Taseko Mines Limited · TSX:TKO
Taseko Mines — Investor Presentation (November 2025)
39 slides from Taseko Mines's investor presentation, November 2025
Slide 1: Building North America's Low-Cost Multi-Asset Copper Producer
Building North America’s Low-Cost Multi-Asset Copper Producer November 2025
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: 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 $6.00 • Data center expansion — AI and cloud computing are increasing power
Slide 5: Copper Price Outlook
Copper Price Outlook Copper price well-positioned to benefit from favourable long-term supply-demand dynamics • Wood Mackenzie forecasts a potential supply deficit of ~3.3 Mt by 2030 • Supply challenged by: • Sluggish Mine output – ICSG cut its 2025 mine supply growth forecast to ~1.4% (down from ~2
Slide 6: 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 20 Years +US$1 billion1 1. Calculated using US$15,000 / ton capacity multiplied by capacity
Slide 7: 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 8: 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 9: Pathway to a low-cost future
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 9
Slide 10: 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 11: 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 12: 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 13: 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 14: Florence Copper Project – 2026 Ramp Up
Florence Copper Project – 2026 Ramp Up Ramp Up • Commencing operations with ~90 wells • Wellfield drilling restarting in Q4/25 – new wells Wellfield Schematic to begin phasing into operation throughout 2026 • ~100 wells per year to be drilled on an ongoing basis (LOM average) • Target is to produce
Slide 15: Florence Copper Project – Strategic Partnership with Mitsui
Florence Copper Project Strategic Partnership with Mitsui LME vs COMEX • Provided US$50 million of construction financing $6.00 (Deal closed December 2023) 50% Tariff on Copper • Strong endorsement of project valuation: Imports Announced $5.50 o Initial US$50 million investment for 2.67% copper stre
Slide 16: Looking to the Future
Taseko Mines Looking to the Future 16
Slide 17: 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 18: 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 A top tier copper p
Slide 19: 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 20: 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 21: 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$1.4 billion Gap copper $2,600 $2,500 o Not including Yellowhead, New Pro
Slide 22: Appendix
Appendix 22
Slide 23: Capital Structure & Coverage
Capital Structure & Coverage Analyst Coverage Target Price & Recommendation Buy C$7.50 Nov ’25 Listed TSX:TKO / NYSE:TGB / LSE:TKO Buy C$7.30 Nov ’25 Buy C$5.50 Aug ’25 Share Price 52 Week High / Low Shares Outstanding Buy C$7.00 Oct ’25 C$6.45 C$6.73 / C$2.38 360M US$4.60 US$4.84 / US$1.67 Buy C$7.
Slide 24: 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 25: 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 26: 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 27: 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 28: 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 • Taseko’s hedging strategy is designed to secure a Cu Production (Mlbs) minimum price for a signifi
Slide 29: 2024 Sustainability Highlights: C² (Copper x Community)
2024 Sustainability Highlights: C² (Copper x Community) 29
Slide 30: 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 31: 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 32: 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 33: 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 34: 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 35: 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 36: 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 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: 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 39: Thank You!
Thank You! 39