TIDMTKO 
 
TASEKO REPORTS SECOND QUARTER 2022 FINANCIAL RESULTS 
 
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, Aug. 8, 2022 -- Taseko Mines Limited (TSX: TKO) (NYSE American: 
TGB); LSE: TKO) ("Taseko" or the "Company") reports Cash flows provided by 
operations of $18.3 million, Earnings from mining operations before depletion* 
of $7.2 million, Adjusted EBITDA* of $1.7 million and an Adjusted net loss* of 
$16.1 million, or $0.06 per share for the second quarter 2022. 
 
Stuart McDonald, President and CEO of Taseko, stated, "Over the first half of 
2022, mining operations were sequencing through the lower grade upper benches 
of the Gibraltar pit. These smaller, complex ore zones are challenging sections 
for our mining equipment, resulting in higher dilution and lower than expected 
copper grade. The mill operated at design capacity in the second quarter, but 
lower head grades contributed to lower recoveries, resulting in copper 
production of 21 million pounds. 
 
Mining operations are now advancing deeper into the Gibraltar pit where the 
higher-grade ore for the upcoming quarters is located.  Copper production is 
expected to be significantly higher in the second half of the year, and we have 
already seen improvements since quarter-end as 9.5 million pounds of copper was 
produced in the month of July. We still expect to meet our original copper 
production guidance of 115 million pounds (+/-5%), but given the more 
challenging conditions in the first half of the year, now expect to be at the 
lower end of that range." 
 
"Our average realized copper price for the period was US$4.08 per pound, but 
the decline in the price late in the quarter impacted our financial results as 
we recognized negative price adjustments and an inventory write-down totalling 
$7 million. Going forward, we have a valuable copper hedge position which 
protects a minimum price of US$3.75 per pound through June 2023," continued Mr. 
McDonald. 
 
Mr. McDonald added, "On the cost side, we continued to see the impact of higher 
fuel costs in the second quarter, as diesel prices climbed by 23% 
quarter-over-quarter, and nearly 70% over the prior year. Other than fuel, our 
total site spending is generally in line with the prior quarter and prior year. 
Although Total operating costs (C1)* per pound of copper has been driven higher 
by the lower production in the second quarter, these unit costs will drop 
significantly in the second half of 2022 as production increases. Diesel prices 
have recently fallen from their highs in the second quarter." 
 
"At Florence Copper, we are still waiting for the US Environmental Protection 
Agency ("EPA") to begin the public comment period for the draft Underground 
Injection Control permit. This permit is the final key permit required to 
construct and operate the commercial production facility. All indications from 
the EPA are that there are no outstanding items remaining with the permit and 
they are just completing final internal sign offs. The public comment period is 
expected to be 45 days. During the second quarter, development costs of $27 
million were incurred including procurement of long lead time items that were 
committed to last year. Capital spending on Florence will now slow down until 
we receive the final UIC permit," continued Mr. McDonald. 
 
*Non-GAAP performance measure. See end of news release 
 
Second Quarter Review 
 
  * Second quarter cash flow from operations was $18.3 million, earnings from 
    mining operations before depletion and amortization* was $7.2 million and 
    net loss was $5.3 million ($0.02 loss per share); 
  * Gibraltar produced 20.7 million pounds of copper for the quarter. Head 
    grades averaged 0.17% which was lower than expected due to the complexity 
    of the ore zones mined in the upper benches of the Gibraltar pit resulting 
    in higher than normal mining dilution. Grades and copper production are 
    expected to improve significantly in the second half of the year; 
  * Mill throughput outperformed recent quarters, in line with expectations, 
    due to the softer ore from the Gibraltar pit. Copper recoveries were 77.3% 
    for the quarter and were impacted by the lower head grade; 
  * Total site costs* in the second quarter have increased due primarily to the 
    impact of higher diesel costs; 
  * Gibraltar sold 21.7 million pounds of copper in the quarter (100% basis) at 
    an average realized copper price of US$4.08 per pound; 
  * The decline in copper prices during the second quarter resulted in negative 
    provisional price adjustments of $5.5 million and a write-down of ore 
    stockpile inventories of $1.5 million; 
  * Adjusted EBITDA* was $1.7 million and Adjusted net loss* was $16.1 million 
    ($0.06 loss per share), and these amounts include the negative provisional 
    price adjustments and inventory write-down; 
  * The Company has copper collar contracts in place to protect a minimum 
    copper price until mid-2023.  The copper price collars outstanding at the 
    end of the second quarter resulted in an unrealized gain of $30.7 million. 
    Subsequent to quarter-end, $15.2 million of this gain was realized as cash 
    proceeds upon payout of the July contract and through a repricing of the 
    copper price floors from US$4.00 to US$3.75 per pound for the remainder of 
    2022; 
  * Development costs incurred for Florence Copper were $27.0 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; 
    and 
  * The Company had a cash balance of $176 million and has approximately $240 
    million of available liquidity at June 30, 2022, including its undrawn 
    US$50 million revolving credit facility. 
 
*Non-GAAP performance measure. See end of news release 
 
HIGHLIGHTS 
 
Operating Data            Three months ended  Six months ended June 30, 
(Gibraltar - 100% basis)       June 30, 
 
                         2022    2021  Change 2022        2021    Change 
 
Tons mined (millions)    22.3    24.9   (2.6) 42.6        56.9    (14.3) 
 
Tons milled (millions)    7.7     7.2     0.5 14.7        14.4       0.3 
 
Production (million      20.7    26.8   (6.1) 42.0        49.0     (7.0) 
pounds Cu) 
 
Sales (million pounds    21.7    26.7   (5.0) 49.1        48.7       0.4 
Cu) 
 
Financial Data                Three months ended June   Six months ended June 
                                       30,                       30, 
 
(Cdn$ in thousands, except       2022    2021   Change    2022    2021 Change 
for per share amounts) 
 
Revenues                       82,944 111,002 (28,058) 201,277 197,743    3,534 
 
Earnings from mining            7,221  54,482 (47,261)  49,994  84,795 (34,801) 
operations before depletion 
   and amortization* 
 
Cash flows provided by         18,344  72,502 (54,158)  70,097  69,219      878 
operations 
 
Adjusted EBITDA*                1,684  47,732 (46,048)  39,823  71,454 (31,631) 
 
Adjusted net income (loss)*  (16,098)   9,948 (26,046) (9,936)   4,414 (14,350) 
 
Per share - basic ("adjusted   (0.06)    0.04   (0.10)  (0.03)    0.02   (0.05) 
EPS")* 
 
Net income (loss) (GAAP)      (5,274)  13,442 (18,716)   (179)   2,225  (2,404) 
 
Per share - basic ("EPS")      (0.02)    0.05   (0.07)       -    0.01   (0.01) 
 
 
 
 
*Non-GAAP performance measure. See end of news release 
 
REVIEW OF OPERATIONS 
 
Gibraltar mine (75% Owned) 
 
Operating data (100% basis)                  Q2     Q1     Q4     Q3     Q2 
                                             2022   2022   2021   2021   2021 
 
Tons mined (millions)                          22.3   20.3   23.3   25.2   24.9 
 
Tons milled (millions)                          7.7    7.0    7.4    7.4    7.2 
 
Strip ratio                                     2.8    2.6    2.2    1.3    2.3 
 
Site operating cost per ton milled (Cdn$)*   $11.13 $11.33  $9.94  $8.99  $9.16 
 
Copper concentrate 
 
   Head grade (%)                              0.17   0.19   0.24   0.28   0.22 
 
   Copper recovery (%)                         77.3   80.2   80.4   84.2   83.3 
 
   Production (million pounds Cu)              20.7   21.4   28.8   34.5   26.8 
 
   Sales (million pounds Cu)                   21.7   27.4   23.8   32.4   26.7 
 
   Inventory (million pounds Cu)                2.7    4.0    9.9    4.9    3.5 
 
Molybdenum concentrate 
 
   Production (thousand pounds Mo)              199    236    450    571    402 
 
   Sales (thousand pounds Mo)                   210    229    491    502    455 
 
Per unit data (US$ per pound produced)* 
 
   Site operating costs*                      $3.25  $2.95  $2.02  $1.53  $2.02 
 
   By-product credits*                       (0.15) (0.18) (0.30) (0.25) (0.25) 
 
Site operating costs, net of by-product       $3.10  $2.77  $1.72  $1.28  $1.77 
credits* 
 
Off-property costs                             0.37   0.36   0.22   0.29   0.25 
 
Total operating costs (C1)*                   $3.47  $3.13  $1.94  $1.57  $2.02 
 
Second Quarter Review 
 
Gibraltar produced 20.7 million pounds of copper for the quarter. Head grades 
averaged 0.17% in the quarter which was lower than expected due to the 
complexity of the ore in the upper benches of the Gibraltar pit which resulted 
in higher than normal mining dilution. Ore grades are expected to improve for 
the remainder of the year as mining progresses deeper into the Gibraltar pit 
where ore zones are more consistent and less complex in nature. 
 
A total of 22.3 million tons were mined in the second quarter with the decrease 
from 2021 rates due to longer haul distances in the current phase of mining. 
Mill throughput improved over the prior quarters due to the softer Gibraltar 
ore in line with expectations. 
 
The strip ratio of 2.8 was inline with the average for the Gibraltar pit and 
the prior quarter. Ore stockpiles also decreased by 1.8 million tons in the 
second quarter to supplement mill feed from the mine in accordance with the 
mine plan. 
 
Total site costs* at Gibraltar of $76.1 million (which includes capitalized 
stripping of $11.9 million) for Taseko's 75% share was generally consistent 
with the first quarter but was $11.6 million higher than the same quarter last 
year due to higher diesel costs with diesel prices nearly 70% higher than 2021 
and with some other input costs increasing including grinding media used in the 
mill. 
 
*Non-GAAP performance measure. See end of news release 
 
REVIEW OF OPERATIONS - CONTINUED 
 
Molybdenum production was 199 thousand pounds in the second quarter due to 
lower grades. At an average molybdenum price of US$18.37 per pound, molybdenum 
generated a by-product credit per pound of copper produced of US$0.15 in the 
second quarter. 
 
Off-property costs per pound produced* were US$0.37 for the second quarter 
reflecting higher ocean freight (including bunker costs) and increased 
treatment and refining charges (TCRC) as the same quarter in the prior year 
achieved extremely low TCRCs from spot tenders that were awarded given the 
tight physical market in the second quarter of 2021. 
 
Total operating costs per pound produced (C1)* were US$3.47 for the quarter and 
were US$1.45 per pound higher than the second quarter last year as shown in the 
graph below: 
 
https://mma.prnewswire.com/media/1874467/ 
Taseko_Mines_Limited_TASEKO_REPORTS_SECOND_QUARTER_2022_FINANCIA.jpg 
 
Of the US$1.45 variance in C1 costs in the second quarter of 2022 compared to 
the prior year quarter, US$0.78 was due to decreased copper production, US$0.12 
was due to less mining costs being capitalized, US$0.10 was due to lower 
molybdenum production, US$0.26 was due to inflation arising from increased 
prices for diesel and grinding media, US$0.11 was due to higher treatment and 
refining charges, and US$0.08 for other miscellaneous cost impacts offset by 
favorable foreign exchange impacts. 
 
GIBRALTAR OUTLOOK 
 
Copper production is expected to significantly increase in the second half of 
the year as mining progresses deeper in the Gibraltar pit as ore quality and 
grade improves. Management still expects to meet the original copper production 
guidance of 115 million pounds (+/-5%), but given the more challenging 
conditions in the first half of the year, now expect to be at the lower end of 
that range. 
 
The Company currently has copper price collar contracts in place that secure a 
minimum copper price of US$3.75 per pound for a substantial portion of its 
attributable production until June 30, 2023. Improved production combined with 
this copper hedge protection should continue to provide the foundation for 
stable financial performance and operating margins at the Gibraltar mine over 
the coming quarters. 
 
*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 short term copper price volatility. This strategy provides security over 
the Company's cash flow as it prepares for construction of the commercial 
facility at Florence Copper while continuing to provide significant copper 
price upside should copper prices continue their rebound. Copper prices in the 
first half of 2022 averaged US$4.43 per pound and are currently around US$3.55 
per pound. 
 
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 US$4.25 (2022), US$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. 
 
FLORENCE COPPER - CONTINUED 
 
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 
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. We are awaiting the EPA to 
begin the public comment period for the draft UIC. All indications from the EPA 
are that there are no outstanding items remaining with the permit and they are 
completing final internal sign offs. The public comment period is expected to 
be 45 days. 
 
Detailed engineering and design for the commercial production facility was 
completed in 2021 and procurement activities are well advanced with the Company 
having made most of the initial deposits and awarding the key contract for the 
major processing equipment associated with the SX/EW plant. The Company 
incurred $52.2 million of costs for Florence in the first half of 2022 which 
includes commercial facility activities. Florence Copper also has outstanding 
purchase commitments of $22.3 million as at June 30, 2022 for the remaining 
equipment to be delivered. 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. 
 
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. 
 
LONG-TERM GROWTH STRATEGY 
 
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 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 Tuesday, 
August 9, 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 647-484-0258 in Toronto, 
800-289-0720 toll free in North America, 0800 279 6877 in the United Kingdom, 
or online at tasekomines.com/investors/events and using the entry code 8913919. 
 
The conference call will be archived for later playback until August 23, 2022 
and can be accessed by dialing 647-436-0148 in Toronto, 888-203-1112 toll free 
in North America, or online at tasekomines.com/investors/events and using the 
entry code 8913919. 
 
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     2022     2021     2021     2021 
otherwise indicated) -                Q2       Q1       Q4       Q3       Q2 
75% basis 
 
Cost of sales                        90,992   89,066   57,258   65,893   74,056 
 
Less: 
 
  Depletion and amortization       (15,269) (13,506) (16,202) (17,011) (17,536) 
 
  Net change in inventories of      (3,653)  (7,577)   13,497      762  (4,723) 
finished goods 
 
  Net change in inventories of ore  (3,463)  (3,009)    4,804    6,291    2,259 
stockpiles 
 
  Transportation costs              (4,370)  (5,115)  (4,436)  (5,801)  (4,303) 
 
Site operating costs                 64,237   59,859   54,921   50,134   49,753 
 
Less by-product credits: 
 
  Molybdenum, net of treatment      (3,023)  (3,831)  (7,755)  (8,574)  (6,138) 
costs 
 
  Silver, excluding amortization         36      202    (330)      300       64 
of deferred revenue 
 
Site operating costs, net of         61,250   56,230   46,836   41,860   43,679 
by-product credits 
 
Total copper produced (thousand      15,497   16,024   21,590   25,891   20,082 
pounds) 
 
Total costs per pound produced         3.95     3.51     2.17     1.62     2.18 
 
Average exchange rate for the          1.28     1.27     1.26     1.26     1.23 
period (CAD/USD) 
 
Site operating costs, net of           3.10     2.77     1.72     1.28     1.77 
by-product credits 
(US$ per pound) 
 
Site operating costs, net of         61,250   56,230   46,836   41,860   43,679 
by-product credits 
 
Add off-property costs: 
 
  Treatment and refining costs        2,948    2,133    1,480    3,643    1,879 
 
  Transportation costs                4,370    5,115    4,436    5,801    4,303 
 
Total operating costs                68,568   63,478   52,752   51,304   49,861 
 
Total operating costs (C1) (US$        3.47     3.13     1.94     1.57     2.02 
per pound) 
 
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   2022   2021   2021   2021 
indicated) -                                    Q2     Q1     Q4     Q3     Q2 
75% basis 
 
Site operating costs                          64,237 59,859 54,921 50,134 49,753 
 
Add: 
 
  Capitalized stripping costs                 11,887 15,142 12,737 10,882 14,794 
 
Total site costs                              76,124 75,001 67,658 61,016 64,547 
 
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        2022    2022    2021      2021 
share amounts)                         Q2      Q1      Q4        Q3 
 
Net income (loss)                    (5,274)   5,095  11,762     22,485 
 
  Unrealized foreign exchange         11,621 (4,398) (1,817)      9,511 
(gain) loss 
 
  Unrealized (gain) loss on         (30,747)   7,486   4,612    (6,817) 
derivatives 
 
  Estimated tax effect of              8,302 (2,021) (1,245)      1,841 
adjustments 
 
Adjusted net income (loss)          (16,098)   6,162  13,312     27,020 
 
Adjusted EPS                          (0.06)    0.02    0.05       0.10 
 
(Cdn$ in thousands, except per share amounts)  2021     2021     2020    2020 
                                                Q2       Q1       Q4      Q3 
 
Net income (loss)                              13,442 (11,217)    5,694     987 
 
  Unrealized foreign exchange (gain) loss     (3,764)    8,798 (13,595) (7,512) 
 
  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                  370      802      586   1,056 
 
  Estimated tax effect of adjustments           (100)  (3,656)    (158)   (285) 
 
Adjusted net income (loss)                      9,948  (5,534)  (7,473) (5,754) 
 
Adjusted EPS                                     0.04   (0.02)   (0.03)  (0.02) 
 
 
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    2022    2021     2021 
                                                Q2      Q1      Q4       Q3 
 
Net income (loss)                             (5,274)   5,095  11,762    22,485 
 
Add: 
 
  Depletion and amortization                   15,269  13,506  16,202    17,011 
 
  Finance expense                              12,236  12,155  12,072    11,875 
 
  Finance income                                (282)   (166)   (218)     (201) 
 
  Income tax expense                              922   1,188   9,300    22,310 
 
  Unrealized foreign exchange (gain) loss      11,621 (4,398) (1,817)     9,511 
 
  Unrealized (gain) loss on derivatives      (30,747)   7,486   4,612   (6,817) 
 
  Amortization of share-based compensation    (2,061)   3,273   1,075       117 
expense (recovery) 
 
Adjusted EBITDA                                 1,684  38,139  52,988    76,291 
 
(Cdn$ in thousands)                            2021     2021     2020    2020 
                                                Q2       Q1       Q4      Q3 
 
Net income (loss)                              13,442 (11,217)    5,694     987 
 
Add: 
 
  Depletion and amortization                   17,536   15,838   18,747  23,894 
 
  Finance expense (includes loss on            11,649   23,958   10,575  11,203 
settlement of long-term debt 
    and call premium) 
 
  Finance income                                (184)     (75)     (47)     (4) 
 
  Income tax (recovery) expense                 7,033  (4,302)  (2,724)   (580) 
 
  Unrealized foreign exchange (gain) loss     (3,764)    8,798 (13,595) (7,512) 
 
  Realized foreign exchange gain on                 - (13,000)        -       - 
settlement of long-term debt 
 
  Unrealized loss on derivatives                  370      802      586   1,056 
 
  Amortization of share-based compensation      1,650    2,920    1,242   2,501 
expense 
 
Adjusted EBITDA                                47,732   23,722   20,478  31,545 
 
 
Earnings (loss) from mining operations before depletion and amortization 
 
Earnings (loss) 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    Six months 
                                                   ended        ended 
                                                  June 30,       June 30, 
 
(Cdn$ in thousands)                               2022     2021    2022    2021 
 
Earnings (loss) from mining operations         (8,048)   36,946  21,219  51,421 
 
Add: 
 
  Depletion and amortization                    15,269   17,536  28,775  33,374 
 
Earnings from mining operations before           7,221   54,482  49,994  84,795 
depletion and 
amortization 
 
Site operating costs per ton milled 
 
(Cdn$ in thousands, except per ton milled       2022   2022   2021   2021   2021 
amounts)                                         Q2     Q1     Q4     Q3     Q2 
 
Site operating costs (included in cost of      64,237 59,859 54,921 50,134 49,753 
sales) 
 
Tons milled (thousands) (75% basis)             5,774  5,285  5,523  5,576  5,429 
 
Site operating costs per ton milled            $11.13 $11.33  $9.94  $8.99  $9.16 
 
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 effect of COVID-19 and the response of local, 
    provincial, federal and international governments to the threat of COVID-19 
    on our operations (including our suppliers, customers, supply chain, 
    employees and contractors) and economic conditions generally and in 
    particular with respect to the demand for copper and other metals we 
    produce; 
  * uncertainties and costs related to the Company's exploration and 
    development activities, such as those associated with continuity of 
    mineralization or determining whether mineral resources or reserves exist 
    on a property; 
  * uncertainties related to the accuracy of our estimates of mineral reserves, 
    mineral resources, production rates and timing of production, future 
    production and future cash and total costs of production and milling; 
  * uncertainties related to feasibility studies that provide estimates of 
    expected or anticipated costs, expenditures and economic returns from a 
    mining project; 
  * uncertainties related to the ability to obtain necessary licenses permits 
    for development projects and project delays due to third party opposition; 
  * 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, particularly laws, regulations and policies; 
  * changes in general economic conditions, the financial markets and in the 
    demand and market price for copper, gold and other minerals and 
    commodities, such as diesel fuel, 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; 
  * the effects of forward selling instruments to protect against fluctuations 
    in copper prices and exchange rate movements and the risks of counterparty 
    defaults, and mark to market risk; 
  * the risk of inadequate insurance or inability to obtain insurance to cover 
    mining risks; 
  * the risk of loss of key employees; 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; 
  * environmental issues and liabilities associated with mining including 
    processing and stock piling ore; and 
  * labour strikes, work stoppages, or other interruptions to, or difficulties 
    in, the employment of labour in markets in which we operate mines, or 
    environmental hazards, industrial accidents or other events or occurrences, 
    including third party interference that interrupt the production of 
    minerals in our mines. 
 
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. 
 
Cautionary Statement on Forward-Looking Information 
 
This discussion includes certain statements that may be deemed "forward-looking 
statements". All statements in this discussion, other than statements of 
historical facts, that address future production, reserve potential, 
exploration drilling, exploitation activities, and events or developments that 
the Company expects are forward-looking statements. Although we believe the 
expectations expressed in such forward-looking statements are based on 
reasonable assumptions, such statements are not guarantees of future 
performance and actual results or developments may differ materially from those 
in the forward-looking statements. Factors that could cause actual results to 
differ materially from those in forward-looking statements include market 
prices, exploitation and exploration successes, continued availability of 
capital and financing and general economic, market or business conditions. 
Investors are cautioned that any such statements are not guarantees of future 
performance and actual results or developments may differ materially from those 
projected in the forward-looking statements. All of the forward-looking 
statements made in this MD&A are qualified by these cautionary statements. We 
disclaim any intention or obligation to update or revise any forward-looking 
statements whether as a result of new information, future events or otherwise, 
except to the extent required by applicable law. Further information concerning 
risks and uncertainties associated with these forward-looking statements and 
our business may be found in our most recent Form 40-F/Annual Information Form 
on file with the SEC and Canadian provincial securities regulatory authorities. 
 
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 
 
SOURCE Taseko Mines Limited 
 
 
 
END 
 
 

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August 09, 2022 02:00 ET (06:00 GMT)

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