Slide 1: Building North America's Low-Cost Multi-Asset Copper Producer
Building North America’s Low-Cost Multi-Asset Copper Producer October 3, 2024 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: Management Team Present
Management Team Present Taseko Corporate Taseko Florence Stuart McDonald Bryce Hamming John Mays Glenn Hoffmeyer Bob Roche President & CEO CFO General Manager Technical Services Drilling Manager Manager Richard Tremblay Rob Rotzinger Josh Nelson Mark Severson Scott Barnard COO VP, Capital Projects M
Slide 4: Detailed Agenda / Speakers
Detailed Agenda / Speakers 1. General overview - Stuart McDonald, President & CEO 2. Project Overview - Richard Tremblay, COO 3. Test Facility Results - Richard Tremblay, COO 4. Construction Progress / Design / Capital - Rob Rotzinger, VP, Capital Projects 5. Operational Readiness - John Mays, Gener
Slide 5: General Overview
General Overview Stuart McDonald 5
Slide 6: Corporate Overview
Corporate Overview What sets Taseko Apart Strong Copper Market Highest leverage to copper ESG Peer leading performance Proven Team of Mine Builders & Operators Florence Copper Focused in The only permitted, financed copper project North America under construction in NA The only pure play Taseko copp
Slide 7: Corporate Overview: Impact of Florence Copper
Corporate Overview Impact of Florence Copper Taseko Production Growth (lbs millions) 225 +120% Increase in Copper Production 150 75 0 2022A 2023A 2024* 2025** 2026** 2027** Gibraltar Florence *Based on revised 2024 guidance of 110-115M lbs **Gibraltar production based on LOM average. 7
Slide 8: Corporate Overview: Impact of Florence Copper
Corporate Overview Impact of Florence Copper At US$1.11/lb C1, Florence costs will be in the lowest quartile on global cost curve. 8
Slide 9: Corporate Overview: Taseko Consolidated C1 Costs
Corporate Overview Impact of Florence Copper Taseko Consolidated C1 Costs (US$/lb) $3.00 $2.50 (US$/lb) $2.00 $1.50 $1.00 2022A 2023A 2024* 2025 2026 2027** * Actual H1 2024 C1 Costs ** Based on LOM plans Note: 2026 ramp up estimates 45M lbs of copper production from Florence 9
Slide 10: Florence After-Tax NPV Sensitivity
Corporate Overview Impact of Florence Copper Florence After-Tax NPV Sensitivity (US$) $1,600,000 $1,200,000 Thousands of US$ Technical Report) Base Case (2023 $800,000 $400,000 $3.75 $4.00 $4.25 $4.50 $4.75 $5.00 Copper Price (US$/lb) 10
Slide 11: Taseko EBITDA Growth
Corporate Overview Impact of Florence Copper Taseko EBITDA Growth (C$ millions) $700M $550M $310M $240M (100%) $190M Gibraltar Florence** Taseko Proforma Taseko Proforma 2023* ($4.00 Copper) ($4.50 Copper) *Based on actual 2023 Adjusted EBITDA, adjusted for 100% ownership of Gibraltar at $4.00/lb co
Slide 12: Florence Copper Project Overview
Florence Copper Project Overview Richard Tremblay 12
Slide 13: 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 14: Project Location
Project Overview Project Location 14
Slide 15: Overview of Site
Project Overview Overview of Site 15
Slide 16: 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 17: 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 18: Ideal Mineralized Deposit for ISCR
Florence Copper Project Ideal Mineralized Deposit for ISCR • The quartz monzonite host rock with chrysocolla copper mineralization • The oxide zone at Florence is an extensively fractured, porous bedrock • Saturated nature of the deposit make it ideal for ISCR • Underlying and overlying deposits pro
Slide 19: Innately Protective Design and Geology
Florence Copper Project Innately Protective Design and Geology 19
Slide 20: 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 21: 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 22: Florence Copper Test Facility
Florence Copper Test Facility Richard Tremblay 22
Slide 23: Production Test Facility: Purpose
Production Test Facility Purpose • To demonstrate hydraulic control and confirm the oxide ore zone behaves hydrologically as an equivalent porous media; • To ensure underground sources of drinking water can be protected; and • To test operation controls and strategies to inform future commercial sca
Slide 24: Production Test Facility: Wellfield Results
Production Test Facility Wellfield Results • Wellfield operating for >18 months • Demonstrated and maintained hydraulic control • Achieved and exceeded modeled sweep efficiencies • Demonstrated permit compliance • Demonstrated production of commercial grade PLS • Built core operating team with site
Slide 25: Production Test Facility: Plant Results
Production Test Facility Plant Results • SX/EW operating >15 months • SX/EW plant operating steady state • No deleterious elements in PLS • Clean solutions - minimal crud generation • High extraction • High current efficiency • High quality cathode (Grade A) • >1.1 million pounds cathode produced 25
Slide 26: Exceptional Leaching Performance
Production Test Facility Exceptional Leaching Performance Demonstrated • High-quality PLS grade 2 g/l • Developed strong correlation between flowrate and acid concentration • Strong performance data allowing high level certainty for cost and production forecasting for large-scale production • Cost e
Slide 27: Construction Update
Construction Update Rob Rotzinger 27
Slide 28: Construction Update
Construction Update Owner’s Team 15 Full-time Owner’s Team personnel on site: Key Contractors • Project Manager • Drilling Manager General Contractor • Project Superintendent • Construction Superintendent Engineering & Construction Support • Drilling Superintendent • Drilling Supervisor x 4 Drilling
Slide 29: Health, Safety & Environment
Construction Update Health, Safety & Environment First Aid Medical Aid Lost Time Month 2 0 0 Year to Date 14 0 0 Project to Date 14 0 0 There have been no reportable injuries or environmental incidents on the project to date. 29
Slide 30: Construction Manpower
Construction Update Construction Manpower Contractor Project Hours Worked Personnel at to End August Site TIC, including subcontractors 159,791 223 Layne Christensen (driller) 22,311 17 Mountain Mud (mud contractor) 16,986 10 Logan Simpson (archeology) 9,172 8 Hydro Resources (driller) 6,446 0 RGC H
Slide 31: Construction Update: SX/EW Plant
Construction Update SX/EW Plant • Earthworks and concrete work for the SX/EW plant are progressing on plan • Installation of structural steel commenced in August • Installation of process equipment commenced in September March 2024 August 2024 31
Slide 32: Construction Update: Wellfield
Construction Update Wellfield • Wellfield Drilling commenced in March with two drill rigs • Currently three rigs operating, fourth to commence operating in October o 34 production wells completed to-date of 90 new wells o total wells at start of operations is 109 wells (90 new plus 19 from PTF) • Po
Slide 33: Production Well Construction
Construction Update – Wellfield Production Well Construction 0 ft Upper Rock Units 1. Prepare Drill Pad 2. Surface Casing - 20” Diameter 3. Drill to Sulfide Zone - 16” Diameter 4. Install Screen and Casing - 8” FRP Exclusion Zone 5. Place Gravel Pack & Bentonite Seal 500 ft 6. Place Type 5 Cement Se
Slide 34: Construction Update – Wellfield
Construction Update – Wellfield Test Facility Wellfield Future initial wellfield area for commercial production 34
Slide 35: Completed Plant Site Layout
Completed Plant Site Layout PRIMARY ACCESS ENTRANCE AT N COORS ROAD ELECTROWINNING TANK FARM CONTROL ROOM, DRY & OFFICES STAGING AND PARKING AREA SOLVENT EXTRRACTION GATEHOUSE WWT SEPTIC PROCESS AND FIRE FIELD WATER SYSTEMS PIPELINE MAINTENANCE OFFICE CORRIDOR AND WAREHOUSE WWT SETIC FIELD BUILDINGS
Slide 36: 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 36
Slide 37: Florence Copper Project – Capital Costs
Florence Copper Project – Capital Costs Construction Costs (US$) $50 100% Wellfield Drilling $40 80% $35 $30 60% Construction Materials Contracts $20 40% $37 $105 $10 20% $0 0% Indirect & Q1 24A Q2 24A Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Owners Costs $29 Quarterly Spending Cumulative Spending (%) Co
Slide 38: Operational Readiness
Operational Readiness John Mays 38
Slide 39: 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 40: 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 75 persons. Recruiting has shown that the project is very attractive to candida
Slide 41: Operations & Administrative Staffing
Operational Readiness Operations & Administrative Staffing John Mays General Manager Mark Severson Sophie Desart Lisa Olsen Scott Barnard Bob Roche Glenn Hoffmeyer Dan Valenzuela Manager, Health, Safety & Manager, Communication Manager, Drilling Manager, Technical Services Manager, Operations Contro
Slide 42: Water Management
Operational Readiness 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 BH
Slide 43: Water Management Infrastructure – Wellfield Rinsing
Operational Readiness 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
Slide 44: Water Management
Operational Readiness Water Management • Recycle/Reuse Permit (expected November 2024) 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 45: Acid Supply
Operational Readiness Acid Supply • Florence Copper is currently evaluating vendors o Three main vendors, all well established using an array of sources. Overseas supply as a potential backup • Delivered by truck with local rail side transloading location US$130/ton • Well-established acid transport
Slide 46: Community Engagement
Operational Readiness Community Engagement • Florence Copper has an exceptional relationship with the Town of Florence • Many Florence Copper employees interact with local organizations and government • More than half of Florence Copper employees live within the Town of Florence Florence Copper $50,
Slide 47: Financing
ing Bryce Hamming ry) c 5 = ic 47
Slide 48: Florence Copper Project – Financing
Florence Copper Project – Financing Strategic Partnership with Mitsui Florence Financing Plan (US$) $400 • Provides US$50 million of construction financing • Strong endorsement of project valuation: Gibraltar FCF o Initial US$50 million investment for 2.67% copper stream plus an offtake contract for
Slide 49: Florence Copper Project – Financing
Florence Copper Project – Financing US Department of Energy - Qualifying Advanced Energy Project Credit (48C) Program • Critical Materials Projects: A qualifying advanced energy project in this category re-equips, expands, or establishes an industrial facility for the processing, refining, or recycl
Slide 50: Thank you. Questions?
Thank you. Questions? 50
Slide 51: Appendix
Appendix 51
Slide 52: 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 53: 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 54: Thank You!
Thank You! 54