Taseko Mines Ltd.

Taseko Mines Ltd. is a junior copper producer headquartered in Vancouver, Canada, operating primarily in Canada. The company's portfolio consists of 3 projects, comprising 1 operating mine and 2 development projects. Key assets include Gibraltar and Yellowhead. The business model centers on leveraging cash flow from a large-scale, wholly-owned operating asset to fund a pipeline of development projects. Operational capabilities are diverse, encompassing conventional open-pit mining with two separate bulk sulphide concentrators, a stand-alone molybdenum flotation plant, and solvent extraction/electrowinning (SX/EW) facilities. The organization is also constructing a commercial-scale in-situ recovery (ISCR) facility, a method noted for a lower environmental footprint and cost profile. This technological breadth allows for the processing of various ore types, including sulphide, oxide, and in-situ leachable mineralization. The operational focus is on maintaining stable production while implementing continuous improvement initiatives to reduce unit costs. A key competitive advantage is derived from the significant scale of its primary operation and the anticipated low-cost position of its new project, which is expected to be in the lowest quartile of the global cost curve. Risk is managed through operational optimization and a long-term strategy of asset diversification within stable jurisdictions.

The organization's strategy is to grow into a multi-asset producer focused on North America by developing a pipeline of large-scale, advanced-stage mineral projects. A core element of this approach involves utilizing cash flow from its primary operating asset to acquire and advance these projects. The main near-term focus is the successful construction and commissioning of a major development project, with first production targeted before the end of 2025. Long-term growth options are represented by several wholly-owned, advanced-stage development projects that are currently undergoing environmental assessment processes and engineering work. The capital allocation strategy is multifaceted, combining internally generated cash flow with project-level financing to fund development. This is evidenced by the use of debt facilities, royalty agreements, and stream financing to fund initial construction costs for its key growth asset. The company also pursues strategic acquisitions to consolidate ownership of its assets, as demonstrated by the recent buyout of its joint venture partner to gain 100% control of its main operation. This move provides full marketing rights for 100% of the asset's concentrate offtake, enhancing strategic flexibility.

Executive leadership and board governance are characterized by extensive industry experience and long tenures. The board is chaired by Ronald W. Thiessen, a director since 1993, and includes Robert A. Dickinson, a director since 1991, both of whom are recognized figures in the mineral exploration and development sector. The President and CEO, Stuart McDonald, has over 25 years of experience in mining finance and corporate development, having served as CFO since 2013 before his appointment to CEO in 2021. The board of directors consists of 9 members. Governance is structured through 5 standing committees: Audit and Risk; Compensation; Nominating and Governance; Environmental, Health and Safety; and a dedicated Project Committee to oversee a key development asset. The Audit and Risk Committee charter outlines detailed responsibilities, including direct oversight of the independent auditor, pre-approval of all services, and review of internal controls. Board diversity is a stated focus, with 3 of 9 directors being women as of year-end 2024, and 2 directors identifying as being from ethnic minority backgrounds. This structure provides a framework for strategic oversight, risk management, and regulatory compliance.

The company's sustainability approach is demonstrated through specific operational and governance initiatives. A key environmental strategy involves the deployment of in-situ recovery technology at a major development project, which is designed to reduce energy consumption, water use, greenhouse gas emissions, and land disturbance compared to conventional mining methods. At its primary operating asset, environmental management includes the implementation of an in-situ biological nitrate treatment system within the tailings storage facility to enable permitted water discharge, with plans for a new water treatment plant to further enhance water management flexibility. Social responsibility is addressed through formal engagement with Indigenous peoples, including a confidential dialogue with the Tŝilhqot’in National Government to seek resolution on a past project conflict and an Indigenous-led Assessment Process with the Simpcw First Nation for a future development. The company also maintains a collective agreement with its unionized workforce, with the current agreement extending to May 2027. Governance practices include public reporting on diversity, with the board comprising 33.3% women and 2 members from ethnic minority backgrounds as of December 31, 2024. The company has adopted a code of ethics applicable to all personnel.

The corporate structure has been significantly consolidated through recent strategic acquisitions. In March 2023 and March 2024, the company acquired the full interest of its joint venture partner, Cariboo Copper Corporation, which was previously owned by a consortium including Sojitz Corporation, Dowa Metals & Mining Co., Ltd., and Furukawa Co., Ltd. This transaction transitioned the company's primary operating asset from a 75% interest in a joint venture, established in 2010, to 100% ownership. Key operational subsidiaries include Gibraltar Mines Ltd., the aforementioned Cariboo Copper Corporation, Curis Holdings (Canada) Ltd. (which holds the US-based development assets), Yellowhead Mining Inc., and Aley Corporation. The company's structure is also defined by several material, long-term financing agreements tied to production. These include a silver stream agreement with Osisko Gold Royalties initiated in 2017 and amended multiple times through 2024; a copper stream agreement with Mitsui & Co. (U.S.A.), Inc. established in 2022 to fund project construction; and a perpetual gross revenue royalty agreement with Taurus established in 2024. These agreements grant partners rights to a portion of future metal production in exchange for upfront capital.