Taseko Mines Limited · TSX:TKO
Taseko Mines — Trekor Metals — Investor Presentation (September 2026)
40 slides from Taseko Mines's investor presentation, September 2026
Slide 1: A Leading, Low-Cost North-American Copper Producer
A Leading, Low-Cost North-American Copper Producer September 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: Trekor – Investment Highlights
Trekor – Investment Highlights A Leading North American Copper Producer Growing Copper Future growth Producer pipeline Two operating mines Advanced projects with delivering strong district-scale potential GIBRALTAR FLORENCE COPPER results today. for long-term growth. YELLOWHEAD ALEY Focused in North
Slide 4: Trekor – Operations and Projects
Trekor – Operations and Projects North American Asset Base 01 Gibraltar Mine Focused in North America 04 Aley Project Cariboo-Chilcotin, BC Mackenzie, BC British Columbia | Arizona OPERATING DEVELOPMENT Commodity: Copper, Molybdenum Commodity: Niobium LOM Avg. Annual Production: 130 M lbs Annual Pro
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 upgrades require large amounts of copper Data center expansion: AI and cloud computing are increasing power infrastructure demand Growing urbaniza
Slide 6: Copper Price Outlook
Copper Price Outlook Highlights from S&P Global Copper Study (January 2026) Primary global copper production is forecast to rise from 23 million metric tons (MMT) in 2025 to a peak of 27 MMT in 2030, before falling to 22 MMT by 2040 Global demand for copper will increase by 50% over current levels b
Slide 7: Recent Results – Q2 2026
Recent Results – Q2 2026 Record Quarter Driven by Strong Copper Prices & Production $41M $331M $125M $183M $0.11/share REVENUE ADJUSTED EBITDA OPERATING CASH FLOW ADJ. NET INCOME Operational momentum $200 • 36M lbs consolidated copper production • Gibraltar produced 30M lbs of copper $150 • Florence
Slide 8: A foundation of stable cashflow
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 1999 Acquired for $1 2004 Restarted operations Invested ~C$800 million to expand 2006 to 2013 and modernize the mine to 85,000 tons per day Operating steady-state at expanded 2014 to current capacity Purchased 25% of mine from JV
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 Foundation of stable cash flow for Trekor throughout the copper price cycle Stringent cost management practices ensure positive operating cash flow mainta
Slide 11: Pathway to a low-cost future
Florence Copper – Arizona Pathway to a low-cost future MINE TYPE STAGE PROCESSING In-situ Leach Producing 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 – First Greenfield ISCR Operation
Florence Copper – First Greenfield ISCR Operation Construction completed on time and on-budget in Q4 2025 Development Timeline 2014 Property acquisition 2018–2020 Production Test Facility (PTF) September 2023 Final permits issued by US EPA Initiated construction of commercial January 2024 production
Slide 13: Florence Copper – First Greenfield ISCR Operation
Florence Copper – First Greenfield ISCR Operation The first new copper producer in the United States in more than a decade Project Highlights1 Mine Life 22 years 85 million pounds (~40k metric Annual production capacity tonnes) of copper cathode US$930 million @ US$3.75/lb After-tax NPV(8%) copper A
Slide 14: In-Situ Copper Recovery (“ISCR”)
In-Situ Copper Recovery (“ISCR”) Production Test Facility (“PTF”) • PTF constructed in 2018 and operated for 18 months • 24 wells in test wellfield and SX/EW plant • The PTF demonstrated successful copper production and the ability to maintain hydraulic control of fluid within the oxidized zone • Va
Slide 15: Florence Copper – Operations / Wellfield
Florence Copper – Operations / Wellfield • Commenced wellfield operations in November 2025 with ~90 production wells • First copper cathodes produced in February • Copper Cathode Production • Q1 2026: 1.5 million pounds • Q2 2026: 5.2 million pounds • Wellfield drilling restarted in Q4 2025 – new we
Slide 16: Benefits of ISCR
Benefits of ISCR Arizona Conventional Open-pit Mine vs. Florence Copper Project 65% 75% 78% Energy Carbon Water Use Consumption Emissions (gal/lb Cu) (kWh/lb Cu) (kg Co2/lb Cu) Other Benefits Low Cost Limited land disturbance Small environmental footprint (less than a Low dust emissions square mile)
Slide 17: Florence Copper
Florence Copper Strategic Partnership with Mitsui • Provided US$50 million of construction financing LME vs COMEX (Deal closed December 2023) $6.75 • Strong endorsement of project valuation: 50% Tariff on Copper o Initial US$50 million investment for 2.67% copper stream Imports Announced $6.25 plus
Slide 18: Looking to the Future
Trekor Metals Looking to the Future 18
Slide 19: Yellowhead Copper Project – Advanced Staged Project
Yellowhead Copper Project – Advanced Staged Project Project Economics1 Initial capital cost C$2.0 billion After-tax NPV8 C$2.0 billion @ US$4.25/lb copper LOM strip ratio 1.4:1 Onsite operating cost C$12.89 per tonne milled • First 5 years: 206M lbs copper Annual production • LOM average: 178M lbs c
Slide 20: Yellowhead Copper Project – Value to be Unlocked
Yellowhead Copper Project – Value to be Unlocked A top tier copper project in quality jurisdiction • Ranks comparably among other North and South American copper development projects • Minimal value being ascribed for Yellowhead by analysts / zero value in Trekor equity Project Economics (After-tax)
Slide 21: Yellowhead Copper Project – Value to be Unlocked
Yellowhead Copper Project – Value to be Unlocked Recent Project Acquisition P/NAV Cactus NPV8 (C$ billions) $3.1 Hudbay’s acquisition of Arizona Sonoran (Cactus project): Acquisition Value (C$ billions) $2.0 • ~C$2.0 billion (~36% premium) P/NAV 0.63 • Highlights market appetite for de-risked, North
Slide 22: Yellowhead Copper Project – Value to be Unlocked
Yellowhead Copper Project – Value to be Unlocked Recent 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 Designated a priority pro
Slide 23: 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 24: Aley Niobium Project
Aley Niobium Project Project Highlights1 P&P Reserves 84M tonnes grading 0.5% Nb2O5 Mine Life 24-years Annual production Capacity 14,00 tonnes of ferroniobium Project Update • Floatation Process Development - Development of a proprietary flotation process, resulting in higher niobium recoveries and
Slide 25: Why Invest in Trekor
Why Invest in Trekor The Valuation Case Trekor Valuation Waterfall • Significant gap between asset NPV and market cap $6,000 $580 $5,320 o Base NAV for Gibraltar and Florence @ US$5.50/lb $5,000 $2,500 ~C$1 billion Gap copper $4,000 o Not including Yellowhead, New Prosperity or Aley $3,400 $3,000 •
Slide 26: Appendix
Appendix
Slide 27: Capital Structure & Coverage
Capital Structure & Coverage Listed Analyst Coverage Target Price & Recommendation TSX:TKO / NYSE:TGB / LSE:TKO Buy C$13.00 May ’26 Share Price 52 Week High / Low Shares Outstanding* C$10.33 C$12.47 / C$2.74 366 Buy C$14.00 May ’26 US$7.53 US$9.25 / US$1.96 Hold C$12.00 May ’26 Market Capitalization
Slide 28: Trekor Copper Reserves
Trekor 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 29: 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 30: 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 • Trekor acquired the remaining 25% interest in Gibraltar in @ US$4.25/lb Copper two separate transactions: $50 • Sojitz (12.5% interest ac
Slide 31: Credit Profile
Credit Profile Substantial improvement in leverage metrics expected with increasing EBITDA and Florence construction capex complete • Trekor maintains reasonable leverage levels and balances capital LTM Adjusted EBITDA needs through a combination of debt, equity and internally generated cash flow •
Slide 32: 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 • Trekor’s hedging strategy is designed to secure a Historical Copper Hedging and Cu Production (Mlbs) minimum price for a signifi
Slide 33: 2025 Sustainability Highlights: Growth with Purpose
2025 Sustainability Highlights: Growth with Purpose 33
Slide 34: 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 35: 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, 2025 at a 0.15% Cu cut-off Mineral
Slide 36: 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 37: 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 38: Appendix – NI 43-101 Compliance
Appendix – NI 43-101 Compliance • Unless stated otherwise, Trekor Metals Limited (the “Company”) 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, new
Slide 39: Investor Relations
TSX: TKO NYSE: TGB LSE: TKO Investor Relations Brian Bergot, Vice President, Investor Relations Office: 778.373.4554 Email: bbergot@trekormetals.com Keep up with the latest news and project updates from Trekor @TrekorMetals Scan to Subscribe
Slide 40: Thank You!
Thank You!
Trekor Metals — Investor Presentation (September 2026) on 6ix