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Taseko Mines Completes Notes Offering and Moves Forward with Florence Copper Commercial Production Facility

Press Release

Vancouver, BC – Taseko Mines Limited (TSX: TKO; NYSE American: TGB; LSE: TKO) (“Taseko” or the “Company”) is pleased to announce that it has completed its offering of US$400 million aggregate principal amount of 7.0% Senior Secured Notes due 2026 (“Notes”).A portion of the proceeds will be used to redeem the outstanding US$250 million 8.75% Senior Secured Notes due 2022 (“Existing Notes”).The remaining proceeds, net of transaction costs and accrued interest, of US$131 million are available for capital expenditures, working capital and general corporate purposes.

Stuart McDonald, President of Taseko, commented, “This bond refinancing and upsize has significantly strengthened Taseko’s financial position and lowered our cost of capital.We now have a cash balance of approximately US$200 million and no significant debt maturities until 2026.With the majority of the required funding for our Florence Copper project now in hand, we are moving forward with final design engineering of the commercial production facility as well as procurement of certain critical components.”

“Capital requirements for the commercial production facility are estimated at US$230 million,” added Mr. McDonald. “We continue to advance discussions with potential joint venture partners, but with our strong cash balance and improved Gibraltar cash flows from copper prices that are currently over US$3.70 per pound, we have numerous options available to obtain the remaining funding.”

Russell Hallbauer, CEO of Taseko concluded, “A commitment to capital discipline is a guiding principle for this organization. We have demonstrated this in the past by completing over $800 million of capital programs at Gibraltar, on time and on budget.Florence is no different.We are designing and engineering the commercial facility to achieve the most accretive results for shareholders.Florence is one of the least capital intensive copper production facilities in the world and when fully ramped up will produce 40,000 tonnes of high quality cathode copper annually for the US domestic market.It is a green project, with carbon emissions and water and energy consumption all dramatically lower than a conventional mine, and with C1 operating costs of US$0.90 per pound of copper, it will also be in the lowest quartile of the global cost curve.”

For further information please contact:

Brian Bergot, Vice President, Investor Relations – 778-373-4533 or toll free 1-877-441-4533

Russell Hallbauer
Chief Executive Officer and Director

No regulatory authority has approved or disapproved of the information contained in this news release.

The Notes have not and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any other jurisdiction. The Notes have not and will not be qualified by a prospectus in Canada. Unless registered or qualified by a prospectus, the Notes may be offered and sold, only in transactions that are exempt from registration requirements and from prospectus qualification under Canadian securities laws. In the United States, the Notes were offered and sold, only to persons reasonably believed to be “qualified institutional buyers” (as defined in Rule 144A under the Securities Act) and outside the United States, to non-U.S. persons in compliance with Regulation S under the Securities Act.

This press release is neither an offer to sell nor the solicitation of an offer to buy the Notes, the Existing Notes or any other securities and shall not constitute an offer to sell or solicitation of an offer to buy, or a sale of, the Notes, the Existing Notes or any other securities in any jurisdiction in which such offer, solicitation or sale is unlawful. This press release does not constitute a notice of redemption with respect to the Existing Notes.

For further information on Taseko, investors should review the Company’s annual Form 40-F filing with the United States Securities and Exchange Commission www.sec.gov and home jurisdiction filings that are available at www.sedar.com, including the “Risk Factors” included in our Annual Information Form.

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