Taseko Provides Construction Update on Florence Copper Project

VANCOUVER, British Columbia, Jan. 14, 2025 (GLOBE NEWSWIRE) -- Taseko Mines Limited (TSX: TKO; NYSE American: TGB; LSE: TKO) ("Taseko" or the "Company") is pleased to update the progress at its 100%-owned Florence Copper project in Florence, Arizona.

As of December 31, 2024, the overall project completion was at 56% and first copper production continues to be targeted before the end of 2025. Construction activities are advancing on schedule and nearly 450,000 project hours have been worked with no reportable injuries or environmental incidents. Currently, there are approximately 290 construction and support personnel on site.

Summary of key activities in the fourth quarter:

Process ponds and surface water runoff pond construction completed

Solvent extraction settler and launder modules placed and welding of the modules was commenced

17 production wells were fully constructed in the quarter, for a total of 51 wells out of 90 to be drilled during the construction phase

Development of the main pipe corridor (from wellfield to process plant) is mostly completed and installation of high density polyethylene piping in the corridor is ongoing

Field erected process and service tank construction commenced

Mechanical and piping installations are underway throughout the SX/EW plant

Erection of structural steel for the solvent extraction pipe rack is nearing completion and piping installation is underway

Electrical work commenced

Water treatment building was erected, and preparations made to start the electrowinning building erection

Stuart McDonald, President & CEO of Taseko, commented, “We are very pleased with the progress that has been made in the first 12 months of construction. The project remains on schedule, and construction costs remain in line with our previous guidance. We are now less than a year from anticipated first copper production and, in addition to construction activities, our site management team is focussed on operational readiness, key vendor agreements and recruiting.”

“With continued growth in US copper demand and an increasing focus on security of supply chains for critical materials, it is great timing to be bringing on a new source of domestic copper supply. Florence Copper is the only greenfield copper mine currently under construction in the USA and will soon become the third largest copper cathode producer in the country1.”

“We have recently been informed that our application for the Department of Energy’s 48C(e) tax credit has been declined. However, Taseko remains in a strong financial position with C$330 million of available liquidity at year-end, including the undrawn US$110 million revolving credit facility,” concluded Mr. McDonald.

Updated photos can be found on our website at https://tasekomines.com/properties/florence-copper/#construction-updates.

1Based on Wood Mackenzie data

For further information on Taseko, see the Company’s website at www.tasekomines.com or contact:

Caution Regarding Forward-Looking Information

our ability to comply with the extensive governmental regulation to which our business is subject;

uncertainties related to First Nations claims and consultation issues;

uncertainties related to unexpected judicial or regulatory proceedings;

our dependence solely on Gibraltar (as defined below) for revenues and operating cashflows;

our reliance upon key management and operating personnel;

the competitive environment in which we operate;