Mr. Stuart McDonald reports

TASEKO PROVIDES FINANCING AND CONSTRUCTION UPDATE FOR THE FLORENCE COPPER PROJECT

Taseko Mines Ltd. has provide an update on financing and construction progress at its Florence copper project.

On Jan. 15, 2024, the company signed a definitive agreement with Taurus Mining Royalty Fund LP for the previously announced sale of a $50-million (U.S.) royalty. The royalty will be for 1.95 per cent of the gross revenue from the sale of all copper from Florence. Financing of the $50-million (U.S.) is subject to customary closing conditions, and proceeds are expected to be received in early February. The company also expects to draw down the first $10-million (U.S.) of the $50-million (U.S.) Mitsui financing later this month. With these financings in hand, construction activities at Florence will be accelerating.

To date, site activities have focused on site preparations, earthworks and civil work for the commercial wellfield. The initial drilling contracts are now being finalized, with drilling of the commercial facility wellfield to commence in February. Additionally, the company expects to sign a fixed-price contract with TIC Kiewit as general contractor for construction of the SX/EW (solvent extraction and electrowinning) plant and associated surface infrastructure. All the major plant components are on site and the build will begin in the second quarter of this year.

Stuart McDonald, president and chief executive officer of Taseko, commented: "Signing of the Taurus royalty agreement is another positive milestone for the project. We are excited to be ramping up construction activities at Florence copper, which will soon be a major new supplier of low-carbon copper cathode to the U.S. market.

"Site preparations and civil work are well advanced, and we're looking forward to commencing wellfield drilling, with four rigs planned to be on site initially. Construction of the SX/EW plant and other infrastructure represents a significant portion of the remaining project spend, and a fixed-price contract with TIC Kiewit will reduce inflationary risks, as Arizona continues to be a very active construction market. Our early work on detailed engineering and procurement of long-lead items has significantly derisked the construction schedule and we're tracking towards first copper production in the fourth quarter of 2025. We're taking a disciplined approach to the buildout of the commercial facility at Florence, while our existing operations at the Gibraltar mine continue to generate good cash flows in a strong copper price environment.

"As an existing copper producer, Taseko is in an enviable and unique position with near-term, low-cost production growth coming from a fully permitted and environmentally beneficial copper project. With copper now added to the U.S. Department of Energy's critical materials list, market interest in our project and future copper production remains strong," added Mr. McDonald.

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