TIDMTKO 
 
TASEKO REPORTS $52 MILLION OF CASH FLOW FROM OPERATIONS FOR FIRST QUARTER 2022 
 
This release should be read with the Company's Financial Statements and 
Management Discussion & Analysis ("MD&A"), available at www.tasekomines.com and 
filed on www.sedar.com. Except where otherwise noted, all currency amounts are 
stated in Canadian dollars. Taseko's 75% owned Gibraltar Mine is located north 
of the City of Williams Lake in south-central British Columbia. Production and 
sales volumes stated in this release are on a 100% basis unless otherwise 
indicated. 
 
VANCOUVER, BC, May 4, 2022 - Taseko Mines Limited (TSX: TKO) (NYSE American: 
TGB) (LSE: TKO) ("Taseko" or the "Company") reports Adjusted EBITDA* of $38 
million for the first quarter 2022, a 61% increase over the same period 2021. 
Earnings from mining operations before depletion* was $43 million and Cash 
flows provided by operations was $52 million for the quarter. Adjusted net 
income* was $6 million, or $0.02 per share. 
 
Stuart McDonald, President and CEO of Taseko, stated, "Copper markets continue 
to be robust and Taseko's realized copper price of US$4.59 per pound and sales 
volumes of 27 million pounds drove strong financial results in the first 
quarter. Production of 21 million pounds of copper and 236 thousand pounds of 
molybdenum was on plan, as development of the upper benches of the Gibraltar 
pit progressed. The Gibraltar pit will be the primary source of ore for the 
remainder of this year and grade and continuity of mineralization are expected 
to gradually improve as mining advances to deeper benches. Softer ore in the 
Gibraltar pit is allowing for increased milling rates, in line with our 
expectations and historical performance. Mill throughput averaged over 87,000 
tons per day in March, and 90,000 tons per day in April, well above name plate 
capacity. We continue to expect 2022 copper production of 115 million pounds (+ 
/-5%), with production weighted to the back half of the year." 
 
Mr. McDonald added, "We are seeing some inflationary pressures on certain input 
costs, most notably higher diesel prices, which contributed to an overall 9% 
(or $7 million) increase in total site costs* at Gibraltar this quarter. 
Operating margins are expected to improve as copper production increases over 
the remainder of the year." 
 
"In March, we announced a new 40% larger mineral reserve for Gibraltar, 
extending the mine from 16 to 23 years. The new reserve has the same average 
grade as the previous, but with a slightly higher strip ratio in the latter 
half of the mine life. The increase in reserves was a result of updating pit 
designs using a copper price of US$3.05 per pound (previously US$2.75 per 
pound), which is still conservative but more in line with the current long-term 
consensus price of US$3.50 per pound. The after-tax NPV8 of Gibraltar at the 
long-term consensus price is now $1.1 billion for Taseko's 75% share of the 
mine," continued Mr. McDonald. 
 
"At Florence Copper, we are still waiting for the draft Underground Injection 
Control ("UIC") permit to be issued by the US Environmental Protection Agency 
("EPA"), which will initiate the 45-day public comment period. This process is 
taking longer than expected, but we are in regular contact with the EPA who 
continue to confirm that the process is advancing towards the issuance of the 
draft UIC permit shortly. During the first quarter, we spent a further $25 
million on procurement of long-lead time items and other pre-construction work. 
We are well positioned to move into the construction of the commercial 
production facility upon receipt of the final permit," concluded Mr. McDonald. 
 
First Quarter Review 
 
  * First quarter earnings from mining operations before depletion and 
    amortization* was $42.8 million, Adjusted EBITDA* was $38.1 million and 
    cash flow from operations was $51.8 million; 
  * Gibraltar sold 27.4 million pounds of copper in the quarter (100% basis) at 
    record average realized copper prices of US$4.59 per pound in the quarter 
    resulting in $118.3 million of revenue for Taseko; 
  * The Gibraltar mine produced 21.4 million pounds of copper and 236 thousand 
    pounds of molybdenum in the first quarter. Copper head grades were 0.19% 
    and copper recoveries were 80.2%; 
  * Total site costs* increased by 9% in the quarter primarily due to the 
    impact of higher diesel costs; 
  * Adjusted net income* was $6.2 million ($0.02 per share) and GAAP Net income 
    was $5.1 million ($0.02 per share) and were reduced by a $2.3 million 
    realized derivative loss ($0.01 per share) related to copper options that 
    expired in the quarter; 
  * The Company has approximately $273 million of available liquidity at March 
    31, 2022, including a cash balance of $213 million and its undrawn US$50 
    million revolving credit facility; 
  * Development costs incurred for Florence Copper were $25.2 million in the 
    quarter and included further payments for major processing equipment for 
    the SX/EW plant, other pre-construction activities and ongoing site costs; 
  * The Company now has copper collar contracts in place that secure a minimum 
    copper price of US$4.00 per pound for more than 90% of its attributable 
    production in 2022; 
  * The EPA continues to advance their review process and is expected to 
    publicly issue the draft Underground Injection Control permit shortly, and 
    then a public comment period will commence; and 
  * In March 2022,  the Company announced a new 706 million ton proven and 
    probable sulphide reserve for the Gibraltar mine, a 40% increase as of 
    December 31, 2021. The new reserve estimate allows for a significant 
    extension of the mine life to 23 years with total recoverable metal of 3.0 
    billion pounds of copper and 53 million pounds of molybdenum. 
 
*Non-GAAP performance measure. See end of news release 
 
HIGHLIGHTS 
 
Operating Data (Gibraltar - 100% basis) Three months ended March 31, 
 
                                            2022     2021      Change 
 
Tons mined (millions)                       20.3     32.0      (11.7) 
 
Tons milled (millions)                       7.0      7.2       (0.2) 
 
Production (million pounds Cu)              21.4     22.2       (0.8) 
 
Sales (million pounds Cu)                   27.4     22.0         5.4 
 
 
 
Financial Data                                            Three months ended 
                                                               March 31, 
 
(Cdn$ in thousands, except for per share amounts)          2022     2021 Change 
 
Revenues                                                118,333   86,741 31,592 
 
Earnings from mining operations before depletion and     42,773   30,313 12,460 
amortization* 
 
Cash flows provided by (used for) operations             51,753  (3,283) 55,036 
 
Adjusted EBITDA*                                         38,139   23,722 14,417 
 
Adjusted net income (loss)*                               6,162  (5,534) 11,696 
 
Per share - basic ("Adjusted EPS")*                        0.02   (0.02)   0.04 
 
Net income (loss) (GAAP)                                  5,095 (11,217) 16,312 
 
Per share - basic ("EPS")                                  0.02   (0.04)   0.06 
 
*Non-GAAP performance measure. See end of news release 
 
REVIEW OF OPERATIONS 
 
Gibraltar mine (75% Owned) 
 
Operating data (100% basis)                     Q1     Q4     Q3     Q2     Q1 
                                               2022   2021   2021   2021   2021 
 
Tons mined (millions)                           20.3   23.3   25.2   24.9   32.0 
 
Tons milled (millions)                           7.0    7.4    7.4    7.2    7.2 
 
Strip ratio                                      2.6    2.2    1.3    2.3    6.0 
 
Site operating cost per ton milled (Cdn$)*    $11.33  $9.94  $8.99  $9.16  $8.73 
 
Copper concentrate 
 
   Head grade (%)                               0.19   0.24   0.28   0.22   0.19 
 
   Copper recovery (%)                          80.2   80.4   84.2   83.3   81.5 
 
   Production (million pounds Cu)               21.4   28.8   34.5   26.8   22.2 
 
   Sales (million pounds Cu)                    27.4   23.8   32.4   26.7   22.0 
 
   Inventory (million pounds Cu)                 4.0    9.9    4.9    3.5    3.6 
 
Molybdenum concentrate 
 
   Production (thousand pounds Mo)               236    450    571    402    530 
 
   Sales (thousand pounds Mo)                    229    491    502    455    552 
 
Per unit data (US$ per pound produced)* 
 
   Site operating costs*                       $2.95  $2.02  $1.53  $2.02  $2.23 
 
   By-product credits*                        (0.18) (0.30) (0.25) (0.25) (0.27) 
 
Site operating costs, net of by-product        $2.77  $1.72  $1.28  $1.77  $1.96 
credits* 
 
Off-property costs                              0.36   0.22   0.29   0.25   0.27 
 
Total operating costs (C1)*                    $3.13  $1.94  $1.57  $2.02  $2.23 
 
First Quarter Review 
 
Copper production in the first quarter was 21.4 million pounds and was impacted 
by lower grades and recoveries from ore mined in the upper benches of the 
Gibraltar pit. Ore quality is expected to improve for the remainder of the year 
as mining progresses deeper into the Gibraltar pit. 
 
A total of 20.3 million tons were mined in the first quarter with the decrease 
from 2021 rates due to longer haul distances in the current phase of mining. 
Heavy snowfall coupled with extremely cold temperatures also impacted mine 
equipment and mill availabilities in January. Mill throughput improved 
throughout the quarter exceeding name plate capacity (85,000 tpd) by 3% in 
March due to the softer nature of Gibraltar ore. 
 
The strip ratio increased over the prior quarter due to the higher initial 
stripping rates of the Gibraltar pit.  Gibraltar ore will make up the balance 
of ore for the rest of 2022 as mining in the current phase of Pollyanna will be 
completed in the second quarter. Ore stockpiles also decreased by 1.4 million 
tons in the first quarter in accordance with the mine plan. 
 
Total site costs* at Gibraltar of $75.0 million (which includes capitalized 
stripping of $15.1 million) for Taseko's 75% share was $6.4 million higher than 
the same quarter last year due primarily to higher diesel prices which were 46% 
higher than 2021, rising steel prices in grinding media as well as increases in 
other mining costs. 
 
*Non-GAAP performance measure. See end of news release 
 
REVIEW OF OPERATIONS - CONTINUED 
 
Molybdenum production was 236 thousand pounds in the first quarter with lower 
grades associated with the Gibraltar ore. At an average molybdenum price of 
US$19.08 per pound, molybdenum generated a by-product credit per pound of 
copper produced of US$0.18 in the first quarter. 
 
The Company realized 27.4 million pounds of copper sales in the first quarter 
which was 6.0 million pounds higher than copper production of 21.4 million 
pounds. Major disruption to the highway and rail infrastructure in southwest 
British Columbia from severe rainstorms and flooding in November 2021 prevented 
significant production from being delivered to the port for shipping last 
quarter. Finished inventory was 4.0 million pounds at the end of March in line 
with historical average levels. 
 
Off-property costs per pound produced* were US$0.36 for the first quarter which 
is higher than normal as it includes the off-property costs related to the 
additional 6.0 million pounds of excess inventory sold in the period. 
 
Total operating costs per pound produced (C1)* were US$3.13 for the quarter and 
were US$0.90 per pound higher than the first quarter last year as shown in the 
graph below: 
 
Photo - https://mma.prnewswire.com/media/1811221/ 
Taseko_Mines_Limited_TASEKO_REPORTS__52_MILLION_OF_CASH_FLOW_FRO.jpg 
 
Of the US$0.90 variance in C1 costs in the first quarter of 2022 compared to 
the prior year quarter, US$0.30 was due to less mining costs being capitalized, 
US$0.23 was due to decreased copper production and higher offsite costs which 
are a result of high sales volumes (i.e. not variable with production volumes), 
US$0.21 was due to increased prices for diesel and other inputs, US$0.10 was 
due to lower molybdenum production, and US$0.06 was due to other site operating 
costs increases. 
 
GIBRALTAR OUTLOOK 
 
Gibraltar is expected to produce 115 million pounds (+/- 5%) of copper in 2022 
on a 100% basis, with production weighted to the back half of the year and with 
the first quarter being the lowest production quarter. 
 
Strong metal prices and US dollar combined with our copper hedge protection 
should continue to provide tailwinds for strong financial performance and 
operating margins at the Gibraltar mine over the coming year. Copper prices in 
the first quarter averaged US$4.53 per pound and are currently around US$4.30 
per pound. Molybdenum prices are currently US$19.22 per pound, 20% higher than 
the average price in 2021. 
 
*Non-GAAP performance measure. See end of news release 
 
GIBRALTAR OUTLOOK - CONTINUED 
 
The Company has a long track record of purchasing copper price options to 
manage copper price volatility. This strategy provides security over the 
Company's cash flow as it prepares for construction of Florence Copper while 
continuing to provide significant copper price upside should copper prices 
continue at current levels or increase further. In particular, the Company 
currently has copper collar contracts in place that secure a minimum copper 
price of US$4.00 per pound for more than 90% of its attributable production for 
the remainder of 2022. 
 
In March 2022, the Company announced a new 706 million ton proven and probable 
sulphide reserve for the Gibraltar mine, a 40% increase as of December 31, 
2021. The new reserve estimate allows for a significant extension of the mine 
life to 23 years with total recoverable metal of 3.0 billion pounds of copper 
and 53 million pounds of molybdenum. 
 
Highlights from the new reserve: 
 
  * 706 million tons grading 0.25% copper; 
  * Recoverable copper of 3.0 billion pounds and 53 million pounds of 
    molybdenum; 
  * 23 year mine life with average annual production of approximately 129 
    million pounds of copper and 2.3 million pounds of molybdenum; 
  * Life-of-mine average strip ratio of 2.4:1; and 
  * After-tax NPV of $1.1 billion (75% basis) and free cash flow of $2.3 
    billion (75% basis) at a long-term copper price of US$3.50 per pound1. 
 
1 The NPV and cash flow is based on copper prices of $4.25 (2022), $3.90 (2023) 
and US$3.50 per pound long-term, and a molybdenum price of US$18 (2022), US$15 
(2023) and US$13 per pound long-term, a foreign exchange rate of 1.3:1 (C$: 
US$), and a discount rate of 8%. 
 
FLORENCE COPPER 
 
The commercial production facility at Florence Copper will be one of the 
greenest sources of copper for US domestic consumption, with carbon emissions, 
water and energy consumption all dramatically lower than a conventional mine. 
It is a low-cost copper project with an annual production capacity of 85 
million pounds of copper over a 21-year mine life. With the expected C1* 
operating cost of US$1.10 per pound, Florence Copper will be in the lowest 
quartile of the global copper cost curve and will have one of the smallest 
environmental footprints of any copper mine in the world. 
 
The Company has successfully operated a Production Test Facility ("PTF") since 
2018 at Florence to demonstrate that the in-situ copper recovery ("ISCR") 
process can produce high quality cathode while operating within permit 
conditions. 
 
The next phase of Florence Copper will be the construction and operation of the 
commercial ISCR facility with an estimated capital cost of US$230 million 
(including reclamation bonding and working capital) based on the Company's 
published 2017 NI 43-101 technical report. At a conservative copper price of 
US$3.00 per pound, Florence Copper is expected to generate an after-tax 
internal rate of return of 37%, an after-tax net present value of US$680 
million at a 7.5% discount rate, and an after-tax payback period of 2.5 years. 
 
In December 2020, the Company received the Aquifer Protection Permit ("APP") 
from the Arizona Department of Environmental Quality ("ADEQ"). During the APP 
process, Florence Copper received strong support from local community members, 
business owners and elected officials. The other required permit is the 
Underground Injection Control permit ("UIC") from the U.S. Environmental 
Protection Agency ("EPA"), which is the final permitting step required prior to 
construction of the commercial ISCR facility. On November 22, 2021, the EPA 
 
FLORENCE COPPER - CONTINUED 
 
provided the Company with an initial draft of the UIC permit. Taseko's project 
technical team completed its review of the draft UIC permit in early December 
2021 and no significant issues were identified. The EPA continues to advance 
their review process and is expected to publicly issue the draft UIC permit 
shortly, and then a 45-day public comment period will commence. 
 
Detailed engineering and design for the commercial production facility was 
completed in 2021 and procurement activities are well advanced with the Company 
making initial deposits and awarding the key contract for the major processing 
equipment associated with the SX/EW plant. The Company incurred $25.2 million 
of costs for Florence in the first quarter of 2022 including for the commercial 
facility activities and also had outstanding purchase commitments of $27.9 
million as at March 31, 2022. Deploying this strategic capital and awarding key 
contracts will assist with protecting the project execution plan, mitigating 
inflation risk and the potential impact of supply chain disruptions and ensure 
a smooth transition into construction once the final UIC permit is received. 
 
At current copper prices, the Company expects to be able to fund construction 
of the commercial facility from its existing sources of liquidity and cashflows 
from Gibraltar. 
 
LONG-TERM GROWTH STRATEGY 
 
Taseko's strategy has been to grow the Company by acquiring and developing a 
pipeline of complementary projects focused on copper in stable mining 
jurisdictions. We continue to believe this will generate long-term returns for 
shareholders. Our other development projects are located in British Columbia. 
 
Yellowhead Copper Project 
 
Yellowhead Mining Inc. ("Yellowhead") has an 817 million tonnes reserve and a 
25-year mine life with a pre-tax net present value of $1.3 billion at an 8% 
discount rate using a US$3.10 per pound copper price based on the Company's 
2020 NI 43-101 technical report. Capital costs of the project are estimated at 
$1.3 billion over a 2-year construction period.  Over the first 5 years of 
operation, the copper equivalent grade will average 0.35% producing an average 
of 200 million pounds of copper per year at an average C1* cost, net of 
by-product credit, of US$1.67 per pound of copper. The Yellowhead copper 
project contains valuable precious metal by-products with 440,000 ounces of 
gold and 19 million ounces of silver with a life of mine value of over $1 
billion at current prices. 
 
The Company is focusing its current efforts on advancing into the environmental 
assessment process and is undertaking some additional engineering work in 
conjunction with ongoing engagement with local communities including First 
Nations. The Company is also collecting baseline data and modeling which will 
be used to support the environmental assessment and permitting of the project. 
 
New Prosperity Gold-Copper Project 
 
In December 2019, the T?ilhqot'in Nation, as represented by the T?ilhqot'in 
National Government, and Taseko entered into a confidential dialogue, with the 
involvement of the Province of British Columbia, to try to obtain a long-term 
resolution to the conflict regarding Taseko's proposed gold-copper mine 
currently known as New Prosperity, acknowledging Taseko's commercial interests 
and the T?ilhqot'in Nation's opposition to the project. 
 
The dialogue was supported by the parties' agreement on December 7, 2019 to a 
one-year standstill on certain outstanding litigation and regulatory matters 
that relate to Taseko's tenures and the area in the vicinity of Te?tan Biny 
(Fish Lake). The standstill was extended on December 4, 2020, to continue what 
was a constructive 
 
LONG-TERM GROWTH STRATEGY - CONTINUED 
 
dialogue that had been delayed by the COVID-19 pandemic. The dialogue is not 
complete but it remains constructive, and in December 2021, the parties agreed 
to extend the standstill for a further year so that they and the Province of 
British Columbia can continue to pursue a long-term and mutually acceptable 
resolution of the conflict. 
 
Aley Niobium Project 
 
Environmental monitoring and product marketing initiatives on the Aley niobium 
project continue. The converter pilot test is ongoing and is providing 
additional process data to support the design of the commercial process 
facilities and will provide final product samples for marketing purposes. 
 
The Company will host a telephone conference call and live webcast on Thursday, 
May 5, 2022 at 11:00 a.m. Eastern Time (8:00 a.m. Pacific) to discuss these 
results.  After opening remarks by management, there will be a question and 
answer session open to analysts and investors. 
 
The conference call may be accessed by dialing 416-764-8688 in Canada, 
888-390-0546 in the United States, 08006522435 in the United Kingdom, or online 
at tasekomines.com/investors/events. 
 
The conference call will be archived for later playback until May 19, 2022 and 
can be accessed by dialing 416-764-8677 Canada, 888-390-0561 in the United 
States, or online at tasekomines.com/investors/events and using the passcode 
489947 #. 
 
Stuart McDonald 
President & CEO 
 
No regulatory authority has approved or disapproved of the information in this 
                                 news release. 
 
NON-GAAP PERFORMANCE MEASURES 
 
This document includes certain non-GAAP performance measures that do not have a 
standardized meaning prescribed by IFRS. These measures may differ from those 
used by, and may not be comparable to such measures as reported by, other 
issuers. The Company believes that these measures are commonly used by certain 
investors, in conjunction with conventional IFRS measures, to enhance their 
understanding of the Company's performance. These measures have been derived 
from the Company's financial statements and applied on a consistent basis. The 
following tables below provide a reconciliation of these non-GAAP measures to 
the most directly comparable IFRS measure. 
 
Total operating costs and site operating costs, net of by-product credits 
 
Total costs of sales include all costs absorbed into inventory, as well as 
transportation costs and insurance recoverable. Site operating costs are 
calculated by removing net changes in inventory, depletion and amortization, 
insurance recoverable, and transportation costs from cost of sales. Site 
operating costs, net of by-product credits is calculated by subtracting 
by-product credits from the site operating costs. Site operating costs, net of 
by-product credits per pound are calculated by dividing the aggregate of the 
applicable costs by copper pounds produced. Total operating costs per pound is 
the sum of site operating costs, net of by-product credits and off-property 
costs divided by the copper pounds produced. By-product credits are calculated 
based on actual sales of molybdenum (net of treatment costs) and silver during 
the period divided by the total pounds of copper produced during the period. 
These measures are calculated on a consistent basis for the periods presented. 
 
(Cdn$ in thousands, unless           2022     2021     2021     2021     2021 
otherwise indicated) -                Q1       Q4       Q3       Q2       Q1 
75% basis 
 
Cost of sales                        89,066   57,258   65,893   74,056   72,266 
 
Less: 
 
  Depletion and amortization       (13,506) (16,202) (17,011) (17,536) (15,838) 
 
  Net change in inventories of      (7,577)   13,497      762  (4,723)    2,259 
finished goods 
 
  Net change in inventories of ore  (3,009)    4,804    6,291    2,259  (8,226) 
stockpiles 
 
  Transportation costs              (5,115)  (4,436)  (5,801)  (4,303)  (3,305) 
 
Site operating costs                 59,859   54,921   50,134   49,753   47,156 
 
Less by-product credits: 
 
  Molybdenum, net of treatment      (3,831)  (7,755)  (8,574)  (6,138)  (5,604) 
costs 
 
  Silver, excluding amortization        202    (330)      300       64    (238) 
of deferred revenue 
 
Site operating costs, net of         56,230   46,836   41,860   43,679   41,314 
by-product credits 
 
Total copper produced (thousand      16,024   21,590   25,891   20,082   16,684 
pounds) 
 
Total costs per pound produced         3.51     2.17     1.62     2.18     2.48 
 
Average exchange rate for the          1.27     1.26     1.26     1.23     1.27 
period (CAD/USD) 
 
Site operating costs, net of           2.77     1.72     1.28     1.77     1.96 
by-product credits 
(US$ per pound) 
 
Site operating costs, net of         56,230   46,836   41,860   43,679   41,314 
by-product credits 
 
Add off-property costs: 
 
  Treatment and refining costs        2,133    1,480    3,643    1,879    2,414 
 
  Transportation costs                5,115    4,436    5,801    4,303    3,305 
 
Total operating costs                63,478   52,752   51,304   49,861   47,033 
 
Total operating costs (C1) (US$        3.13     1.94     1.57     2.02     2.23 
per pound) 
 
NON-GAAP PERFORMANCE MEASURES - CONTINUED 
 
Total Site Costs 
 
Total site costs is comprised of the site operating costs charged to cost of 
sales as well as mining costs capitalized to property, plant and equipment in 
the period. This measure is intended to capture Taseko's share of the total 
site operating costs incurred in the quarter at the Gibraltar mine calculated 
on a consistent basis for the periods presented. 
 
(Cdn$ in thousands, unless otherwise           2022   2021   2021   2021   2021 
indicated) -                                    Q1     Q4     Q3     Q2     Q1 
75% basis 
 
Site operating costs                          59,859 54,921 50,134 49,753 47,156 
 
Add: 
 
  Capitalized stripping costs                 15,142 12,737 10,882 14,794 21,452 
 
Total site costs                              75,001 67,658 61,016 64,547 68,608 
 
Adjusted net income (loss) 
 
Adjusted net income (loss) removes the effect of the following transactions 
from net income as reported under IFRS: 
 
  * Unrealized foreign currency gains/losses; 
  * Unrealized gain/loss on derivatives; and 
  * Loss on settlement of long-term debt and call premium, including realized 
    foreign exchange gains. 
 
Management believes these transactions do not reflect the underlying operating 
performance of our core mining business and are not necessarily indicative of 
future operating results. Furthermore, unrealized gains/losses on derivative 
instruments, changes in the fair value of financial instruments, and unrealized 
foreign currency gains/losses are not necessarily reflective of the underlying 
operating results for the reporting periods presented. 
 
(Cdn$ in thousands, except per share amounts)  2022    2021    2021    2021 
                                                Q1      Q4      Q3      Q2 
 
Net income                                      5,095  11,762  22,485  13,442 
 
  Unrealized foreign exchange (gain) loss     (4,398) (1,817)   9,511 (3,764) 
 
  Unrealized (gain) loss on derivatives         7,486   4,612 (6,817)     370 
 
  Estimated tax effect of adjustments         (2,021) (1,245)   1,841   (100) 
 
Adjusted net income                             6,162  13,312  27,020   9,948 
 
Adjusted EPS                                     0.02    0.05    0.10    0.04 
 
 
 
(Cdn$ in thousands, except per share           2021     2020    2020     2020 
amounts)                                        Q1       Q4      Q3       Q2 
 
Net income (loss)                            (11,217)    5,694     987   18,745 
 
  Unrealized foreign exchange (gain) loss       8,798 (13,595) (7,512) (12,985) 
 
  Realized foreign exchange gain on          (13,000)        -       -        - 
settlement of long-term debt 
 
  Loss on settlement of long-term debt          5,798        -       -        - 
 
  Call premium on settlement of long-term       6,941        -       -        - 
debt 
 
  Unrealized loss on derivatives                  802      586   1,056    3,528 
 
  Estimated tax effect of adjustments         (3,656)    (158)   (285)    (953) 
 
Adjusted net income (loss)                    (5,534)  (7,473) (5,754)    8,335 
 
Adjusted EPS                                   (0.02)   (0.03)  (0.02)     0.03 
 
NON-GAAP PERFORMANCE MEASURES - CONTINUED 
 
Adjusted EBITDA 
 
Adjusted EBITDA is presented as a supplemental measure of the Company's 
performance and ability to service debt. Adjusted EBITDA is frequently used by 
securities analysts, investors and other interested parties in the evaluation 
of companies in the industry, many of which present Adjusted EBITDA when 
reporting their results. Issuers of "high yield" securities also present 
Adjusted EBITDA because investors, analysts and rating agencies consider it 
useful in measuring the ability of those issuers to meet debt service 
obligations. 
 
Adjusted EBITDA represents net income before interest, income taxes, and 
depreciation and also eliminates the impact of a number of items that are not 
considered indicative of ongoing operating performance. Certain items of 
expense are added and certain items of income are deducted from net income that 
are not likely to recur or are not indicative of the Company's underlying 
operating results for the reporting periods presented or for future operating 
performance and consist of: 
 
  * Unrealized foreign exchange gains/losses; 
  * Unrealized gain/loss on derivatives; 
  * Loss on settlement of long-term debt (included in finance expenses) and 
    call premium; 
  * Realized foreign exchange gains on settlement of long-term debt; and 
  * Amortization of share-based compensation expense. 
 
(Cdn$ in thousands)                               2022    2021    2021    2021 
                                                   Q1      Q4      Q3      Q2 
 
Net income                                         5,095  11,762  22,485  13,442 
 
Add: 
 
  Depletion and amortization                      13,506  16,202  17,011  17,536 
 
  Finance expense                                 12,155  12,072  11,875  11,649 
 
  Finance income                                   (166)   (218)   (201)   (184) 
 
  Income tax expense                               1,188   9,300  22,310   7,033 
 
  Unrealized foreign exchange (gain) loss        (4,398) (1,817)   9,511 (3,764) 
 
  Unrealized (gain) loss on derivatives            7,486   4,612 (6,817)     370 
 
  Amortization of share-based compensation         3,273   1,075     117   1,650 
expense 
 
Adjusted EBITDA                                   38,139  52,988  76,291  47,732 
 
 
 
(Cdn$ in thousands)                            2021     2020    2020     2020 
                                                Q1       Q4      Q3       Q2 
 
Net income (loss)                            (11,217)    5,694     987   18,745 
 
Add: 
 
  Depletion and amortization                   15,838   18,747  23,894   25,512 
 
  Finance expense (includes loss on            23,958   10,575  11,203   10,461 
settlement of long-term debt 
    and call premium) 
 
  Finance income                                 (75)     (47)     (4)     (48) 
 
  Income tax (recovery) expense               (4,302)  (2,724)   (580)    4,326 
 
  Unrealized foreign exchange (gain) loss       8,798 (13,595) (7,512) (12,985) 
 
  Realized foreign exchange gain on          (13,000)        -       -        - 
settlement of long-term debt 
 
  Unrealized loss on derivatives                  802      586   1,056    3,528 
 
  Amortization of share-based compensation      2,920    1,242   2,501    1,321 
expense 
 
Adjusted EBITDA                                23,722   20,478  31,545   50,860 
 
NON-GAAP PERFORMANCE MEASURES - CONTINUED 
 
Earnings from mining operations before depletion and amortization 
 
Earnings from mining operations before depletion and amortization is earnings 
from mining operations with depletion and amortization added back. The Company 
discloses this measure, which has been derived from our financial statements 
and applied on a consistent basis, to provide assistance in understanding the 
results of the Company's operations and financial position and it is meant to 
provide further information about the financial results to investors. 
 
                                                          Three months ended 
                                                               March 31, 
 
(Cdn$ in thousands)                                            2022        2021 
 
Earnings from mining operations                              29,267      14,475 
 
Add: 
 
  Depletion and amortization                                 13,506      15,838 
 
Earnings from mining operations before depletion and         42,773      30,313 
amortization 
 
Site operating costs per ton milled 
 
(Cdn$ in thousands, except per ton milled  2022    2021    2021    2021    2021 
amounts)                                    Q1      Q4      Q3      Q2      Q1 
 
Site operating costs (included in cost of 59,859  54,921  50,134  49,753  47,156 
sales) 
 
Tons milled (thousands) (75% basis)        5,285   5,523   5,576   5,429   5,402 
 
Site operating costs per ton milled       $11.33   $9.94   $8.99   $9.16   $8.73 
 
CAUTION REGARDING FORWARD-LOOKING INFORMATION 
 
This document contains "forward-looking statements" that were based on Taseko's 
expectations, estimates and projections as of the dates as of which those 
statements were made. Generally, these forward-looking statements can be 
identified by the use of forward-looking terminology such as "outlook", 
"anticipate", "project", "target", "believe", "estimate", "expect", "intend", 
"should" and similar expressions. 
 
Forward-looking statements are subject to known and unknown risks, 
uncertainties and other factors that may cause the Company's actual results, 
level of activity, performance or achievements to be materially different from 
those expressed or implied by such forward-looking statements. These included 
but are not limited to: 
 
  * uncertainties about the future market price of copper and the other metals 
    that we produce or may seek to produce; 
  * changes in general economic conditions, the financial markets, inflation 
    and interest rates and in the demand and market price for our input costs, 
    such as diesel fuel, reagents, steel, concrete, electricity and other forms 
    of energy, mining equipment, and fluctuations in exchange rates, 
    particularly with respect to the value of the U.S. dollar and Canadian 
    dollar, and the continued availability of capital and financing; 
  * uncertainties resulting from the war in Ukraine, and the accompanying 
    international response including economic sanctions levied against Russia, 
    which has disrupted the global economy, created increased volatility in 
    commodity markets (including oil and gas prices), and disrupted 
    international trade and financial markets, all of which have an ongoing and 
    uncertain effect on global economics, supply chains, availability of 
    materials and equipment and execution timelines for project development; 
  * uncertainties about the continuing impact of the novel coronavirus 
    ("COVID-19") and the response of local, provincial, state, federal and 
    international governments to the ongoing threat of COVID-19, on our 
    operations (including our suppliers, customers, supply chains, employees 
    and contractors) and economic conditions generally including rising 
    inflation levels and in particular with respect to the demand for copper 
    and other metals we produce; 
  * inherent risks associated with mining operations, including our current 
    mining operations at Gibraltar, and their potential impact on our ability 
    to achieve our production estimates; 
  * uncertainties as to our ability to control our operating costs, including 
    inflationary cost pressures at Gibraltar without impacting our planned 
    copper production; 
  * the risk of inadequate insurance or inability to obtain insurance to cover 
    material mining or operational risks; 
  * uncertainties related to the feasibility study for Florence copper project 
    (the "Florence Copper Project" or "Florence Copper") that provides 
    estimates of expected or anticipated capital and operating costs, 
    expenditures and economic returns from this mining project, including the 
    impact of inflation on the estimated costs related to the construction of 
    the Florence Copper Project and our other development projects; 
  * the risk that the results from our operations of the Florence Copper 
    production test facility ("PTF") and ongoing engineering work including 
    updated capital and operating costs will negatively impact our estimates 
    for current projected economics for commercial operations at Florence 
    Copper; 
  * uncertainties related to the accuracy of our estimates of Mineral Reserves 
    (as defined below), Mineral Resources (as defined below), production rates 
    and timing of production, future production and future cash and total costs 
    of production and milling; 
  * the risk that we may not be able to expand or replace reserves as our 
    existing mineral reserves are mined; 
  * the availability of, and uncertainties relating to the development of, 
    additional financing and infrastructure necessary for the advancement of 
    our development projects, including with respect to our ability to obtain 
    any remaining construction financing potentially needed to move forward 
    with commercial operations at Florence Copper; 
  * our ability to comply with the extensive governmental regulation to which 
    our business is subject; 
  * uncertainties related to our ability to obtain necessary title, licenses 
    and permits for our development projects and project delays due to third 
    party opposition, particularly in respect to Florence Copper that requires 
    one key regulatory permit from the U.S. Environmental Protection Agency 
    ("EPA") in order to advance to commercial operations; 
  * our ability to deploy strategic capital and award key contracts to assist 
    with protecting the Florence Copper project execution plan, mitigating 
    inflation risk and the potential impact of supply chain disruptions on our 
    construction schedule and ensuring a smooth transition into construction 
    once the final permit is received from the EPA; 
  * uncertainties related to First Nations claims and consultation issues; 
  * our reliance on rail transportation and port terminals for shipping our 
    copper concentrate production from Gibraltar; 
  * uncertainties related to unexpected judicial or regulatory proceedings; 
  * changes in, and the effects of, the laws, regulations and government 
    policies affecting our exploration and development activities and mining 
    operations and mine closure and bonding requirements; 
  * our dependence solely on our 75% interest in Gibraltar (as defined below) 
    for revenues and operating cashflows; 
  * our ability to collect payments from customers, extend existing concentrate 
    off-take agreements or enter into new agreements; 
  * environmental issues and liabilities associated with mining including 
    processing and stock piling ore; 
  * labour strikes, work stoppages, or other interruptions to, or difficulties 
    in, the employment of labour in markets in which we operate our mine, 
    industrial accidents, equipment failure or other events or occurrences, 
    including third party interference that interrupt the production of 
    minerals in our mine; 
  * environmental hazards and risks associated with climate change, including 
    the potential for damage to infrastructure and stoppages of operations due 
    to forest fires, flooding, drought, or other natural events in the vicinity 
    of our operations; 
  * litigation risks and the inherent uncertainty of litigation, including 
    litigation to which Florence Copper could be subject to; 
  * our actual costs of reclamation and mine closure may exceed our current 
    estimates of these liabilities; 
  * our ability to meet the financial reclamation security requirements for the 
    Gibraltar mine and Florence Project; 
  * the capital intensive nature of our business both to sustain current mining 
    operations and to develop any new projects, including Florence Copper; 
  * our reliance upon key management and operating personnel; 
  * the competitive environment in which we operate; 
  * the effects of forward selling instruments to protect against fluctuations 
    in copper prices, foreign exchange, interest rates or input costs such as 
    fuel; 
  * the risk of changes in accounting policies and methods we use to report our 
    financial condition, including uncertainties associated with critical 
    accounting assumptions and estimates; and Management Discussion and 
    Analysis ("MD&A"), quarterly reports and material change reports filed with 
    and furnished to securities regulators, and those risks which are discussed 
    under the heading "Risk Factors". 
 
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. 
 
For further information on Taseko, please see the Company's website at 
www.tasekomines.com or contact: Brian Bergot, Vice President, Investor 
Relations - 778-373-4554, toll free 1-800-667-2114 
 
 
 
END 
 
 

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