TKO Taseko Mines Limited

 
TIDMTKO 
 
Taseko Receives Approvals for US$100 Million in Additional Financing for 
Florence Copper 
 
VANCOUVER, BC, Nov. 6, 2023 - Taseko Mines Limited (TSX: TKO) (NYSE American: 
TGB) (LSE: TKO) ("Taseko" or the "Company") is pleased to provide an update on 
two additional financing transactions, totalling US$100 million, for its 
Florence Copper Project in Arizona, USA. The Company has been notified that 
Taurus Mining Royalty Fund L.P. ("Taurus") has obtained investment committee 
approval for a US$50 million royalty, and Societe Generale has received credit 
approval for a US$50 million senior secured debt facility. Upon closing and 
satisfaction of conditions precedent, proceeds from these project 
level financings will be available to Florence Copper to fund the construction 
and development of the commercial production facility. 
 
Stuart McDonald, President and CEO of Taseko, commented, "The Taurus royalty and 
the project loan facility from Societe Generale complement the previously 
announced commitments from Mitsui and Bank of America. A total of US$175 million 
from these four well-regarded industry participants is a strong endorsement of 
Florence Copper's technical merits, attractive economics, and favorable 
environmental attributes." 
 
"Florence Copper will supply 85 million pounds of copper, now defined a critical 
material by the Department of Energy, to the US domestic market. With the 
permitting process complete and these new financings expected to close in the 
coming months, we can now begin construction of the commercial facility at 
Florence," concluded Mr. McDonald. 
 
Additional Florence Financing Details 
 
Florence Project Royalty 
 
The US$50 million royalty ("Royalty") has received investment committee approval 
from Taurus. The Royalty will be for 1.95% of the gross revenue from the sale of 
all copper from Florence Copper for the life of mine. The US$50 million of 
consideration is payable upon the satisfaction of customary conditions precedent 
for closing. The Royalty will be registered on title and will otherwise be 
unsecured. 
 
Senior Secured Project Loan Facility 
 
The US$50 million senior secured debt facility will be provided by Societe 
Generale subject to completion of definitive documentation and the satisfaction 
of conditions precedent. The facility also contains a US$25 million uncommitted 
accordion feature which can be exercised by the Company in the future to 
increase its size to US$75 million if needed, subject to additional credit 
approval at that time. 
 
The maturity date of the Florence debt facility will be five years from the date 
of closing, with no scheduled principal repayments until the maturity date when 
any outstanding amounts will be repayable. The facility contains covenants and 
restrictions customary for a project loan facility. The facility will have a 
first lien charge over the assets of Florence and an unsecured guarantee from 
the Company until completion. Societe Generale's credit approval will be 
formalized in a commitment letter containing customary conditions. 
 
Endeavour Financial is acting as the Company's financial adviser in connection 
with these transactions. 
 
Stuart McDonald 
 
President and CEO 
 
No regulatory authority has approved or disapproved of the information contained 
in this news release. 
 
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 87.5% 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 and Florence Copper, see the Company's website 
at www.tasekomines.com or contact: Brian Bergot, Vice President, Investor 
Relations - 778-373-4533 or toll free 1-877-441-4533 
 
 
This information was brought to you by Cision http://news.cision.com 
 
 
END 
 
 

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