

Taseko Announces At-The-Market Offering
May 3, 2023

0
May 3, 2023, Vancouver, BC – Taseko Mines Limited (TSX: TKO; NYSE American: TGB; LSE: TKO) (“Taseko” or the “Company”) announces that it has entered into an equity distribution agreement dated May 3, 2023 (the “Equity Distribution Agreement”) providing for an at-the-market equity offering program (“ATM”) with National Bank Financial, Canaccord Genuity and Stifel GMP and their respective United States affiliates (collectively, the “Agents”).

The ATM will allow Taseko, through the Agents, to offer and sell from time to time in Canada and the United States, through the facilities of the Toronto Stock Exchange (“TSX”) and the NYSE American LLC (“NYSE American”) such number of common shares as would have an aggregate offering price of up to US$50 million. Sales of the common shares, if any, will be made in transactions that are deemed to be “at-the-market distributions” as defined in National Instrument 44-102 – Shelf Distributions and an “at-the-market offering” as defined in Rule 415 under the United States Securities Act of 1933, as amended, including sales made by the Agents directly on the TSX, the NYSE American or any other trading market for common shares in Canada, the United States or as otherwise agreed between the Agents and the Company. The Company has applied to the TSX and NYSE American for listing of the common shares that may be issued under the ATM and sales will be subject to the receipt of the required stock exchange approvals. The common shares sold under the ATM will also be admitted to trading on the London Stock Exchange.

The ATM will be effective until May 26, 2025 unless terminated before such date in accordance with the Equity Distribution Agreement. The timing and extent of the use of the ATM will be at the discretion of the Company. Accordingly, total gross proceeds from sales made under the ATM, if any, could be significantly less than US$50 million.

The Company intends to use any proceeds from the ATM for its general corporate purposes, which may include (i) capital expenditures for the Company’s Gibraltar mine, (ii) expenses associated with the development of the Company’s Florence Copper project, (iii) expenditures on Taseko’s other projects, and (iv) general corporate and working capital purposes.

The sale of the Company’s common shares through the ATM will be made pursuant to, and qualified in Canada by, a prospectus supplement dated May 3, 2023 (the “Prospectus Supplement”) to the base shelf prospectus of the Company dated April 25, 2023 (the “Base Prospectus”), and in the United States pursuant to a prospectus supplement dated May 3, 2023 (the “U.S. Prospectus Supplement”) to the Company’s final base shelf prospectus contained in the Company’s effective registration statement on Form F-10 (File No. 333-271142) filed with the United States Securities and Exchange Commission (the “SEC”). The Prospectus Supplement (together with the Base Prospectus) will be available on the SEDAR website maintained by the Canadian Securities Administrators at www.sedar.com and the U.S. Prospectus Supplement (together with the related base prospectus) will be available on the SEC’s website at www.sec.gov. Printed or electronic copies of the documents can also be requested by contacting the Company’s Corporate Secretary by mail at #1200 - 1040 West Georgia Street, Vancouver, BC, Canada, V6E 4H1, by email at investor@tasekomines.com or by phone at +1 778-373-4533. Alternatively, the following Agents participating in the ATM will arrange to send you these documents if you make a request by contacting:

National Bank Financial Inc.
475 Howe Street, Suite 3000
Vancouver, BC V6C 2B3
gavin.brancato@nbc.ca

Canaccord Genuity
99 High Street
12th Floor
Boston, MA 02110