Taseko Mines Limited · TSX:TKO
Taseko Mines — Investor Presentation (January 2026)
41 slides from Taseko Mines's investor presentation, January 2026
Slide 1: Building North America's Low-Cost Multi-Asset Copper Producer
Building North America’s Low-Cost Multi-Asset Copper Producer January 2026
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements and forward-looking information (collectively referred to as “forward-looking statements”) within the meaning of applicable Canadian securities legislation and the United States Private Securities Legislation Reform Act of 1995, Sectio
Slide 3: Taseko – Investment Highlights
Taseko – Investment Highlights British Columbia Building a Multi-Asset, North American Copper Producer Aley C A N A D A Strong Copper Gibraltar Market New Prosperity Yellowhead Commitment to Strong Environmental, Social & Proven Team of Mine Safety Performance Builders & Operators U N I T E D S T A
Slide 4: Capital Structure & Coverage
Capital Structure & Coverage Analyst Coverage Target Price & Recommendation Buy C$10.00 Jan ’26 Listed TSX:TKO / NYSE:TGB / LSE:TKO Buy C$12.75 Jan ’26 Hold C$6.66 Nov ’25 Share Price 52 Week High / Low Shares Outstanding Buy C$7.25 Nov ’25 C$10.10 C$10.30 / C$2.38 360M US$7.25 US$7.43 / US$1.67 Buy
Slide 5: Copper Price Outlook
Copper Price Outlook Recent copper price strength driven by: Structural Demand Trends • Electrification boom — electric vehicles, renewable energy, and grid LME Copper Price (US$/lb) upgrades require large amounts of copper $7.00 • Data center expansion — AI and cloud computing are increasing power
Slide 6: Copper Price Outlook
Copper Price Outlook Highlights from S&P Global Copper Study (January 2026) Copper Demand & Electrification • The world is electrifying: global electricity consumption will increase by almost 50% by 2040 – faster than any other form of energy • Global copper demand is projected to rise 50% by 2040,
Slide 7: Copper Price Outlook
Copper Price Outlook Copper price well-positioned to benefit from favourable long-term supply-demand dynamics • Mining faces declining ore grades, rising costs, and increasingly complex extraction conditions. Without significant new investment, output from existing mines will decline • While copper’
Slide 8: Gibraltar Copper Mine – British Columbia
Gibraltar Copper Mine – British Columbia A foundation of stable cashflow MINE TYPE STAGE ANNUAL PRODUCTION Open Pit – Cu/Mo Producing 130Mlbs (~60kt Cu) CASH COSTS (LOM) MINE LIFE REPLACEMENT VALUE US$2.30/lb 19 Years +US$1 billion1 1. Calculated using US$15,000 / ton capacity multiplied by capacity
Slide 9: Gibraltar Copper Mine – Large-Scale, Steady-State Mine
Gibraltar Copper Mine – Large-Scale, Steady-State Mine Value Creation • Acquired Gibraltar in 1999 for $1 • Restarted the mine in 2004 • Between 2006 and 2013, invested C$800 million to expand and modernize the mine to 85,000 tons per day • Operating steady-state at expanded capacity since 2014 • Pu
Slide 10: Gibraltar Mine – Cash Flow Growth from Stable Mining Operation
Gibraltar Mine – Cash Flow Growth from Stable Mining Operation Leverage to copper has resulted in strong earnings growth and cash flow generation • Gibraltar is a foundation of stable cash flow for the Company throughout the copper price cycle • Taseko has maintained positive operating cash flow thr
Slide 11: Florence Copper Project – Arizona
Florence Copper Project – Arizona Pathway to a low-cost future MINE TYPE STAGE PROCESSING In-situ Leach Commissioning SX/EW PRODUCTION (PER YEAR) ESTIMATED CASH COSTS MINE LIFE 85Mlb (~40kt) Cu US$1.11/lb LOM 22 Years 11
Slide 12: Florence Copper Project – A Near Term, Low Cost Copper Project
Florence Copper Project – A Near Term, Low Cost Copper Project Project Highlights • Fully-permitted in late 2023 • Commenced construction in January 2024 – substantial completion achieved in September 2025 • Successful execution of construction plan – on time and final capex inline with budget • A m
Slide 13: Florence Copper Project – Construction Update
Florence Copper Project – Construction Update Construction • Substantial Completion of SX/EW plant and infrastructure achieved by general contractor in September – de-mobilization of site construction crews commenced • 90 injection and recovery wells drilled and fully constructed • Zero lost time in
Slide 14: In-Situ Copper Recovery ("ISCR")
In-Situ Copper Recovery (“ISCR”) Production Test Facility (“PTF”) • $25M PTF constructed in 2018 and operated for 18 months • The PTF consisted of a wellfield and SX/EW plant o 24 wells: 4 injection wells, 9 recovery wells, and 11 groundwater monitoring-related wells • Operation of the PTF has prove
Slide 15: Benefits of ISCR
Benefits of ISCR Arizona Conventional Open-pit Mine vs. Florence Copper Project Other Benefits: • Low cost • Small environmental footprint (less than a square mile) • Numerous site redevelopment opportunities (post closure) • Limited land disturbance • Low dust emissions Finalist for Arizona Environ
Slide 16: Florence Copper Project – 2026 Ramp Up
Florence Copper Project – 2026 Ramp Up Ramp Up • Commencing operations with ~90 wells • Wellfield acidification commenced in November Wellfield Schematic • SX/EW plant expected to begin operating in late January • Wellfield drilling restarting in Q4/25 – new wells to begin phasing into operation thr
Slide 17: Florence Copper Project – Strategic Partnership with Mitsui
Florence Copper Project Strategic Partnership with Mitsui LME vs COMEX • Provided US$50 million of construction financing $6.50 (Deal closed December 2023) 50% Tariff on Copper • Strong endorsement of project valuation: $6.00 Imports Announced o Initial US$50 million investment for 2.67% copper stre
Slide 18: Looking to the Future
Taseko Mines Looking to the Future 18
Slide 19: Yellowhead Copper Project
Yellowhead Copper Project Project Highlights • Advanced stage project acquired by Taseko in 2019 for C$16 million in Taseko shares • Located in close proximity to rail and highway • In July 2025, Taseko announced improved economics and commencement of environmental assessment process Technical Study
Slide 20: Yellowhead Copper Project – Value to be Unlocked
Yellowhead Copper Project – Value to be Unlocked A top tier copper project in quality jurisdiction • Ranks comparably among other North and South American copper development projects • Minimal value being ascribed for Yellowhead by analysts / zero value in Taseko equity • As development timeline and
Slide 21: Yellowhead Copper Project – Value to be Unlocked
Yellowhead Copper Project – Value to be Unlocked 2025 Project Initiatives • Advance environmental assessment review process which was commenced in July 2025 • New technical report (issued July 2025) • Continue technical optimization and improvements • Ongoing community engagement 21
Slide 22: New Prosperity Gold-Copper Project
New Prosperity Gold-Copper Project Project Highlights • One of the largest undeveloped Copper-Gold porphyries in the world • Life of mine average annual production of +400,000 gold equivalent ounces over a 33 year mine life (based on 2009 Technical Report*) Recent Development • Agreement signed with
Slide 23: Why Invest in Taseko – The Valuation Case
Why Invest in Taseko – The Valuation Case • Significant gap between asset NPV and $5,000 Taseko Valuation Waterfall market cap $4,500 $1,800 $4,000 $631 $3,769 o Base NAV for Gibraltar and Florence @ US$4.50/lb $3,500 $3,000 ~C$0.8 billion Gap copper $2,600 $2,500 o Not including Yellowhead, New Pro
Slide 24: Appendix
Appendix 24
Slide 25: Taseko Copper Reserves
Taseko Copper Reserves Significant Value in Proven & Probable Copper Reserves • Nearly 15 billion pounds of copper in reserves • Including gold in reserves, over 19 billion pounds of copper equivalent 15 $2.70 New Prosperity (Market Capitalization / lb) (Billions lbs Copper) 10 $1.80 Yellowhead 5 $0
Slide 26: Florence Copper Project – Two Phase Development Approach
Florence Copper Project – Two Phase Development Approach • PTF development and construction • Issued updated 43-101 Technical Report starts (~US$25M) (March) 2018 • Final UIC permit issued from US EPA • Wellfield & SX/EW plant commissioned (Q3), operations commenced in (Q4) (September) 2023 • Site p
Slide 27: Gibraltar Mine – Acquisition of Gibraltar Minority Interest
Gibraltar Mine – Acquisition of Gibraltar Minority Interest Variable payments self-funded with incremental cashflow from Gibraltar Illustrative Payment Schedule • Taseko acquired the remaining 25% interest in Gibraltar @ US$4.25/lb Copper in two separate transactions: $50 • Sojitz (12.5% interest ac
Slide 28: Gibraltar Mine – Consolidation of Gibraltar Minority Interest
Gibraltar Mine – Consolidation of Gibraltar Minority Interest Acquisition Driving Significant Production Growth at Gibraltar Attributable Production Growth 150 • Taseko has purchased the remaining 25% interest in Gibraltar in two transactions resulting in a 33% increase 125 to Taseko’s attributable
Slide 29: Credit Profile
Credit Profile Substantial improvement in leverage metrics expected with increasing EBITDA and Florence construction capex complete • Taseko maintains reasonable leverage levels and balances capital LTM Adjusted EBITDA needs through a combination of debt, equity and internally generated cash flow •
Slide 30: Proactively Reducing Impact of Cu Price Volatility
Proactively Reducing Impact of Cu Price Volatility Hedging policy in place to reduce the short-term impact of a decline in the price of copper Defensive Hedging Strategy Historical Copper Hedging and Cu • Taseko’s hedging strategy is designed to secure a Production (Mlbs) minimum price for a signifi
Slide 31: 2024 Sustainability Highlights: C² (Copper x Community)
2024 Sustainability Highlights: C² (Copper x Community) 31
Slide 32: Electric Vehicles – A Rapidly Emerging Market
Electric Vehicles – A Rapidly Emerging Market Copper is Essential to Electric Vehicle Technology 18 to 49 lbs Conventional Car 85 lbs Hybrid Electric Vehicle 132 lbs Plug-in Hybrid Electric Vehicle 183 lbs Battery Electric Vehicle 196 lbs A Hybrid Electric Bus 814 lbs Battery Electric Bus • Copper i
Slide 33: A Proven Team of Mine Builders and Value Creators
A Proven Team of Mine Builders and Value Creators Senior Management Board of Directors Ron Thiessen – Chairman Rita Maguire • President, CEO and Director of Northern • Lawyer based in Arizona and focused on Dynasty Minerals. water, environmental, mining and • Chartered Professional Accountant with a
Slide 34: Aley Niobium Project
Aley Niobium Project Project Highlights • One of the world's largest niobium deposit, outside the two operating mines in Brazil • “Green" rare metal – metals like niobium, are the heart of green technology, such as wind turbines and electric vehicles • Taseko acquired the project in 2007 for C$5.4M,
Slide 35: Jurisdiction Exposure – 2019 Fraser Institute
Jurisdiction Exposure – 2019 Fraser Institute Taseko’s exposure sits on the 1st quartile of the Fraser Institute’s Investment Attractiveness Index • The Investment Attractiveness Index is a composite index that combines the Policy Perception Index and the Best Practices Mineral Potential Index, weig
Slide 36: Appendix – Reserves & Resources
Appendix – Reserves & Resources Gibraltar Florence Copper Short Grade Contained Metal Short Tons Grade Contained Metal Category Tons Category Cu (%) Mo (%) Cu (billions lbs) (millions) Cu (%) Cu (billions lbs) (millions) Sulphide Mineral Reserves as of December 31, 2024 at a 0.15% Cu cut-off Mineral
Slide 37: Appendix – Reserves & Resources
Appendix – Reserves & Resources Yellowhead Aley Contained Contained Grade Tonnes Grade Tonnes Metal Category Metal Category (millions) (millions) Cu Nb205 (%) Nb (million kg) Cu (%) Au (g/t) Ag (g/t) (billion lbs) Mineral Reserves Effective September 15, 2014 at a 0.30% Nb2O5 cut-off Mineral Reserve
Slide 38: Appendix – Reserves & Resources
Appendix – Reserves & Resources New Prosperity Tonnes Grade Contained Metal Category (millions) Au (g/t) Cu (%) Au (M oz) Cu (B lb) Mineral Reserves Effective November 2, 2009 at a C$5.50 NSR/t cut-off Proven 481 0.46 0.26 7.1 2.8 Probable 350 0.35 0.18 3.9 1.4 Total P&P Reserves 831 0.41 0.23 11.0
Slide 39: Appendix – NI 43-101 Compliance
Appendix – NI 43-101 Compliance • Unless stated otherwise, Taseko Mines Limited (the “ ompany”) has prepared the technical information in this presentation including Mineral Reserve and Mineral Resource estimates (“Technical Information”) based on information contained in the technical reports, news
Slide 40: Investor Relations
TSX: TKO NYSE: TGB LSE: TKO Investor Relations Brian Bergot, Vice President, Investor Relations Office: 778.373.4554 Email: bbergot@tasekomines.com Keep up with the latest news and project updates from Taseko facebook.com/TasekoMines x.com/tasekomines instagram.com/tasekomines Scan to linkedin.com/c
Slide 41: Thank You!
Thank You! 41