TASEKO ANNOUNCES A 40% INCREASE IN GIBRALTAR PROVEN AND PROBABLE RESERVES – PR Newswire

VANCOUVER, BC, March 30, 2022 /PRNewswire/ - Taseko Mines Limited (TSX: TKO) (NYSE MKT) (TGB; LSE: TKO) ("Taseko" or the "Company") is pleased to announce 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:

Note: Taseko's 75% owned Gibraltar Mine is located north of the City of Williams Lake in south-central British Columbia. All dollar amounts are in Canadian dollars (C$) and units are imperial unless stated otherwise.

Stuart McDonald, President and CEO, commented, "Gibraltar has been our cornerstone asset since it was restarted 17 years ago, and with the extended mine life we expect it will continue to generate significant cashflow for many years to come. Over the last two years there has been a dramatic shift in the long-term outlook for copper, as the world accelerates the transition to a green economy. With the improved market outlook, our engineering team updated pit designs which have added 200 million tons of additional reserves to the life of mine plan. The mine now has a 23-year mine life with significant leverage to copper prices going forward. At current copper prices, the mine NPV increases to over $2 billion (75% basis, after-tax)."

Richard Tremblay, Senior VP, Operations, added, "The additional tons in the new reserve are at a similar grade as Gibraltar's previous reserves. While the life of mine strip ratio has increased slightly, there has been no change to the mine plan over the next five years where copper production is expected to average approximately 128 million pounds per year. The updated pit designs are based on a conservative long-term copper price of US$3.05 per pound (previously US$2.75 per pound), and incorporate material that was previously classified as resources."

Mr. McDonald concluded, "Recent market activity and global events continue to show the value of a long-life, steady-state copper mine in a top mining jurisdiction. With our near-term growth plans in Arizona, and longer-term development projects in British Columbia, Taseko is very well positioned to build a North America based mid-tier copper producer."

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$13 per pound long-term and a foreign exchange rate of 1.3:1 (C$:US$).

Gibraltar Mine Sulphide Mineral Reserves as of December 31 , 2021 at 0.15% Copper Cut-off

Category

Tons (millions)

Cu Grade (%)

Mo Grade (%)

Cu Eq. (%)

Proven

509

0.25

0.008

0.27

Probable

191

0.23

0.008

0.24

Ore Stockpiles

6

0.18

0.007

0.20

Total Proven and Probable

706

0.25

0.008

0.26

Gibraltar Mine Mineral Resources as of December 31 , 2021 at 0.15% Copper Cut-off

Category

Tons (millions)

Cu Grade (%)

Mo Grade (%)

Cu Eq. (%)

Measured

845

0.25

0.007

0.27

Indicated

370

0.23

0.007

0.25

Total Measured and Indicated

1,215

0.24

0.007

0.26

Inferred

78

0.22

0.004

0.23

Gibraltar Mine Oxide Mineral Reserves as of December 31, 2021 at 0.10% ASCu Cut-off

Category

Tons

ASCu (%)

Proven

1

0.15

Probable

16

0.15

Ore Stockpiles

0

0.15

Total Proven and Probable

17

0.15

Qualified Persons and 43-101 Disclosure

This technical content of this news release has been reviewed and approved by Richard Weymark, P.Eng., MBA, Vice President, Engineering of Taseko. Mr. Weymark is a Qualified Person under the provisions of National Instrument 43-101 published by the Canadian Securities Administrators.

The resource and reserve estimation was completed by Taseko and Gibraltar Mine staff and contributing consultants under the supervision of Richard Weymark, P. Eng., MBA. Vice President, Engineering of Taseko and a Qualified Person under National Instrument 43-101.

Additional information regarding data verification procedures, known legal, political, environmental or other risks can be found in the Technical Report dated March 30, 2022, titled 'Technical Report on the Mineral Reserve Update at the Gibraltar Mine' which is available on SEDAR.

Note to United States Investors

This news release has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of United States securities laws. Canadian reporting requirements for disclosure regarding mineral properties are governed by National Instrument 43-101 - Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators ("NI 43-101"). For this reason, information contained in this news release regarding the Company's Gibraltar Mine may not be comparable to similar information made public by United States companies subject to the reporting and disclosure requirements under the United States securities laws and the rules and regulations thereunder.

For further information on the differences between the disclosure requirements for mineral properties in the United States and NI 43-101, please refer to the company's Annual Information Form, a copy of which has been filed under Taseko's profile on SEDAR at http://www.sedar.com and the company's Form 40-F, a copy of which will be filed on EDGAR at http://www.edgar.com.

Stuart McDonaldPresident 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:

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

SOURCE Taseko Mines Limited

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TASEKO ANNOUNCES A 40% INCREASE IN GIBRALTAR PROVEN AND PROBABLE RESERVES - PR Newswire