REG-Taseko Mines Limited: TASEKO: INCREASE IN GIBRALTAR PROVEN & PROBABLE RESERVES

Taseko MinesAnnouncement

31/03/2022 07:15

TASEKO ANNOUNCES A 40% INCREASE IN GIBRALTAR PROVEN AND PROBABLE RESERVES

VANCOUVER, BC, March 30, 2022 - Taseko Mines Limited (TSX: TKO) (NYSE MKT)
(TGB; LSE: TKO) ("Taseko" or the "Company") is pleased to announce a new 706
million ton proven and probable sulphide reserve for the Gibraltar Mine, a 40%
increase as of December 31, 2021. The new reserve estimate allows for a
significant extension of the mine life to 23 years with total recoverable
metal of 3.0 billion pounds of copper and 53 million pounds of molybdenum.

Highlights from the new reserve:
* 706 million tons grading 0.25% copper
* Recoverable copper of 3.0 billion pounds and 53 million pounds of molybdenum
* 23 year mine life with average annual production of approximately 129
million pounds of copper and 2.3 million pounds of molybdenum
* Life-of-mine average strip ratio of 2.4:1
* After-tax NPV8 of $1.1 billion (75% basis) and free cash flow of $2.3
billion (75% basis) at a long-term copper price of US$3.50 per pound(1)
Note: Taseko's 75% owned Gibraltar Mine is located north of the City of
Williams Lake in south-central British Columbia. All dollar amounts are in
Canadian dollars (C$) and units are imperial unless stated otherwise.

Stuart McDonald, President and CEO, commented, "Gibraltar has been our
cornerstone asset since it was restarted 17 years ago, and with the extended
mine life we expect it will continue to generate significant cashflow for many
years to come.  Over the last two years there has been a dramatic shift in
the long-term outlook for copper, as the world accelerates the transition to a
green economy.  With the improved market outlook, our engineering team
updated pit designs which have added 200 million tons of additional reserves
to the life of mine plan.  The mine now has a 23-year mine life with
significant leverage to copper prices going forward.  At current copper
prices, the mine NPV increases to over $2 billion (75% basis, after-tax)."

Richard Tremblay, Senior VP, Operations, added, "The additional tons in the
new reserve are at a similar grade as Gibraltar's previous reserves. While the
life of mine strip ratio has increased slightly, there has been no change to
the mine plan over the next five years where copper production is expected to
average approximately 128 million pounds per year. The updated pit designs are
based on a conservative long-term copper price of US$3.05 per pound
(previously US$2.75 per pound), and incorporate material that was previously
classified as resources."

Mr. McDonald concluded, "Recent market activity and global events continue to
show the value of a long-life, steady-state copper mine in a top mining
jurisdiction. With our near-term growth plans in Arizona, and longer-term
development projects in British Columbia, Taseko is very well positioned to
build a North America based mid-tier copper producer."

 (1)The NPV and cash flow is based on copper prices of $4.25 (2022), $3.90 (2023) and US$3.50 per pound long-term, and a molybdenum price of US$18 (2022), US$15 (2023) and US$13 per pound long-term and a foreign exchange rate of 1.3:1 (C$:US$).  

   

 Gibraltar Mine Sulphide Mineral Reserves as of December 31 , 2021 at 0.15% Copper Cut-off 
 Category                   Tons (millions)  Cu Grade  (%)  Mo Grade (%)  Cu Eq.  (%)  
 Proven                           509             0.25          0.008         0.27     
 Probable                         191             0.23          0.008         0.24     
 Ore Stockpiles                    6              0.18          0.007         0.20     
 Total Proven and Probable        706             0.25          0.008         0.26     
1. Mineral Reserves follow CIM Definition Standards for Mineral Resources and
Mineral Reserves (2014).
2. Sulphide Mineral Reserves are exclusive of Oxide Mineral Reserves and are
contained within Mineral Resources.
3. Mineral Reserves are assumed to be extracted using open pit mining methods
and are based on US$3.05/lb Cu price, $12.00/lb Mo price, exchange rate of
US$0.80=C$1.00, metallurgical recoveries of 85% Cu and 40% Mo for sulphide ore
and 50% ASCu for oxide ore.
4. A tonnage factor of 12ft3/ton has been applied for rock and 15ft3/ton for
overburden and fill.
5. Copper Equivalency based on US$3.50/lb price and 85% metallurgical recovery
for copper, and US$13.00/lb price and 50% metallurgical recovery for
molybdenum.  CuEq can be calculated using the formula CuEq% = Cu% + Mo% x
2.185.
6. Numbers may not add due to rounding.
    Gibraltar Mine Mineral Resources as of December 31 , 2021 at 0.15% Copper Cut-off     
 Category                      Tons (millions)  Cu Grade  (%)  Mo Grade (%)  Cu Eq.  (%)  
 Measured                            845             0.25          0.007         0.27     
 Indicated                           370             0.23          0.007         0.25     
 Total Measured and Indicated       1,215            0.24          0.007         0.26     
 Inferred                             78             0.22          0.004         0.23     
1. Mineral Resources follow CIM Definition Standards for Mineral Resources and
Mineral Reserves (2014).
2. Mineral Resources are reported inclusive of Mineral Reserves.
3. Mineral Resources that are not Mineral Reserves do not have demonstrated
economic viability.
4. The Mineral Resource has been confined by a "reasonable prospects of
eventual economic extraction" pit using the following assumptions: Cu price of
US$3.50/lb, Mo price of US$14.00/lb, exchange rate of US$0.80=C$1.00,
metallurgical recoveries of 85% for Cu and 40% for Mo.
5. A tonnage factor of 12ft3/ton has been applied for rock and 15ft3/ton for
overburden and fill.
6. Copper Equivalency based on US$3.50/lb price and 85% metallurgical recovery
for copper, and US$13.00/lb price and 50% metallurgical recovery for
molybdenum.  CuEq can be calculated using the formula CuEq% = Cu% + Mo% x
2.185.
7. Numbers may not add due to rounding.
 Gibraltar Mine Oxide Mineral Reserves as of December 31, 2021 at 0.10% ASCu Cut-off 
 Category                   Tons  ASCu (%)  
 Proven                     1     0.15      
 Probable                   16    0.15      
 Ore Stockpiles             0     0.15      
 Total Proven and Probable  17    0.15      
1. Mineral Reserves follow CIM Definition Standards for Mineral Resources and
Mineral Reserves (2014).
2. Oxide Mineral Reserves are exclusive of Sulphide Mineral Reserves and are
contained within Mineral Resources.
3. Mineral Reserves are assumed to be extracted using open pit mining methods
and are based on US$3.05/lb Cu price, $12.00/lb Mo price, exchange rate of
US$0.80=C$1.00, metallurgical recoveries of 85% Cu and 40% Mo for sulphide ore
and 50% ASCu for oxide ore.
4. A tonnage factor of 12ft3/ton has been applied for rock and 15ft3/ton for
overburden and fill.
5. Numbers may not add due to rounding.
Qualified Persons and 43-101 Disclosure

This technical content of this news release has been reviewed and approved by
Richard Weymark, P.Eng., MBA, Vice President, Engineering of Taseko. Mr.
Weymark is a Qualified Person under the provisions of National Instrument
43-101 published by the Canadian Securities Administrators.

The resource and reserve estimation was completed by Taseko and Gibraltar Mine
staff and contributing consultants under the supervision of Richard Weymark,
P. Eng., MBA. Vice President, Engineering of Taseko and a Qualified Person
under National Instrument 43-101.

Additional information regarding data verification procedures, known legal,
political, environmental or other risks can be found in the Technical Report
dated March 30, 2022, titled 'Technical Report on the Mineral Reserve Update
at the Gibraltar Mine' which is available on SEDAR.

Note to United States Investors

This news release has been prepared in accordance with the requirements of the
securities laws in effect in Canada, which differ from the requirements of
United States securities laws. Canadian reporting requirements for disclosure
regarding mineral properties are governed by National Instrument 43-101 -
Standards of Disclosure for Mineral Projects of the Canadian Securities
Administrators ("NI 43-101").  For this reason, information contained in this
news release regarding the Company's Gibraltar Mine may not be comparable to
similar information made public by United States companies subject to the
reporting and disclosure requirements under the United States securities laws
and the rules and regulations thereunder.

For further information on the differences between the disclosure requirements
for mineral properties in the United States and NI 43-101, please refer to the
company's Annual Information Form, a copy of which has been filed under
Taseko's profile on SEDAR at www.sedar.com and the company's Form 40-F, a copy
of which will be filed on EDGAR at www.edgar.com.

Stuart McDonald
President and CEO

No regulatory authority has approved or disapproved of the information
contained in this news release.

CAUTION REGARDING FORWARD-LOOKING INFORMATION

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

Forward-looking statements are subject to known and unknown risks,
uncertainties and other factors that may cause the Company's actual results,
level of activity, performance or achievements to be materially different from
those expressed or implied by such forward-looking statements. These included
but are not limited to:
* uncertainties about the future market price of copper and the other metals
that we produce or may seek to produce;
* changes in general economic conditions, the financial markets, inflation and
interest rates and in the demand and market price for our input costs, such as
diesel fuel, reagents, steel, concrete, electricity and other forms of energy,
mining equipment, and fluctuations in exchange rates, particularly with
respect to the value of the U.S. dollar and Canadian dollar, and the continued
availability of capital and financing;
* uncertainties resulting from the war in Ukraine, and the accompanying
international response including economic sanctions levied against Russia,
which has disrupted the global economy, created increased volatility in
commodity markets (including oil and gas prices), and disrupted international
trade and financial markets, all of which have an ongoing and uncertain effect
on global economics, supply chains, availability of materials and equipment
and execution timelines for project development;
* uncertainties about the continuing impact of the novel coronavirus
("COVID-19") and the response of local, provincial, state, federal and
international governments to the ongoing threat of COVID-19, on our operations
(including our suppliers, customers, supply chains, employees and contractors)
and economic conditions generally including rising inflation levels and in
particular with respect to the demand for copper and other metals we produce;
* inherent risks associated with mining operations, including our current
mining operations at Gibraltar, and their potential impact on our ability to
achieve our production estimates;
* uncertainties as to our ability to control our operating costs, including
inflationary cost pressures at Gibraltar without impacting our planned copper
production;
* the risk of inadequate insurance or inability to obtain insurance to cover
material mining or operational risks;
* uncertainties related to the feasibility study for Florence copper project
(the "Florence Copper Project" or "Florence Copper") that provides estimates
of expected or anticipated capital and operating costs, expenditures and
economic returns from this mining project, including the impact of inflation
on the estimated costs related to the construction of the Florence Copper
Project and our other development projects;
* the risk that the results from our operations of the Florence Copper
production test facility ("PTF") and ongoing engineering work including
updated capital and operating costs will negatively impact our estimates for
current projected economics for commercial operations at Florence Copper;
* uncertainties related to the accuracy of our estimates of Mineral Reserves
(as defined below), Mineral Resources (as defined below), production rates and
timing of production, future production and future cash and total costs of
production and milling;
* the risk that we may not be able to expand or replace reserves as our
existing mineral reserves are mined;
* the availability of, and uncertainties relating to the development of,
additional financing and infrastructure necessary for the advancement of our
development projects, including with respect to our ability to obtain any
remaining construction financing potentially needed to move forward with
commercial operations at Florence Copper;
* our ability to comply with the extensive governmental regulation to which
our business is subject;
* uncertainties related to our ability to obtain necessary title, licenses and
permits for our development projects and project delays due to third party
opposition, particularly in respect to Florence Copper that requires one key
regulatory permit from the U.S. Environmental Protection Agency ("EPA") in
order to advance to commercial operations;
* our ability to deploy strategic capital and award key contracts to assist
with protecting the Florence Copper project execution plan, mitigating
inflation risk and the potential impact of supply chain disruptions on our
construction schedule and ensuring a smooth transition into construction once
the final permit is received from the EPA;
* uncertainties related to First Nations claims and consultation issues;
* our reliance on rail transportation and port terminals for shipping our
copper concentrate production from Gibraltar;
* uncertainties related to unexpected judicial or regulatory proceedings;
* changes in, and the effects of, the laws, regulations and government
policies affecting our exploration and development activities and mining
operations and mine closure and bonding requirements;
* our dependence solely on our 75% interest in Gibraltar (as defined below)
for revenues and operating cashflows;
* our ability to collect payments from customers, extend existing concentrate
off-take agreements or enter into new agreements;
* environmental issues and liabilities associated with mining including
processing and stock piling ore;
* labour strikes, work stoppages, or other interruptions to, or difficulties
in, the employment of labour in markets in which we operate our mine,
industrial accidents, equipment failure or other events or occurrences,
including third party interference that interrupt the production of minerals
in our mine;
* environmental hazards and risks associated with climate change, including
the potential for damage to infrastructure and stoppages of operations due to
forest fires, flooding, drought, or other natural events in the vicinity of
our operations;
* litigation risks and the inherent uncertainty of litigation, including
litigation to which Florence Copper could be subject to;
* our actual costs of reclamation and mine closure may exceed our current
estimates of these liabilities;
* our ability to meet the financial reclamation security requirements for the
Gibraltar mine and Florence Project;
* the capital intensive nature of our business both to sustain current mining
operations and to develop any new projects, including Florence Copper;
* our reliance upon key management and operating personnel;
* the competitive environment in which we operate;
* the effects of forward selling instruments to protect against fluctuations
in copper prices, foreign exchange, interest rates or input costs such as
fuel;
* the risk of changes in accounting policies and methods we use to report our
financial condition, including uncertainties associated with critical
accounting assumptions and estimates; and Management Discussion and Analysis
("MD&A"), quarterly reports and material change reports filed with and
furnished to securities regulators, and those risks which are discussed under
the heading "Risk Factors".
For further information on Taseko, investors should review the Company's
annual Form 40-F filing with the United States Securities and Exchange
Commission www.sec.gov and home jurisdiction filings that are available at
www.sedar.com, including the "Risk Factors" included in our Annual Information
Form.

For further information on Taseko, please visit the Taseko website at
www.tasekomines.com or contact: Brian Bergot, Vice President, Investor
Relations - 778-373-4533 or toll free 1-877-441-4533



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