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Taseko Mines Provides Construction Update for Florence Copper

Press Release

October 21, 2024, Vancouver, BC – Taseko Mines Limited (TSX: TKO; NYSE MKT: TGB; LSE: TKO) (“Taseko” or the “Company”) is pleased to provide a progress update for construction activities at its Florence Copper project.

To-date, approximately 300,000 project hours have been worked and there have been no reportable injuries or environmental incidents. There are currently 280 construction personnel at site. All activities are advancing on schedule and as of September 30, 2024, the project is approaching 40% complete. First copper production is still anticipated in the fourth quarter 2025.

Since construction commenced earlier this year, the bulk of activities have been focused on earthworks, concrete, and wellfield drilling. Installation of structural steel, tanks, and process equipment is now underway.

Summary of key activities and status as of September 30, 2024:

  • Earthworks and site preparation for the plant area and commercial wellfield – ~75% complete
  • Concrete foundations for SX/EW plant and associated infrastructure – ~50% complete
  • Pre-assembly and installation of structural steel for the solvent extraction plant commenced in August
  • Installation of process equipment commenced in September
  • Powerline installation – ~65% complete
  • Wellfield drilling – a total of 34 production wells completed to date, out of a total of 90 to be drilled during the construction phase
  • Point of compliance well drilling – 9 wells completed to date, out of a total of 18
  • Construction of process and surface water runoff ponds
  • Hiring permanent operating staff – 75 of 170 total positions and all but one key management position has been filled

Stuart McDonald, President & CEO of Taseko, commented, “We are pleased with progress through the first nine months of construction. With approximately 75% of total construction costs now committed, we expect total costs to be within 10-15% of the original US$232 million* estimate. The project remains on track for first copper production in late 2025, which will be a transformative event for our Company.”

“In addition, we have applied to the U.S. Department of Energy’s Qualifying Advanced Energy Project Credit (48C) Program. Florence Copper, which is set to become North America’s lowest GHG-intensity primary copper producer, qualifies as a critical materials project. After submitting a concept paper in June, we received encouragement to proceed with the full application. We have now filed the application seeking a tax credit of up to US $110 million, and we expect to hear whether Florence qualifies for the credit, or not, in January 2025” concluded Mr. McDonald.

The Company recently hosted a Florence Copper site tour and the associated presentation can be found on our website at https://tasekomines.com/investors/documents-and-reports/corporate-presentations/. Additionally, updated construction photos can be found on our website at https://tasekomines.com/properties/florence-copper/#construction-updates.

*Based on the Florence Copper 43-101 Technical Report dated March 15, 2023, with costing basis Q3 2022.

For further information on Taseko, see the Company’s website at www.tasekomines.com or contact:

Investor enquiries Brian Bergot, Vice President, Investor Relations – 778-373-4554

Stuart McDonald
President and CEO

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

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.sedarplus.ca, including the “Risk Factors” included in our Annual Information Form.

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