Taseko Mines Limited · TSX:TKO
Taseko Mines — Investor Presentation (October 2025)
38 slides from Taseko Mines's investor presentation, October 2025
Slide 1: Building North America's Low-Cost Multi-Asset Copper Producer
Building North America’s Low-Cost Multi-Asset Copper Producer October 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: Capital Structure & Coverage
Capital Structure & Coverage Analyst Coverage Target Price & Recommendation Buy C$6.75 Sept ’25 Listed TSX:TKO / NYSE:TGB / LSE:TKO Buy C$6.30 Aug ’25 Buy C$5.50 Aug ’25 Share Price 52 Week High / Low Shares Outstanding* Buy C$5.25 Aug ’25 C$5.90 C$6.00 / C$2.38 316M US$4.23 US$4.32 / US$1.67 Buy C$
Slide 5: Copper Price Outlook
Copper Price Outlook Recent copper price volatility driven by: Copper demand breakdown: • Chinese demand recovery concerns • Shortage of concentrate / low TC/RCs • Potential interest rate cuts • Emerging demand from new sectors (energy transition, AI, EVs, etc) • Declining global copper stockpiles •
Slide 6: 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: • Global migration supply base, with declining grade profile • Long project development lead
Slide 7: 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 8: 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 9: 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 10: Pathway to a low-cost future
Florence Copper Project – Arizona Pathway to a low-cost future MINE TYPE STAGE PROCESSING In-situ Leach Construction SX/EW PRODUCTION (PER YEAR) ESTIMATED CASH COSTS MINE LIFE 85Mlb (~40kt) Cu US$1.11/lb LOM 22 Years 10
Slide 11: Florence Copper Project – A Near Term, Low Cost Copper Project
Florence Copper Project – A Near Term, Low Cost Copper Project Project Highlights • 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 • Commenced construction in January 2024,
Slide 12: In-Situ Copper Recovery ("ISCR")
In-Situ Copper Recovery (“ISCR”) How does in-situ copper recovery work? • A low pH solution is pumped through perforations at the bottom of the injection wells and into the copper-bearing mineralization. • A ring of four recovery wells surrounds each injection well, creating a “hydraulic gradient” t
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 – Two Phase Development Approach
Florence Copper Project – Two Phase Development Approach Phase 1: Production Test Facility • PTF development and construction starts (~US$25M) • The PTF consisted of a wellfield and SX/EW plant 2018 • Wellfield & SX/EW plant commissioned o 24 wells: 4 injection wells, 9 recovery wells, and 11 (Q3),
Slide 15: Florence Copper Project – A Defined Path to Production
Florence Copper Project – A Defined Path to Production Phase 2: Commercial Production Facility • Issued updated 43-101 Technical Report (March) • Final UIC permit issued from US EPA Wellfield (September) 2023 Drilling $35 • Site preparation, Initial earthworks started (December) Construction Materia
Slide 16: Florence Copper Project – Construction Update
Florence Copper Project – Construction Update SX/EW Construction • Site construction commenced in early 2024 • ~330 construction personnel currently at site, down from peak level in Q1/25 • Construction activities are advancing on schedule and roughly 900,000 project hours have been worked with no r
Slide 17: Florence Copper Project – Financing
Florence Copper Project – Financing Strategic Partnership with Mitsui • Provides US$50 million of construction financing • Strong endorsement of project valuation: o Initial US$50 million investment for 2.67% copper stream plus an offtake contract for 81% of the copper cathode produced during the in
Slide 18: Looking to the Future
Taseko Mines Looking to the Future 18
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: 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 21: 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 22: Why Invest in Taseko – The Valuation Case
Why Invest in Taseko – The Valuation Case • Significant gap between asset NPV and $4,000 Taseko Valuation Waterfall market cap $3,500 $1,600 $815 $2,985 $3,000 o Base NAV for Gibraltar and Florence @ US$4.25/lb $2,500 ~C$1.2 billion Gap copper $2,200 $2,000 o Not including Yellowhead, New Prosperity
Slide 23: Appendix
Appendix 23
Slide 24: 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 25: 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 26: Credit Profile
Credit Profile Substantial improvement in leverage metrics on the back of higher copper prices, Gibraltar mine plan optimization and enhanced liquidity • Taseko maintains reasonable leverage levels and balances capital LTM Adjusted EBITDA needs through a combination of debt, equity and internally ge
Slide 27: 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 28: 2024 Sustainability Highlights: C² (Copper x Community)
2024 Sustainability Highlights: C² (Copper x Community) 28
Slide 29: 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 30: 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 31: 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 32: 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 33: 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 34: 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 35: 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 36: 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 37: 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 38: Thank You!
Thank You! 38