Taseko Mines : March 2024 Corporate Presentation

Building North America's Low-Cost Multi-Asset Copper Producer

March 2024

1

Disclaimer

This meeting is strictly confidential and is for you to familiarize yourself with Taseko Mines Limited ("Taseko"). This presentation does not constitute an offer or invitation for the sale or purchase of securities and has been prepared solely for informational purposes.

You acknowledge that neither Taseko nor any of its subsidiaries (the "Relevant Parties") shall have any liability to you or any other person for furnishing the information contained herein or for any action taken or decision made by you in purported reliance on such information. No Relevant Party is making any representation or warranty as to the accuracy or completeness of the information contained in this document, and no Relevant Party shall have any liability to you or any other person for failing to furnish any other information now or in the future known to or in possession of any Relevant Party or have any obligation to update or supplement any information previously provided to you with any additional information. The furnishing of the information contained in this document shall not, under any circumstances, create any implication that there has been no change in the information set forth herein or in the affairs of Taseko and its subsidiaries and affiliates since the date of such information or the date it was furnished.

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, Section 27A of the Securities Act and 21E of the U.S. Securities Exchange Act of 1934, as amended, which may not be based on historical fact, including without limitation, statements regarding our expectations in respect to future financial position, business strategy, future production, reserve potential, exploration drilling, exploitation activities, events or developments that we expect to take place in the future, projected costs and plans and objectives. All information contained in this presentation, other than statements of current and historical fact, is forward-looking information. Often, but not always, forward-looking information can be identified by the use of words such as "believes," "may," "plan," "will," "estimate," "scheduled," "continue," "anticipates," "intends," "expects," "aim" and similar expressions. All of the forward-looking information in this presentation is qualified by this cautionary note.

This presentation also contains estimates and information concerning our industry that are based on industry publications and reports. This information involves a number of assumptions and limitations, and you are cautioned not to give undue weight to these estimates. We have not independently verified the accuracy or completeness of the data contained in these industry publications and reports.

All statements in this presentation, other than statements of historical facts, that address estimated mineral resource and reserve quantities, grades and contained metal, and possible future mining, exploration and development activities, are forward-looking statements. Although Taseko believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements should not be in any way construed as guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices for metals, the conclusions of detailed feasibility and technical analyses, lower than expected grades and quantities of resources, mining rates and recovery rates and the lack of availability of necessary capital, which may not be available to Taseko on terms acceptable to it or at all. Taseko is subject to the specific risks inherent in the mining business as well as general economic and business conditions. For more information on Taseko, investors should review Taseko's annual Form 40-F filing with the United States Securities and Exchange Commission atwww.sec.gov and its Canadian securities filings that are available atwww.sedar.com.

This presentation contains unaudited "non-IFRS" financial measures, including Adjusted EBITDA, Pro Forma Adjusted EBITDA and net debt. The non-IFRS financial measures contained in this presentation are not measures of financial performance calculated in accordance with international financial reporting standards ("IFRS") and should not be considered as replacements or alternatives to net income or loss, cash flow from operations or other measures of operating performance or liquidity. Please refer to the Appendix of this presentation for reconciliations of non-IFRS financial measures to their most directly comparable financial measures calculated in accordance with IFRS. Non-IFRS measures should be viewed in addition to, and not as substitute for, analysis of Taseko's results reported in accordance with IFRS or otherwise. Notwithstanding these limitations, and in conjunction with other accounting and financial information available, Taseko's management considers the non-IFRS financial measurers contained in this presentation to be reasonable indicators for comparisons between Taseko and Taseko's principal competitors in the market. These non-IFRS measures are used by market participants for comparative analysis, albeit with certain limitations, of the results of businesses in the sector and as indicators of Taseko's capacity to generate cash flow. Nevertheless, non-IFRS financial measures do not have any standardized meaning and therefore may not be comparable to similar measures presented by other companies.

Adjusted EBITDA, Pro Forma Adjusted EBITDA and net debt are non-IFRS performance measures and are presented as supplementals measure of the Company's performance and ability to service debt. Adjusted EBITDA does not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other companies. Adjusted EBITDA is determined and presented on a consistent basis from period to period.

	Supportive Copper Fundamentals • Secular tailwinds from global migration towards electrification • Supply constrained by depleting reserves, declining grades and long project development lead-times
	Gibraltar is a Large-Scale Copper Mine with Proven Through-the-Cycle Cash Flow Generation ▪ Large-scale open-pit copper mine located in British Columbia with significant free cash flow generation at spot copper prices ▪ Taseko will own 100% of Gibraltar following the transactions to consolidate the minority interests (increasing production by 33%)
	Construction Underway at the Low Cost, High-Return Florence Copper Project ▪ Construction underway with all permits in hand and Underground Injection Control Permit ("UIC") effective as of October 2023 ▪ Prudent funding plan in place, leveraging various sources of capital on competitive terms ▪ Transformational project expected to result in a step change in copper production and blended lower cost profile
	Operations Located in Canada and the United States ▪ British Columbia and Arizona are both ranked within the top quartile of Fraser Institutes Attractiveness Index ▪ Assets located in close proximity to existing infrastructure and skilled labour force
	Commitment to Strong Environmental, Social and Governance Practices ▪ Industry leader with multiple awards for health and safety and environmental performance ▪ Florence's In-situ Copper Recovery ("ISCR") process has a lower environmental footprint relative to conventional open-pit mining
	Proven Team of Mine Builders and Operators ▪ Operating and Engineering Team with decades of relevant experience
	Diversified Funding Sources and Risk Management ▪ Prudent funding plan for Florence with Taseko backing; once operational positioned to result in a step-change in leverage metrics ▪ Active hedging strategy in place with to mitigate risk against copper price volatility

New ProsperityYellowhead

Taseko Investment Highlights

Milestone Achievements Since 2020

Taseko has materially enhanced its business over the past three years

FYE 20201	FYE 2023 (Pro Forma D&F & Sojitz)
Gibraltar Ownership	75%	100%		Consolidated Gibraltar minority interests ▪ Increased effective interest in Gibraltar by 33% ▪ Attractive acquisition multiples with purchase consideration supported through flexible vendor financing package with attractive terms
LTM Adj. EBITDA	US$81m2 (75% basis)	US$1683 (100% basis)		Meaningful Growth in Adjusted EBITDA ▪ Underpinned by high copper prices, increased Gibraltar ownership and Gibraltar mine plan phasing
Florence Permitting	Outstanding	In-hand		Florence Fully Permitted and Construction Underway ▪ UIC permit granted by US EPA, effective as of Q4 2023
Florence Funding	Pending	Corporate & Project Financing Commitments		Well-Defined Funding Package in Place for Florence • Cost overrun risk mitigated through fixed price construction contract • Advanced procurement of essential construction components
LTM Avg. Copper Price	US$2.80/lb4	US$3.85/lb5		Improved Copper Price Outlook ▪ Copper price continues to benefit from global electrification trend and supply constraints

Source: Company filings.

Note: Adjusted EBITDA and Pro Forma Adjusted EBITDA are non-IFRS financial measures. Please refer to reconciliations included in the Appendix.

1. Metrics as of Q4 2020 report. | 2. CAD amount converted to US$ at 1.3415 (2020 average exchange rate per the Bank of Canada). | 3. LTM Pro Forma Adjusted EBITDA as of December 31, 2023 pro forma for the acquisition of Sojitz's and D&F's minority interests, reflecting Adjusted EBITDA as if the transactions closed on Jan 1, 2023; CAD amount converted to US$ at 1.3497 (2023 average exchange rate per the Bank of Canada). | 4. LTM average copper price from Taseko's Q4 2020 financial statements. | 5. LTM average copper price from Taseko's Q4 2023 financial statements.

Acquisition of Remaining 12.5% of Gibraltar

Consolidation of remaining Gibraltar minority interest; supported by a flexible vendor financing package

Transaction Overview

• ▪ Taseko has entered into an agreement to purchase the remaining effective 12.5% minority interest in Gilbraltar from D&F, increasing Taseko's effective interest in Gibraltar to 100%

• ▪ The transaction will be 100% funded through a non-interest-bearing vendor financing package with flexible and attractive terms

• ▪ Minimum payments of C$117m over the next ten years (NPV: ~C$70m1)

  • • C$5m payable on transaction closing; no payments for fiscal 2024

  • • Annual variable principal payments (payable within 90 days of FYE) with respect to the fiscal years 2025 - 2033 linked to the LME average copper price

    • • Annual payments of C$5m at copper prices below US$4.00/lb; plus

    • • Additional payments of C$1m for each incremental 10 cents above

      US$4.00/lb, up to a maximum incremental payment of C$10.25m at copper prices above US$5.00/lb

  • • Balloon payment at the end of 2033 for the remaining principal amount owed

    (ie. C$117m less payments received)

    • • Balloon payment is well outside of other debt maturities

• ▪ Variable principal payments intended to be "self-funded" through Cariboo's share of Gibraltar cash flow. Annual payments subject to a cap of 6.25% of Gibraltar cash flow for the fiscal periods 2025 - 2028 and 10% thereafter

Source: Company filings.

Illustrative Payment Schedule2 (C$M)

Initial Payment on ClosingVariable Principal Payment

1. Estimated accounting book value of the D&F payments liability. I 2. Illustrative payment schedule assumes average annual copper price below US$4.00/lb and total payments do not exceed prescribed caps.

Balloon Payment

$72

Recap: Acquisition of 12.5% of Gibraltar from Sojitz in 2023

Transaction increased Taseko's attributable copper production by 17%

Transaction Overview

• ▪ On March 15, 2023, Taseko closed the acquisition of Sojitz's effective 12.5% interest in Gibraltar, increasing Taseko's effective interest in Gibraltar to 87.5%

• ▪ Payment structure to Sojitz over the next five years:

  • • Fixed payments of C$60m, with C$10m paid at closing and remaining amounts payable in annual non-interest-bearing C$10m installments over the next five years (current outstanding balance of C$40m)

  • • Annual contingent payments if average annual LME copper price is at least US$3.50/lb Cu

    • • Payments are calculated based on Gibraltar attributable copper revenue (12.5% interest) multiplied by a copper factor (3% at US$3.50/lb and an incremental 1% for every US$0.10/lb increase in Cu price)

Source: Company filings.

Note: Sojitz transaction closed 15-Mar-23.

Illustrative Payment Schedule (C$M)

Fixed Payments Made

$10.0

$10.0

$10.0

Closing

2024

Illustrative Contingent Payment Sensitivity (C$M)

Cu Price (US$/lb)

Factor (%) Payment1

$3.00	$3.50	$3.75	$4.00	$4.25	$4.50	$4.75	$5.00
-	3%	5%	8%	10%	13%	15%	17%
-	$2.0	$3.6	$6.2	$8.2	$11.4	$13.8	$16.5

1. Illustrative contingent payments assume Gibraltar production of 115 mlbs. USD amounts converted to C$ at 1.3497 (2023 average exchange rate per the Bank of Canada).

Future Fixed Payments

$10.0

$10.0

$10.0

2025

2026

2027

2028

Bridge to Pro Forma 2023 Adjusted EBITDA

Consolidation of Gibraltar minority interests results in a step change in Adjusted EBITDA

As Reported Adjusted EBITDA (C$m)	Pro Forma 100% basisRAeadljusted EBITDA1 (C$m)
As Reported Adjusted EBITDA	Sojitz Adjustments	D&F Adjustments

Figures grossed up from 87.5% interest

$226

$190

$36

Q1

Q2

$10

$69

$7

$22

$4

Q3

Q4

FY2023

Q1

Q2

Q3

Q4

FY2023

FY2023 (US$)

Source: Company filings.

Note: Adjusted EBITDA and Pro Forma Adjusted EBITDA are non-IFRS financial measures. Please refer to reconciliations included in the Appendix.

Note: Sojitz transaction closed 15-Mar-23. Pro Forma Adjusted EBITDA in C$ converted to US$ at 1.3497 (2023 average exchange rate per the Bank of Canada).

1. Pro Forma Adjusted EBITDA for the year ended December 31, 2023 reflects Adjusted EBITDA as if both the D&F and Sojitz transactions closed on January 1, 2023.

Taseko Overview

Taseko is a BC incorporated company, headquartered in Vancouver, Canada

Pro Forma Capitalization2

(Pro Forma D&F Transaction)

100%1

100%

100%

100%

100%

Aley Corporation

Market Capitalization (22-Mar-24)	US$588M
Pro Forma Adj. EBITDA	US$168M3
Pro Forma Cash	US$133M4
Total Debt	US$574M5
Net Debt	US$441M6
Total-Debt to Adj. EBITDA	3.4x
Net-Debt to Adj. EBITDA	2.6x

100%

New Prosperity

Source: FactSet as of March 22, 2024.

Note: Adjusted EBITDA and Pro Forma Adjusted EBITDA are non-IFRS financial measures. Please refer to reconciliations included in the Appendix. Metrics are pro forma D&F and Sojitz transactions. All balance sheet CAD amounts converted to US$ at 1.3226 (2023 year-end exchange rate per the Bank of Canada); Financial statistics CAD amounts converted to US$ at 1.3497 (2023 average exchange rate per the Bank of Canada); Fully diluted market capitalization as per FactSet.

1. Ownership percentage pro forma for the D&F transaction. I 2. As of December 31, 2023, refer to specific footnotes for details of pro forma adjustments where applicable. I 3. Pro Forma Adjusted EBITDA for the year ended December 31, 2023 reflects Adjusted EBITDA as if both 8 the D&F and Sojitz transactions closed on January 1, 2023. I 4. Includes US$50M Taurus royalty proceeds and US$10M of Mitsui copper stream drawdown, proceeds received during Q1 2024. | 5. Total debt includes the fixed payment portion of Sojitz vendor financing and the estimated accounting book value of the D&F vendor financing (C$70m). | 6. Net Debt includes Pro Forma Cash amount of US$133M and Total Debt of US$574M (which includes the estimated accounting book value of the D&F vendor financing of C$70m.

Copper Price Outlook

Copper price well-positioned to benefit from favourable long-term supply-demand dynamics

Supply-Demand Forecast (Mt )

Mt 30

Base Case Production Capability

26

22

18

14 2015

2020

2025

Historical Copper Pricing and Forward Curve (US$/lb)

$5.00

$1.50

$4.03

$4.07 $4.06 $4.03 $4.00

$4.00

2019

2020

2021

2022

2023

Source: Bloomberg, Factset as at March 19, 2024, Wood Mackenzie.

Primary Demand

~3.3 Mt Deficit (2030)

• ▪ Wood Mackenzie forecasts a potential supply deficit of ~3.3 Mt Cu by 2030

• ▪ Favourable supply-demand dynamics driven by:

  • • Global migration towards electrification

  • • Maturing global supply base, with declining grade profile

  • • Long project development lead times

    2030

    2035

  • • Ongoing supply disruptions and social unrest, particularly in Latin America

• ▪ Continued strong copper price performance, with an average daily copper price of US$4.02/lb over the past three years

2024

2025

2026

2027

2028

2029