Taseko Releases Economic Impact Study for Gibraltar Copper Mine

VANCOUVER, British Columbia, Feb. 11, 2025 (GLOBE NEWSWIRE) -- Taseko Mines Limited (TSX: TKO; NYSE American: TGB; LSE: TKO) (“Taseko” or the "Company") today released the findings of a comprehensive study (the “Study”) of the economic contributions of its Gibraltar copper mine, located in central British Columbia.

The Study examines Gibraltar’s significant contribution to the economies of the Cariboo Region, BC and Canada since Taseko restarted the open-pit copper mining operation in late 2004. In addition, the Study forecasts Gibraltar’s economic impacts for the next 20 years, through its current remaining reserve life to 2044.

Prepared by MNP, a leading Canadian accounting and consulting firm, the Study employs an input-output model with multipliers published by Statistics Canada to quantify Gibraltar’s direct, indirect and induced economic effects for the periods 2005 – 2023 and 2024 – 2044.

Study highlights include:

An Economic Driver: Since 2004, Gibraltar has generated total economic output in Canada of $16.3 billion and value-added GDP of $8.3 billion. More than half of this economic activity occurred in BC’s Cariboo region ($10.1 billion and $5.0 billion respectively).

When combined with the next 20 years of operations, Gibraltar’s cumulative projected economic impact in Canada through 2044 is forecast to be $41.9 billion in output and $21.2 billion in value-added GDP, including $26.7 billion and $13.1 billion respectively in the Cariboo region.

Cornerstone of Regional Employment: Currently, the Gibraltar mine employs approximately 700 workers and supports a total of 2,860 full-time jobs (including indirect and induced employment). Over the past 20 years, BC’s Cariboo region has benefitted most from Gibraltar-supported jobs, hosting almost all of the direct jobs and about half of total employment.

Mining jobs in Canada are well paid; the Mining Association of BC estimates an annual average salary for BC mine workers of nearly $139,000. Gibraltar employees represent about 2.7% of total employment in the Cariboo region but 15.5% of the region’s employment income. Since 2005, economic activity from Gibraltar has generated cumulative employment income of more than $4 billion.

Revenues for governments: Since 2004, Gibraltar has been an important direct contributor and catalyst for government revenues at the local, provincial and national levels, supporting vital programs and services that benefit all Canadians. Total government revenues generated by the mine for all three levels of government were $2.0 billion for the period 2005 - 2023.

Over the coming 20 years, Gibraltar is forecast to generate an additional $3.1 billion in taxes in Canada, for a cumulative total of more than $5 billion.

Critical Minerals Production in Canada: Gibraltar is the second-largest open pit copper mine in Canada, with average annual life-of-mine production of 129 million pounds of copper. Copper is a key element in a wide range of energy technologies and is designated as a Critical Mineral by the governments of BC, Canada and the United States.

Since Taseko re-started operations at Gibraltar in 2004, the mine has produced 1.9 billion pounds of copper in concentrate, and is forecast to produce an additional 2.7 billion pounds through 2044. The cumulative total of 4.6billion pounds of copper forecast to be produced at Gibraltar from 2004 – 2044 is equivalent to the copper required to manufacture approximately 25 million electric vehicles (EV).

Stuart McDonald, Taseko’s President & CEO, commented, “The Gibraltar Mine has been a cornerstone of economic growth, prosperity, and community development in the Cariboo for more than two decades, and will continue to provide career opportunities and family-supporting employment for years to come. We are very proud of the economic contributions our business activities support in the Cariboo region and throughout British Columbia.”

“Our North American copper business is poised for significant near-term growth. In late 2025, we expect to complete construction and initiate production at the Florence Copper project in Arizona, and our Yellowhead copper project in south-central BC represents another major mine development opportunity. We look forward to building on the tremendous economic legacy that Gibraltar has established over the past 20 years.”

To view the full report visit: The Economic Impact of Gibraltar Mine: Reflecting on 20 Years, Envisioning the Next 20

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

Media Enquiries: Sean Magee, Vice President Corporate Affairs 778-373-4533 or toll-free 1-877-441-4533

Stuart McDonald

President and CEO

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 our 87.5% interest in Gibraltar (as defined below) for revenues and operating cashflows;

our reliance upon key management and operating personnel;

the competitive environment in which we operate;