Taseko Reports Second Quarter 2024 Financial and Operational Performance and Florence Construction Update (2024)

VANCOUVER, BC, July 31,2024 /CNW/ - Taseko Mines Limited (TSX: TKO) (NYSEAmerican: TGB) (LSE: TKO) ("Taseko" or the "Company") reportssecond quarter 2024 Adjusted EBITDA* of $71million and Earnings from mining operations before depletionand amortization* of $77 million.Second quarter earnings benefited from a $26million insurance recovery related to mill repairs that werecompleted in January. Revenues for the second quarter were$138 million. A net loss of$11 million ($0.04 loss per share) was recorded for thequarter and adjusted net income was $31million ($0.10 pershare).

Gibraltar produced 20 millionpounds of copper and 185 thousand pounds of molybdenum in thesecond quarter, as previously disclosed. Production was impacted byplanned downtime for the in-pit crusher relocation and othermaintenance, and an 18-day mine shutdown for a labour strike. Millthroughput in the quarter was 5.7 million tons, processing anaverage grade of 0.23% copper. Copper recoveries in the quarteraveraged 78%, lower than previous quarters due to interruptions tooperating time in both concentrators. Total operating costs (C1)*for the quarter were US$2.99 perpound of copper produced, higher than recent quarters mainly due tolower production levels. The in-pit crusher relocation, a projectin development for nearly two years, was completed in the secondquarter. Conveyor and electrical tie ins were done by mid-July andthe new system is now running at full capacity.

Stuart McDonald, President andCEO of Taseko, commented, "This was our first full quarter with100% ownership of Gibraltar anddespite the operational disruptions, the mine's financialperformance was quite strong as we generated $35 million of operating cashflow. With all ofthe major project and mill maintenance work now completed atGibraltar, we're looking forwardto stronger copper production andcashflow generation in thesecond half."

Construction activities at the Florence Copper project continuedto ramp up in the second quarter and there are over 200 contractorsnow onsite. Concrete foundations have been poured fortheSX/EW plant, tank farms and other key components of theplant site. On thewellfield, 18 production wells werecompleted to the end of June, in line with the schedule, anddevelopment of the pipeline corridor is well advanced. The firstevaporation pond, which has been brought ahead in the schedule toprovide greater water management flexibility will be fully linedand completed in the next few weeks.

Mr. McDonald added, "We're pleased with the initial constructionprogress at Florence as all keyactivities are advancing on schedule. We've also had goodsuccess in recruiting key management and technical roles for thecommercial operation and now have nearly half of the 170 permanentpositions filled. Many of these positions have been filled by localArizonans and there is excitement about participating in thedevelopment of America's next copper mine. The projectremains on schedule for first copper production in the fourthquarter 2025."

*Non-GAAP performance measure. See end of news release

Second Quarter Review

• Earnings from mining operations before depletion, amortizationand non-recurring items* was $76.9million, Adjusted EBITDA* was $70.8million, and Adjusted net income* was $30.5 million ($0.10 per share);
• Second quarter cash flow from operations was $34.7 million and net loss was $11.0 million ($0.04 loss per share) for the quarter;
• Gibraltar produced 20.2million pounds of copper for the quarter. Average head grades were0.23% and copper recoveries were 78% for the quarter;
• Gibraltar sold 22.6 millionpounds of copper in the quarter at an average realized copper priceof US$4.49 per pound;
• Total operating costs (C1)* for the quarter were US$2.99 per pound produced;
• On June 1, 2024, operations atthe Gibraltar mine were suspendedfor 18 days due to strike action by its unionized workforce. Themine was put into temporary care and maintenance with onlyessential staff operating and maintaining critical systems duringthe strike. Operations at Gibraltar resumed on June 19 after the ratification of a new agreementby union members;
• During the quarter, a total of 5.7 million tons were milled.Throughput was impacted by both the labour strike and planneddowntime in Concentrator #1 for the relocation of the primarycrusher and maintenance;
• During the quarter, the Company finalized an insurance claimfor property damage to Concentrator #2 and business interruptionfor the associated production impact in 2023 and January 2024. An additional insurance recovery of$26.3 million was recorded in thesecond quarter, and proceeds are expected to be received in thethird quarter;
• Construction of the commercial production facility atFlorence is advancing with recentactivities focused on wellfield drilling, process pond constructionand civil works including pouring of concrete foundations;
• On April 23, 2024, the Companycompleted an offering of US$500million aggregate principal amount of 8.25% Senior SecuredNotes due May 1, 2030. The majorityof the proceeds were used to redeem the outstanding US$400 million 7% Senior Secured Notes due onFebruary 15, 2026. The remainingproceeds, net of transaction costs, call premium and accruedinterest, were approximately $110million and are available to fund capital projects,including construction at Florence Copper; and
• The Company had a cash balance of $199million at June 30, 2024 andhas approximately $308 million ofavailable liquidity including its undrawn US$80 million revolving credit facility.

*Non-GAAP performance measure. See end of news release

Highlights

Effective as of March 25, 2024 theCompany increased its ownership in Gibraltar from 87.5% to 100%. As aresult, the financial results reported in this MD&A include100% of Gibraltar income andexpenses for the period March 25,2024 to June 30, 2024 (87.5%for the period March 16, 2023 toMarch 24, 2024, and 75% prior toMarch 15, 2023). For moreinformation on the Company's acquisition of Cariboo, please referto the Financial Statements – Note 3.

The Company finalized the accounting for the acquisition of itsinitial 50% interest in Cariboo from Sojitz and the related 12.5%interest in Gibraltar in thefourth quarter of 2023. In accordancewith theaccounting standards for business combinations, the comparablefinancial statements as of June 30,2023 and for the three and six months then ended have beenrevised to reflect the changes in finalizing the consideration paidand the allocation of the purchase price to the assets andliabilities acquired.

*Non-GAAP performance measure. See end of news release

Review of Operations

Gibraltar mine

Review of Operations

Second Quarter Review

Gibraltar produced 20.2 millionpounds of copper for the quarter. Copper production and millthroughput in the quarter were impacted by a strike in June 2024 and planned downtime in Concentrator #1for the relocation of the in-pit crusher and other concurrentmaintenance.

On June 1, 2024, operations at themine were suspended for 18 days due to strike action byGibraltar's unionized workforcestrike. During this period all mining and milling operations wereshut down and only essential staff remained on site to operate andmaintain critical systems. Operations resumed on June 19, after the ratification of a newagreement by union members.

Copper head grades of 0.23% were in line with managementexpectations and the mine plan. Copper recoveries in the secondquarter were 78%, lower than the recent quarters due to increasedmilling of partially oxidized ore from the Connector pit andvariable mill operating conditions during the strike andmaintenance activities.

Operations Analysis - Continued

A total of 18.4 million tons were mined in the second quarter,lower than previous quarters due to the labour disruption.Stripping continued in the Connector pit and ore release willtransition from the Gibraltar pitto the Connector pit in the coming months. A total of 1.5 milliontons of oxide ore from the upper benches of the Connector pit werealso added to the heap leach pads in the period.

Total site costs* at Gibraltarof $90.5 million (which includescapitalized stripping of $10.7million) was lower compared to the previous quarter due tothe strike in June. A total of $2.5million care and maintenance costs were incurred during thestrike which are not included in total site costs or cost ofsales.

During the six months ended June 30,2024, the Company incurred total costs of $9.7 million in relation to the primary crusherrelocation project for Concentrator #1. Direct costs for thephysical move of the crusher of $7.9million have been included in the statement of income(loss).

Molybdenum production was 185 thousand pounds in the secondquarter and production was impacted by mill availability. At anaverage molybdenum price of US$21.79per pound, molybdenum generated a by-product credit per pound ofcopper produced of US$0.26 in thesecond quarter.

Off-property costs per pound produced* were US$0.37 for the second quarter and also reflectedhigher copper sales volumes relative to production volumes comparedto the prior quarter.

Total operating costs per pound produced (C1)* was US$2.99 for the quarter, compared to US$2.66 in the prior year quarter as shown in thebridge graph below with the difference substantially attributed tothe lower copper production in the quarter:

Gibraltar Outlook

With the major project and maintenance work in bothconcentrators now completed, production in the second half of 2024is expected to be stronger than the first half of 2024. An updatedmine plan and mill throughput opportunities are being evaluated torecover some of the production that was lost during the strike.Copper production for the year is expected to be in the range of110 to 115 million pounds, compared to original guidance ofapproximately 115 million pounds.

The Gibraltar pit continued tobe the main source of mill feed in the second quarter and mining ofore is now transitioning into the Connector pit, which will be theprimary source of mill feed in the second half of the year.Additional oxide ore from Connector pit is expected to be added tothe heap leach pads this year. Refurbishment of Gibraltar's SX/EW plant, which has been idlesince 2015, will begin later this year and management is planningto restart the facility in 2025.

*Non-GAAP performance measure. See end of news release

Gibraltar Outlook - Continued

In the quarter, the Company has tendered Gibraltar concentrate to various customers forthe remainder of 2024 and for significant tonnages in 2025 and2026. In 2023, Treatment and Refining Costs ("TCRCs") accounted forapproximately US$0.17 per pound ofoff-property costs. With these recently awarded offtake contracts,the Company expects off-property costs to reduce to US$0.05 per pound or less over the next two and ahalf years due to these fixed, lower TCRCs on the sale of itscopper concentrate.

The Company has a prudent hedging program in place to protect aminimum copper price during the Florence construction period. Currently,the Company has copper collar contracts that secure a minimumcopper price of US$3.75 per pound for42 million pounds of copper covering the second half of 2024, andcopper collar contracts that secure a minimum copper price ofUS$4.00 per pound for 108 millionpounds of copper for 2025. The copper collar contracts alsohave ceiling prices between US$5.00and US$5.40 per pound (refer to thesection "Hedging Strategy" for details).

Florence Copper

The Company has all the key permits in place for the commercialproduction facility at Florence Copper and construction hascommenced. All the major SX/EW plant components are on siteand previous work on detailed engineering and procurement oflong-lead items has de-risked the construction schedule.First copper production is expected in the fourth quarter of2025.

The Company has a technical report entitled "NI 43-101 TechnicalReport Florence Copper Project, PinalCounty, Arizona" dated March 30,2023 (the "2023 Technical Report") on SEDAR+. The 2023Technical Report was prepared in accordance with NI 43-101 andincorporated the results of testwork from the Production TestFacility ("PTF") as well as updated capital and operating costs (Q32022 basis) for the commercial production facility.

Project highlights based on the 2023 Technical Report:

• Net present value of US$930million (at $US 3.75 copperprice, 8% after-tax discount rate)
• Internal rate of return of 47% (after-tax)
• Payback period of 2.6 years
• Operating costs (C1) of US$1.11per pound of copper
• Annual production capacity of 85 million pounds of LME grade Acathode copper
• 22 year mine life
• Total life of mine production of 1.5 billion pounds ofcopper
• Remaining initial capital cost of US$232million (Q3 2022 basis)

Construction activities in the second quarter of 2024 havefocused on wellfield drilling, site preparations and earthworks forthe commercial wellfield and plant area including the excavation ofprocess ponds and concrete foundation work for the plant, and thehiring of additional personnel for the construction and operationsteams.

Drilling of the commercial facility wellfield commenced inFebruary and two drills operated during the second quarter, with athird drill mobilized in July. As of the end of June, a totalof 18 production wells had been drilled which is in line with theplanned construction schedule.

The Company has a fixed-price contract with the generalcontractor for construction of the SX/EW plant and associatedsurface infrastructure.

Florence Copper - Continued

Florence Copper Quarterly Capital Spend

The estimated remaining capital costs in the 2023 TechnicalReport for construction of the commercial facility was US$232 million, of which US$36.9 million has been incurred in the secondquarter of 2024 and US$54.8 millionhas been incurred for the six months ended June 30, 2024. Other capital costs ofUS$22.8 million include finalpayments for delivery of long-lead equipment that was ordered in2022, and to bring forward the construction of an evaporation pondto provide additional water management flexibility.

The Company has closed several Florence project level financings to fundinitial commercial facility construction costs. On April 26^th, the Company received thesecond deposit of US$10 million fromthe US$50 million copper streamtransaction with Mitsui & Co. (U.S.A.) Inc. ("Mitsui"). Thethird deposit was received in July and the remaining amounts ofUS$20 million should be received inOctober 2024 and January 2025.

The Company considers that the construction of Florence Copperis now fully funded, and remaining project costs are expected to befunded with the Company's available liquidity, remaininginstalments from Mitsui, and cashflow from its 100% ownershipinterest in Gibraltar. The Company also has in place anundrawn revolving credit facility for US$80million.

Long-term Growth Strategy

Taseko's strategy has been to grow the Company by acquiring anddeveloping a pipeline of projects focused on copper in North America. We continue to believe thiswill generate long-term returns for shareholders. Our otherdevelopment projects are located in British Columbia, Canada.

Yellowhead Copper Project

Yellowhead Mining Inc. ("Yellowhead") has an 817 million tonnesreserve and a 25-year mine life with a pre-tax net present value of$1.3 billion at an 8% discount rateusing a US$3.10 per pound copperprice basedon the Company's 2020 NI 43-101 technical report.Capital costs of the project were estimated at $1.3 billion over a 2-year construction period.During the first 5 years of operation, the copper equivalent gradewill average 0.35% producing an average of 200 million pounds ofcopper per year at an average C1* cost, net of by-product credit,of US$1.67 per pound of copperproduced. The Yellowhead copper project contains valuable preciousmetal by-products with 440,000 ounces of gold and 19 million ouncesof silver production over the life of mine.

Long-term Growth Strategy - Continued

The Company is preparing to advance into the environmentalassessment process and has recently opened a project office tosupport ongoing engagement with local communities including FirstNations. The Company is also conducting a site investigation fieldprogram this year, and collecting baseline data and modeling whichwill be used to support the environmental assessment and permittingof the project.

New Prosperity Gold-Copper Project

In late 2019, the Tŝilhqot'in Nation, as represented byTŝilhqot'in National Government, and Taseko Mines Limited enteredinto a confidential dialogue, with the involvement of the Provinceof British Columbia, seeking along-term resolution of the conflict regarding Taseko's proposedcopper-gold mine previously known as New Prosperity, acknowledgingTaseko's commercial interests and the Tŝilhqot'in Nation'sopposition to the project.

This dialogue has been supported by the parties' agreement,beginning December 2019, to a seriesof standstill agreements on certain outstanding litigation andregulatory matters relating to Taseko's tenures and the area in thevicinity of Teẑtan Biny (Fish Lake).

The dialogue process has made meaningful progress in recentmonths but is not complete. The Tŝilhqot'in Nation and Tasekoacknowledge the constructive nature of discussions, and theopportunity to conclude a long-term and mutually acceptableresolution of the conflict that also makes an importantcontribution to the goals of reconciliation in Canada.

In March 2024, Tŝilhqot'in andTaseko formally reinstated the standstill agreement for a finalterm, with the goal of finalizing a resolution before the end ofthis year.

Aley Niobium Project

Environmental monitoring and product marketing initiatives onthe Aley niobium project continue. The converter pilot test isongoing and is providing additional process data to support thedesign of the commercial process facilities and will provide finalproduct samples for marketing purposes. The Company has alsoinitiated a scoping study to investigate the potential productionof niobium oxide at Aley to supply the growing market forniobium-based batteries.

Annual Sustainability Report

In June 2024, the Companypublished its annual Sustainability Report, titled H₂O +ESG (the "Report"). The Report focuses on the 2023 operational andsustainability performance of Taseko's foundational asset, theGibraltar copper mine inBritish Columbia, and highlightssocial and economic contributions from the Florence Copper projectin Arizona, which will soon becomethe Company's second operating asset.

Taseko's 2023 Sustainability Report features several significantinitiatives underway across the Company to conserve and reusewater, and to achieve water management objectives. This includes apioneering in-situ biological water treatment initiative undertakenat the Gibraltar mine last year –part of a long-term water management program that has achieved a77% reduction in free water stored in the mine's tailings storagefacility over the past decade.

While profitable operations and return on investment arecritical drivers for Taseko's success, the Company also deliversvalue to its employees and operating communities, businesspartners, Indigenous Nations and governments. The annualSustainability Report is an opportunity to showcase the importantbenefits that the Company generates through its operations,investments and people.

The full report can be viewed and downloaded at:tasekomines.com/sustainability/overview/

Stuart McDonald
President & CEO

No regulatory authority has approved ordisapproved of the information in this news release.

Non-GAAP Performance Measures

This document includes certain non-GAAP performance measuresthat do not have a standardized meaning prescribed by IFRS. Thesemeasures may differ from those used by, and may not be comparableto such measures as reported by, other issuers. The Companybelieves that these measures are commonly used by certaininvestors, in conjunction with conventional IFRS measures, toenhance their understanding of the Company's performance. Thesemeasures have been derived from the Company's financial statementsand applied on a consistent basis. The following tables belowprovide a reconciliation of these non-GAAP measures to the mostdirectly comparable IFRS measure.

Total operating costs and site operating costs, net ofby-product credits

Total costs of sales include all costs absorbed into inventory,as well as transportation costs and insurance recoverable. Siteoperating costs are calculated by removing net changes ininventory, depletion and amortization, insurance recoverable, andtransportation costs from cost of sales. Site operating costs, netof by-product credits is calculated by subtracting by-productcredits from the site operating costs. Site operating costs, net ofby-product credits per pound are calculated by dividing theaggregate of the applicable costs by copper pounds produced. Totaloperating costs per pound is the sum of site operating costs, netof by-product credits and off-property costs divided by the copperpounds produced. By-product credits are calculated based on actualsales of molybdenum (net of treatment costs) and silver during theperiod divided by the total pounds of copper produced during theperiod. These measures are calculated on a consistent basis for theperiods presented.

Non-GAAP Performance Measures - Continued

Total Site Costs

Total site costs are comprised of the site operating costscharged to cost of sales as well as mining costs capitalized toproperty, plant and equipment in the period. This measure isintended to capture Taseko's share of the total site operatingcosts incurred in the quarter at Gibraltar calculated on a consistent basis forthe periods presented.

Adjusted net income (loss) and Adjusted EPS

Adjusted net income (loss) removes the effect of the followingtransactions from net income as reported under IFRS:

• Unrealized foreign currency gains/losses;
• Unrealized gain/loss on derivatives;
• Other operating costs;
• Call premium on settlement of debt;
• Loss on settlement of long-term debt, net of capitalizedinterest;
• Gain on Cariboo acquisition;
• Gain on acquisition of control of Gibraltar;
• Realized gain on sale of inventory;
• Realized gain on processing of ore stockpiles; and
• Finance and other non-recurring costs forCaribooacquisition.

Management believes these transactions do not reflect theunderlying operating performance of our core mining business andare not necessarily indicative of future operating results.Furthermore, unrealized gains/losses on derivative instruments,changes in the fair value of financial instruments, and unrealizedforeign currency gains/losses are not necessarily reflective of theunderlying operating results for the reporting periodspresented.

Non-GAAP Performance Measures – Continued

Non-GAAP Performance Measures - Continued

Adjusted EBITDA

Adjusted EBITDA is presented as a supplemental measure of theCompany's performance and ability to service debt. Adjusted EBITDAis frequently used by securities analysts, investors and otherinterested parties in the evaluation of companies in the industry,many of which present Adjusted EBITDA when reporting their results.Issuers of "high yield" securities also present Adjusted EBITDAbecause investors, analysts and rating agencies consider it usefulin measuring the ability of those issuers to meet debt serviceobligations.

Adjusted EBITDA represents net income before interest, incometaxes, and depreciation and also eliminates the impact of a numberof items that are not considered indicative of ongoing operatingperformance. Certain items of expense are added and certain itemsof income are deducted from net income that are not likely to recuror are not indicative of the Company's underlying operating resultsfor the reporting periods presented or for future operatingperformance and consist of:

• Unrealized foreign exchange gains/losses;
• Unrealized gain/loss on derivatives;
• Amortization of share-based compensation expense;
• Other operating costs;
• Call premium on settlement of debt;
• Loss on settlement of long-term debt;
• Gain on Cariboo acquisition;
• Gain on acquisition of control of Gibraltar;
• Realized gain on sale of inventory;
• Realized gain on processing of ore stockpiles; and
• Non-recurring other expenses for Cariboo acquisition.

Non-GAAP Performance Measures - Continued

Non-GAAP Performance Measures - Continued

Earnings from mining operations before depletion andamortization

Earnings from mining operations before depletion andamortization is earnings from mining operations with depletion andamortization, also any items that are not considered indicative ofongoing operating performance are added back. The Company disclosesthis measure, which has been derived from our financial statementsand applied on a consistent basis, to provide assistance inunderstanding the results of the Company's operations and financialposition and it is meant to provide further information about thefinancial results to investors.

During the three and six months ended June 30, 2024 the realized gains on sale ofinventory and processing of ore stockpiles relates to inventoryheld at March 25, 2024 that waswritten-up from book value to net realizable value and subsequentlysold or processed between March 26 and June30, 2024.

Non-GAAP Performance Measures - Continued

Site operating costs per ton milled

The Company discloses this measure, which has been derived fromour financial statements and applied on a consistent basis, toprovide assistance in understanding the Company's site operationson a tons milled basis.

Technical Information

The technical information contained in this MD&A related tothe Florence Copper Project is based upon the report entitled: "NI43-101 Technical Report – Florence Copper Project, Pinal County, Arizona" issued March 30, 2023 with an effective date ofMarch 15, 2023 which is available onSEDAR+. The Florence Copper Project Technical Report was preparedunder the supervision of RichardTremblay, P.Eng., MBA, RichardWeymark, P.Eng., MBA, and RobertRotzinger, P.Eng. Mr. Tremblay is employed by the Company asChief Operating Officer, Mr. Weymark is Vice President Engineering,and Robert Rotzinger is VicePresident Capital Projects. All three are Qualified Persons asdefined by NI 43–101.

Caution Regarding Forward-Looking Information

This document contains "forward-looking statements" that werebased on Taseko's expectations, estimates and projections as of thedates as of which those statements were made. Generally, theseforward-looking statements can be identified by the use offorward-looking terminology such as "outlook", "anticipate","project", "target", "believe", "estimate", "expect", "intend","should" and similar expressions.

Forward-looking statements are subject to known and unknownrisks, uncertainties and other factors that may cause the Company'sactual results, level of activity, performance or achievements tobe materially different from those expressed or implied by suchforward-looking statements. These included but are not limitedto:

• uncertainties about the effect of COVID-19 and the response oflocal, provincial, federal and international governments to thethreat of COVID-19 on our operations (including our suppliers,customers, supply chain, employees and contractors) and economicconditions generally and in particular with respect to the demandfor copper and other metals we produce;
• uncertainties and costs related to the Company's explorationand development activities, such as those associated withcontinuity of mineralization or determining whether mineralresources or reserves exist on a property;
• uncertainties related to the accuracy of our estimates ofmineral reserves, mineral resources, production rates and timing ofproduction, future production and future cash and total costs ofproduction and milling;
• uncertainties related to feasibility studies that provideestimates of expected or anticipated costs, expenditures andeconomic returns from a mining project;
• uncertainties related to the ability to obtain necessarylicenses permits for development projects and project delays due tothird party opposition;
• uncertainties related to unexpected judicial or regulatoryproceedings;
• changes in, and the effects of, the laws, regulations andgovernment policies affecting our exploration and developmentactivities and mining operations, particularly laws, regulationsand policies;
• changes in general economic conditions, the financial marketsand in the demand and market price for copper, gold and otherminerals and commodities, such as diesel fuel, steel, concrete,electricity and other forms of energy, mining equipment, andfluctuations in exchange rates, particularly with respect to thevalue of the U.S. dollar and Canadian dollar, and the continuedavailability of capital and financing;
• the effects of forward selling instruments to protect againstfluctuations in copper prices and exchange rate movements and therisks of counterparty defaults, and mark to market risk;
• the risk of inadequate insurance or inability to obtaininsurance to cover mining risks;
• the risk of loss of key employees; the risk of changes inaccounting policies and methods we use to report our financialcondition, including uncertainties associated with criticalaccounting assumptions and estimates;
• environmental issues and liabilities associated with miningincluding processing and stock piling ore; and
• labour strikes, work stoppages, or other interruptions to, ordifficulties in, the employment of labour in markets in which weoperate mines, or environmental hazards, industrial accidents orother events or occurrences, including third party interferencethat interrupt the production of minerals in our mines.

For further information on Taseko, investors should review theCompany's annual Form 40-F filing with the United States Securitiesand Exchange Commission www.sec.gov and home jurisdiction filingsthat are available at www.sedar.com.

Cautionary Statement on Forward-Looking Information

This discussion includes certain statements that may be deemed"forward-looking statements". All statements in thisdiscussion, other than statements of historical facts, that addressfuture production, reserve potential, exploration drilling,exploitation activities, and events or developments that theCompany expects are forward-looking statements. Although webelieve the expectations expressed in such forward-lookingstatements are based on reasonable assumptions, such statements arenot guarantees of future performance and actual results ordevelopments may differ materially from those in theforward-looking statements. Factors that could cause actualresults to differ materially from those in forward-lookingstatements include market prices, exploitation and explorationsuccesses, continued availability of capital and financing andgeneral economic, market or business conditions. Investorsare cautioned that any such statements are not guarantees of futureperformance and actual results or developments may differmaterially from those projected in the forward-lookingstatements. All of the forward-looking statements made inthis MD&A are qualified by these cautionary statements.We disclaim any intention or obligation to update or revise anyforward-looking statements whether as a result of new information,future events or otherwise, except to the extent required byapplicable law. Further information concerning risks anduncertainties associated with these forward-looking statements andour business may be found in our most recent Form 40-F/AnnualInformation Form on file with the SEC and Canadian provincialsecurities regulatory authorities.

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SOURCE Taseko Mines Limited