TASEKO REPORTS $36 MILLION OF ADJUSTED EBITDA FOR FIRST QUARTER 2023.

VANCOUVER, BC: Taseko Mines Limited (TSX: TKO) (NYSE American: TGB) (LSE: TKO) ("Taseko" or the "Company") reports first quarter 2023 Adjusted EBITDA* of $36 million, Earnings from mining operations before depletion* of $41 million and Cash flows provided by operations of $28 million. Adjusted net income* was $5 million, or $0.02 per share.

Stuart McDonald, President and CEO of Taseko, stated, "An average realized copper price of US$4.02 per pound in the first quarter helped to drive our strong financial performance. Production in the first quarter was 25 million pounds of copper and 234 thousand pounds of molybdenum. Copper head grades for the period were on plan, averaging 0.22%, but production was slightly below plan due to unexpected mill downtime and operational issues with the primary crushers. Mining advanced deeper into the Gibraltar pit which is the sole source of mill feed this year, and waste stripping ramped up in the new Connector pit. Initial tons of oxide ore were also mined from the Connector pit and have been placed on leach pads for future production when the Gibraltar SX/EW plant restarts.

We have decided to defer the in-pit crusher move until the spring of 2024, to coincide with planned work on SAG mill #1 to minimize concentrator downtime."

Mr. McDonald added, "In the first quarter, we increased our effective interest in Gibraltar to 87.5%, after acquiring a 12.5% stake from one of our joint venture partners. The transaction closed in mid-March and provides immediate 17% growth in our attributable copper production. Additionally, the five-year deferred payment structure allows Taseko to focus our financial resources on the construction of the commercial facility at Florence."

"In March, we filed a new technical report** for the Florence Copper project. The report includes updated capital cost estimates based on detailed engineering and recent contractor and vendor quotations. Operating and sustaining capital costs have also been updated, and refinements have been made to the operating models based on the Production Test Facility ("PTF") results. The project has been significantly de-risked in recent years and has an after-tax Net Present Value (8%) of US$930 million using a long-term copper price of US$3.75 per pound. The EPA permitting process continues to advance and we expect a favourable outcome in the coming months. We are ready to start construction of the commercial production facility as soon as the final Underground Injection Control permit is issued," continued Mr. McDonald.

"Considering global economic uncertainties, copper markets remain remarkably stable and continue to support a healthy price of about US$3.85 per pound. Demand for our product remains strong and the long-term supply/demand fundamentals appear to be favourable. In the short-term, we continue to maintain our price protection strategy, which provides a minimum copper price of US$3.75 per pound for most of Gibraltar's production for the balance of 2023. Our original production guidance of 115 million pounds (+/-5%) for 2023 remains unchanged," concluded Mr. McDonald.

*Non-GAAP performance measure. See end of news release

**NI 43-101 Technical Report, Florence Copper Project, Pinal County, Arizona" dated March 30, 2023. The report has been prepared for Taseko Mines Limited, a producing issuer, under the supervision of Richard Tremblay, P.Eng., MBA, Richard Weymark, P.Eng., MBA, and Robert Rotzinger, P.Eng. Mr. Tremblay is employed by the Company as Sr. Vice President Operations, Mr. Weymark is Vice President Engineering and Robert Rotzinger is Vice President Capital Projects. All three are "Qualified Persons" as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101").

First Quarter Review

In March 2023, the Company announced the results of recent technical work and updated economics for the Florence Copper project. Including updated modelling, capital expenditures and operating costs, the Florence Copper project now has an after-tax net present value of US$930 million (at an 8% discount rate) with an internal rate of return of 47% and a 2.6 year payback period;

First quarter earnings from mining operations before depletion and amortization* was $41.1 million, Adjusted EBITDA* was $36.1 million, and cash flows from operations was $28.0 million;

GAAP net income was $4.4 million ($0.02 per share) and Adjusted net income* was $5.1 million ($0.02 per share);

Gibraltar produced 24.9 million pounds of copper for the quarter which was slightly below expectations due to unplanned mill downtime that was necessary to address crusher maintenance and other operational issues;

Copper head grades in the quarter were 0.22%, similar to recent quarters and in line with management's expectation;

Gibraltar sold 26.6 million pounds of copper in the quarter (100% basis) which contributed to revenue for Taseko of $115.5 million. The average realized copper price was US$4.02...