REG-Taseko Provides Construction Update on Florence Copper Project

Taseko MinesAnnouncement

22/07/2025 13:00

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VANCOUVER, British Columbia, July 22, 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.

At the end of June, construction of the commercial production facility was
over 90% complete, and the project remains on schedule for first copper
cathode production before the end of this year. Over 900,000 project hours
have been worked with no reportable injuries or environmental incidents on the
project to date. Currently, there are approximately 330 construction and
support personnel on site, down from the peak levels in the first quarter.

Stuart McDonald, President & CEO of Taseko, commented, “The first 18 months
of construction has gone exceptionally well, demonstrating the quality and
experience of our on-site owner’s team and contractors. Construction
activities are advancing on plan and project areas will soon start the
transition to commissioning. A few notable milestones have recently been
achieved. In the wellfield, all the injection and recovery wells planned for
the construction phase have now been drilled and completed. Drilling will
recommence after plant commissioning to expand the current wellfield and allow
for copper production to ramp up to the full 85 million pound per year plant
capacity. Also, last week, a key component of the site infrastructure was
completed with APS (the local utility) energizing the site 69kV electrical
substation.”

“Operational readiness remains a key focus for site management. Hiring
full-time staff, training, and developing operational workflows are all
ongoing to ensure our team is well-positioned for commercial operations in
just a few months. A detailed operating plan for the 2026 ramp up is also
being developed and will be finalized after acidification of the wellfield
commences in the fall.”

“Florence Copper will be the next major U.S. supplier of domestically
produced copper cathode. The potential for 50% tariffs on copper imports into
the United States has driven the Comex copper price to record levels in recent
weeks. It’s a great time to be bringing on a new U.S.-based copper mine, and
a high Comex copper price premium would provide a further boost to Florence
Copper’s already strong project economics,” concluded Mr. McDonald.

For further information on Taseko, see the Company’s website at
tasekomines.com or contact:
* Investor enquiries Brian Bergot, Vice President, Investor Relations –
778-373-4554
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 and in the
market price for our input costs including due to inflationary impacts, such
as diesel fuel, acid, 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;
* inherent risks associated with mining operations, including our current
mining operations at Gibraltar and our planned mining operations at Florence
Copper, and their potential impact on our ability to achieve our production
estimates;
* uncertainties as to our ability to achieve reduced costs for Gibraltar (as
defined below) and to otherwise control our operating costs without impacting
our planned copper production;
* our high level of indebtedness and its potential impact on our financial
condition and the requirement to generate cash flow to service our
indebtedness and refinance such indebtedness from time to time;
* the increases in interest rates, by central banks may increase our borrowing
costs and impact the profitability of our operations;
* our ability to draw down on our financing arrangements for the construction
of Florence Copper is subject to our meeting the required conditions for
drawdown;
* the amounts we are required to pay for our acquisition of Cariboo will
increase with higher copper prices;
* the risk of inadequate insurance or inability to obtain insurance to cover
our business risks;
* 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 Mineral Reserves as
our existing Mineral Reserves are mined;
* the risk that the results from our development of Florence Copper will not
meet our estimates of remaining construction costs, operating expenses,
revenue, rates of return and cash flows from operations which have been
projected by the technical report for Florence;
* the risk of cost overruns or delays in our construction of the commercial
facilities at Florence Copper, resulting in not commencing commercial
production within our current projected timeline or within our current
projected cost estimates;
* uncertainties related to the execution plan for the construction of Florence
Copper and the commencement of commercial operations resulting from inflation
risk, supply chain disruptions, material and labour shortages or other
execution risks;
* our ability to comply with all conditions imposed under the APP and UIC
permits for the construction and operation of Florence Copper;
* the availability of, and uncertainties relating to, any additional financing
necessary for the continued operation and development of our projects,
including with respect to our ability to obtain any additional construction
financing, if needed, to complete the construction and commencement of
commercial operations at Florence Copper;
* shortages of water supply, critical spare parts, maintenance service and new
equipment and machinery or our ability to manage surplus water on our mine
sites may materially and adversely affect our operations and development
projects;
* 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;
* uncertainties related to Indigenous people’s claims and rights, and
legislation and government policies regarding the same;
* our reliance on the availability of infrastructure necessary for development
and on operations, including on rail transportation and port terminals for
shipping of our copper concentrate production from Gibraltar, and rail
transportation and power for the feasibility of our other British Columbia
development projects;
* 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;
* potential changes to the mineral tenure system in British Columbia, which is
undergoing reform for compliance with the Declaration Act (British Columbia);
* our dependence solely on our 100% interest in Gibraltar for our revenues and
our operating cash flows;
* our ability to extend existing concentrate off-take agreements or enter into
new agreements;
* environmental issues and liabilities associated with mining including
processing and stockpiling ore;
* labour strikes, work stoppages, or other interruptions to, or difficulties
in, the employment of labour in markets in which we operate mines, industrial
accidents, equipment failure or other events or occurrences, including third
party interference that interrupt the production of minerals in our mines;
* environmental hazards and risks associated with climate change, including
the potential for damage to infrastructure and stoppages of operations due to
extreme cold, forest fires, flooding, drought, earthquakes or other natural
events in the vicinity of our operations;
* litigation risks and the inherent uncertainty of litigation;
* our actual costs of reclamation and mine closure may exceed our current
estimates of these liabilities;
* our ability to renegotiate our existing union agreement for Gibraltar when
it expires in May 2027;
* the capital intensive nature of our business both to sustain current mining
operations and to develop any new projects including Florence Copper;
* our ability to develop new mining projects may be adversely impacted by
potential indigenous joint decision-making and consent agreements being
implemented by the Government of British Columbia under the B.C. Declaration
on the Rights of Indigenous Peoples Act;
* our reliance upon key personnel;
* the competitive environment in which we operate;
* the effects of forward selling instruments to protect against fluctuations
in copper prices and other input costs including diesel and acid;
* 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;
* uncertainties relating to the war in Ukraine, the Israel-Hamas conflict and
other future geopolitical events including social unrest, which could disrupt
financial markets, supply chains, availability of materials and equipment and
execution timelines for any project development;
* recent changes to U.S. trade policies and tariff risks may adversely impact
overall economic conditions, copper markets, supply chains, metal prices and
input costs; and
* other risks detailed from time-to-time in our annual information forms,
annual reports, 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.sedarplus.ca, including the “Risk Factors” included in our Annual
Information Form