Taseko Comments on New US and Canadian Tariffs

VANCOUVER, British Columbia, Feb. 03, 2025 (GLOBE NEWSWIRE) -- Taseko Mines Limited (TSX: TKO; NYSE American: TGB; LSE: TKO) ("Taseko" or the "Company") provides the following update with respect to the new trade tariffs announced by the US and Canadian governments this weekend.

Taseko confirms that US import tariffs will have no impact on sales from its 100%-owned Gibraltar Mine. The mine produces copper and molybdenum concentrates that are sold to international metal traders and delivered to Asian markets. Offtake contracts are in place for 100% of copper concentrate production through the end of 2026, and no changes to these sales channels are expected during this period.

Taseko’s 100%-owned Florence Copper Project is currently under construction in Arizona, USA; the new operation is expected to produce first copper in Q4 2025. Florence is the only new copper mine currently under construction in the United States and will be a major new supplier of refined copper cathode for the US domestic market.

The Company does not expect any material impact on Florence construction costs or Gibraltar Mine operating costs as a result of the new tariffs. At Florence, construction procurement activities are essentially complete, and all construction materials are already on site or being fabricated in the US. At Gibraltar, based on the initial list of retaliatory tariffs published by the Government of Canada, the Company does not expect any material impact on mine operating costs.

Stuart McDonald, President & CEO of Taseko, commented, “Although these new tariffs will not directly impact our business, as a North America focussed copper producer we are hopeful that a more constructive trade relationship will emerge for copper and other critical minerals, for the benefit of both Canada and the United States. Going forward, we believe Canada must continue to diversify its economy by redoubling efforts to expedite development of critical mineral mines.”

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;