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Here are 1-3 brief analogies for Taseko Mines (TGB):

• A smaller, Canadian version of Freeport-McMoRan, focused primarily on copper mining.
• Like a focused Teck Resources, specializing in the extraction of copper and molybdenum.

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• Copper: A base metal primarily used in electrical wiring, construction, and various industrial applications.
• Molybdenum: A refractory metal produced as a byproduct, primarily used as an alloying agent in steel to enhance strength and corrosion resistance.

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Taseko Mines (symbol: TGB) is a mining company primarily producing copper concentrate from its Gibraltar Mine and developing the Florence Copper Project. As such, it sells its products primarily to other companies in the industrial supply chain, rather than directly to individuals.

According to Taseko Mines' public filings, including its Annual Information Forms, the company does not publicly disclose the specific names of its major customers due to commercial confidentiality. However, it does state that its sales are concentrated among a small number of third-party purchasers.

For example, in its 2023 Annual Information Form, Taseko reported that its sales for the year were primarily to three customers, with one customer representing approximately 37% of revenue, another approximately 33%, and a third approximately 26%. Despite the significant concentration, the specific identities of these customers are not revealed.

While specific customer names are not disclosed by Taseko Mines, the types of companies that serve as major purchasers of copper concentrate in the global market are generally:

• Major Commodity Trading Houses: These are global firms that specialize in the physical trading, logistics, and financing of raw materials, including copper concentrate. Representative examples of such companies (not confirmed Taseko customers) include Glencore (LSE: GLEN) and Sumitomo Corporation (TYO: 8053).
• International Smelters and Refiners: These industrial companies purchase copper concentrate to process it into refined copper metal. Many of the largest copper smelters are located in Asia (e.g., China, Japan, South Korea). Representative examples of such companies (not confirmed Taseko customers) include Jiangxi Copper (HKG: 0358, SHA: 600362) and LS-Nikko Copper (part of LS Corp, KSE: 006220).

Therefore, Taseko Mines sells primarily to industrial customers within the global base metals supply chain, which consist of large-scale commodity traders and copper processing facilities.

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Stuart McDonald President & Chief Executive Officer

Mr. McDonald has over 25 years of experience in mining, corporate development, financial, and management roles. He became President & CEO of Taseko Mines in July 2021, after serving as President since June 2019 and Chief Financial Officer from September 2013. Prior to joining Taseko, he held senior executive roles as CFO & Senior Vice President at Yukon Zinc Corporation from 2010 to 2013 and Chief Financial Officer at Quadra FNX Mining Ltd. (and its predecessor Quadra Mining Ltd.) from 2007 to 2010, which was a mid-tier copper producer with five operating mines. He was also Corporate Controller at Cumberland Resources Ltd. from 2004 to 2007, a company that was acquired by Agnico-Eagle Mines in 2007. Mr. McDonald also worked as a Senior Manager at Deloitte & Touche and Ernst & Young. He is a Chartered Professional Accountant and holds a Bachelor of Commerce (Finance) degree from the University of British Columbia.

Bryce Hamming Chief Financial Officer

Mr. Hamming joined Taseko in 2018 and was appointed Chief Financial Officer in 2019, bringing over 20 years of finance experience to his role. He is responsible for Taseko's corporate finance, corporate development, treasury, tax, and accounting oversight. Mr. Hamming has played a key role in Taseko's financing activities, including the US$400 million Senior Secured Notes and Florence financing initiatives. His previous experience includes serving as Chief Financial Officer at Northcliff Resources Ltd. from 2010 to 2019 and Vice President of Corporate Finance and Business Development at Hunter Dickinson Inc. from 2010 to 2019. Hunter Dickinson Inc. is described as a private group of mine finders and developers. He also held positions as a Corporate Finance and Business Development Consultant at Seaspan Corporation and a Corporate Finance Consultant at Northern Dynasty Minerals Ltd. Earlier in his career, he was an Associate Director at Royal Bank of Scotland Business and a Senior Manager at KPMG. He is a Chartered Financial Analyst and a Chartered Professional Accountant.

Richard Tremblay Chief Operating Officer

Mr. Tremblay was appointed Chief Operating Officer in November 2023, having previously served as Senior Vice President, Operations. He joined Taseko in 2014 as General Manager of the Gibraltar Mine and has over 30 years of experience in mining, specializing in large-scale open pit mining and mineral processing. Mr. Tremblay has been instrumental in the development of the Florence Copper Project, overseeing its permitting process and technical de-risking. He is responsible for Taseko's operations and project development activities.

Richard Weymark Vice President, Engineering

Mr. Weymark was appointed Vice President, Engineering in July 2021, after joining Taseko as Chief Engineer in July 2018. He has a strong background in mining engineering, having spent 10 years in progressively senior roles at Teck's Highland Valley Copper operation, including mine engineering, mine operations, and tailings dam construction. At Taseko, he focuses on the engineering and environmental aspects of the company's development projects. Mr. Weymark holds a Bachelor of Applied Science in Mining Engineering from the University of British Columbia and a Master of Business Administration from Queen's University, and is a Professional Engineer.

Robert Rotzinger Vice President, Capital Projects

Mr. Rotzinger has been with Taseko and its predecessors for over 25 years, starting as a mechanical engineer and advancing to more senior positions. He has been a key contributor to major capital projects and expansions at the Gibraltar Mine. Mr. Rotzinger has received recognition for his work, including a PowerSmart Award from BC Hydro for Outstanding Energy Efficient Project in 2008 and 2010, and co-recipient of the AMEBC E.A. Scholz Award for Excellence in Mine Development in 2010 for the Gibraltar Mine modernization projects. He holds a Bachelor of Applied Science (Mechanical Engineering) from the University of British Columbia and is a Professional Engineer.

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The key risks to Taseko Mines' business (TGB) are primarily influenced by external market forces and internal operational factors.

1. Copper Price Volatility: As a copper producer, Taseko Mines' profitability and financial performance are highly sensitive to fluctuations in global copper prices. These prices are heavily influenced by global economic conditions, particularly demand from major consumers like China. Significant swings in copper prices directly impact the company's revenue and margins.
2. Operational Challenges and Execution Risk: Taseko faces risks related to the successful execution and ramp-up of its mining projects, such as Florence Copper, and ongoing operational efficiency at its existing Gibraltar mine. Past issues have included disruptions from moving mining operations, challenges with waste rock and equipment availability at Gibraltar, and lower-than-expected copper recoveries due to oxidized ore. There are also uncertainties regarding the estimated capital and operating costs for development projects.
3. High Leverage and Capital Availability: The company's financial structure includes a notable debt-to-equity ratio, which analysts have highlighted as a key risk requiring disciplined capital allocation. Furthermore, the availability of necessary capital for ongoing operations and future development projects on acceptable terms, or at all, could materially impact Taseko's actual results.

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Heightened and intensifying scrutiny, regulatory hurdles, and public opposition concerning water usage and potential contamination associated with in-situ recovery (ISR) mining methods, particularly impacting the critical Florence Copper project. This emerging trend presents significant risks of extended permitting delays, increased legal challenges, and a potential loss of social license to operate, directly threatening the project's economic viability and timely execution.

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• Copper: The global copper market size was estimated at USD 241.88 billion in 2024 and is projected to reach USD 339.95 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 6.5% from 2025 to 2030. Another estimate valued the global copper market at USD 236.09 billion in 2024, with projections to reach USD 362.28 billion by 2032, demonstrating a CAGR of 5.6%. Furthermore, the global copper market size was calculated at USD 333.15 billion in 2024 and is expected to reach approximately USD 548.20 billion by 2034, expanding at a CAGR of 5.11% from 2025 to 2034.
• Molybdenum: The global molybdenum market size was valued at approximately USD 5.32 billion in 2023 and is anticipated to reach around USD 6.70 billion by 2030, with a CAGR of about 3.92% during the forecast period from 2025 to 2030. Another report indicated the global molybdenum market size was valued at USD 5.04 billion in 2024 and is expected to reach USD 6.14 billion by 2032, growing at a CAGR of 2.50%.

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Here are the expected drivers of future revenue growth for Taseko Mines (symbol: TGB) over the next 2-3 years:

1. Increased Copper Production at Gibraltar Mine: Taseko Mines anticipates a significant increase in copper production at its wholly-owned Gibraltar mine. Following operational improvements and increased mill availability, annual production is forecasted to rise from 106 million pounds in 2024 to an estimated 120-130 million pounds in 2025. This boost in output is expected to be weighted towards the second half of 2025.
2. Commencement and Ramp-up of Florence Copper Project: The Florence Copper project in Arizona is nearing completion, with construction over 90% finished as of June 2025. First copper cathode production is targeted before the end of 2025. Once fully operational, this project is expected to add 85 million pounds of LME Grade A copper metal per year to Taseko's production capacity, with a mine life of 22 years. The ramp-up of production from Florence Copper will be a substantial driver of revenue growth.
3. Favorable Copper Price Environment: Analysts and company statements point to a strong outlook for copper prices, driven by global electrification, the green energy transition, and increasing demand from electric vehicles and infrastructure development. Some forecasts suggest copper prices could surge over 75% by 2025, potentially reaching $15,000 per ton. Taseko Mines is strategically positioned to benefit significantly from these anticipated higher copper prices, with its production profile offering substantial leverage to a rising copper market.

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Share Issuance

• In November 2020, Taseko Mines executed a bought deal for 27.75 million common shares at US$0.83 each, raising approximately US$23 million, alongside a concurrent private placement of up to US$2 million.
• Taseko Mines completed a bought deal offering in October 2025, issuing 42 million common shares at US$4.05 per share for gross proceeds of US$170.1 million.

Inbound Investments

• In October 2021, Taseko established a new US$50 million Revolving Credit Facility with National Bank of Canada, intended for working capital and general corporate purposes, which was undrawn.
• The US$50 million Revolving Credit Facility's maturity was extended to July 2, 2026, in February 2023, and an accordion feature was added, allowing the facility to increase by US$30 million to a total of US$80 million.

Outbound Investments

• In March 2024, Taseko acquired the remaining 12.5% interest in the Gibraltar mine, increasing its ownership to 100%, with an initial payment of US$5 million and future payments tied to copper prices and Gibraltar's cash flow starting March 2026.

Capital Expenditures

• In February 2021, Taseko completed a US$400 million Senior Secured Notes offering, with US$131 million of net proceeds allocated for capital expenditures, working capital, and general corporate purposes, notably for the Florence Copper commercial production facility, estimated to cost US$230 million.
• Construction of the Florence Copper commercial production facility commenced in January 2024, with approximately US$239 million incurred as of Q2 2025, and total construction costs are projected to be around US$265 million (US$232 million plus up to 15%).
• The Yellowhead copper project is estimated to require initial capital costs of US$2.0 billion and is expected to be eligible for a Canadian federal Clean Technology Manufacturing Investment Tax Credit of approximately US$540 million (30% of eligible initial capital costs reimbursed in year 1).