Mr. Stuart McDonald reports

TASEKO REPORTS $63 MILLION OF ADJUSTED EBITDA FOR THIRD QUARTER 2023

Taseko Mines Ltd. has had third quarter 2023 adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of $63-million and earnings from mining operations before depletion and amortization of $65-million. Adjusted net earnings for the quarter were $20-million, or seven cents per share.

Gibraltar produced 35 million pounds of copper and 369,000 pounds of molybdenum in the third quarter, 26 per cent and 60 per cent higher than the second quarter, respectively. Improved production was a result of higher grades, throughput and recoveries. Higher production, of both copper and molybdenum, drove total operating costs (C1) down 17 per cent to $2.20 (U.S.) per pound.

Adjusted EBITDA increased by 182 per cent over the prior quarter despite third quarter sales volumes being impacted by a port worker strike in July. The excess inventory at the end of the third quarter is expected to be shipped and sold in the fourth quarter.

Stuart McDonald, president and chief executive officer of Taseko, commented: "In the third quarter, a major milestone was achieved at our Florence copper project: receipt of the final underground injection control permit from the U.S. Environmental Protection Agency. This week, the EPA confirmed that no appeals or objections have been received and that the permit is now effective. This is a great result and evidence of the quality and integrity of the project.

"We are now preparing for construction, and site preparation will begin later in the fourth quarter. Florence financing discussions are well advanced, and the additional financings are expected to close in early 2024 and then well field drilling will commence."

Mr. McDonald continued: "We are pleased with Gibraltar's performance in the third quarter. Copper head grade increased to 0.26 per cent in the period as the lower benches of the Gibraltar pit provided the higher grades and more consistent mineralized zones we expected. Mill performance was also strong as copper recoveries averaged 85 per cent, and the softer ore in the Gibraltar pit helped to achieve a throughput rate over 87,000 tons per day, 10 per cent higher than the first half of 2023. The Gibraltar pit will continue to be our main source of ore through the middle of 2024, providing us with predictable and consistent mill feed. The operation remains on track to meet the original 2023 production guidance of 115 million pounds of copper (plus or minus 5 per cent).

"We continue to have our copper put protection in place at $3.75 (U.S.) per pound until the end of the year, and we now have a minimum price of $3.25 (U.S.) per pound protected for the first quarter of 2024," concluded Mr. McDonald.

Third quarter review:

• In September, the U.S. Environmental Protection Agency issued the final underground injection control permit for the Florence copper project, and the permit became effective on Oct. 31, 2023. The company has all key permits in place to commence construction of the commercial production facility at Florence.
• Third quarter earnings from mining operations before depletion and amortization were $65.4-million, adjusted EBITDA was $62.7-million, and cash flows from operations were $27.0-million.
• Generally accepted accounting principle net income was $900,000 (nil per share), and adjusted net income was $19.7-million (seven cents per share) after normalizing for unrealized foreign exchange and derivative losses.
• Gibraltar produced 35.4 million pounds of copper for the quarter, a 26-per-cent improvement over the prior quarter as a result of higher grades, improved recoveries and increased mill throughput.
• Copper head grades in the quarter improved to 0.26 per cent as mining progressed deeper into the Gibraltar pit and the lower benches provided the expected improvement in ore grade and quality.
• Molybdenum grades also increased in the period, resulting in a 60-per-cent increase in quarterly molybdenum production.
• Gibraltar sold 32.1 million pounds of copper in the third quarter (100-per-cent basis). The B.C. port worker labour strike in early July caused shipping delays and a buildup of Gibraltar copper concentrate inventory. As a result, third quarter sales volumes lagged production by three million pounds, and the excess inventory is expected to be shipped and sold in the fourth quarter.
• Total site costs in the third quarter were $102.0-million on a 100-per-cent basis, $3.4-million lower than the previous quarter due to lower explosive and grinding media use, contractor services, and repair and maintenance costs. C1 costs were $2.20 (U.S.) per pound in the quarter.
• On Oct. 25, 2023, the company received the first $20-million (U.S.) tranche of its $25-million (U.S.) equipment loan commitment from Bank of America for Florence copper.
• The company had a closing cash balance of $82-million at Sept. 30, 2023.

The company will host a telephone conference call and live webcast on Thursday, Nov. 2, 2023, at 11 a.m. Eastern Time (8 a.m. Pacific Time) to discuss these results. After opening remarks by management, there will be a question-and-answer session open to analysts and investors.

To join the conference call without operator assistance, you may preregister to receive an instant automated callback just prior to the start of the conference call. Otherwise, the conference call will be available by dialling 888-390-0546 toll-free or 416-764-8688 in Canada or on-line at the Taseko website.

The conference call will be archived for later playback until Nov. 16, 2023, by dialling 888-390-0541 toll-free or 416-764-8677 in Canada or on-line at the Taseko website and using the entry code 154098 followed by the number sign.

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