Published: January 17, 2025 |

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Taseko Mines has released an update on the progress at its 100 percent owned Florence Copper Project in Florence, Arizona.

“We are very pleased with the progress that has been made in the first 12 months of construction. The project remains on schedule, and construction costs remain in line with our previous guidance. We are now less than a year from anticipated first copper production and, in addition to construction activities, our site management team is focused on operational readiness, key vendor agreements and recruiting,” said Stuart McDonald, president and CEO of Taseko.

“With continued growth in U.S. copper demand and an increasing focus on security of supply chains for critical materials, it is great timing to be bringing on a new source of domestic copper supply. Florence Copper is the only greenfield copper mine currently under construction in the USA and will soon become the third largest copper cathode producer in the country1,” added McDonald.

“We have recently been informed that our application for the Department of Energy’s 48C(e) tax credit has been declined. However, Taseko remains in a strong financial position with $229 million of available liquidity at year-end, including the undrawn $110 million revolving credit facility,” concluded McDonald.

As of December 31, 2024, the overall project completion was at 56 percent and first copper production continues to be targeted before the end of 2025. Construction activities are advancing on schedule and nearly 450,000 project hours have been worked with no reportable injuries or environmental incidents. Currently, there are approximately 290 construction and support personnel on site.

Summary of key activities in the fourth quarter:
• Process ponds and surface water runoff pond construction completed
• Solvent extraction settler and launder modules placed and welding of the modules was commenced
• 17 production wells were fully constructed in the quarter, for a total of 51 wells out of 90 to be drilled during the
  construction phase
• Development of the main pipe corridor (from wellfield to process plant) is mostly completed and installation of
  high density polyethylene piping in the corridor is ongoing
• Field erected process and service tank construction commenced
• Mechanical and piping installations are underway throughout the SX/EW plant
• Erection of structural steel for the solvent extraction pipe rack is nearing completion and piping installation is
  underway
• Electrical work commenced
• Water treatment building was erected, and preparations made to start the electrowinning building erection

Headquartered in Vancouver, British Columbia, Canada, Taseko Mines is a dynamic North American mining company driven to unlock the true value of copper for its investors, employees, communities, and for a complex and changing world. Taseko’s corporate strategy has been to grow the company sustainably and profitably by focusing on the continued operations of its foundational asset, the Gibraltar Mine in central BC, and the advancement of North America’s next copper producer, Florence Copper in Arizona — while also advancing its pipeline of high-quality, advanced-stage development projects, including the Yellowhead copper project and the Aley niobium project.

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