Taseko Reports Strong Fourth Quarter Financial Performance

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 87.5% 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, March 7, 2024 - Taseko Mines Limited (TSX: TKO) (NYSE American: TGB) (LSE: TKO) ("Taseko" or the "Company") reports full year 2023 Adjusted EBITDA* of $190 million and Earnings from mining operations before depletion and amortization* of $207 million. Revenues for 2023 were $525 million, 34% higher than the prior year as a result of improved copper production and an increase in the Company's effective interest in the Gibraltar Mine, from 75% to 87.5%, in March 2023. Net income for the year was $83 million ($0.29 per share) and Adjusted net earnings* were $44 million ($0.15 per share).

In the fourth quarter, Adjusted EBITDA* was $69 million and Earnings from mining operations before depletion and amortization* was $73 million. Net income for the fourth quarter was $67 million ($0.23 per share) and Adjusted net earnings* was $24 million ($0.08 per share).

Fourth quarter copper production from Gibraltar was 34 million pounds, and for the full year 2023 production was 123 million pounds. Annual production was above the Company's original guidance and also 26% higher than in 2022. Strong production supported lower Total operating cash costs (C1)* of US$1.91 per pound for the fourth quarter and US$2.37 per pound for the year. Molybdenum production for the fourth quarter and year was 369 thousand pounds and 1.2 million pounds, respectively.

Stuart McDonald, President and CEO of Taseko, commented, "The Gibraltar Mine finished a successful year with another strong production quarter. The lower benches of the Gibraltar pit continued to deliver the quality ore we expected, with copper grades averaging 0.27% for the period. This resulted in strong earnings and $63 million of operating cash flow in the fourth quarter. For the full year 2023, the average copper grade was 0.25%, which is in line with Gibraltar's life of mine reserve grade, and led to significantly improved copper production and financial performance compared to 2022.

"At our Florence Copper project we achieved a major milestone in the fourth quarter, as the final Underground Injection Control permit became effective, successfully concluding the EPA's lengthy permitting process. We also announced two Florence project financings totalling US$100 million, from Taurus Mining Royalty Fund and Societe Generale, which supplement the previously announced financings from Mitsui and Bank of America.

We're now moving forward with construction of the commercial production facility at Florence. Initial activities have focused on site preparations, earthworks and civil work for the wellfield as well as hiring additional site personnel for the construction and operations teams. Wellfield drilling commenced in February and construction of the SX/EW plant and other surface infrastructure will begin in the second quarter. First copper production expected in fourth quarter 2025."

Mr. McDonald added, "Taseko is in a very unique position heading into 2024 with a fully permitted, low-cost project that will provide 80% growth to our North American copper production profile in the coming years. Our Gibraltar Mine is expected to continue to benefit from Gibraltar pit ore which will be the main source of mill feed for the first half of this year, before the transition to the Connector pit. In January, we had mill downtime in concentrator #2 for a planned major component replacement, which was successfully completed in the scheduled timeframe. In the second quarter, concentrator #1 will be shut down for roughly three weeks for the in-pit crusher relocation and other mill maintenance. Factoring in the additional down time in 2024, we expect Gibraltar to produce approximately 115 million pounds of copper for the year, with quarterly production less variable than in recent years," concluded Mr. McDonald.

2023 Annual Review

Annual cash flow from operations was $151.1 million and net income was $82.7 million ($0.29 per share) for the year;

Earnings from mining operations before depletion and amortization* was $207.4 million, Adjusted EBITDA* was $190.1 million and Adjusted net income* was $44.4 million ($0.15 per share);

Total operating costs (C1)* for the year was US$2.37 per pound produced;

The Gibraltar mine produced 122.6 million pounds of copper and 1.2 million pounds of molybdenum in 2023. Copper recoveries averaged 82.6% and copper head grades were 0.25%;

Gibraltar sold 120.7 million pounds of copper for the year (100% basis) which contributed to revenue for Taseko of $525.0 million, the highest annual revenue Taseko has ever recorded. Average realized copper prices were US$3.84 per pound for the year;

On March 15, 2023, Taseko acquired 50% of Cariboo Copper Corp. increasing its effective interest from 75% to 87.5% in the Gibraltar mine; and

In September, the U.S. Environmental Protection Agency ("EPA") issued the Final Underground Injection Control ("UIC") permit for the Florence Copper Project and the permit became effective on October 31, 2023. The Company now has all key permits in place and is commencing construction of the commercial production facility at Florence.

Fourth Quarter Review

Fourth quarter cash flow from operations was $62.8 million and net income was $67.4 million ($0.23 per share) for the quarter;

Earnings from mining operations before depletion and amortization* was $73.1 million, Adjusted EBITDA* was $69.1 million, and Adjusted net income* was $24.1 million ($0.08 per share);

Gibraltar produced 34.2 million pounds of copper for the quarter. Average head grades were 0.27% and copper recoveries were 82.2% for the quarter;

Gibraltar sold 35.9 million pounds of copper in the quarter (100% basis) at an average realized copper price of US$3.75 per pound;

Total operating costs (C1)* for the quarter was US$1.91 per pound produced;

Construction of the commercial production facility at Florence is advancing with recent site activities focused on site preparations, earthworks and civil work for the commercial wellfield. Wellfield drilling commenced in February and construction of the SX/EW plant and associated surface infrastructure is scheduled to get underway in the second quarter of 2024;

*Non-GAAP performance measure. See