Taseko Mines Limited · TSX:TKO
Taseko Mines — Technical Presentation (February 2025)
38 slides from Taseko Mines's technical presentation, Feb 28, 2025
Slide 1: Building North America's Low-Cost Multi-Asset Copper Producer
Building North America’s Low-Cost Multi-Asset Copper Producer February 28, 2025 Florence Copper Site Tour
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: Detailed Agenda / Speakers
Detailed Agenda / Speakers 1. Taseko Overview - Stuart McDonald, President & CEO 2. Project Overview - Richard Tremblay, COO 3. Construction Progress – Richard Tremblay, COO 4. Operational Readiness - John Mays, General Manager 3
Slide 4: Taseko Overview
Taseko Overview Stuart McDonald 4
Slide 5: 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 6: Impact of Florence Copper: Taseko Attributable Production
Taseko Overview Impact of Florence Copper Taseko Attributable Production (lbs millions) 225 200% Increase in 150 Copper Production 75 0 2022A 2023A 2024A 2025* 2026** 2027** Gibraltar Florence *Based on 2025 guidance of 120-130M lbs **Gibraltar production based on LOM average. 6
Slide 7: Impact of Florence Copper: Cost Curve
Taseko Overview Impact of Florence Copper At US$1.11/lb C1, Florence costs will be in the lowest quartile on global cost curve. 7
Slide 8: Impact of Florence Copper: Taseko EBITDA Growth
Taseko Overview Impact of Florence Copper Taseko EBITDA Growth (C$ millions) +$700M $580M $325M $255M (100%) Gibraltar 2024* Florence** Taseko Proforma Taseko Proforma ($4.15 Copper) ($4.50 Copper) *Based on actual 2024 actual Adjusted EBITDA, adjusted for 15M lbs lost production at $4.15/lb copper
Slide 9: Taseko Valuation Waterfall
Taseko Overview Impact of Florence Copper Taseko Valuation Waterfall $4,000 • Significant gap between asset NPV and $3,500 $1,600 $755 $3,045 market cap $3,000 • Highly levered to copper price $2,500 $2,200 • Pipeline of large-scale assets in North $2,000 +C$2 billion Gap America $1,500 o Yellowhead
Slide 10: Florence Copper Project – Financing
Florence Copper Project – Financing Strategic Partnership with Mitsui Florence Funding • Provides US$50 million of construction financing Sources (US$) • Strong endorsement of project valuation: o Initial US$50 million investment for 2.67% copper stream plus an offtake contract for Gibraltar FCF 81%
Slide 11: Florence Copper Project Overview
Florence Copper Project Overview Richard Tremblay 11
Slide 12: Florence Copper Overview
Florence Copper Overview Project Highlights • Owned 100% by Taseko • Over US$135 million was spent on the project by former owners (Conoco, Magma Copper, BHP Copper) • All major power, transportation, road and rail infrastructure are in place • Located in central Arizona, an area rich in copper mini
Slide 13: Florence Copper History
Florence Copper History Phase 1 Phase 2 PTF successfully operated wellfield and SX/EW plant, Construction & commercial operations producing more than 1 million lbs of copper cathode 2018 2019 2020 2023 2024 2025 • PTF development • First cathode • Completed PTF • Updated 43-101 • Close transaction •
Slide 14: Generalized Wellfield Operation
Florence Copper Project Generalized Wellfield Operation STEP 1 Injection and recovery wells are drilled into the oxide zone where the ore is situated STEP 2 Wells are concrete encased and sealed above the oxide zone to protect water quality STEP 3 A lightly acidic solution (similar in pH to common h
Slide 15: Production Test Facility
Production Test Facility Overview • Comprised of four injection and nine recovery wells, seven observation wells, four multilevel sampling wells, SX/EW plant, acidic reverse-osmosis water treatment plan and associated infrastructure • Operated for >18 months and produced over 1.1 million pounds of h
Slide 16: 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 17: Construction Update
Construction Update Richard Tremblay 17
Slide 18: Construction Update: Health, Safety & Environment
Construction Update Health, Safety & Environment For January 2025 First Aid Medical Aid Lost Time Month 2 0 0 Year-to-Date 2 0 0 Project-to-Date 32 0 0 • ~530,000 project hours worked with no reportable injuries or environmental incidents on the project to date. 18
Slide 19: Construction Update: SX/EW Plant
Construction Update SX/EW Plant • Erection of structural steel for the solvent extraction pipe rack is nearing completion • Mechanical and piping installations are underway • Water treatment building erected, and the electrowinning building erection commenced March 2024 January 2025 19
Slide 20: Construction Update: Wellfield
Construction Update Wellfield • Wellfield Drilling commenced in March with two drill rigs • Currently five rigs operating at site (4 drilling production wells / 1 drilling POC wells) o 58 production wells completed (through end of January 2025) o total wells at start of operations is 109 wells (90 n
Slide 21: Florence Copper Project – Capital Costs
Florence Copper Project – Capital Costs Construction Costs (millions US$) $60 100% Wellfield Drilling $50 80% $35 $40 60% Construction $30 Materials Contracts 40% $37 $105 $20 $10 20% $0 0% Indirect & Q1 24A Q2 24A Q3 24A Q4 24A Q1 25 Q2 25 Q3 25 Q4 25 Owners Costs $29 Quarterly Spending Cumulative
Slide 22: Construction Schedule Overview
Construction Schedule Overview Pond 3 Construction Wellfield Civil Work Wellfied Drilling SX/EW Plant Construction Tank Farm Construction Leach Commissioning Plant Commissioning Leaching Operations Cathode Production Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 22
Slide 23: Operational Readiness
Operational Readiness John Mays 23
Slide 24: Operational Readiness: Production Ramp-up Key Metrics
Operational Readiness Production Ramp-up Key Metrics • Well completion – ability to install production wells to meet production goals o Florence Copper has successfully run two well installation programs and is currently exceeding planned construction rates • Wellfield acidification – ability to qui
Slide 25: Operational Readiness: Ramp Up / Production Key Metrics
Operational Readiness Ramp Up / Production Key Metrics • Team – having a safe and productive team with the right attitude to hurdle challenges o Florence Copper team has been successfully expanding during 2024 and now at +80 persons. Recruiting has shown that the project is very attractive to candid
Slide 26: Thank you. Questions?
Thank you. Questions? 26
Slide 27: Appendix
Appendix 27
Slide 28: Operations & Administrative Staffing
Operations & Administrative Staffing John Mays General Manager Mark Severson Sophie Desart Lisa Olsen Scott Barnard Bob Roche Glenn Hoffmeyer Ryan Magnuson Manager, Health, Safety & Manager, Communication Manager, Drilling Manager, Technical Services Operations Manager Controller Manager, Human Reso
Slide 29: Project Overview: Project Location
Project Overview Project Location 29
Slide 30: Florence Copper Site Layout
Florence Copper Site Layout Overview of Site 30
Slide 31: Water Management Infrastructure – Wellfield Rinsing
Water Management Infrastructure – Wellfield Rinsing o Evaporation pond 3 was originally scheduled to be built in year 4 of operation but the schedule was advanced to provide additional water management flexibility for rinsing o Operational as of September 17th o Total capex for Pond 3 was ~$20 milli
Slide 32: Water Management
Water Management • Excess water generated by over pumping of wellfield o Over pumping generates inward subsurface flows that contains leaching solutions within the wellfield • Florence Copper uses evaporation as primary means for handling the excess water generated • PTF and BHP ponds are equipped w
Slide 33: Operational Readiness: Water Management
Operational Readiness Water Management • Recycle/Reuse Permit (issued in January 2025) o Will allow treatment of process water to be used to irrigate onsite alfalfa fields o Would potentially create LOM ability to manage water o Decrease or eliminate future pond requirements, reducing capital o Redu
Slide 34: Florence Copper History
Florence Copper History 1969 1992-1996 2000 2011-2014 American Smelting & Acquired by Magma Copper BHP deferred mining operations Curis submits permit Refining Co. (ASARCO) Company. Magma evaluates due to low metal prices. Property applications; permitting undertakes early potential for ISCR Product
Slide 35: Innately Protective Design and Geology
Florence Copper Project Innately Protective Design and Geology 35
Slide 36: Appendix – Reserves & Resources
Appendix – Reserves & Resources Florence Copper 1. The resource and reserve estimation was completed under the supervision of Richard Weymark, P. Eng., MBA, Short Tons Grade Contained Metal Vice President, Engineering for Taseko and a Qualified Person under NI 43-101. Category (millions) Cu (%) Cu (
Slide 37: Appendix – NI 43-101 Compliance
Appendix – NI 43-101 Compliance • Unless stated otherwise, Taseko Mines 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, news
Slide 38: Thank You!
Thank You! 38
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