Mr. Jacques Perron reports

THOMPSON CREEK REPORTS 2014 PRODUCTION RESULTS AND ANNOUNCES 2015 GUIDANCE

Thompson Creek Metals Company Inc. has released its fourth quarter and full-year 2014 production and sales results. Total concentrate production for Mount Milligan for the quarter ended Dec. 31, 2014, was 36,300 dry tonnes, with 18.0 million pounds of payable copper and 41,000 ounces of payable gold. Total concentrate production for Mount Milligan for the year ended Dec. 31, 2014, was 125,400 dry tonnes, with 64.6 million pounds of payable copper and 177,600 ounces of payable gold. Molybdenum production from the Thompson Creek and the Endako mines was 4.3 million pounds for the quarter ended Dec. 31, 2014, and 26.3 million pounds for the year ended Dec. 31, 2014.

"We achieved strong operating performance in 2014, meeting copper and total molybdenum production guidance and coming within approximately 4 per cent of gold production guidance, while operating our mines in a safe and environmentally responsible manner," said Jacques Perron, president and chief executive officer of Thompson Creek.

                          PRODUCTION AND SALES

                                           Q4 2014            2014
                                      Production Sales Production Sales
Copper and gold
Mount Milligan mine
Payable copper (million lb)                 18.0  15.5       64.6  64.7
Payable gold (000s oz)                      41.0  38.9      177.6 172.7

Molybdenum (1)
Thompson Creek mine
Molybdenum (million lb)                       2.5  3.4       17.4  18.7
Endako mine (75-per-cent share)
Molybdenum (million lb)                       1.8  2.4        8.9   9.8
Total molybdenum (million lb)                 4.3  5.8       26.3  28.5

(1)  Molybdenum production pounds reflected are molybdenum oxide 
and HPM from the company's mines.

Mount Milligan mine

For the fourth quarter of 2014, the company produced 18.0 million pounds of payable copper, compared with 16.3 million pounds in the third quarter, an increase of approximately 10 per cent. Payable gold production for the fourth quarter of 2014 was 41,000 ounces, compared with 60,400 ounces in the third quarter, a decrease of approximately 32 per cent, primarily due to lower gold grade and recovery. For the month of December, average daily mill throughput was 44,734 tonnes per day, and from Dec. 16 through 31, it was 48,426 tonnes per day, which represent approximately 80 per cent of design capacity. Mill throughput during the first two weeks of January has been impacted by winter weather conditions, causing bridging of frozen ore in and above the feeders to the mill; however, since Jan. 16, average daily mill throughput has been above 50,000 tonnes per day. The company is currently working to resolve these issues, which may continue to impact mill throughput.

During the fourth quarter of 2014, the company made three shipments of copper and gold concentrate under its sales agreements and received provisional payments for all three of such shipments.

After one year of operating the Mount Milligan plant, the company does not expect to be able to reach 60,000 tonnes per day on a consistent basis without adding additional crushing capacity. Grinding circuit profiles were completed, and additional modelling was conducted to understand the potential shortfall in throughput and determine optional process modifications required to reach 60,000 tonnes per day. As a result, the company has determined that a secondary crushing circuit at Mount Milligan mine will be necessary to consistently reach 60,000 tonnes per day, but due to current metal prices, construction will not commence until market conditions improve.

In the first half of 2015, the detailed engineering phase is expected to be completed, and commitments are expected to be made for the long-lead items. The final capital cost estimate for the project will be determined once the detailed engineering is completed, and it is expected to be near the high end of the previously announced range of $50-million to $75-million. Construction is expected to commence once the copper price environment recovers, and it is estimated that it will take approximately 18 months to complete. Temporary crushing will be utilized during 2015, and, as a result, management expects to reach approximately 60,000 tonnes per day by year-end 2015.

"Given the current market conditions, we do not believe it would be prudent to move forward with the capital investment at this time," said Mr. Perron. "We will take this opportunity to optimize the design and cost estimate for the secondary crusher. Despite some challenges with the winter conditions at the start of this year, we remain focused in our efforts to complete the ramp-up phase at Mount Milligan and are confident that we will reach a rate of approximately 60,000 tpd by year-end 2015. Once the secondary crusher is installed and commissioned, throughput is expected to be approximately 62,500 tpd," added Mr. Perron.

Molybdenum operations

The company produced a total of 4.3 million pounds of molybdenum, compared with 7.2 million pounds in the fourth quarter of 2013. Total molybdenum production for 2014 was 26.3 million pounds, compared with 29.9 million pounds in 2013. As previously announced, effective Dec. 31, 2014, the Thompson Creek mine was placed on care and maintenance, and the Endako mine has been placed on temporary suspension. Thompson Creek mine will also be conducting limited stripping activities for phase 8 during 2015. Management will continue to closely monitor market conditions and re-evaluate the status of the Endako mine as market conditions warrant.

Guidance for 2015

The attached guidance for 2015 table presents the company's 2015 guidance.

                                 GUIDANCE FOR 2015    
                                                                      Estimated
                                                                        in 2015  
Mount Milligan copper and gold
Concentrate production (000s dry tonnes)                                170-190
Copper payable production (000s lb)                              90,000-100,000
Gold payable production (000s oz)                                       220-240
Unit cash cost -- byproduct ($/payable lb copper produced)          $0.60-$0.85
Molybdenum business cash flow (drain)                                $ millions
Molybdenum operations, Langeloth                                        $10-$15
Suspended molybdenum operations
TC mine
Care and maintenance                                                     ($6-$8)
Phase 8 stripping                                                       ($8-$10)
Sale of inventory ($8/lb-$9/lb oxide price)                             $25-$28
Endako mine (75-per-cent share)
Temporary suspension                                                     ($5-$8)
Sale of inventory ($8/lb-$9/lb oxide price)                              $9-$10
Total cash flow from molybdenum operations                              $25-$27
Capital expenditures
Mount Milligan operations                                                   $22
Mount Milligan tailings dam                                                 $24
Mount Milligan secondary crusher                                            $15
Langeloth and other                                                          $7
Total cash capital expenditures                                             $68  

Bond repurchases

In the fourth quarter of 2014, the board of directors of Thompson Creek approved up to $30-million of cash for open market bond repurchases. From December, 2014, through the first week of January, 2015, the company repurchased and retired $17-million of the 12.5-per-cent senior unsecured notes due May 1, 2019, for an average purchase price of 99 per cent of par and $15.9-million of the 7.375-per-cent senior unsecured notes due June 1, 2018, at an average purchase price of 82.6 per cent of par. Total cash used was approximately $30-million. The company achieved a $2.9-million discount on the principal, and reduced future interest payments by $13.3-million.

Mr. Perron said: "As previously stated, addressing our debt will be a top priority for us beginning in 2015. We will look to be opportunistic, as evidenced by our recent open-market repurchases, while carefully managing our cash needs."

Hedging

The company has a hedging program in place to provide downside protection to copper and gold prices. The company has hedged (using forward sales contracts) approximately eight million pounds of Mount Milligan's monthly copper production through May, 2015, at an average price of approximately $3.10 per pound. In addition, the company has hedged (using zero-cost collars) approximately 22,000 ounces of gold for January through December, 2015, at floor prices ranging from $1,150 per ounce to $1,175 per ounce and at ceiling prices ranging from $1,237 per ounce to $1,267 per ounce. The company also hedged an additional 3,300 ounces at $1,230 per ounce for January, 2015 (using a forward sales contract).

Updated NI 43-101 technical report for Mount Milligan mine

The company expects to file on a voluntary basis later this week an updated technical report for its Mount Milligan mine, under Canadian National Instrument 43-101, to provide updated information. The report will be available on SEDAR. The attached estimated mineral reserves table represents the updated proven and probable copper and gold estimated mineral reserves for Mount Milligan as of Dec. 31, 2014.

                                   ESTIMATED MINERAL RESERVES

Category              Metric tonnes     Cu grade     Au grade   Contained Cu   Contained Au
                          (millions)          (%) (gram/tonne)   (million lb)   (million oz)

Proven                        300.1        0.206        0.424          1,366           4.10
Probable                      242.0        0.195        0.269          1,041           2.10
Proven plus probable          542.1        0.201        0.355          2,407           6.20

Figures may not total exactly, due to rounding.

The updated mineral reserve estimates for Mount Milligan as reported in the attached estimated mineral reserves table assume spot metal prices of $3 per pound copper and $1,250 per ounce gold, a cut-off grade of 0.176 per cent copper equivalent, and a $1-(U.S.)/$1.10-(Canadian) exchange rate. The reserve estimates take into consideration metallurgical recoveries, concentrate grades, transportation costs, smelter treatment charges, and royalty and streaming arrangements in determining economic viability. The updated mineral reserve estimates increase ore tonnes by approximately 14 per cent, increase contained copper by approximately 15 per cent and increase contained gold by approximately 4 per cent, in each case, as compared with the mineral reserve estimates reported in the company's Form 10-K for the year ended Dec. 31, 2013. Life-of-mine average annual production is estimated to be approximately 85 million pounds of copper and 186,700 ounces of gold in 155,000 tonnes of concentrate. For the years 2015 through 2019, the average annual production is estimated to be higher at approximately 94 million pounds of copper and 285,800 ounces of gold in 165,000 tonnes of concentrate.

Qualified person statement

The mineral reserve estimates were prepared in accordance with Canadian Institute of Mining, Metallurgy and Petroleum definition standards for mineral resources and mineral reserves, as incorporated by reference in National Instrument 43-101 by Robert Clifford, director, mine engineering, of Thompson Creek, a qualified person under National Instrument 43-101. Mr. Clifford verified the data disclosed in this news release that pertain to the mineral reserve estimates.

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