<SEC-DOCUMENT>0001279569-22-000260.txt : 20220223
<SEC-HEADER>0001279569-22-000260.hdr.sgml : 20220223
<ACCEPTANCE-DATETIME>20220222213719
ACCESSION NUMBER:		0001279569-22-000260
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20220222
FILED AS OF DATE:		20220223
DATE AS OF CHANGE:		20220222

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:		22660461

	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>
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<TYPE>6-K
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<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>

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the month of&nbsp;<B>February, 2022</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 - February 22, 2022</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: February 22, 2022</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 FEBRUARY 22, 2022
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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="font: 14pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; color: #00A5E3"><FONT STYLE="text-transform: uppercase"><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 An 85% INCREASE IN </B></FONT></P>

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

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0.1in 0 0; text-align: justify"><B></B></P>

<P STYLE="font: 11pt/110% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border: Black 1pt solid; padding: 2pt; width: 100%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">This release should
  be read with the Company&rsquo;s Financial Statements and Management Discussion &amp; Analysis (&quot;MD&amp;A&quot;), available at
  <FONT STYLE="color: #2E74B5"><B>www.tasekomines.com </B></FONT>and filed on <FONT STYLE="color: #2E74B5"><B>www.sedar.com</B></FONT>.
  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 and sales volumes stated in this release are on a
  100% basis unless otherwise indicated.</FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt/110% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 11pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>February 22, 2022, Vancouver, BC</B> &ndash;
Taseko Mines Limited (TSX: TKO; NYSE American: TGB; LSE: TKO) (&quot;Taseko&quot; or the &quot;Company&quot;) reports Adjusted EBITDA*
of $201 million for the full-year 2021, an 85% increase over 2020. Revenues for the year were $433 million and Adjusted net income* for
the year was $45 million, or $0.16 per share. In the fourth quarter 2021, Taseko generated Adjusted EBITDA* of $53 million, $103 million
of Revenue and Adjusted net income* of $13 million, or $0.05 per share.</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;Realized copper sales of 105 million pounds for the year, buoyed by a strong average copper price of over US$4.20 per pound,
generated the best financial results in our Company&rsquo;s history. This was accomplished despite the lagging copper sales in the fourth
quarter as a result of major disruption to transportation infrastructure in southern BC from severe rainstorms in November, which limited
our ability to ship copper concentrate and realize sales.&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;At Florence Copper, based on our ongoing
dialogue with the US Environmental Protection Agency, we continue to expect the draft Underground Injection Control (&ldquo;UIC&rdquo;)
permit to be publicly issued very soon, and then a 45-day public comment period will commence. The UIC is the final permit needed to construct
and operate the commercial production facility, which will be a major new source of low-carbon copper supply for the US market. The detailed
engineering program for the commercial facility is complete and we&rsquo;re well advanced with procurement of key, long-lead items, which
will ensure a rapid and smooth transition into construction.&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">Mr. McDonald added, &ldquo;Operationally, Gibraltar
production in the fourth quarter was impacted by lower grades and recoveries due to severe winter weather as well as oxidization and pyrite
content in the upper benches of the Gibraltar pit. Mill operations are being optimized for the new mineralization, and ore quality will
improve as mining progresses deeper into the Gibraltar pit this year. For 2022, we expect copper production of 115 million pounds (+/-
5%), with production weighted to the back half of the year and the first quarter being the lowest production quarter, similar to 2021.
Next year, mining operations will transition to higher grade zones, and copper production is planned to trend back toward the life of mine
average of 130 million pounds. A new Gibraltar reserve update is expected to be completed in the second quarter.&rdquo;</P>

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

<P STYLE="margin: 0; font: 11pt Times New Roman, Times, Serif">Mr. McDonald concluded, &ldquo;Our balance sheet remains healthy with
nearly $300 million of available liquidity, including cash on hand and the new US$50 million credit facility that was closed in
October. In addition, we recently took advantage of a strengthened copper price to extend our price protection strategy - we now
have more than 90% of our 2022 production secured at a minimum price of US$4.00 per pound. With our strong financial position and
robust copper markets, its ideal timing to be advancing our Florence Copper project to commercial production.&rdquo;</P>

<P STYLE="font: 11pt/110% Calibri, Helvetica, Sans-Serif; margin: 0 0.1in 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>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: #00A5E3"></P>

<P STYLE="font: 11pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>2021 Annual Review</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-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: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Earnings from mining operations
before depletion and amortization* was $230.4 million, Adjusted EBITDA* was $200.7 million, and cash flows from operations was $174.8
million; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Klavika Regular; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Adjusted net income* was $44.7
million ($0.16 per share) and GAAP Net income was $36.5 million ($0.13 per share) for the year;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Klavika Regular; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Total operating costs (C1)*
for the year were US$1.90 per pound produced;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Klavika Regular; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The Gibraltar mine produced
112.3 million pounds of copper and 2.0 million pounds of molybdenum in 2021. Copper recoveries were 82.4% and copper head grades were
0.23%;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Klavika Regular; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Gibraltar sold 104.9 million
pounds of copper for the year (100% basis) which contributed to record revenue for Taseko of $433.3 million and an increase of 26% over
2020. Average realized copper prices were US$4.31 per pound for year, compared to the LME average price of US$4.23 per pound; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Klavika Regular; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The Company has approximately
$300 million of available liquidity at December 31, 2021, including a cash balance of $237 million and a new US$50 million revolving credit
facility with National Bank of Canada which closed in early October; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Klavika Regular; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Development costs incurred for
Florence Copper were $57.9 million in the year and included, detailed engineering and design of the commercial facility, initial deposits
for major processing equipment for the SX/EW plant and ongoing site operating costs. These activities will allow the Florence project
team to efficiently advance into construction upon receipt of the Underground Injection Control (&ldquo;UIC&rdquo;) permit; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Klavika Regular; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">In December 2021, the Company
completed its review of the draft UIC permit and no significant issues were identified. The EPA continues to advance their review process
and the public comment period on the draft UIC permit is expected to commence shortly after the draft UIC permit is publicly issued.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/110% 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>Fourth Quarter Review</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-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: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Fourth quarter earnings from
mining operations before depletion and amortization* was $61.9 million, Adjusted EBITDA* was $53.0 million, Adjusted net income* was $13.3
million ($0.05 per share) and GAAP Net income was $11.8 million ($0.04 per share);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Klavika Regular; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Total operating costs (C1)*
for the quarter were US$1.94 per pound produced;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Klavika Regular; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The Gibraltar mine produced
28.8 million pounds of copper and 450 thousand pounds of molybdenum in the fourth quarter. Copper recoveries were 80.4% and copper head
grades were 0.24%;</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0; text-align: left"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">*Non-GAAP performance measure. See end of news release</P>
<P STYLE="margin-top: 0; margin-bottom: 0; text-align: left"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"></FONT></P>

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<P STYLE="margin-top: 0; margin-bottom: 0; text-align: left"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B></B>&nbsp;</FONT></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: 3pt"></TD><TD STYLE="width: 18pt"><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 23.8 million pounds of copper
in the quarter (100% basis). Due to extreme flooding in southwest British Columbia in November which washed out highways and rail infrastructure,
transportation options were impacted which resulted in a build-up of copper concentrate inventory to 9.9 million pounds at year end. Concentrate
inventory should return to more normal levels by the end of the first quarter of 2022; </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: 3pt"></TD><TD STYLE="width: 18pt"><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">Average realized copper prices were US$4.37 per
pound in the quarter, which contributed $103.0 million of revenue for Taseko; </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: 3pt"></TD><TD STYLE="width: 18pt"><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">Cashflow from operations was $37.2 million which
was impacted by $20.5 million in non-cash working capital attributed to the higher year-end inventory. Capital expenditures of $35.2 million
included Florence spend of $14.8 million in the quarter; </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: 3pt"></TD><TD STYLE="width: 18pt"><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 recently extended its copper
price protection and now has more than 90% of its attributable production secured for 2022 year at a minimum copper price of US$4.00 per
pound. Fourth quarter Adjusted net income and Adjusted EBITDA were impacted by a $6.4 million realized derivative loss ($0.02 per share)
related to copper put options that expired in the quarter; and</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: 3pt"></TD><TD STYLE="width: 18pt"><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 November 2021, Gibraltar&rsquo;s unionized
workforce ratified a new, long-term collective bargaining agreement which will be in place until May 31, 2024.</FONT></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Klavika Regular; width: 100%; border-collapse: collapse">
  <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>
December 31,</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>Year ended<BR>
December 31,</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"><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">26.4</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">(3.1)</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">105.4</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">98.7</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">6.7</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">Tons milled (millions)</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">7.4</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">7.5</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">29.2</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">30.1</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">(0.9)</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">28.8</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">25.0</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">3.8</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">112.3</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">123.0</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">(10.7)</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">23.8</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">25.0</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">(1.2)</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">104.9</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">124.0</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">(19.1)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Klavika Regular; margin: 0; text-align: justify; background-color: #8DB3E2; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Klavika Regular; width: 100%; border-collapse: collapse">
  <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>
December 31,</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>Year ended<BR>
December 31,</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; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">102,972</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">87,398</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">15,574</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">433,278</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">343,267</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">90,011</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%">Earnings from mining operations before depletion&nbsp;&nbsp;&nbsp;and amortization<SUP>*</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">61,916</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">27,062</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">34,854</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">230,392</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">119,026</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">111,366</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; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">37,231</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">20,424</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">16,807</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">174,769</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">106,195</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">68,574</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; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">52,988</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">20,478</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">32,510</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">200,733</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">108,229</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">92,504</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; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">13,312</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(7,473)</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">20,785</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">44,745</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">(26,539)</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">71,284</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; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">0.05</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(0.03)</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">0.16</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">0.27</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; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">11,762</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">5,694</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">6,068</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">36,472</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">(23,524)</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">59,996</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; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">0.04</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; 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">0.02</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">0.13</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">0.22</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">*Non-GAAP performance measure. See end of news release</P>
<P STYLE="margin-top: 0; margin-bottom: 0; text-align: left"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.25in 0 12pt; text-align: justify; color: #00A5E3"><B>REVIEW OF OPERATIONS</B></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: 44%; 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: 8%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; 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>Q4 2021</B></FONT></TD>
    <TD STYLE="width: 8%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; 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>Q3 2021</B></FONT></TD>
    <TD STYLE="width: 8%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; 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>Q2 2021</B></FONT></TD>
    <TD STYLE="width: 8%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; 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>Q1 2021</B></FONT></TD>
    <TD STYLE="width: 8%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; 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>Q4 2020</B></FONT></TD>
    <TD STYLE="width: 8%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; 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>YE 2021</B></FONT></TD>
    <TD STYLE="width: 8%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; 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>YE 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"><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">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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">32.0</FONT></TD>
    <TD STYLE="border-right: 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">26.4</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">105.4</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">98.7</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"><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">7.4</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">7.2</FONT></TD>
    <TD STYLE="border-right: 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">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">29.2</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">30.1</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2.2</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">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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">6.0</FONT></TD>
    <TD STYLE="border-right: 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">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">2.5</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">2.0</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%">Site operating cost per ton milled (Cdn$)*</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">$9.94</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">$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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$8.73</FONT></TD>
    <TD STYLE="border-right: 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">$11.67</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">$9.21</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">$9.59</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">&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>
    <TD STYLE="border-right: Black 1pt solid; 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; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">0.24</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">0.28</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">0.19</FONT></TD>
    <TD STYLE="border-right: 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">0.20</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">0.23</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">0.24</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">80.4</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">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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">81.5</FONT></TD>
    <TD STYLE="border-right: 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">83.3</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">82.4</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">84.3</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%">&nbsp;&nbsp;&nbsp;Production (million pounds Cu)</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">28.8</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">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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">22.2</FONT></TD>
    <TD STYLE="border-right: 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">25.0</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">112.3</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">123.0</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;Sales (million pounds Cu)</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">23.8</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">32.4</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">22.0</FONT></TD>
    <TD STYLE="border-right: 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">25.0</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">104.9</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">124.0</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;Inventory (million pounds Cu)</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">9.9</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">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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">3.6</FONT></TD>
    <TD STYLE="border-right: 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">3.4</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">9.9</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">3.4</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">&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>
    <TD STYLE="border-right: Black 1pt solid; 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; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">450</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">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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">530</FONT></TD>
    <TD STYLE="border-right: 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">549</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">1,954</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">2,269</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">491</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">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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">552</FONT></TD>
    <TD STYLE="border-right: 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">487</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">2,000</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">2,239</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">&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>
    <TD STYLE="border-right: Black 1pt solid; 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; 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"><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"><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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$2.23</FONT></TD>
    <TD STYLE="border-right: 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">$2.67</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">$1.91</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">$1.75</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(0.30)</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">(0.25)</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-right: 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; 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"><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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(0.13)</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$1.72</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">$1.28</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$1.96</FONT></TD>
    <TD STYLE="border-right: 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">$2.53</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">$1.64</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">$1.62</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">0.22</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">0.29</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">0.27</FONT></TD>
    <TD STYLE="border-right: 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; 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">0.26</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; font-size: 9pt">0.30</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$1.94</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">$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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$2.23</FONT></TD>
    <TD STYLE="border-right: 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; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$1.90</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">$1.92</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #00A5E3"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Full Year Results</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">Gibraltar produced 112.3 million pounds of copper
in 2021 compared to 123.0 million in 2020. Copper grade for the year averaged 0.23% copper, compared to 0.24% in 2020. Copper recoveries
for 2021 was 82.4%, compared to 84.3% in 2020.</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 105.4 million tons were mined in the year
in line with the mine plan and a 7% increase over the prior year period. The strip ratio increased primarily as a result of the waste
mining transitioning into the Pollyanna pit in the first quarter of 2021 and lower mining rates in 2020 in response to the onset of COVID-19.
Pollyanna ore was the primary mill feed in 2021, and waste stripping activities began in the Gibraltar pit in 2021 with first ore being mined in the fourth 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 $59.9 million on a 75% basis) was 9% higher than the prior year due to higher mining rates in 2021. Sustaining capital expenditures
at Gibraltar (75% basis) were $27.9 million for the year, compared to $20.3 million for the prior year due to greater scheduled component
replacements in 2021 for the mining fleet.</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="margin-top: 0; margin-bottom: 0; text-align: left"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Molybdenum production was 2.0 million pounds in the
year compared to 2.3 million pounds in the prior year. Molybdenum prices also strengthened in 2021 with an average molybdenum price of
US$15.94 per pound, an increase of 84% compared to the 2020 average price of US$8.68 per pound. By-product credits per pound of copper
produced was US$0.27 in the year compared to US$0.13 in the prior 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">Off-property costs per pound produced* were US$0.26
for the year, which is US$0.04 lower than the prior year, as the Company benefited by a 4% reduction in the benchmark treatment and refining
charges (&ldquo;TCRC&rdquo;) in 2021 and realized lower TCRCs for spot tenders that were delivered at some of the lowest levels ever seen
by the Gibraltar mine due to tight copper market 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">Total operating costs per pound produced (C1)* were
US$1.90 for the year, a slight decrease compared to the prior year. The decrease in the C1* costs was primarily due to the higher by-product
credits and lower off-property costs, partially offset by the increase in site costs and the impact of decreased copper production.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: justify"><I>Fourth Quarter Results</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 fourth quarter was 28.8 million
pounds and was impacted by lower grades and recoveries from ore mined in the upper benches of the Gibraltar pit. Increased oxidization
and pyrite content in this ore has resulted in lower recoveries which management believes is a short-term issue that will be resolved.
Ore quality is expected to improve as mining progresses deeper into the Gibraltar pit. In December, heavy snowfall and temperatures as
low as minus 35 degrees Celsius also impacted mine equipment and mill availabilities, resulting in decreased mill throughput and a need
to draw ore from lower grade stockpiles.</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 realized 23.8 million pounds of copper
sales in the fourth quarter which was lower than copper production of 28.8 million pounds. Major disruption to the highway and rail infrastructure
in southwest British Columbia from severe rainstorms and flooding in November prevented significant production from being delivered to
the port for shipping. Copper concentrate inventories ended the year at 9.9 million pounds.</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 23.3 million tons were mined in the fourth
quarter. The strip ratio increased over the prior quarter due to mining activities transitioning into the higher strip ratio Gibraltar
pit. The mill feed in the fourth quarter came primarily from Pollyanna but also included ore from the Gibraltar pit.</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 $12.7 million on a 75% basis) was 7% higher than the prior quarter and included retroactive payments from the newly ratified collective
bargaining agreement. Sustaining capital expenditures at Gibraltar of $6.5 million on a 75% basis included component replacements for
the mining fleet, including scheduled work on the shovels.</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">Molybdenum production was 450 thousand pounds in the
fourth quarter and at an average molybdenum price of US$18.89 per pound, generated a notable by-product credit per pound of copper produced
of US$0.30 in the fourth quarter.</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="margin-top: 0; margin-bottom: 0; text-align: left"></P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Off-property costs per pound produced* were US$0.22
for the fourth quarter which benefitted from lower copper pounds sold. The Company also realized lower TCRC in the fourth quarter as two
spot tenders were delivered at much lower TCRC rates than the annual benchmark rate, which reflects the tight physical market for copper
concentrate from overseas smelters.</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$1.94 for the quarter and increased due to the decreased copper production and higher site costs in the fourth quarter compared to the
third quarter.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Nothing is more important to Taseko than the safety,
health and well-being of our workers and their families. Taseko places a high priority on the continuous improvement of performance in
the areas of employee health and safety at the workplace and protection of the environment.&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">In April 2021, Taseko published its second Environmental,
Social, and Governance (&ldquo;ESG&rdquo;) report, which includes an examination of the Company&rsquo;s sustainability performance for
2020. The report is available on the Company&rsquo;s website at <FONT STYLE="color: blue"><U>www.tasekomines.com/esg</U></FONT>.</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 this report, Taseko has reported Scope 1 and 2
greenhouse gas emissions for the Gibraltar mine which show that the mine ranks in the first quartile of all copper mines globally. When
commercial operations at Florence Copper commences, the Company&rsquo;s combined greenhouse gas emissions intensity will drop even lower,
to an estimated 1.53 tonnes of CO2 per tonne of copper equivalent, based on an independent analysis by Skarn Associates.</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">Gibraltar&rsquo;s 2021 ESG report will be published
in the second quarter of 2022.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Gibraltar is expected to produce 115 million pounds
(+/- 5%) of copper in 2022 on a 100% basis, with production weighted to the back half of the year and the first quarter being the lowest
production quarter, similar to 2021. The expected sales of excess copper concentrate inventory carried over from 2021 will bolster earnings
in the first quarter of 2022.</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">Strong metal prices and US dollar combined with our
copper hedge protection continues to provide tailwinds for a strong financial performance and operating margins at the Gibraltar mine
over the coming year. Copper prices in 2021 averaged US$4.23 per pound and are currently around US[$4.50] and molybdenum prices are currently
US$18.78 per pound, 18% higher than the average price in 2021.</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 for 2022 remains quite favorable
with limited exchange inventories and ongoing supply constraints failing to keep up to demand. Many governments are 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 copper 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: 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"></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.25in 0 12pt; text-align: justify; color: #00A5E3"><B>GIBRALTAR OUTLOOK -
CONTINUED</B></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 secured more than 90% of attributable production with copper collars which protect a minimum copper price
of US$4.00 per pound for 2022.</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; color: #00A5E3"><B>FLORENCE COPPER</B></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 and will have one of the smallest environmental footprints of any copper mine in the world.</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) based on the Company&rsquo;s published 2017 NI 43-101 technical report. 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. On November 22, 2021, the EPA provided the Company with an initial draft of the UIC permit.
Taseko&rsquo;s project technical team completed its review of the draft UIC permit in early December 2021 and no significant issues were
identified. Based on ongoing dialogue with the EPA, the Company continues to expect the draft UIC permit to be publicly issued very soon,
and then a 45-day 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 complete and procurement activities are well advanced with the Company making initial deposits and awarding the
key contract for the major processing equipment associated with the SX/EW plant in 2021. The Company incurred $58 million of costs for
Florence in 2021 including for the commercial facility activities and also had outstanding purchase commitments of $38 million as at December
31, 2021 to be incurred in 2022. Deploying this strategic capital and awarding key contracts will assist with protecting the project execution
plan, mitigating inflation risk and the potential impact of supply chain disruptions and ensure a smooth 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; text-align: justify">&nbsp;</P>

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

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<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: 0.25in 0 12pt; text-align: justify; color: #00A5E3"><B>LONG-TERM GROWTH STRATEGY</B></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: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I>Yellowhead 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">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 based on the Company&rsquo;s 2020 NI 43-101 technical report. 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, with the involvement
of the Province of British Columbia, to try to obtain a long-term resolution 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.</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 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). The standstill was extended on December
4, 2020, to continue what was a constructive dialogue that had been delayed by the COVID-19 pandemic. The dialogue is not complete but
it remains constructive, and the parties have therefore agreed to extend the standstill for a further year so that they and the Province
of British Columbia can continue to pursue a long-term and mutually acceptable resolution of the conflict.</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 converter pilot test is ongoing and is providing additional process data to support
the design of the commercial process facilities and will provide final product samples for marketing purposes.</P>

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

<P STYLE="font: 12pt/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>


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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: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company will host a telephone conference call
and live webcast on Wednesday, February 23, 2022 at 11:00 a.m. Eastern Time (8:00 a.m. Pacific, 4:00 p.m. GMT) to discuss these results.
After opening remarks by management, there will be a question and answer session open to analysts and 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">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 tasekomines.com/investors/events.</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">The conference call will be archived for later playback until March 9,
2022 and can be accessed by dialing 416-764-8677 Canada, 1-888-390-0541 in the United States, or online at tasekomines.com/investors/events
and using the passcode 510013#.</P>

</DIV>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For further information on Taseko, please see the
Company's website at www.tasekomines.com or contact:</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">Brian Bergot, Vice President, Investor Relations &ndash;
778-373-4554, toll free 1-800-667-2114</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">Stuart McDonald</P>

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

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

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">No regulatory authority has approved or disapproved of
the information in this news release.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&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; color: #00A5E3"><B>NON-GAAP PERFORMANCE MEASURES</B></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; color: #1C1C1A">&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 STYLE="width: 55%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(Cdn$ in thousands, unless otherwise indicated) &ndash;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">75% basis</P></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2021</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Q4</B></P></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2021</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Q3</B></P></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2021</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Q2</B></P></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2021</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Q1</B></P></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2021</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>YE</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cost of sales</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">57,258</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">65,893</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">74,056</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">72,266</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">269,473</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Less:</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Depletion and amortization</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(16,202)</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(17,011)</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(17,536)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(15,838)</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(66,587)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Net change in inventories of finished goods</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">13,497</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">762</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(4,723)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,259</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">11,795</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Net change in inventories of ore stockpiles</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">4,804</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">6,291</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,259</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(8,226)</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">5,128</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Transportation costs</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(4,436)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(5,801)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(4,303)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3,305)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(17,845)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Site operating costs</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">54,921</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">50,134</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">49,753</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">47,156</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">201,964</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Less by-product credits:</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Molybdenum, net of treatment costs</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(7,755)</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(8,574)</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(6,138)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(5,604)</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(28,071)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Silver, excluding amortization of deferred revenue</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(330)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">300</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">64</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(238)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(204)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Site operating costs, net of by-product credits</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">46,836</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">41,860</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">43,679</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">41,314</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">173,689</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total copper produced (thousand pounds)</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">21,590</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">25,891</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">20,082</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">16,684</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">84,247</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total costs per pound produced</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.17</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.62</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.18</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.48</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.06</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 5.75pt; text-align: justify"><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: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.26</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.26</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.23</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.27</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.25</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Site operating costs, net of by-product credits</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>(US$ per pound)</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>1.72</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; 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: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>1.77</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>1.96</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>1.64</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Site operating costs, net of by-product credits</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">46,836</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">41,860</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">43,679</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">41,314</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">173,689</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Add off-property costs:</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Treatment and refining costs</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,480</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3,643</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,879</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,414</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">9,416</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Transportation costs</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">4,436</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">5,801</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">4,303</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3,305</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">17,845</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total operating costs</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">52,752</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">51,304</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">49,861</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">47,033</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">200,950</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 5.75pt; text-align: justify"><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: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>1.94</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>1.57</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2.02</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2.23</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>1.90</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; 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; text-align: justify; color: #00A5E3"><B>NON-GAAP PERFORMANCE MEASURES -
CONTINUED</B></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 STYLE="vertical-align: bottom">
    <TD STYLE="width: 55%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(Cdn$ in thousands, unless otherwise indicated) &ndash;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">75% basis</P></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2020</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Q4</B></P></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2020</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Q3</B></P></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2020</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Q2</B></P></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2020</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Q1</B></P></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2020</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>YE</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cost of sales</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">79,083</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">75,969</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">81,181</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">83,309</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">319,542</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Less:</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Depletion and amortization</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(18,747)</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(23,894)</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(25,512)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(27,148)</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(95,301)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Net change in inventories of finished goods</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,087</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,415</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(5,753)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,302</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(949)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Net change in inventories of ore stockpiles</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">6,632</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">4,186</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(50)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">603</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">11,371</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Transportation costs</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3,768)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(4,127)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(5,834)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(4,519)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(18,248)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Site operating costs</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">65,287</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">53,549</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">44,032</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">53,547</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">216,425</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Less by-product credits:</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Molybdenum, net of treatment costs</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3,649)</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(4,109)</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(4,252)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3,231)</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(15,241)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Silver, excluding amortization of deferred revenue</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">133</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(54)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(28)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(354)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(303)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Site operating costs, net of by-product credits</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">61,771</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">49,386</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">39,752</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">49,962</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">200,871</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total copper produced (thousand pounds)</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">18,725</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">21,658</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">27,576</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">24,318</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">92,277</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total costs per pound produced</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.30</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.28</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.44</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.05</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.18</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 5.75pt; text-align: justify"><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: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.30</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.33</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.39</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.34</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.34</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Site operating costs, net of by-product credits</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>(US$ per pound)</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2.53</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; 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: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>1.04</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>1.53</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>1.62</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Site operating costs, net of by-product credits</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">61,771</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">49,386</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">39,752</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">49,962</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">200,871</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Add off-property costs:</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Treatment and refining costs</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3,284</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">4,254</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">5,676</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">4,956</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">18,170</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Transportation costs</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3,768</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">4,127</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">5,834</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">4,519</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">18,248</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total operating costs</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">68,823</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">57,767</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">51,262</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">59,437</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">237,289</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 5.75pt; text-align: justify"><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: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2.82</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2.00</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>1.34</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>1.82</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>1.92</B></FONT></TD></TR>
  </TABLE>
<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; color: #1C1C1A">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; color: #1C1C1A">&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 <FONT STYLE="color: #1C1C1A">on settlement
of long-term debt and call premium, including realized foreign exchange gains.</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #1C1C1A">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; color: #1C1C1A">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #1C1C1A">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #1C1C1A">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Klavika Regular; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 55%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">(Cdn$ in thousands, except per share amounts)</FONT></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2021</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Q4</B></P></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2021</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Q3</B></P></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2021</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Q2</B></P></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2021</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Q1</B></P></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2021</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>YE</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Net income (loss)</B></FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>11,762</B></FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>22,485</B></FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>13,442</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(11,217)</B></FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>36,472</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.45pt 5.75pt; vertical-align: middle; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Unrealized foreign exchange (gain) loss</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1,817)</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">9,511</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3,764)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">8,798</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">12,728</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 1.45pt; padding-bottom: 1.45pt; padding-left: 5.75pt; vertical-align: middle">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;Realized foreign exchange gain on settlement of long-</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;term debt</P></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(13,000)</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(13,000)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Loss on settlement of long-term debt</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">5,798</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">5,798</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Call premium on settlement of long-term debt</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">6,941</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">6,941</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Unrealized (gain) loss on derivatives</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">4,612</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(6,817)</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">370</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">802</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1,033)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Estimated tax effect of adjustments</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1,245)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,841</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(100)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3,651)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3,161)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Adjusted net income (loss)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>13,312</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>27,020</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>9,948</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(5,535)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>44,745</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Adjusted EPS</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>0.05</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>0.10</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>0.04</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(0.02)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>0.16</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #1C1C1A">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Klavika Regular; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 55%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">(Cdn$ in thousands, except per share amounts)</FONT></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2020</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Q4</B></P></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2020</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Q3</B></P></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2020</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Q2</B></P></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2020</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Q1</B></P></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2020</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>YE</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Net income (loss)</B></FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>5,694</B></FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>987</B></FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>18,745</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(48,950)</B></FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(23,524)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Unrealized foreign exchange (gain) loss</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(13,595)</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(7,512)</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(12,985)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">29,747</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(4,345)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Unrealized (gain) loss on derivatives</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">586</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,056</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3,528</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3,348)</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,822</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Estimated tax effect of adjustments</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(158)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(285)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(953)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">904</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(492)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Adjusted net income (loss)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(7,473)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(5,754)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>8,335</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(21,647)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(26,539)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Adjusted EPS</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(0.03)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(0.02)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>0.03</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(0.09)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(0.11)</B></FONT></TD></TR>
  </TABLE>
<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; color: #1C1C1A">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; color: #1C1C1A">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #1C1C1A">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; color: #1C1C1A">&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 <FONT STYLE="color: #1C1C1A">of
share-based compensation expense.</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; 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; text-align: justify; color: #00A5E3"><B>NON-GAAP PERFORMANCE MEASURES -
CONTINUED</B></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="width: 55%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">(Cdn$ in thousands)</FONT></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2021</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Q4</B></P></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2021</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Q3</B></P></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2021</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Q2</B></P></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2021</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Q1</B></P></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2021</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>YE</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Net income (loss)</B></FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>11,762</B></FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>22,485</B></FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>13,442</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(11,217)</B></FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>36,472</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Add:</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Depletion and amortization</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">16,202</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">17,011</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">17,536</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">15,838</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">66,587</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.45pt 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;&nbsp;Finance expense (includes loss on settlement of long-</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;&nbsp;term debt and call premium)</P></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">12,072</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">11,875</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">11,649</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">23,958</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">59,554</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Finance income</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(218)</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(201)</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(184)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(75)</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(678)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Income tax (recovery) expense</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">9,300</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">22,310</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">7,033</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(4,302)</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">34,341</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Unrealized foreign exchange (gain) loss</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1,817)</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">9,511</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3,764)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">8,798</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">12,728</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.45pt 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;&nbsp;Realized foreign exchange gain on settlement of long-</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;&nbsp;term debt</P></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(13,000)</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(13,000)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Unrealized (gain) loss on derivatives</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">4,612</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(6,817)</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">370</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">802</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1,033)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Amortization of share-based compensation expense</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,075</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">117</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,650</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,920</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">5,762</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>52,988</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>76,291</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>47,732</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>23,722</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>200,733</B></FONT></TD></TR>
  </TABLE>
<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="width: 55%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">(Cdn$ in thousands)</FONT></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2020</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Q4</B></P></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2020</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Q3</B></P></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2020</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Q2</B></P></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2020</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Q1</B></P></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2020</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>YE</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Net income (loss)</B></FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>5,694</B></FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>987</B></FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>18,745</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(48,950)</B></FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(23,524)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Add:</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Depletion and amortization</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">18,747</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">23,894</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">25,512</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">27,148</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">95,301</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Finance expense </FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">10,575</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">11,203</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">10,461</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">10,771</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">43,010</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Finance income</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(47)</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(4)</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(48)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(150)</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(249)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Income tax (recovery) expense</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2,724)</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(580)</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">4,326</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(10,118)</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(9,096)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Unrealized foreign exchange (gain) loss</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(13,595)</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(7,512)</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(12,985)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">29,747</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(4,345)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Unrealized (gain) loss on derivatives</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">586</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,056</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3,528</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3,348)</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,822</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Amortization of share-based compensation expense</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,242</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,501</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,321</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">246</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">5,310</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>20,478</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>31,545</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>50,860</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>5,346</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>108,229</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify"><I>&nbsp;</I></P>


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Klavika Regular; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 55%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">(Cdn$ in thousands)</FONT></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2021</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Q4</B></P></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2021</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Q3</B></P></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2021</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Q2</B></P></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2021</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Q1</B></P></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2021</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>YE</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Earnings from mining operations</B></FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>45,714</B></FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>66,670</B></FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>36,946</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>14,475</B></FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>163,805</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Add:</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Depletion and amortization</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">16,202</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">17,011</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">17,536</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">15,838</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">66,587</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Earnings from mining operations before depletion and amortization</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>61,916</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>83,681</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>54,482</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>30,313</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>230,392</B></FONT></TD></TR>
  </TABLE>
<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="width: 55%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">(Cdn$ in thousands)</FONT></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2020</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Q4</B></P></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2020</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Q3</B></P></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2020</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Q2</B></P></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2020</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Q1</B></P></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2020</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>YE</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Earnings (loss) from mining operations</B></FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>8,315</B></FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>11,811</B></FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>24,824</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(21,225)</B></FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>23,725</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Add:</FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Depletion and amortization</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">18,747</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">23,894</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">25,512</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">27,148</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">95,301</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Earnings from mining operations before depletion and amortization</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>27,062</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>35,705</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>50,336</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>5,923</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>119,026</B></FONT></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 STYLE="vertical-align: bottom">
    <TD STYLE="width: 55%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">(Cdn$ in thousands, except per ton milled amounts)</FONT></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2021</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Q4</B></P></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2021</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Q3</B></P></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2021</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Q2</B></P></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2021</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Q1</B></P></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2021</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>YE</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Site operating costs (included in cost of sales)</B></FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>54,921</B></FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>50,134</B></FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>49,753</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>47,156</B></FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>201,964</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Tons milled (thousands) (75% basis)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">5,523</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">5,576</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">5,429</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">5,402</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">21,930</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Site operating costs per ton milled</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>$9.94</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>$8.99</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>$9.16</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>$8.73</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>$9.21</B></FONT></TD></TR>
  </TABLE>
<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="width: 55%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">(Cdn$ in thousands, except per ton milled amounts)</FONT></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2020</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Q4</B></P></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2020</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Q3</B></P></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2020</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Q2</B></P></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2020</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Q1</B></P></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2020</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>YE</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Site operating costs (included in cost of sales)</B></FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>65,287</B></FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>53,549</B></FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>44,032</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>53,547</B></FONT></TD>
    <TD STYLE="padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>216,415</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Tons milled (thousands) (75% basis)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">5,594</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">5,595</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">5,748</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">5,622</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">22,559</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Site operating costs per ton milled</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>$11.67</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>$9.57</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>$7.66</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>$9.52</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.45pt 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>$9.59</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt 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">&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: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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


<!-- Field: Page; Sequence: 14 -->
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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="padding-left: 100; width: 100%">&nbsp;<IMG SRC="header.jpg" ALT=""></TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: #00A5E3"><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; color: #00A5E3">&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: 0.5in"></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: 0.5in"></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: 0.5in"></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: 0.5in"></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: 0.5in"></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: 0.5in"></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: 0.5in"></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: 0.5in"></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: 0.5in"></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: 0.5in"></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: 0.5in"></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: 0.5in"></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: 0.5in"></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 <FONT STYLE="color: blue"><U>www.sec.gov</U></FONT>
and home jurisdiction filings that are available at <FONT STYLE="color: blue"><U>www.sedar.com</U></FONT>.</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="margin-top: 0; margin-bottom: 0; text-align: left"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"></FONT></P>

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

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