<SEC-DOCUMENT>0001279569-21-001563.txt : 20211108
<SEC-HEADER>0001279569-21-001563.hdr.sgml : 20211108
<ACCEPTANCE-DATETIME>20211108143232
ACCESSION NUMBER:		0001279569-21-001563
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20211103
FILED AS OF DATE:		20211108
DATE AS OF CHANGE:		20211108

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TASEKO MINES LTD
		CENTRAL INDEX KEY:			0000878518
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31965
		FILM NUMBER:		211387508

	BUSINESS ADDRESS:	
		STREET 1:		SUITE 1200
		STREET 2:		1040 WEST GEORGIA STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6E 4H1
		BUSINESS PHONE:		778-373-4533

	MAIL ADDRESS:	
		STREET 1:		SUITE 1200
		STREET 2:		1040 WEST GEORGIA STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6E 4H1
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>taseko6k.htm
<DESCRIPTION>FORM 6-K
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STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B></FONT><BR>
Washington, D.C. 20549</P>

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6-K</B></P>

<P STYLE="color: rgb(0, 0, 0); font: 400 13.33px Times New Roman, Times, Serif; letter-spacing: normal; word-spacing: 0px; text-align: center; text-indent: 0px; background-color: rgb(255, 255, 255)"><B>REPORT
OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16<BR>
UNDER THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="color: rgb(0, 0, 0); font: 400 13.33px Times New Roman, Times, Serif; letter-spacing: normal; word-spacing: 0px; text-align: center; text-indent: 0px; background-color: rgb(255, 255, 255)">For
the month of&nbsp;<B>November, 2021</B></P>

<P STYLE="color: rgb(0, 0, 0); font: 400 13.33px Times New Roman, Times, Serif; letter-spacing: normal; word-spacing: 0px; text-align: center; text-indent: 0px; background-color: rgb(255, 255, 255)">Commission
File Number:&nbsp;<B>001-31965</B></P>

<P STYLE="color: rgb(0, 0, 0); font: 400 13.33px Times New Roman, Times, Serif; letter-spacing: normal; word-spacing: 0px; text-align: center; text-indent: 0px; background-color: rgb(255, 255, 255)"><FONT STYLE="font-size: 18pt"><B><U>Taseko
Mines Limited</U></B></FONT><BR>
(Translation of registrant's name into English)</P>

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Floor - 1040 West Georgia St., Vancouver, BC, V6E 4H1</U></B><BR>
(Address of principal executive offices)</P>

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by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.</P>

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Form 20-F &nbsp;&nbsp;[ x ] Form 40-F</P>

<P STYLE="color: rgb(0, 0, 0); font: 400 13.33px Times New Roman, Times, Serif; letter-spacing: normal; word-spacing: 0px; text-align: center; text-indent: 0px; background-color: rgb(255, 255, 255)">Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [<FONT STYLE="font-size: 1px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>]</P>

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by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [<FONT STYLE="font-size: 1px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>]</P>

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HEREWITH</U></B></P>

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  <TD STYLE="padding-left: 25; width: 17%"><A HREF="ex991.htm">99.1</A></TD>
  <TD STYLE="padding-top: 2; width: 83%; padding-bottom: 2"><A HREF="ex991.htm">News Release - November 3, 2021</A></TD></TR>
</TABLE>

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<P STYLE="color: rgb(0, 0, 0); font: 400 13.33px Times New Roman, Times, Serif; letter-spacing: normal; word-spacing: 0px; text-align: justify; text-indent: 0px; background-color: rgb(255, 255, 255)">Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.</P>

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  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>Taseko Mines Limited</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">(Registrant)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 17%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%">&nbsp;</TD>
    <TD STYLE="width: 21%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 5; vertical-align: top">Date: November 3, 2021</TD>
    <TD STYLE="padding-bottom: 5; vertical-align: top">By:</TD>
    <TD STYLE="padding-bottom: 5; border-bottom: Black 1pt solid"><I>/s/ Stuart McDonald</I></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>Stuart McDonald</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Title:</TD>
    <TD>President</TD></TR>
  </TABLE>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex991.htm
<DESCRIPTION>NEWS RELEASE DATED NOVEMBER 3, 2021
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<P STYLE="text-align: right; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Exhibit 99.1</B></FONT></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><IMG SRC="header_logo.jpg" ALT=""></B></FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT>&nbsp;</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase; color: #00A5E3"><B></B></FONT></P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; color: #00A5E3"><FONT STYLE="text-transform: uppercase"><B>TASEKO
REPORTS SIGNIFICANTLY IMPROVED ADJUSTED EBITDA* <BR>
OF $76 MILLION </B></FONT></P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; color: #00A5E3"><FONT STYLE="text-transform: uppercase"><B>FOR
THE third QUARTER 2021</B></FONT></P>
<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase; color: #00A5E3"><B></B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border: Black 1pt solid; font: 10pt Klavika Regular; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">This
    release should be read with the Company&rsquo;s Financial Statements and Management Discussion &amp; Analysis (&quot;MD&amp;A&quot;),
    available at <B><U>www.tasekomines.com</U></B> and filed on <B><U>www.sedar.com</U></B>. Except where otherwise noted, all currency
    amounts are stated in Canadian dollars. Taseko&rsquo;s 75% owned Gibraltar Mine is located north of the City of Williams Lake in
    south-central British Columbia. Production volumes stated in this release are on a 100% basis unless otherwise indicated. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>November 3, 2021, Vancouver, BC</B> - Taseko
Mines Limited (TSX: TKO; NYSE American: TGB; LSE: TKO) (&quot;Taseko&quot; or the &quot;Company&quot;) reports revenues of $132.6 million,
Earnings from mining operations before depletion and amortization* of $83.7 million, Adjusted EBITDA* of $76.3 million and Adjusted net
income* of $27.0 million, or $0.10 per share, in the third quarter of 2021.</P>

<P STYLE="font: 11pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">Stuart McDonald, President and CEO of Taseko,
stated, &ldquo;Gibraltar produced 34.5 million pounds of copper in the third quarter, a 29% increase over the prior quarter, as copper
grades improved in line with our expectations and the mine plan. Higher metal production led to lower unit costs as Total operating costs
(C1)* fell to US$1.57 per pound produced, 22% lower than the previous quarter. Copper markets remained robust through the period, resulting
in Adjusted EBITDA* of $76 million, which is 60% higher than the previous quarter and 140% higher than the comparative period last year.&rdquo;</P>

<P STYLE="font: 11pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&ldquo;During the third quarter, the Gibraltar
pit started producing ore to supplement existing production from the Pollyanna pit. The combined ore feed is being efficiently processed
and the transition to the Gibraltar pit will continue over the next few quarters. We expect a strong fourth quarter and copper production
for the year should be in line with the previous guidance of approximately 120 million pounds.</P>

<P STYLE="font: 11pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">At Florence, we continue to advance detailed
engineering and have made initial deposits on long-lead equipment orders, which we believe will mitigate the impact of heightening global
supply chain issues on the construction schedule. Recent feedback from the US Environmental Protection Agency (&ldquo;EPA&rdquo;) on the
draft Underground Injection Control (&ldquo;UIC&rdquo;) permit is that no new issues have arisen, but final drafting and review of the
permit is taking longer than anticipated. We expect to receive the draft permit from the EPA shortly and once received, will complete
our review within the allotted timeframe and look forward to the public comment period commencing,&rdquo; continued Mr. McDonald.</P>

<P STYLE="font: 10pt/110% Klavika Regular; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&ldquo;Our balance sheet remains strong and our
cash position increased quarter-over-quarter to $239 million, despite the $15 million of capital spending at Florence and a $18 million
semi-annual interest payment on our bonds during the period. We now have approximately $300 million in available liquidity and are well
positioned to move into our next phase of growth with construction of the Florence Copper commercial production facility,&rdquo; concluded
Mr. McDonald.</P>

<P STYLE="font: 11pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">*Non-GAAP performance measure. See end of news release</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Third Quarter Review</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Klavika Regular; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Third quarter earnings from mining operations
before depletion and amortization* was $83.7 million, Adjusted EBITDA* was $76.3 million and cash flows from operations was $68.3 million;
</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Klavika Regular; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Adjusted net income* was $27.0 million ($0.10
per share), a 171% increase from the second quarter;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Klavika Regular; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Site operating costs, net of by-product credits*
were US$1.28 per pound produced, and total operating costs (C1)* were US$1.57 per pound produced;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Klavika Regular; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The Gibraltar mine produced 34.5 million pounds
of copper and 571 thousand pounds of molybdenum in the third quarter, increases of 29% and 42% over the second quarter, respectively.
Copper recoveries were 84.2% and copper head grades were 0.28%, in line with management expectations;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Klavika Regular; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Gibraltar sold 32.4 million pounds of copper
in the quarter (100% basis) which contributed to $132.6 million of revenue for Taseko, an increase of 19% over the second quarter. Average
realized copper prices were US$4.26 per pound in the quarter, consistent with the LME average price; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Klavika Regular; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The Company has approximately $300 million of
available liquidity, including a cash balance of $239 million at September 30, 2021 and a US$50 million revolving credit facility (the
&ldquo;Facility&rdquo;). The Facility, which closed in early October, was arranged and fully underwritten by National Bank of Canada,
will be available for working capital and general corporate purposes, and provides additional financial flexibility as the Company prepares
for the construction at Florence Copper; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Klavika Regular; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Development costs incurred for Florence Copper
were $19.1 million in the third quarter and included detailed engineering and design of the commercial facility, and initial deposits
for major processing equipment associated with the solvent extraction and electrowinning (&ldquo;SX/EW&rdquo;) plant. These activities
will allow the project team to efficiently advance into construction upon receipt of the Underground Injection Control (&ldquo;UIC&rdquo;)
permit; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Klavika Regular; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The EPA continues to make progress towards finalizing
the UIC permit with no significant issues raised to-date, and the Company is expecting to receive the draft permit from the EPA shortly
for its review. Once publicly issued by the EPA, there will be a public comment period;</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The Company has secured minimum copper price
protection for the coming quarters including copper collars for the first half of 2022 which secure a minimum copper price of US$4.00
per pound and a ceiling price of US$5.60 per pound for 43 million pounds of copper; and </FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In September 2021, the Company completed the
sale of the Harmony Gold Project (&ldquo;Harmony&rdquo;) to JDS Gold Inc. (&ldquo;JDS Gold&rdquo;), a newly incorporated company controlled
by JDS Energy &amp; Mining Inc. and affiliates. Under the terms of the agreement, JDS Gold became the owner and operator of Harmony, a
high-grade development-stage gold project located on Graham Island in Haida Gwaii. The Company retained a 2% net smelter return royalty
in Harmony and a 15% carried interest in JDS Gold.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">*Non-GAAP performance measure. See end of news release</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify"><FONT STYLE="color: #00A5E3"><B>HIGHLIGHTS</B></FONT></P>

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  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; line-height: 115%"><B>Operating Data (Gibraltar - 100% basis)</B></FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; line-height: 115%"><B>Three months ended<BR> September 30,</B></FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; line-height: 115%"><B>Nine months ended <BR>
September 30,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 46%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2021</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2020</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Change</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2021</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2020</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Change</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Tons mined (millions)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">25.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">23.3</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1.9</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">82.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">72.3</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">9.8</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Tons milled (millions)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">7.4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">7.5</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(0.1)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">21.9</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">22.6</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(0.7)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Production (million pounds Cu)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">34.5</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">28.9</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">5.6</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">83.5</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">98.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(14.6)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Sales (million pounds Cu)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">32.4</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">28.6</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">3.8</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">81.1</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">99.0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(17.9)</FONT></TD></TR>
  </TABLE>
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  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; line-height: 115%"><B>Financial Data</B></FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; line-height: 115%"><B>Three months ended<BR> September 30,</B></FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; line-height: 115%"><B>Nine months ended<BR>
September 30,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 46%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; line-height: 115%">(Cdn$ in thousands, except for per share amounts)</FONT></TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; line-height: 115%"><B>2021</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; line-height: 115%"><B>2020</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; line-height: 115%"><B>Change</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; line-height: 115%"><B>2021</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; line-height: 115%"><B>2020</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; line-height: 115%"><B>Change</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; line-height: 115%">Revenues</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">132,563</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">87,780</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">44,783</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">330,306</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">255,869</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">74,437</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 3pt; padding-right: 5.4pt; padding-left: 14.4pt; line-height: 115%; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; line-height: 115%">Earnings from mining operations before depletion&nbsp;and amortization<SUP>*</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">83,681</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">35,705</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">47,976</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">168,476</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">91,964</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">76,512</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; line-height: 115%">Cash flows provided by operations</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">68,319</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">31,021</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">37,298</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">137,538</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">85,771</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">51,767</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; line-height: 115%">Adjusted EBITDA<SUP>*</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">76,291</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">31,545</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">44,746</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">147,745</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">87,751</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">59,994</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; line-height: 115%">Adjusted net income (loss)<SUP>*</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">27,020</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(5,754)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">32,774</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">31,433</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(19,066)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">50,499</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; line-height: 115%">Per share - basic (&ldquo;adjusted EPS&rdquo;)<SUP>*</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">0.10</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(0.02)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">0.12</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">0.11</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(0.08)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">0.19</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; line-height: 115%">Net income (loss) (GAAP)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">22,485</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">987</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">21,498</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">24,710</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(29,218)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">53,928</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; line-height: 115%">Per share - basic (&ldquo;EPS&rdquo;)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">0.08</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">0.08</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">0.09</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(0.12)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">0.21</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">*Non-GAAP performance measure. See end of news release</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.25in 0 12pt; text-align: justify"><FONT STYLE="color: #00A5E3"><B>REVIEW
OF OPERATIONS</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><I>Gibraltar mine (75% Owned)</I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Klavika Regular; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 46%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; line-height: 115%"><B>Operating data (100% basis)</B></FONT></TD>
    <TD STYLE="width: 4%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: middle; width: 10%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; line-height: 115%"><B>Q3 2021</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: middle; width: 10%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; line-height: 115%"><B>Q2 2021</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: middle; width: 10%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; line-height: 115%"><B>Q1 2021</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: middle; width: 10%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; line-height: 115%"><B>Q4 2020</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: middle; width: 10%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; line-height: 115%"><B>Q3 2020</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; line-height: 115%">Tons mined (millions)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">25.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">24.9</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">32.0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">26.4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">23.3</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; line-height: 115%">Tons milled (millions)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">7.4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">7.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">7.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">7.5</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">7.5</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; line-height: 115%">Strip ratio</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1.3</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2.3</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">6.0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1.9</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1.5</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; line-height: 115%">Site operating cost per ton milled (Cdn$)*</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$8.99</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$9.16</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$8.73</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$11.67</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$9.57</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; line-height: 115%"><B>Copper concentrate</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; line-height: 115%">&nbsp;&nbsp;&nbsp;Head grade (%)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">0.28</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">0.22</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">0.19</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">0.20</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">0.23</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; line-height: 115%">&nbsp;&nbsp;&nbsp;Copper recovery (%)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">84.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">83.3</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">81.5</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">83.3</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">85.0</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; line-height: 115%">&nbsp;&nbsp;&nbsp;Production (million pounds Cu)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">34.5</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">26.8</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">22.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">25.0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">28.9</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; line-height: 115%">&nbsp;&nbsp;&nbsp;Sales (million pounds Cu)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">32.4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">26.7</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">22.0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">25.0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">28.6</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; line-height: 115%">&nbsp;&nbsp;&nbsp;Inventory (million pounds Cu)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">4.9</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">3.5</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">3.6</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">3.4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">3.6</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; line-height: 115%"><B>Molybdenum concentrate</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; line-height: 115%">&nbsp;&nbsp;&nbsp;Production (thousand pounds Mo)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">571</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">402</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">530</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">549</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">668</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; line-height: 115%">&nbsp;&nbsp;&nbsp;Sales (thousand pounds Mo)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">502</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">455</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">552</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">487</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">693</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; line-height: 115%"><B>Per unit data (US$ per pound produced)</B><SUP>*</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; line-height: 115%">&nbsp;&nbsp;&nbsp;Site operating costs<SUP>*</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$1.53</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$2.02</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$2.23</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$2.67</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$1.85</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; line-height: 115%">&nbsp;&nbsp;&nbsp;By-product credits<SUP>*</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(0.25)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(0.25)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(0.27)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(0.14)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(0.14)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; line-height: 115%">Site operating costs, net of by-product credits<SUP>*</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$1.28</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$1.77</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$1.96</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$2.53</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$1.71</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; line-height: 115%">Off-property costs</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">0.29</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">0.25</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">0.27</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">0.29</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">0.29</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; line-height: 115%">Total operating costs (C1)<SUP>*</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$1.57</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$2.02</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$2.23</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$2.82</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$2.00</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Third Quarter Review </I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Copper production in the third quarter was 34.5 million
pounds and improved 29% over the second quarter as higher ore grades were mined and processed from the Pollyanna pit. Copper recoveries
also improved with the increasing ore grade.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A total of 25.2 million tons were mined in the third
quarter in line with the mine plan and the second quarter. The strip ratio decreased as a result of mining in Pollyanna opening higher
grade areas with lower stripping rates. There was also an increase of 3.7 million tons added to ore stockpiles. While Pollyanna ore remains
the primary mill feed, waste stripping activities also increased in the Gibraltar East pit during the quarter.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Total site spending (including capitalized stripping
of $10.9 million on a 75% basis) was 4% lower than the prior quarter due mainly to the timing of routine maintenance. Sustaining capital
expenditures at Gibraltar of $8.3 million on a 75% basis in the third quarter was comparable to the second quarter.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">*Non-GAAP performance measure. See end of news release</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.25in 0 12pt; text-align: justify"><FONT STYLE="color: #00A5E3"><B>REVIEW
OF OPERATIONS - CONTINUED</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Molybdenum production was 571 thousand pounds in the
third quarter and increased due to higher grades of molybdenum in the ore. Molybdenum prices also strengthened in the third quarter and
reached a high of US$20.10 per pound in late August. The average molybdenum price of US$19.05 per pound was a US$4.73 per pound increase
over the second quarter. By-product credits per pound of copper produced remained at US$0.25 in the third quarter despite the increased
copper production.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Off-property costs per pound produced* were US$0.29
for the third quarter and higher than the second quarter due to increased trucking of concentrate in July and August in response to wildfires
in the BC interior which impacted railcar movements. The Company also realized lower treatment and refining charges (&ldquo;TCRC&rdquo;)
in the second quarter as a spot tender was delivered at one of the lowest TCRC levels ever seen by the Gibraltar mine.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Total operating costs per pound produced (C1)* were
US$1.57 for the quarter, 22% lower than the previous quarter. The decrease in C1* costs was primarily due to the significantly increased
copper production in the third quarter compared to the second quarter.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.25in 0 12pt; text-align: justify"><FONT STYLE="color: #00A5E3"><B>GIBRALTAR
OUTLOOK</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Total copper production in the last quarter of 2021
is expected to be similar to the third quarter, as higher-grade areas in the Pollyanna pit are available for processing. The Company continues
to expect approximately 120 million pounds of copper production for the 2021 year.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Copper prices in the third quarter averaged US$4.25
per pound and are currently around US$4.30 per pound and recently tested record levels again due to depleted warehouse inventories and
a unique supply squeeze attributed to smelter closures resulting from an Asian and European energy crisis as well as continued supply
chain challenges caused by the economic restart. High copper prices, and downside protection from copper hedges in place, are supportive
of strong financial performance at the Gibraltar mine over the coming quarters.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The copper price outlook into 2022 remains quite favorable
with many governments now focusing on increased infrastructure investment to stimulate economic recovery after the pandemic, including
green initiatives, which will require new primary supplies of copper. Although some analysts predict a balanced market by 2023 based on
known projects currently under development, most industry analysts are projecting ongoing supply constraints and deficits, which should
support higher copper prices in the years to come.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has a long track record of purchasing
copper price options to manage copper price volatility. This strategy provides security over the Company&rsquo;s cash flow as it prepares
for construction of Florence Copper while providing significant upside should copper prices continue at these levels or increase further.
In particular, the Company has copper collars to secure a minimum copper price of US$4.00 per pound for the first half of 2022 for 43
million pounds of copper.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">*Non-GAAP performance measure. See end of news release</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify"><FONT STYLE="color: #00A5E3"><B>FLORENCE
COPPER</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The commercial production facility at Florence Copper
will be one of the greenest sources of copper for US domestic consumption, with carbon emissions, water and energy consumption all dramatically
lower than a conventional mine. It is a low-cost copper project with an annual production capacity of 85 million pounds of copper over
a 21-year mine life. With the expected C1* operating cost of US$1.10 per pound, Florence Copper will be in the lowest quartile of the
global copper cost curve.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has successfully operated a Production
Test Facility (&ldquo;PTF&rdquo;) since 2018 at Florence to demonstrate that the in-situ copper recovery (&ldquo;ISCR&rdquo;) process
can produce high quality cathode while operating within permit conditions.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The next phase of Florence Copper will be the construction
and operation of the commercial ISCR facility with an estimated capital cost of US$230 million (including reclamation bonding and working
capital). At a conservative copper price of US$3.00 per pound, Florence Copper is expected to generate an after-tax internal rate of return
of 37%, an after-tax net present value of US$680 million at a 7.5% discount rate, and an after-tax payback period of 2.5 years.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In December 2020, the Company received the Aquifer
Protection Permit (&ldquo;APP&rdquo;) from the Arizona Department of Environmental Quality (&ldquo;ADEQ&rdquo;). During the APP process,
Florence Copper received strong support from local community members, business owners and elected officials. The other required permit
is the UIC permit from the U.S. Environmental Protection Agency (&ldquo;EPA&rdquo;), which is the final permitting step required prior
to construction of the commercial ISCR facility. The EPA continues to make progress towards finalizing the permit with no significant
issues raised to-date, and the Company is expecting to receive the draft UIC permit from the EPA shortly. Once the permit is publicly
issued, a public comment period will commence.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Detailed engineering and design for the commercial
production facility is now approximately 85% complete. The Company has made initial deposits and awarded the key contract for the major
processing equipment associated with the SX/EW plant in the third quarter. The Company has made purchase commitments of US$25 million
as at September 30, 2021 to assist with protecting the project execution plan and mitigating the impact of supply chain disruptions. Deploying
strategic capital and awarding key contracts will ensure a smooth and efficient transition into construction once the final UIC permit
is received.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At current copper prices, the Company expects to be
able to fund construction of the commercial facility from its existing sources of liquidity and cashflows from Gibraltar.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.25in 0 12pt; text-align: justify"><FONT STYLE="color: #00A5E3"><B>LONG-TERM
GROWTH STRATEGY</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Taseko&rsquo;s strategy has been to grow the
Company by acquiring and developing a pipeline of complementary projects focused on copper in stable mining jurisdictions. We continue
to believe this will generate long-term returns for shareholders. Our other development projects are located in British Columbia.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">*Non-GAAP performance measure. See end of news release</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.25in 0 12pt; text-align: justify"><FONT STYLE="color: #00A5E3"><B>LONG-TERM
GROWTH STRATEGY - CONTINUED</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><I>Yellowhead Copper Project </I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Yellowhead Mining Inc. (&ldquo;Yellowhead&rdquo;)
has an 817 million tonnes reserve and a 25-year mine life with a pre-tax net present value of $1.3 billion at an 8% discount rate using
a US$3.10 per pound copper price. Capital costs of the project are estimated at $1.3 billion over a 2-year construction period. Over the
first 5 years of operation, the copper equivalent grade will average 0.35% producing an average of 200 million pounds of copper per year
at an average C1* cost, net of by-product credit, of US$1.67 per pound of copper. The Yellowhead copper project contains valuable precious
metal by-products with 440,000 ounces of gold and 19 million ounces of silver with a life of mine value of over $1 billion at current
prices.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company is focusing its current efforts on advancing
into the environmental assessment process and is undertaking some additional engineering work in conjunction with ongoing engagement with
local communities including First Nations. The Company is also collecting baseline data and modeling which will be used to support the
environmental assessment and permitting of the project.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I>New Prosperity Gold-Copper Project</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">In late 2019, the T&scirc;ilhqot&rsquo;in
Nation, as represented by T&scirc;ilhqot&rsquo;in National Government, and Taseko entered into a confidential dialogue, facilitated by
the Province of British Columbia, to try to obtain a long-term solution to the conflict regarding Taseko&rsquo;s proposed gold-copper
mine currently known as New Prosperity, acknowledging Taseko&rsquo;s commercial interests and the T&scirc;ilhqot&rsquo;in Nation&rsquo;s
opposition to the project. The dialogue was supported by the parties&rsquo; agreement on December 7, 2019 to a one-year standstill on
certain outstanding litigation and regulatory matters that relate to Taseko&rsquo;s tenures and the area in the vicinity of Te&#7825;tan
Biny (Fish Lake).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The COVID-19 pandemic delayed
the commencement of the dialogue, but the T&scirc;ilhqot&rsquo;in Nation, the Province of British Columbia and Taseko have made progress
in establishing a constructive dialogue. In December 2020, the parties agreed to extend the standstill for a further year to continue
this dialogue.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I>Aley Niobium Project </I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Environmental monitoring and product marketing
initiatives on the Aley niobium project continue. The pilot plant program has successfully completed the niobium flotation process portion
of the test, raising confidence in the design and providing feed to the converter portion of the process. Completion of the converter
pilot test will provide additional process data to support the design of the commercial process facilities and provide final product samples
for marketing purposes.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<DIV STYLE="padding: 1pt 4pt; border: Black 1pt solid">

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company will host a telephone conference call
and live webcast on Thursday, November 4, 2021 at 11:00 a.m. Eastern Time (8:00 a.m. Pacific time) to discuss these results. After opening
remarks by management, there will be a question and answer session open to analysts and investors. The conference call may be accessed
by dialing 416-764-8688 in Canada, 888-390-0546 in the United States, 08006522435 in the United Kingdom, or online at <U>tasekomines.com/investors/events</U>.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The conference call will be archived for later playback
until November 18, 2021 and can be accessed by dialing 416-764-8677 Canada, 888-390-0561 in the United States, or online at <U>tasekomines.com/investors/events
</U>and using the passcode 709396 #.</P>

</DIV>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For further information on Taseko, please see the
Company's website at <U>www.tasekomines.com</U> or contact:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Brian Bergot, Vice President, Investor Relations -
778-373-4554, toll free 1-800-667-2114</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Stuart McDonald</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>President &amp; CEO</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">No regulatory authority has approved or disapproved
of the information in this news release.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="color: #00A5E3"><B>NON-GAAP PERFORMANCE
MEASURES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This document includes certain non-GAAP performance
measures that do not have a standardized meaning prescribed by IFRS. These measures may differ from those used by, and may not be comparable
to such measures as reported by, other issuers. The Company believes that these measures are commonly used by certain investors, in conjunction
with conventional IFRS measures, to enhance their understanding of the Company&rsquo;s performance. These measures have been derived from
the Company&rsquo;s financial statements and applied on a consistent basis. The following tables below provide a reconciliation of these
non-GAAP measures to the most directly comparable IFRS measure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Total operating costs and site operating costs,
net of by-product credits</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Total costs of sales include all costs absorbed into
inventory, as well as transportation costs and insurance recoverable. Site operating costs are calculated by removing net changes in inventory,
depletion and amortization, insurance recoverable, and transportation costs from cost of sales. Site operating costs, net of by-product
credits is calculated by subtracting by-product credits from the site operating costs. Site operating costs, net of by-product credits
per pound are calculated by dividing the aggregate of the applicable costs by copper pounds produced. Total operating costs per pound
is the sum of site operating costs, net of by-product credits and off-property costs divided by the copper pounds produced. By-product
credits are calculated based on actual sales of molybdenum (net of treatment costs) and silver during the period divided by the total
pounds of copper produced during the period. These measures are calculated on a consistent basis for the periods presented.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Klavika Regular; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD ROWSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(Cdn$ in thousands, unless otherwise indicated) - 75% basis</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Three months ended<BR> September 30,</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Nine months ended </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>September 30,</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2021</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2020</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2021</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2020</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cost of sales</FONT></TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">65,893</FONT></TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">75,969</FONT></TD>
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">212,215</FONT></TD>
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">240,459</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Less:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Depletion and amortization</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(17,011)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(23,894)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(50,385)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(76,554)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Net change in inventories of finished goods</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">762</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,415</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1,702)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3,026)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Net change in inventories of ore stockpiles</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">6,291</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">4,186</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">324</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">4,729</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Transportation costs</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(5,801)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(4,127)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(13,409)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(14,480)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Site operating costs</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">50,134</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">53,549</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">147,043</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">151,128</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Less by-product credits:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Molybdenum, net of treatment costs</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(8,574)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(4,109)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(20,315)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(11,592)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Silver, excluding amortization of deferred revenue</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">300</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(54)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">127</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(436)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Site operating costs, net of by-product credits</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">41,860</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">49,386</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">126,855</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">139,100</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total copper produced (thousand pounds)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">25,891</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">21,658</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">62,657</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">73,552</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total costs per pound produced</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.62</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.28</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.02</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.89</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Average exchange rate for the period (CAD/USD)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.26</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.33</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.25</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.35</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Site operating costs, net of by-product credits (US$ per pound)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>1.28</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>1.71</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>1.62</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>1.40</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Site operating costs, net of by-product credits</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">41,860</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">49,386</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">126,855</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">139,100</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Add off-property costs:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Treatment and refining costs </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3,643</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">4,254</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">7,936</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">18,070</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Transportation costs</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">5,801</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">4,127</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">13,409</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">14,480</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total operating costs </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">51,304</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">57,767</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">148,200</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">171,650</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Total operating costs (C1) (US$ per pound)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 12pt; text-align: right; line-height: 12.5pt; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>1.57</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 12pt; text-align: right; line-height: 12.5pt; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2.00</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 12pt; text-align: right; line-height: 12.5pt; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>1.90</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 12pt; text-align: right; line-height: 12.5pt; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>1.72</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: #00A5E3"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="color: #00A5E3"><B>NON-GAAP PERFORMANCE
MEASURES - CONTINUED</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify"><I>Adjusted net income (loss) </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Adjusted net income (loss) removes the effect of the
following transactions from net income as reported under IFRS:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Klavika Regular; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Unrealized foreign currency gains/losses; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Klavika Regular; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Unrealized gain/loss on derivatives; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Klavika Regular; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Loss on settlement of long-term debt and call
premium, including realized foreign exchange gains.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Management believes these transactions do not reflect
the underlying operating performance of our core mining business and are not necessarily indicative of future operating results. Furthermore,
unrealized gains/losses on derivative instruments, changes in the fair value of financial instruments, and unrealized foreign currency
gains/losses are not necessarily reflective of the underlying operating results for the reporting periods presented.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Klavika Regular; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Three months ended September 30,</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-bottom: 0; margin-left: 0"><B>Nine months
    ended</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>September 30,</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 56%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">(Cdn$ in thousands, except per share amounts)</FONT></TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2021</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2020</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2021</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2020</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Net income (loss)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>22,485</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>987</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>24,710</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(29,218)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Unrealized foreign exchange (gain) loss </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">9,511</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(7,512)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">14,545</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">9,250</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 19.6pt; text-indent: -14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Realized foreign exchange gain on settlement of long-term debt</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(13,000)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Loss on settlement of long-term debt</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">5,798</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Call premium on settlement of long-term debt</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">6,941</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Unrealized (gain) loss on derivatives</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(6,817)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,056</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(5,645)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,236</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Estimated tax effect of adjustments</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,841</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(285)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1,916)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(334)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Adjusted net income (loss)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>27,020</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(5,754)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>31,433</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(19,066)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Adjusted EPS</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>0.10</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(0.02)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>0.11</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(0.08)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify"><I>Adjusted EBITDA</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Adjusted EBITDA is presented as a supplemental measure
of the Company&rsquo;s performance and ability to service debt. Adjusted EBITDA is frequently used by securities analysts, investors and
other interested parties in the evaluation of companies in the industry, many of which present Adjusted EBITDA when reporting their results.
Issuers of &ldquo;high yield&rdquo; securities also present Adjusted EBITDA because investors, analysts and rating agencies consider it
useful in measuring the ability of those issuers to meet debt service obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Adjusted EBITDA represents net income before interest,
income taxes, and depreciation and also eliminates the impact of a number of items that are not considered indicative of ongoing operating
performance. Certain items of expense are added and certain items of income are deducted from net income that are not likely to recur
or are not indicative of the Company&rsquo;s underlying operating results for the reporting periods presented or for future operating
performance and consist of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Klavika Regular; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Unrealized foreign exchange gains/losses;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Klavika Regular; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Unrealized gain/loss on derivatives; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Klavika Regular; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Loss on settlement of long term debt (included
in finance expenses) and call premium;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Klavika Regular; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Realized foreign exchange gain on settlement
of long-term debt; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Klavika Regular; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Amortization of share-based compensation expense.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: #00A5E3"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="color: #00A5E3"><B>NON-GAAP PERFORMANCE
MEASURES - CONTINUED</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Klavika Regular; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Three months ended </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>September 30,</B></P></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Nine months ended </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>September 30,</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 56%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">(Cdn$ in thousands)</FONT></TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2021</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2020</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2021</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2020</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Net income (loss) </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt; text-align: right; line-height: 12.5pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>22,485</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt; text-align: right; line-height: 12.5pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>987</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt; text-align: right; line-height: 12.5pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>24,710</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt; text-align: right; line-height: 12.5pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(29,218)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Add:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt; text-align: right; line-height: 12.5pt; text-indent: -12pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt; text-align: right; line-height: 12.5pt; text-indent: -12pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt; text-align: right; line-height: 12.5pt; text-indent: -12pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt; text-align: right; line-height: 12.5pt; text-indent: -12pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Depletion and amortization</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt; text-align: right; line-height: 12.5pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">17,011</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt; text-align: right; line-height: 12.5pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">23,894</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt; text-align: right; line-height: 12.5pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">50,385</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt; text-align: right; line-height: 12.5pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">76,554</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 19.6pt; text-indent: -14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Finance expense (includes loss on settlement of long-term debt and call premium)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt; text-align: right; line-height: 12.5pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">11,875</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt; text-align: right; line-height: 12.5pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">11,203</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt; text-align: right; line-height: 12.5pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">47,482</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt; text-align: right; line-height: 12.5pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">32,435</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Finance income</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt; text-align: right; line-height: 12.5pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(201)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt; text-align: right; line-height: 12.5pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(4)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt; text-align: right; line-height: 12.5pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(460)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt; text-align: right; line-height: 12.5pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(202)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Income tax (recovery) expense </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt; text-align: right; line-height: 12.5pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">22,310</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt; text-align: right; line-height: 12.5pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(580)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt; text-align: right; line-height: 12.5pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">25,041</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt; text-align: right; line-height: 12.5pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(6,372)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Unrealized foreign exchange (gain) loss</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">9,511</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(7,512)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">14,545</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">9,250</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 19.6pt; text-indent: -14.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Realized foreign exchange gain on settlement of long-term debt</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(13,000)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Unrealized (gain) loss on derivatives</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(6,817)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,056</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(5,645)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,236</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Amortization of share-based compensation expense </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt; text-align: right; line-height: 12.5pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">117</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt; text-align: right; line-height: 12.5pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,501</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt; text-align: right; line-height: 12.5pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4,687</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 12pt; text-align: right; line-height: 12.5pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4,068</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 12pt; text-align: right; line-height: 12.5pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>76,291</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 12pt; text-align: right; line-height: 12.5pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>31,545</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 12pt; text-align: right; line-height: 12.5pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>147,745</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 12pt; text-align: right; line-height: 12.5pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>87,751</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify"><I>Earnings from mining operations before depletion
and amortization</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Earnings from mining operations before depletion and
amortization is earnings from mining operations with depletion and amortization added back. The Company discloses this measure, which
has been derived from our financial statements and applied on a consistent basis, to provide assistance in understanding the results of
the Company&rsquo;s operations and financial position and it is meant to provide further information about the financial results to investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Klavika Regular; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 7.1pt; text-indent: -7.1pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-top: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 10pt; text-align: center; line-height: 12.5pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;Three months ended<BR>
&nbsp;September 30,</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; vertical-align: bottom; padding-right: 0pt; padding-left: 10pt; text-align: center; line-height: 12.5pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Nine months ended<BR>
&nbsp;September 30,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">(Cdn$ in thousands)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2021</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2020</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2021</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2020</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Earnings from mining operations</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>66,670</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 12pt; text-align: right; line-height: 12.5pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>11,811</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>118,091</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 12pt; text-align: right; line-height: 12.5pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>15,410</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Add:</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Depletion and amortization </FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">17,011</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 12pt; text-align: right; line-height: 12.5pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">23,894</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">50,385</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 12pt; text-align: right; line-height: 12.5pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">76,554</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Earnings from mining operations before depletion and amortization</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>83,681</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 12pt; text-align: right; line-height: 12.5pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>35,705</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>168,476</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 12pt; text-align: right; line-height: 12.5pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>91,964</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 59%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify"><I>Site operating costs per ton milled</I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Klavika Regular; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 7.1pt; text-indent: -7.1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; vertical-align: bottom; padding-right: 0pt; padding-left: 10pt; text-align: center; line-height: 12.5pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;Three months ended<BR>
&nbsp;September 30,</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; vertical-align: bottom; padding-right: 0pt; padding-left: 10pt; text-align: center; line-height: 12.5pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Nine months ended<BR>
&nbsp;September 30,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">(Cdn$ in thousands, except per ton milled amounts)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2021</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2020</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom"><B>2021</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2020</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Site operating costs (included in cost of sales)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>50,134</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 12pt; text-align: right; line-height: 12.5pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>53,549</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><B>147,043</B></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 12pt; text-align: right; line-height: 12.5pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>151,128</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><B>&nbsp;</B></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Tons milled (thousands) (75% basis)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">5,576</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 12pt; text-align: right; line-height: 12.5pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">5,595</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">16,406<B>&nbsp;</B></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 12pt; text-align: right; line-height: 12.5pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">16,965</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Site operating costs per ton milled</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>$8.99</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 12pt; text-align: right; line-height: 12.5pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>$9.57</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom"><B>$8.96</B></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 12pt; text-align: right; line-height: 12.5pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>$8.91</B></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 50%">&nbsp;<IMG SRC="header.jpg" ALT=""></TD><TD STYLE="width: 50%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>CAUTION REGARDING FORWARD-LOOKING INFORMATION </B></P>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 6pt 0.2in 0; text-align: center">&nbsp;</P>

<P STYLE="font: 8pt/9.15pt Arial, Helvetica, Sans-Serif; margin: 0 3.5pt 0 0; text-align: justify">This document contains &ldquo;forward-looking
statements&rdquo; that were based on Taseko&rsquo;s expectations, estimates and projections as of the dates as of which those statements
were made. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as &ldquo;outlook&rdquo;,
&ldquo;anticipate&rdquo;, &ldquo;project&rdquo;, &ldquo;target&rdquo;, &ldquo;believe&rdquo;, &ldquo;estimate&rdquo;, &ldquo;expect&rdquo;,
&ldquo;intend&rdquo;, &ldquo;should&rdquo; and similar expressions.</P>

<P STYLE="font: 2pt/5pt Arial, Helvetica, Sans-Serif; margin: 0 3.4pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt/9.15pt Arial, Helvetica, Sans-Serif; margin: 0 3.5pt 0 0; text-align: justify">Forward-looking statements are subject
to known and unknown risks, uncertainties and other factors that may cause the Company&rsquo;s actual results, level of activity, performance
or achievements to be materially different from those expressed or implied by such forward-looking statements. These included but are
not limited to:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt/9.15pt Klavika Regular; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">uncertainties about the
effect of COVID-19 and the response of local, provincial, federal and international governments to the threat of COVID-19 on our operations
(including our suppliers, customers, supply chain, employees and contractors) and economic conditions generally and in particular with
respect to the demand for copper and other metals we produce;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt/9.15pt Klavika Regular; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">uncertainties and costs
related to the Company&rsquo;s exploration and development activities, such as those associated with continuity of mineralization or determining
whether mineral resources or reserves exist on a property;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt/9.15pt Klavika Regular; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">uncertainties related to
the accuracy of our estimates of mineral reserves, mineral resources, production rates and timing of production, future production and
future cash and total costs of production and milling; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt/9.15pt Klavika Regular; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">uncertainties related to
feasibility studies that provide estimates of expected or anticipated costs, expenditures and economic returns from a mining project;
</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt/9.15pt Klavika Regular; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">uncertainties related to
the ability to obtain necessary licenses permits for development projects and project delays due to third party opposition; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt/9.15pt Klavika Regular; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">uncertainties related to
unexpected judicial or regulatory proceedings; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt/9.15pt Klavika Regular; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">changes in, and the effects
of, the laws, regulations and government policies affecting our exploration and development activities and mining operations, particularly
laws, regulations and policies; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt/9.15pt Klavika Regular; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">changes in general economic
conditions, the financial markets and in the demand and market price for copper, gold and other minerals and commodities, such as diesel
fuel, steel, concrete, electricity and other forms of energy, mining equipment, and fluctuations in exchange rates, particularly with
respect to the value of the U.S. dollar and Canadian dollar, and the continued availability of capital and financing; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt/9.15pt Klavika Regular; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the effects of forward selling
instruments to protect against fluctuations in copper prices and exchange rate movements and the risks of counterparty defaults, and mark
to market risk; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt/9.15pt Klavika Regular; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the risk of inadequate insurance
or inability to obtain insurance to cover mining risks; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt/9.15pt Klavika Regular; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the risk of loss of key
employees; the risk of changes in accounting policies and methods we use to report our financial condition, including uncertainties associated
with critical accounting assumptions and estimates;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt/9.15pt Klavika Regular; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">environmental issues and
liabilities associated with mining including processing and stock piling ore; and </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt/9.15pt Klavika Regular; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">labour strikes, work stoppages,
or other interruptions to, or difficulties in, the employment of labour in markets in which we operate mines, or environmental hazards,
industrial accidents or other events or occurrences, including third party interference that interrupt the production of minerals in our
mines. </FONT></TD></TR></TABLE>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">For further information on Taseko, investors should
review the Company&rsquo;s annual Form 40-F filing with the United States Securities and Exchange Commission <U>www.sec.gov</U> and home
jurisdiction filings that are available at <U>www.sedar.com</U>.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Cautionary Statement on Forward-Looking Information</B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">This discussion includes certain statements that may
be deemed &quot;forward-looking statements&quot;. All statements in this discussion, other than statements of historical facts, that address
future production, reserve potential, exploration drilling, exploitation activities, and events or developments that the Company expects
are forward-looking statements. Although we believe the expectations expressed in such forward-looking statements are based on reasonable
assumptions, such statements are not 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, exploitation and exploration successes, continued availability of capital and financing and general economic, market
or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or
developments may differ materially from those projected in the forward-looking statements. All of the forward-looking statements made
in this MD&amp;A are qualified by these cautionary statements. We disclaim any intention or obligation to update or revise any forward-looking
statements whether as a result of new information, future events or otherwise, except to the extent required by applicable law. Further
information concerning risks and uncertainties associated with these forward-looking statements and our business may be found in our most
recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities.</P>

<P STYLE="font: 11pt Adobe caslon,serif; margin: 0">&nbsp;</P>
<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; color: #00A5E3"><FONT STYLE="text-transform: uppercase"></FONT></P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; color: #00A5E3"></P>

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