Name of the Project
Florence Copper in situ copper recovery (ISCR) facility.

Location
Arizona, in the US.

Project Owner/s
Florence Copper Incorporated, a wholly owned subsidiary of Taseko Mines.

Project Description
The Florence deposit contains 2.5-billion pounds of copper in 345-million tons of probable reserves.

The project proposes to build and operate an ISCR facility, and produce 85-million pounds a year of copper over the 22-year life-of-mine. Total LoM production is estimated at 1.5-million pounds of copper.

ISCR is an extraction method used for selected mineral deposit conditions as an alternative to openpit or underground mining methods.

ISCR extracts copper by injecting a weak sulphuric acid solution, referred to as raffinate, through targeted portions of the mineral deposit using an array of injection wells. The raffinate passes through natural fractures and voids in the deposit and dissolves the copper mineralisation.

The copper laden solution, known as pregnant leach solution (PLS), is collected in recovery wells where it is pumped to the surface for processing. Copper is extracted from the PLS using solvent extraction electrowinning techniques producing a saleable copper cathode product.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has an after-tax net present value, at a 8% discount rate, of $930-million and an internal rate of return of 47%, with a payback of 2.6 years.

Capital Expenditure
The project has an initial capital expenditure of $232-million.

Planned Start /End Date
Commercial production is expected to start in 2025.

Latest Developments
Taseko Mines has received approvals for $100-million in additional financing for the project.

Taurus Mining Royalty Fund will provide a $50-million royalty and Société Générale has approved a $50-million senior secured debt facility.

Upon closing and satisfaction of conditions precedent, the proceeds from these project-level financings will be available to fund the construction and development of the commercial production facility at Florence.

Taseko completed permitting for the copper project and with these new financings set to close in the coming months, the company is preparing to start building the commercial facility.

The company operated a production test facility at Florence for 18 months, which provided it with an opportunity to test operational controls and strategies that would be applied in future commercial operations.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
Taseko Mines, tel +1 778 373 4533 or email investor@tasekomines.com.