Taseko Mines Limited announced that it has entered into a definitive agreement, effective March 25, 2024, to acquire the remaining 12.5% interest in the Gibraltar Mine from Dowa Metals & Mining Co. Ltd. and Furukawa Co. Ltd. Under the terms of the Agreement, Taseko will acquire Dowa and Furukawa's shares in Cariboo Copper Corp.

and will then own 100% of Cariboo shares and have an effective 100% interest in the Gibraltar Mine. The acquisition price consists of a minimum amount of $117 million payable over a period of ten years and potential contingent payments depending on copper prices and Gibraltar's cashflow. An initial $5 million will be paid to Dowa and Furukawa ($2.5 million each) shortly following closing and the remaining amounts will be settled with annual payments commencing in March 2026.

Terms of the acquisition: An initial $5 million payment will be made to Dowa and Furukaw shortly following closing. The loans contain minimum protective covenants including the requirement not to amend the joint venture agreement for the Gibraltar mine, or sell Cariboo's 25% interest in the joint venture. Under the Cariboo offtake arrangements entered into in 2010, Dowa and Furukawa were entitled to receive 30% of Gibraltar's copper concentrate offtake for the life of mine, at benchmark terms. Upon closing of this acquisition, the Cariboo offtake agreement will be terminated and Taseko will retain full marketing rights for 100% of Gibraltar's concentrate offtake going forward.