<SEC-DOCUMENT>0001171843-25-002701.txt : 20250502
<SEC-HEADER>0001171843-25-002701.hdr.sgml : 20250502
<ACCEPTANCE-DATETIME>20250501182303
ACCESSION NUMBER:		0001171843-25-002701
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20250501
FILED AS OF DATE:		20250502
DATE AS OF CHANGE:		20250501

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TASEKO MINES LTD
		CENTRAL INDEX KEY:			0000878518
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				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:		25904872

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

	MAIL ADDRESS:	
		STREET 1:		SUITE 1200
		STREET 2:		1040 WEST GEORGIA STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6E 4H1
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>f6k_050125.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<html><head><title></title></head><body style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><div align="center"><div style="margin-top: 3pt; margin-bottom: 12pt;"><div style="font-size: 1pt; border-top: Black 2.5pt solid; border-bottom: Black 1.1pt solid; width: 100%;">&#160;</div></div><p style="font-size: 14pt;" align="center"><strong>UNITED STATES</strong><br /><strong>SECURITIES AND EXCHANGE COMMISSION</strong><br /><strong>Washington, D.C. 20549</strong></p><p style="font-size: 14pt; text-transform: uppercase;" align="center"><strong>Form 6-K</strong></p><p style="text-align: center;"><strong></strong></p><p style="text-align: center;"><strong>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934</strong></p><p style="text-align: center;"><strong></strong><strong>For the month of May 2025</strong></p><p style="text-align: center;">Commission File Number: <strong>001-31965</strong></p><p style="text-align: center;"><font style="font-size: 12pt;"><strong>Taseko Mines Limited</strong></font><br />(Translation of registrant's name into English)</p><p style="text-align: center;"><strong>12th Floor - 1040 West Georgia St., Vancouver, BC, V6E 4H1</strong><br />(Address of principal executive office)</p></div><p>Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.<br />Form 20-F [&#160;&#160; ] &#160;&#160;&#160;&#160;&#160;Form 40-F [&#160;X ]</p><p>&#160;</p><p>&#160;</p><!--<p>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): <u>&#160;&#160;&#160;&#160;&#160;&#160;</u></p><p><strong>Note:&#160;</strong>Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.</p><p>Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): <u>&#160;&#160;&#160;&#160;&#160;&#160;</u></p><p><strong>Note:&#160;</strong>Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.&#160;</p><hr style="page-break-after: always;" noshade="noshade" /><p> On May 1, 2025, the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference. <br /><br />(c) Exhibit 99.1. Press release dated May 1, 2025</p><p></p>--><p><hr style="page-break-after: always;" noshade="noshade" /><p style="text-align: center;"><font style="font-size: 10pt;"><strong><u>SUBMITTED HEREWITH</u> </strong></font></p><p style="text-align: left;"><u><font style="font-size: 10pt;">Exhibits</font></u></p><table style="font-size: 10pt;" border="0" cellspacing="0" cellpadding="0"><tr><td style="text-decoration: underline;" valign="bottom"><font style="font-size: 10pt;"><strong>Exhibit</strong></font></td><td width="20"><font style="font-size: 10pt;">&#160;</font></td><td style="text-decoration: underline;" valign="bottom"><font style="font-size: 10pt;"><strong>Description</strong></font></td></tr><tr><td><font style="font-size: 10pt;"></font></td><td width="20"><font style="font-size: 10pt;">&#160;</font></td><td><font style="font-size: 10pt;">&#160;</font></td></tr><tr><td><font style="font-size: 10pt;"><a href="exh_991.htm">99.1</a></font></td><td width="20"><font style="font-size: 10pt;">&#160;</font></td><td><font style="font-size: 10pt;"><a href="exh_991.htm">Press Release dated May 1, 2025</a> </font></td></tr></table></p><hr style="page-break-after: always;" noshade="noshade" /><p style="text-align: center;"><strong>SIGNATURES</strong></p><p>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><table style="font-family: Times New Roman; font-size: 10pt;" border="0" width="100%" cellspacing="0" cellpadding="0"><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td style="text-decoration: underline;" align="center" width="47%"><strong>&#160;&#160;&#160;&#160;Taseko Mines Limited&#160;&#160;&#160;&#160;</strong></td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%">(Registrant)</td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%">&#160;</td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%"></td></tr><tr valign="top"><td width="47%">Date: May 1, 2025</td><td width="6%">&#160;</td><td style="text-decoration: underline;" align="center" width="47%">&#160;&#160;&#160;&#160;/s/ Stuart McDonald&#160;&#160;&#160;&#160;</td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%">Stuart McDonald</td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%">President</td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%"></td></tr></table></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh_991.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
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<p style="text-align: right;"><strong>EXHIBIT 99.1</strong></p>

<p style="text-align: left;"><img src='exh991small_1.jpg' alt='logo' ></p>

<p style="text-align: center;"><font style="font-size: 14pt;"><strong>Taseko Reports First Quarter 2025 Earnings</strong></font></p>

<p style="text-align: center;"><strong></strong></p>

<p>

<table style="width:100%; border-collapse:collapse !important;;border-collapse: collapse; ">
  <tr>
    <td style="border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; text-align: justify ; vertical-align: middle; vertical-align: top ; ">This
        release should be read with the Company&#8217;s Financial Statements and Management Discussion &amp; Analysis ("MD&amp;A"), available
        at <strong>www.tasekomines.com</strong> and filed on <strong>www.sedarplus.com</strong>. Except where otherwise noted, all currency amounts
        are stated in Canadian dollars. Taseko owns 100% of the Gibraltar Mine, which is located north of the City of Williams Lake in south-central
        British Columbia.</td></tr>
  <tr>
    <td class="hugin">&#160;</td></tr>
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<p align="justify">VANCOUVER, British Columbia, May 01, 2025 (GLOBE NEWSWIRE) -- Taseko Mines Limited (TSX: TKO; NYSE American: TGB; LSE:
TKO) ("Taseko" or the "Company") reports first quarter 2025 Adjusted EBITDA* of $34 million and Earnings from mining operations before
depletion and amortization and non-recurring items* of $39 million. Revenues for the first quarter were $139 million from the sale of
22 million pounds of copper and 364 thousand pounds of molybdenum. The Company recorded a Net loss of $29 million ($0.09 loss per share)
and an Adjusted net loss* of $7 million ($0.02 loss per share).</p>

<p align="justify">Gibraltar produced 20 million pounds of copper and 336 thousand pounds of molybdenum in the first quarter at Total
operating costs (C1) of US$2.26 per pound of copper produced. Mill throughput averaged 87,800 tons per day, which was above design capacity.
Copper grades in the quarter averaged 0.19% and copper recoveries were 68%.</p>

<p align="justify">At Florence Copper, construction remains on schedule and as of the end of March the overall project completion was
at 78%. Construction of the SX/EW plant, surface infrastructure and the wellfield drilling are tracking to plan. In the wellfield, drilling
is nearly complete and the last two wells will be constructed in May. &#160;The electrowinning crane has been installed in the plant,
allowing the building structure to be completed. Construction of surface infrastructure is also advancing on schedule, including work
on the pipe corridor, electrical substation, tank farm, and office and dry buildings.</p>

<p align="justify">Stuart McDonald, President and CEO of Taseko, commented, &#8220;Through the first 15 months of construction at Florence
Copper, all critical aspects of the project remain on schedule and our operating plans are well developed. In the coming months, site
construction activities will begin to slow down and in the fall we expect to commence wellfield operations as we advance towards first
copper cathode production later in the year. Our project team remains focussed on continued execution of the remaining construction activities,
and our growing operations team is planning for the production ramp up in 2026.&#8221;</p>

<p align="justify">&#8220;At our Gibraltar mine, mill throughput exceeded design capacity in the first quarter and head grades were in
line with plan.&#160; But copper production in the quarter was impacted by lower than expected metallurgical recoveries from oxidized
ore. &#160;Also, challenging ground conditions at the top of the current Connector pit pushback have led to lower mining productivities
in recent months which will delay the release of higher-grade ore from the second quarter to the third quarter. &#160;As a result, copper
production for 2025 is expected to be about 10 million pounds (~8%) lower than our previous guidance.&#160; Significantly higher grades
and recoveries are expected in the second half of this year and into 2026&#8221;, continued Mr. McDonald.</p>

<p align="justify">Mr. McDonald concluded, &#8220;With less than nine months until the startup of Florence Copper, America&#8217;s next
copper mine, Taseko is approaching a period of significant production and cashflow growth. &#160;We are uniquely positioned as the North
American copper producer with both near-term production growth and a longer-term growth pipeline.&#8221;</p>

<p align="left">*Non-GAAP performance measure. See end of news release.<br ></p>

<p align="justify"><strong>First Quarter Review</strong></p>

<ul type="disc">

<li>Earnings from mining operations before depletion, amortization and non-recurring items* was $38.8 million, Adjusted EBITDA* was $34.4
million and cash flows from operations was $55.9 million;</li>

<li>GAAP net loss was $28.6 million ($0.09 loss per share) and Adjusted net loss* was $6.9 million ($0.02 loss per share);</li>

<li>Gibraltar produced 20.0 million pounds of copper at a total operating cost (C1)* of US$2.26 per pound of copper produced.&#160; Copper
head grade was 0.19% and recovery was 68% for the quarter reflecting the milling of lower grade stockpiled material which contained more
oxidized material;</li>

<li>Gibraltar sold 21.8 million pounds of copper and 364 thousand pounds of molybdenum. The average realized copper price of US$4.24 per
pound and Canadian dollar to US dollar exchange rate of 1.43, contributed to revenues of $139.1 million for the period;</li>

<li>Construction of the Florence Copper commercial production facility is advancing on schedule and on budget, and was approximately 78%
complete at March 31, 2025.&#160; A total of 29 production wells were constructed in the quarter bringing the total number of completed
wells to 80 of the 90 planned to be drilled during the construction phase.&#160; Wellfield drilling activities are ramping down in April
and will be completed on schedule in May.&#160; The solvent extraction and electrowinning areas continue to advance with a focus on pipe
and settler welding and electrical installation.&#160; First copper cathode production is expected in the fourth quarter of 2025;</li>

<li>The Company completed share issuances under its at-the-market (&#8220;ATM&#8221;) equity offering prospectus, issuing 10.6 million
common shares for gross proceeds of $31.0 million (US$21.5 million) in the first quarter;</li>

<li>The Company has copper collar contracts to secure a minimum copper price of US$4.00 per pound for 81 million pounds of copper for
the remainder of 2025; and</li>

<li>At March 31, 2025, the Company had a cash balance of $121 million and available liquidity of $279 million including its undrawn corporate
revolving credit facility.</li></ul>

<p>*Non-GAAP performance measure. See end of news release.</p>

<p align="left"><strong>Highlights</strong></p>

<table style="margin-right:0pt; width:100%; border-collapse:collapse !important;;border-collapse: collapse; ">
  <tr>
    <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "><strong>Operating data</strong></td>
    <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td colspan="6" style="text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>Three months ended</strong><br ><strong>March
        31,</strong></td></tr>
  <tr>
    <td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">(Gibraltar &#8211; 100% basis)</td>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>2025</strong></td>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>2024</strong></td>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td colspan="2" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>Change</strong></td></tr>
  <tr>
    <td style="max-width:59%; width:59%; min-width:59%;;text-align: left ; vertical-align: middle; vertical-align: bottom ; ">Tons mined (millions)</td>
    <td style="max-width:1%; width:1%; min-width:1%;;text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:13%; width:13%; min-width:13%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">23.2</td>
    <td style="max-width:1%; width:1%; min-width:1%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:13%; width:13%; min-width:13%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">22.8</td>
    <td style="max-width:1%; width:1%; min-width:1%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:11%; width:11%; min-width:11%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">0.4</td>
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  <tr>
    <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; ">Tons milled (millions)</td>
    <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">7.9</td>
    <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">7.7</td>
    <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">0.2</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; ">Production (million pounds Cu)</td>
    <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">20.0</td>
    <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">29.7</td>
    <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(9.7</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td></tr>
  <tr>
    <td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">Sales (million pounds Cu)</td>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">21.8</td>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">31.7</td>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(9.9</td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td></tr>
  <tr>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
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<p><br ></p>

<table style="margin-right:0pt; width:100%; border-collapse:collapse !important;;border-collapse: collapse; ">
  <tr>
    <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; "><strong>Financial data</strong></td>
    <td class="hugin">&#160;</td>
    <td colspan="10" style="text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>Three months ended</strong><br ><strong>March
        31,</strong><strong><br ></strong></td></tr>
  <tr>
    <td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">($ in thousands, except for per share amounts)</td>
    <td class="hugin">&#160;</td>
    <td colspan="3" style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>2025</strong><strong><br ></strong></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td colspan="2" style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>2024</strong></td>
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    <td colspan="3" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>Change</strong><strong><br ></strong></td></tr>
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    <td style="max-width:58%; width:58%; min-width:58%;;text-align: left ; vertical-align: middle; vertical-align: bottom ; ">Revenues</td>
    <td class="hugin" style="max-width:1%; width:1%; min-width:1%;">&#160;</td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:11%; width:11%; min-width:11%;;padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">139,149</td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:12%; width:12%; min-width:12%;;padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">146,947</td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:11%; width:11%; min-width:11%;;padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(7,798</td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; ">Cash flows from operations</td>
    <td class="hugin">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">55,892</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">59,574</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(3,682</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; ">Net (loss) income</td>
    <td class="hugin">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(28,560</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">18,896</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(47,456</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; ">Per share &#8211; basic (&#8220;EPS&#8221;)</td>
    <td class="hugin">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">$</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(0.09</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">$</td>
    <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">0.07</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">$</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(0.16</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; ">Earnings from mining operations before depletion, amortization
        and non-recurring items*</td>
    <td class="hugin">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">38,791</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">52,797</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(14,006</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; ">Adjusted EBITDA*</td>
    <td class="hugin">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">34,391</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">49,923</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(15,532</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; ">Adjusted net (loss) income*</td>
    <td class="hugin">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(6,943</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">7,728</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(14,671</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td></tr>
  <tr>
    <td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">Per share &#8211; basic (&#8220;Adjusted EPS&#8221;)*</td>
    <td class="hugin">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">$</td>
    <td style="padding-left: 0 ; padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(0.02</td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">$</td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">0.03</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">$</td>
    <td style="padding-left: 0 ; padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(0.05</td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td></tr>
  <tr>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td class="hugin">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  </table>

<p align="left">On March 25, 2024, the Company completed its acquisition of the remaining 50% interest in Cariboo Copper Corp. (&#8220;Cariboo&#8221;)
from Dowa Metals &amp; Mining Co., Ltd. (&#8220;Dowa&#8221;) and Furukawa Co., Ltd. (&#8220;Furukawa&#8221;) increasing its effective
interest in Gibraltar from 87.5% to 100%.&#160; As a result, the financial results reported in this MD&amp;A reflect the Company&#8217;s
87.5% effective interest for the period from March 15, 2023 to March 25, 2024 and 100% effective interest thereafter.&#160; For more information
on the Company&#8217;s acquisition of Cariboo, refer to the Financial Statements&#8212;Note 12.</p>

<p align="left">*Non-GAAP performance measure. See end of news release.<br ></p>

<p align="left"><strong>Review of Operations</strong></p>

<p align="justify"><em>Gibraltar mine </em></p>

<table style="margin-right:0pt; width:100%; border-collapse:collapse !important;;border-collapse: collapse; ">
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; border-bottom: solid black 1pt ; vertical-align: bottom ; ">Operating
        data (100% basis)</td>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td colspan="3" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>Q1
        2025</strong></td>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td colspan="3" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>Q4
        2024</strong><strong><br ></strong></td>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td colspan="3" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>Q3
        2024</strong><strong><br ></strong></td>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td colspan="3" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>Q2
        2024</strong><strong><br ></strong></td>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td colspan="3" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>Q1
        2024</strong><strong><br ></strong></td></tr>
  <tr>
    <td style="max-width:30%; width:30%; min-width:30%;;vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; ">Tons
        mined (millions)</td>
    <td style="max-width:1%; width:1%; min-width:1%;;text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:11%; width:11%; min-width:11%;;padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">23.2</td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:11%; width:11%; min-width:11%;;padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">24.0</td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:11%; width:11%; min-width:11%;;padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">23.2</td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:11%; width:11%; min-width:11%;;padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">18.4</td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:11%; width:11%; min-width:11%;;padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">22.8</td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; ">Tons milled (millions)</td>
    <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">7.9</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">8.3</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">7.6</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">5.7</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">7.7</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; ">Strip ratio</td>
    <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">4.6</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1.9</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1.2</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1.6</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1.7</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; ">Site operating cost per ton milled*</td>
    <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">$</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">8.73</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">$</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">12.18</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">$</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">14.23</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">$</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">13.93</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">$</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">11.73</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; "><strong>Copper concentrate</strong></td>
    <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td colspan="3" style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td colspan="4" style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td colspan="4" style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td colspan="5" style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td colspan="3" style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Head grade (%)</td>
    <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">0.19</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">0.22</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">0.23</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">0.23</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">0.24</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Copper recovery (%)</td>
    <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">67.5</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">78.2</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">78.9</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">77.7</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">79.0</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Production (million pounds Cu)</td>
    <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">20.0</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">28.6</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">27.1</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">20.2</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">29.7</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Sales (million pounds Cu)</td>
    <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">21.8</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">27.4</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">26.3</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">22.6</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">31.7</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Inventory (million pounds Cu)</td>
    <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">2.3</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">4.1</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">2.9</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">2.3</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">4.9</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; "><strong>Molybdenum concentrate</strong></td>
    <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td colspan="3" style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td colspan="4" style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td colspan="4" style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td colspan="5" style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td colspan="3" style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Production (thousand pounds Mo)</td>
    <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">336</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">578</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">421</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">185</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">247</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Sales (thousand pounds Mo)</td>
    <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">364</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">607</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">348</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">221</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">258</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; "><strong>Per unit data (US$ per Cu pound
        produced)</strong></td>
    <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td colspan="3" style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td colspan="4" style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td colspan="4" style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td colspan="5" style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td colspan="3" style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Site operating cost*</td>
    <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">$</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">2.41</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">$</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">2.52</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">$</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">2.91</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">$</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">2.88</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">$</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">2.21</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; border-bottom: solid black 1pt ; vertical-align: bottom ; ">By-product
        credit*</td>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(0.33</td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(0.42</td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(0.25</td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(0.26</td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(0.17</td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Site operating cost, net of by-product
        credit*</td>
    <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">2.08</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">2.10</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">2.66</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">2.62</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">2.04</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; border-bottom: solid black 1pt ; vertical-align: bottom ; ">Off-property
        cost*</td>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">0.18</td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">0.32</td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">0.26</td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">0.37</td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">0.42</td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; border-bottom: solid black 1pt ; vertical-align: bottom ; ">Total
        operating cost (C1)*</td>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">$</td>
    <td style="padding-left: 0 ; padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">2.26</td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">$</td>
    <td style="padding-left: 0 ; padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">2.42</td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">$</td>
    <td style="padding-left: 0 ; padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">2.92</td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">$</td>
    <td style="padding-left: 0 ; padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">2.99</td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">$</td>
    <td style="padding-left: 0 ; padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">2.46</td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  </table>

<p align="left"><strong>Operations Analysis </strong></p>

<p align="left">In the first quarter, mining activity at Gibraltar was focused on waste stripping for a new pushback in the Connector
pit, which resulted in a higher than normal strip ratio and lower mined ore in the period.&#160; Lower grade stockpiled ore was the primary
source of mill feed, resulting in lower copper production compared to recent quarters.</p>

<p align="left">Gibraltar produced 20.0 million pounds of copper in the first quarter and copper head grade was 0.19%, well below average
reserve grade.&#160; Copper recovery was 68% and was notably impacted by oxidation in the stockpiled ore which mainly originated from
the upper benches of the Connector pit.&#160; Mill throughput was 7.9 million tons in the quarter, above nameplate capacity due to the
lower work index ore in the Connector pit.</p>

<p align="left">A total of 23.2 million tons were mined in the first quarter comparable to recent quarters.&#160; The average strip ratio
was 4.6, as a total of 4.2 million tons of ore were mined. This includes 2.2 million tons of oxide ore that was added to the heap leach
pads as plans for restart of the solvent extraction and electrowinning (&#8220;SX/EW&#8221;) plant continue in Q2 2025.</p>

<p align="left">*Non-GAAP performance measure. See end of news release.<br ></p>

<p align="left"><strong>Operations Analysis - Continued</strong></p>

<p align="left">Capitalized stripping totaling $38.1 million was higher in the first quarter attributed to greater mining of waste tons
above the average strip ratio for the Connector pit.&#160; Total site costs* including capitalized stripping was $107.0 million in the
quarter consistent with the comparative prior year quarter.&#160; Decreased consumption of mining inputs such as diesel and explosives
due to processing of stockpile material as well as lower diesel prices were offset by higher milling costs.</p>

<p align="left">Molybdenum production was 336 thousand pounds in the first quarter compared to 247 thousand pounds in the comparative
prior year quarter.&#160; Higher molybdenum grades, on average, are expected in Connector pit ore.&#160; Grades will improve as stockpile
ore feed decreases.&#160; At an average molybdenum price of US$20.53 per pound for the quarter, molybdenum contributed a meaningful by-product
credit of US$0.33 per pound of copper produced.</p>

<p align="left">Off-property costs were US$0.18 per pound of copper produced.&#160; These lower costs reflect Gibraltar&#8217;s 2025 offtake
agreements with very favorable treatment and refining charges (&#8220;TCRC&#8221;).&#160; On a blended basis, TCRCs are effectively nil
for this year.</p>

<p align="left">Total operating cost (C1)* was US$2.26 per pound of copper produced in the first quarter compared to US$2.46 in the comparative
prior year quarter.&#160; Higher capitalized stripping costs, improved molybdenum by-product credits, and lower off property costs all
contributed to driving down total operating cost (C1), partially offset by the effect of lower copper production as shown in the bridge
graph below:</p>

<p align="left"><img src="table.jpg" alt=""></p>

<p style="text-align: left">https://www.globenewswire.com/NewsRoom/AttachmentNg/9f3402ff-ad47-4f4b-9681-3c1f27945454</p>

<p align="left"><strong>Gibraltar Outlook</strong></p>

<p align="left">Mining activities are now focused in the Connector pit, which will be the source of mill feed in 2025 and the years ahead.&#160;
Copper production in the first quarter was approximately 10% below expectations, due to low recoveries from oxidized ore.&#160; In addition,
mining rates in the upper benches of Connector pit have been behind plan due to challenging ground conditions resulting in lower equipment
productivities.&#160; As a result, access to higher quality ore has been delayed from the second quarter to the third quarter, and annual
copper production for 2025 is expected to be approximately 10 million pounds below the previous guidance of 120 to 130 million pounds.&#160;
Significant increases in head grades and recoveries are expected in the second half of 2025 and continuing into 2026.</p>

<p align="left">*Non-GAAP performance measure. See end of news release.<br ></p>

<p align="left"><strong>Gibraltar Outlook - Continued</strong></p>

<p align="left">Increased mill availability and higher throughput is also expected this year, as major maintenance projects were completed
in both mills last year.&#160; Refurbishment of the Gibraltar SX/EW plant, which has been idle since 2015, is nearing completion, with
first cathode production expected in the second quarter, supplementing Gibraltar copper concentrate production.&#160;</p>

<p align="left">Molybdenum production is forecast to increase in 2025 as molybdenum grades are expected to be notably higher as more Connector
pit ore is processed, also weighted to the second half of the year.</p>

<p align="left">The Company has offtake agreements covering Gibraltar concentrate production in 2025 and 2026, which contain significantly
lower, and in certain cases negative (premium), TCRC rates reflecting the tightening copper smelting market.&#160; In 2024, TCRCs accounted
for approximately US$0.09 per pound of off-property costs, and, with the new offtake agreements, the Company expects average TCRCs to
reduce to nil in 2025 and 2026.</p>

<p align="left">Potential US import tariffs are not expected to have a material impact on sales at Gibraltar as the mine produces copper
and molybdenum concentrates that are sold to international metal traders and delivered to Asian markets.&#160; Offtake agreements are
in place for substantially all of Gibraltar&#8217;s copper concentrate production in 2025 and 2026, and no changes to these sales channels
are expected during this period.&#160;</p>

<p align="left">The Company has a prudent hedging program in place to protect a minimum copper price and Gibraltar cash flow during the
Florence Copper construction period.&#160; Currently, the Company has copper collar contracts in place that secure a minimum copper price
of US$4.00 per pound for 81 million pounds of copper production for the remainder of 2025 (refer to &#8220;Financial Condition Review&#8212;Hedging
Strategy&#8221; for details).</p>

<p align="left"><strong>Florence Copper</strong></p>

<p align="left">The Company has all key permits in place for the commercial production facility at Florence and construction of the Florence
Copper commercial production facility continues to advance on schedule.&#160; Approximately 670,000 project hours have been worked with
no reportable injuries or environmental incidents.&#160; The Company has a fixed-price contract with the general contractor for construction
of the SX/EW plant and associated surface infrastructure.</p>

<p align="left">A total of 80 production wells out of a total of 90 new wells to be drilled during the construction phase have been completed
as of March 31, 2025.&#160; Process ponds and surface water runoff pond construction are complete, and installation of high-density polyethylene
piping in the main pipeline corridor continued.&#160; Mechanical and piping installations throughout the SX/EW plant and electrical work
continue to advance.&#160; Assembly of the modular office and dry buildings were also completed, and work on the exterior finishing has
started.</p>

<p align="left">Site activities are focused on hiring additional personnel and other initiatives to support operational readiness and
the ramp up of production.</p>

<p><strong>Florence Copper - Continued</strong></p>

<table style="width:100%; border-collapse:collapse !important;;border-collapse: collapse; ">
  <tr>
    <td style="max-width:86%; width:86%; min-width:86%;;border-bottom: solid black 1pt ; "><strong>Florence Copper capital spend</strong><br >(US$
        in thousands)</td>
    <td class="hugin" style="max-width:1%; width:1%; min-width:1%;">&#160;</td>
    <td style="max-width:13%; width:13%; min-width:13%;;border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; "><strong>Three
        months ended</strong><br ><strong>March 31, 2025</strong></td></tr>
  <tr>
    <td class="hugin">Commercial facility construction costs</td>
    <td class="hugin">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; ">51,364</td></tr>
  <tr>
    <td style="border-bottom: solid black 1pt ; ">Site and PTF operations</td>
    <td class="hugin">&#160;</td>
    <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; ">6,069</td></tr>
  <tr>
    <td style="border-bottom: solid black 1pt ; "><strong>Total Florence Copper capital spend</strong></td>
    <td class="hugin">&#160;</td>
    <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; "><strong>57,433</strong></td></tr>
  <tr>
    <td class="hugin">&#160;</td>
    <td class="hugin">&#160;</td>
    <td class="hugin">&#160;</td></tr>
  </table>

<p align="left">Florence Copper commercial facility construction costs were US$51.4 million in the first quarter and, since the beginning
of construction, US$206.3 million has been incurred on the Florence Copper commercial facility as of March 31, 2025.</p>

<p align="left">In January 2025, the Company received its final US$10 million instalment from its US$50 million copper stream with Mitsui
&amp; Co. (U.S.A.) Inc. (&#8220;Mitsui&#8221;).&#160; The remaining Florence Copper commercial production facility construction costs
are expected to be funded from the Company&#8217;s available liquidity and cash flows from Gibraltar.</p>

<p align="left">The Company has a technical report titled &#8220;NI 43-101 Technical Report Florence Copper Project, Pinal County, Arizona&#8221;
dated March 30, 2023 (the &#8220;Florence 2023 Technical Report&#8221;) on SEDAR+.&#160; The Florence 2023 Technical Report was prepared
in accordance with National Instrument 43&#8209;101 (&#8220;NI 43-101&#8221;) and incorporated the results of test work from the production
test facility (&#8220;PTF&#8221;) as well as updated capital and operating costs (Q3 2022 basis) for the commercial production facility.</p>

<p align="left">Project highlights based on the Florence 2023 Technical Report are detailed below:</p>

<ul type="disc">

<li>Net present value of US$930 million (at US$3.75 copper price, 8% after-tax discount rate);</li>

<li>After-tax internal rate of return of 47%;</li>

<li>Payback period of 2.6 years;</li>

<li>Operating costs (C1) of US$1.11 per pound of copper produced;</li>

<li>Annual production capacity of 85 million pounds of LME grade A copper cathode;</li>

<li>Mine life of 22 years;</li>

<li>Total life of mine production of 1.5 billion pounds of copper; and</li>

<li>Initial capital cost of US$232 million (Q3 2022 basis).</li></ul>

<p align="left">Based on the Florence 2023 Technical Report, the estimated construction costs for the Florence Copper commercial production
facility were US$232 million and management expects that total construction costs will be within a range of 10% to 15% higher than this
estimate.&#160; Florence Copper remains on track for first copper cathode production in Q4 2025.</p>

<p><strong>Long-term Growth Strategy</strong></p>

<p align="left">Taseko&#8217;s strategy has been to grow the company by acquiring and developing a pipeline of projects focused on copper
in North America.&#160; We continue to believe this will generate long-term returns for shareholders.&#160; Our other development projects
are located in BC, Canada.</p>

<p align="justify"><em>Yellowhead copper project</em></p>

<p align="left">The Yellowhead copper project (&#8220;Yellowhead&#8221;) is expected to produce 4.4 billion pounds of copper over a 25-year
mine life.&#160; During the first 5&#160;years of operation, Yellowhead is expected to produce an average of 200 million pounds of copper
per year.&#160; Yellowhead also contains valuable precious metal by-products with 440,000 ounces of gold production and 19 million ounces
of silver production over the life of mine. The Yellowhead project is subject of technical report published in January 2020.</p>

<p align="left">Taseko plans to publish an updated technical report on Yellowhead in 2025 using updated long-term metal price assumptions,
updated project costing, and incorporating the new Canadian tax credits available for copper mine development.</p>

<p align="left">The Company is ready to enter the environmental assessment (&#8220;EA&#8221;) process and plans to submit an Initial Project
Description to formally commence the EA process with regulators in Q2 2025.&#160; The Company is focusing discussions with regulators
on developing a streamlined permitting process.&#160; Taseko also opened a Yellowhead project office in 2024 to support ongoing engagement
with local communities including First Nations.</p>

<p align="justify"><em>New Prosperity copper-gold project</em></p>

<p align="left">In late 2019, the T&#349;ilhqot&#8217;in Nation, as represented by the T&#349;ilhqot&#8217;in National Government, and
Taseko entered into a confidential dialogue, with the involvement of the Province of BC, seeking a long-term resolution to the conflict
regarding Taseko&#8217;s proposed copper-gold mine previously known as New Prosperity, acknowledging Taseko&#8217;s commercial interests
and the T&#349;ilhqot&#8217;in Nation&#8217;s opposition to the project.</p>

<p align="left">This dialogue has been supported by the parties&#8217; agreement, beginning December 2019, to a series of standstill agreements
on certain outstanding litigation and regulatory matters relating to Taseko&#8217;s tenures and the area in the vicinity of Te&#7825;tan
Biny (Fish Lake).</p>

<p align="left">This dialogue process has made meaningful progress in recent months and is close to completion.&#160; The T&#349;ilhqot&#8217;in
Nation and Taseko acknowledge the constructive nature of discussions, and the opportunity to conclude a long-term and mutually acceptable
resolution of the conflict that also makes an important contribution to the goals of reconciliation in Canada.</p>

<table style="width:100%; border-collapse:collapse !important;;border-collapse: collapse; ">
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; border-top: solid black 1pt ; border-left: solid black 1pt ; "><strong>Conference
        Call and Webcast</strong></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; border-left: solid black 1pt ; border-right: solid black 1pt ; ">The
        Company will host a telephone conference call and live webcast on Friday, May 2, 2025, at 11:00 a.m. Eastern Time (8:00 a.m. Pacific)
        to discuss these results.&#160; After opening remarks by management, there will be a question-and-answer session open to analysts and
        investors.</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; border-left: solid black 1pt ; border-right: solid black 1pt ; ">&#160;</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; border-left: solid black 1pt ; border-right: solid black 1pt ; ">Participants
        can join by conference call dial-in or webcast:</td></tr>
  <tr>
    <td style="border-left: solid black 1pt ; border-right: solid black 1pt ; ">&#160;</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; border-left: solid black 1pt ; border-right: solid black 1pt ; "><em>Conference
        Call Dial-In</em></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; border-left: solid black 1pt ; border-right: solid black 1pt ; ">&#183;
        Participants can dial in to the conference call; however, pre-registration is required</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; border-left: solid black 1pt ; border-right: solid black 1pt ; ">&#183;
        To register, visit <u>https://bit.ly/Dialin-Q12025</u></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; border-left: solid black 1pt ; border-right: solid black 1pt ; ">&#183;
        Once registered, an email will be sent, including dial-in details and a unique access code required to join the live call</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; border-left: solid black 1pt ; border-right: solid black 1pt ; ">&#183;
        Please ensure you have registered at least 15 minutes prior to the conference call start time</td></tr>
  <tr>
    <td style="border-left: solid black 1pt ; border-right: solid black 1pt ; ">&#160;</td></tr>
  <tr>
    <td style="border-left: solid black 1pt ; border-right: solid black 1pt ; "><em>Webcast</em></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; border-left: solid black 1pt ; border-right: solid black 1pt ; ">&#183;A
        live webcast of the conference call can be accessed at <u>Taseko Mines | Events</u></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; border-left: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; ">&#183;
        The webcast will be archived for later playback until June 2, 2025 at <u>&#160;</u><u>Taseko Mines | Events</u></td></tr>
  <tr>
    <td class="hugin">&#160;</td></tr>
  </table>

<p>For further information on Taseko, please see the Company's website at www.tasekomines.com or contact:</p>

<p align="justify">Brian Bergot, Vice President, Investor Relations &#8211; 778-373-4554, toll free 1-800-667-2114</p>

<p align="justify">Stuart McDonald<br ><em>President &amp; CEO</em></p>

<p align="center">No regulatory authority has approved or disapproved of the information in this news release.</p>

<p><strong>Non-GAAP Performance Measures</strong></p>

<p align="left">This MD&amp;A includes certain non-GAAP performance measures that do not have a standardized meaning prescribed by IFRS.&#160;
These measures may differ from those used by, and may not be comparable to such measures as reported by, other issuers.&#160; 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&#8217;s performance.&#160; These measures have been derived from the Company&#8217;s financial statements
and applied on a consistent basis.&#160; The following tables below provide a reconciliation of these non-GAAP measures to the most directly
comparable IFRS measures.</p>

<p align="justify"><em>Total operating cost and site operating cost, net of by-product credit</em></p>

<p align="left">Total operating cost includes all costs absorbed into inventory, as well as transportation costs and insurance recoverable.&#160;
Site operating cost is calculated by removing net changes in inventory, depletion and amortization, insurance recoverable, and transportation
costs from cost of sales.&#160; Site operating cost, net of by-product credit is calculated by subtracting by-product credits from site
operating cost.&#160; Site operating cost, net of by-product credit per pound is calculated by dividing the aggregate of the applicable
costs by pounds of copper produced.&#160; Total operating cost per pound is the sum of site operating costs, net of by-product credits
and off-property costs divided by pounds of copper produced.&#160; By-product credit is calculated based on actual sales of molybdenum
(net of treating costs) and silver during the period divided by the total pounds of copper produced during the period.&#160; These measures
are calculated on a consistent basis for the periods presented.</p>

<table style="margin-right:0pt; width:100%; border-collapse:collapse !important;;border-collapse: collapse; ">
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; border-bottom: solid black 1pt ; vertical-align: bottom ; ">(Cdn$
        in thousands, unless otherwise indicated)</td>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td colspan="3" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>Q1
        2025<br ></strong></td>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td colspan="3" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>Q4
        2024</strong></td>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td colspan="3" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>Q3
        2024<br ></strong></td>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td colspan="3" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>Q2
        2024<br ></strong></td>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td colspan="3" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>Q1
        2024<br ></strong></td></tr>
  <tr>
    <td style="max-width:30%; width:30%; min-width:30%;;vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; ">Cost
        of sales</td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:11%; width:11%; min-width:11%;;padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">122,783</td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:11%; width:11%; min-width:11%;;padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">134,940</td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:11%; width:11%; min-width:11%;;padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">124,883</td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:11%; width:11%; min-width:11%;;padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">108,637</td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:11%; width:11%; min-width:11%;;padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">122,528</td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; ">Less:</td>
    <td colspan="4" style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td colspan="4" style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td colspan="4" style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td colspan="4" style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td colspan="4" style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Depletion and amortization</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(22,425</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(24,641</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(20,466</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(13,721</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(15,024</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Net change in inventories of finished
        goods</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(2,710</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">4,064</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">2,938</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(10,462</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(20,392</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Net change in inventories of ore stockpiles</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(22,747</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(3,698</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">9,089</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1,758</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">2,719</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; border-bottom: solid black 1pt ; vertical-align: bottom ; ">Transportation
        costs</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(5,984</td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(10,170</td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(8,682</td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(6,408</td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(10,153</td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; ">Site operating cost</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">68,917</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">100,495</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">107,712</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">79,804</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">79,678</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; ">Less by-product credits:</td>
    <td colspan="4" style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td colspan="4" style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td colspan="4" style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td colspan="4" style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td colspan="4" style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Molybdenum, net of treatment costs</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(8,774</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(16,507</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(8,962</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(7,071</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(6,112</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Silver, excluding amortization of deferred
        revenue</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(131</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(139</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(241</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(144</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(137</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Gold, net of refining costs</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(389</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#8211;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#8211;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#8211;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#8211;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; ">Site operating cost, net of by-product
        credit</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">59,623</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">83,849</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">98,509</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">72,589</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">73,429</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; ">Total pounds of copper produced (thousand
        pounds)</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">19,959</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">28,595</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">27,101</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">20,225</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">26,694</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; ">Total costs per pound produced</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">2.99</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">2.94</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">3.63</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">3.59</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">2.75</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; border-bottom: solid black 1pt ; vertical-align: bottom ; ">Average
        exchange rate for the period (Cdn$ / US$)</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1.44</td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1.40</td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1.36</td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1.37</td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1.35</td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; border-bottom: solid black 1pt ; vertical-align: bottom ; "><strong>Site
        operating cost, net of by-product credits</strong><br ><strong>(US$ per pound)</strong></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>$</strong></td>
    <td style="padding-left: 0 ; padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>2.08</strong></td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>$</strong></td>
    <td style="padding-left: 0 ; padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>2.10</strong></td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>$</strong></td>
    <td style="padding-left: 0 ; padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>2.66</strong></td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>$</strong></td>
    <td style="padding-left: 0 ; padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>2.62</strong></td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>$</strong></td>
    <td style="padding-left: 0 ; padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>2.04</strong></td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; ">Site operating cost, net of by-product
        credit</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">59,623</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">83,849</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">98,509</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">72,589</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">73,429</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; ">Add off-property costs:</td>
    <td colspan="4" style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td colspan="4" style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td colspan="4" style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td colspan="4" style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td colspan="4" style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Treatment and refining costs</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(510</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">2,435</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">816</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">3,941</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">4,816</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; border-bottom: solid black 1pt ; vertical-align: bottom ; ">Transportation
        costs</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">5,984</td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">10,170</td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">8,682</td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">6,408</td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">10,153</td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; border-bottom: solid black 1pt ; vertical-align: bottom ; ">Total
        operating cost</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">65,097</td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">96,454</td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">108,007</td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">82,938</td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">88,398</td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; border-bottom: solid black 1pt ; vertical-align: bottom ; "><strong>Total
        operating cost (C1) (US$ per pound)</strong></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>$</strong></td>
    <td style="padding-left: 0 ; padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>2.26</strong></td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>$</strong></td>
    <td style="padding-left: 0 ; padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>2.42</strong></td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>$</strong></td>
    <td style="padding-left: 0 ; padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>2.92</strong></td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>$</strong></td>
    <td style="padding-left: 0 ; padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>2.99</strong></td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>$</strong></td>
    <td style="padding-left: 0 ; padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>2.46</strong></td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td class="hugin">&#160;</td>
    <td class="hugin">&#160;</td>
    <td class="hugin">&#160;</td>
    <td class="hugin">&#160;</td>
    <td class="hugin">&#160;</td>
    <td class="hugin">&#160;</td>
    <td class="hugin">&#160;</td>
    <td class="hugin">&#160;</td>
    <td class="hugin">&#160;</td>
    <td class="hugin">&#160;</td>
    <td class="hugin">&#160;</td>
    <td class="hugin">&#160;</td>
    <td class="hugin">&#160;</td>
    <td class="hugin">&#160;</td>
    <td class="hugin">&#160;</td>
    <td class="hugin">&#160;</td>
    <td class="hugin">&#160;</td>
    <td class="hugin">&#160;</td>
    <td class="hugin">&#160;</td>
    <td class="hugin">&#160;</td>
    <td class="hugin">&#160;</td></tr>
  </table>

<p><br ><strong>Non-GAAP Performance Measures - Continued</strong></p>

<p align="justify"><em>Total site costs</em></p>

<p align="left">Total site costs include site operating costs charged to cost of sales and mining costs capitalized to property, plant
and equipment in the period.&#160; This measure is intended to capture total site operating costs incurred during the period calculated
on a consistent basis for the periods presented.</p>

<table style="margin-right:0pt; width:100%; border-collapse:collapse !important;;border-collapse: collapse; ">
  <tr>
    <td style="max-width:30%; width:30%; min-width:30%;;border-bottom: solid black 1pt ; vertical-align: bottom ; ">(Cdn$ in thousands)</td>
    <td style="max-width:1%; width:1%; min-width:1%;;vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:13%; width:13%; min-width:13%;;border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>Q1
        2025</strong></td>
    <td style="max-width:1%; width:1%; min-width:1%;;vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:13%; width:13%; min-width:13%;;border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>Q4
        2024</strong></td>
    <td style="max-width:1%; width:1%; min-width:1%;;text-align: center ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:13%; width:13%; min-width:13%;;border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>Q3
        2024</strong></td>
    <td style="max-width:1%; width:1%; min-width:1%;;vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:13%; width:13%; min-width:13%;;border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>Q2
        2024</strong></td>
    <td style="max-width:1%; width:1%; min-width:1%;;vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:13%; width:13%; min-width:13%;;border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>Q1
        2024</strong><sup><strong>1</strong></sup></td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; ">Site operating costs</td>
    <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">68,917</td>
    <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">100,495</td>
    <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">107,712</td>
    <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">79,804</td>
    <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">79,678</td></tr>
  <tr>
    <td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">Capitalized stripping costs</td>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">38,082</td>
    <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1,981</td>
    <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">3,631</td>
    <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">10,732</td>
    <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">16,152</td></tr>
  <tr>
    <td style="border-bottom: solid black 1pt ; vertical-align: bottom ; "><strong>Total site costs &#8211; Taseko&#8217;s share</strong></td>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>106,999</strong></td>
    <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>102,476</strong></td>
    <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>111,343</strong></td>
    <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>90,536</strong></td>
    <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>95,830</strong></td></tr>
  <tr>
    <td style="border-bottom: solid black 1pt ; vertical-align: bottom ; "><strong>Total site costs &#8211; 100% basis</strong></td>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>106,999</strong></td>
    <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>102,476</strong></td>
    <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>111,343</strong></td>
    <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>90,536</strong></td>
    <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>109,520</strong></td></tr>
  <tr>
    <td colspan="11" style="text-align: justify ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  </table>

<ol>

<li>Q1 2024 results reflect the Company&#8217;s 87.5% effective interest in Gibraltar for the period from January 1 to March 24, 2024
and 100% effective interest for the period from March 25 to March 31, 2024.</li></ol>

<p><em>Adjusted net income (loss) and Adjusted EPS</em></p>

<p align="left">Adjusted net income (loss) removes the effect of the following transactions from net income (loss) as reported under IFRS:</p>

<ul type="disc">

<li>Unrealized foreign currency gains and losses;</li>

<li>Unrealized derivative gains and losses and fair value adjustments;</li>

<li>Other operating costs;</li>

<li>Call premium on settlement of debt;</li>

<li>Loss on settlement of debt, net of capitalized interest;</li>

<li>Bargain purchase gains on Cariboo acquisition;</li>

<li>Gain on acquisition of control of Gibraltar;</li>

<li>Realized gain on sale of finished goods inventory;</li>

<li>Inventory write-ups fair value that was sold or processed;</li>

<li>Accretion on Florence royalty obligations;</li>

<li>Accretion on Cariboo consideration payable;</li>

<li>Non-recurring other expenses for Cariboo adjustment; and</li>

<li>Finance and other non-recurring costs of Cariboo acquisition.</li></ul>

<p align="left">Management believes these transactions do not reflect the underlying operating performance of the Company&#8217;s core
mining business and are not necessarily indicative of future operating results.&#160; Furthermore, unrealized gains and losses on derivative
instruments, changes in the fair value of financial instruments, and unrealized foreign currency gains and losses are not necessarily
reflective of the underlying operating results for the periods presented.</p>

<p><strong>Non-GAAP Performance Measures - Continued</strong></p>

<p align="left">Adjusted earnings per share (&#8220;Adjusted EPS&#8221;) is Adjusted net income (loss) attributable to common shareholders
of the Company divided by the weighted average number of common shares outstanding for the period.</p>

<p align="left">&#160;<br ></p>

<table style="margin-right:0pt; width:100%; border-collapse:collapse !important;;border-collapse: collapse; ">
  <tr>
    <td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">(Cdn$ in thousands)</td>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td colspan="3" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>Q1
        2025</strong><strong><br ></strong></td>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td colspan="3" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>Q4
        2024</strong><strong><br ></strong></td>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td colspan="3" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>Q3
        2024</strong><strong><br ></strong></td>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td colspan="3" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>Q2
        2024</strong></td></tr>
  <tr>
    <td style="max-width:44%; width:44%; min-width:44%;;text-align: left ; vertical-align: middle; vertical-align: bottom ; "><strong>Net loss</strong></td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:11%; width:11%; min-width:11%;;padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>(28,560</strong></td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; "><strong>)</strong></td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:11%; width:11%; min-width:11%;;padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>(21,207</strong></td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; "><strong>)</strong></td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:11%; width:11%; min-width:11%;;padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>(180</strong></td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; "><strong>)</strong></td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:11%; width:11%; min-width:11%;;padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>(10,953</strong></td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; "><strong>)</strong></td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; ">Unrealized foreign exchange loss (gain)</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">2,074</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">40,462</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(7,259</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">5,408</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; ">Unrealized derivative loss (gain) and fair value adjustment</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">23,536</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(25,514</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1,821</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">10,033</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; ">Other operating costs<sup>1</sup></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#8211;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">4,132</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">4,098</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">10,435</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; ">Call premium on settlement of debt</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#8211;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#8211;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#8211;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">9,571</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; ">Loss on settlement of debt, net of capitalized interest</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#8211;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#8211;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#8211;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">2,904</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; ">Realized gain on sale of inventory<sup>2</sup></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#8211;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#8211;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#8211;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">3,768</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; ">Inventory write-ups to fair value that was sold or processed<sup>3</sup></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#8211;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1,905</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">3,266</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">4,056</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; ">Accretion on Florence royalty obligation</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">2,571</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">3,682</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">3,703</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">2,132</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; ">Accretion on Cariboo consideration payable</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">664</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">4,543</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">9,423</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">8,399</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; ">Non-recurring other expenses for Cariboo adjustment</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#8211;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#8211;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#8211;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">394</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">Estimated tax effect of adjustments</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(7,228</td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">2,465</td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(6,644</td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(15,644</td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td></tr>
  <tr>
    <td style="border-bottom: solid black 1pt ; vertical-align: bottom ; "><strong>Adjusted net (loss) income</strong></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>(6,943</strong></td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; "><strong>)</strong></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>10,468</strong></td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>8,228</strong></td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>30,503</strong></td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="border-bottom: solid black 1pt ; vertical-align: bottom ; "><strong>Adjusted EPS</strong></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>$</strong></td>
    <td style="padding-left: 0 ; padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>(0.02</strong></td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; "><strong>)</strong></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>$</strong></td>
    <td style="padding-left: 0 ; padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>0.03</strong></td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>$</strong></td>
    <td style="padding-left: 0 ; padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>0.03</strong></td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>$</strong></td>
    <td style="padding-left: 0 ; padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>0.10</strong></td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  </table>

<ol>

<li>Other operating costs relate to the in-pit crusher relocation project and care and maintenance costs due to the June 2024 labour strike.</li>

<li>Realized gain on sale of inventory relates to copper concentrate inventory held at March 25, 2024 that was written-up to fair value
as part of the acquisition of control of Gibraltar, and subsequently sold.&#160; The realized portion of these gains have been added back
to Adjusted net (loss) income in the period the inventory was sold.</li>

<li>Inventory write-ups to net realizable value that was sold or processed relates to stockpile inventories that were written-up to fair
value as part of the acquisition of control of Gibraltar.&#160; These write-ups have been included in Adjusted net (loss) income in the
period when the inventories were sold or processed.</li></ol>

<p><strong>Non-GAAP Performance Measures - Continued</strong></p>

<table style="margin-right:0pt; width:100%; border-collapse:collapse !important;;border-collapse: collapse; ">
  <tr>
    <td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">(Cdn$ in thousands)</td>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td colspan="3" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>Q1
        2024</strong><strong><br ></strong></td>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td colspan="3" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>Q4
        2023</strong></td>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td colspan="3" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>Q3
        2023</strong><strong><br ></strong></td>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td colspan="3" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>Q2
        2023</strong></td></tr>
  <tr>
    <td style="max-width:44%; width:44%; min-width:44%;;text-align: left ; vertical-align: middle; vertical-align: bottom ; "><strong>Net income</strong></td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:11%; width:11%; min-width:11%;;padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>18,896</strong></td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:11%; width:11%; min-width:11%;;padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>38,076</strong></td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:11%; width:11%; min-width:11%;;padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>871</strong></td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:11%; width:11%; min-width:11%;;padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>9,991</strong></td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; ">Unrealized foreign exchange loss (gain)</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">13,688</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(14,541</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">14,582</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(10,966</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; ">Unrealized derivative loss (gain) and fair value adjustment</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">3,519</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1,636</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">4,518</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(6,470</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; ">Gain on Cariboo acquisition</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(47,426</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#8211;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#8211;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#8211;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; ">Gain on acquisition of control of Gibraltar<sup>1</sup></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(14,982</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#8211;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#8211;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#8211;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; ">Realized gain on sale of inventory<sup>2</sup></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">13,354</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#8211;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#8211;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#8211;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; ">Accretion on Florence royalty obligation</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">3,416</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#8211;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#8211;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#8211;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; ">Accretion on Cariboo consideration payable</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1,555</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#8211;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#8211;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#8211;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; ">Non-recurring other expenses for Cariboo adjustment</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">138</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(916</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1,244</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1,714</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">Estimated tax effect of adjustments</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">15,570</td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(194</td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(1,556</td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1,355</td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="border-bottom: solid black 1pt ; vertical-align: bottom ; "><strong>Adjusted net income (loss)</strong></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>7,728</strong></td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>24,061</strong></td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>19,659</strong></td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>(4,376</strong></td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; "><strong>)</strong></td></tr>
  <tr>
    <td style="border-bottom: solid black 1pt ; vertical-align: bottom ; "><strong>Adjusted EPS</strong></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>$</strong></td>
    <td style="padding-left: 0 ; padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>0.03</strong></td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>$</strong></td>
    <td style="padding-left: 0 ; padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>0.08</strong></td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>$</strong></td>
    <td style="padding-left: 0 ; padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>0.07</strong></td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>$</strong></td>
    <td style="padding-left: 0 ; padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>(0.02</strong></td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; "><strong>)</strong></td></tr>
  <tr>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  </table>

<ol>

<li>Gain on acquisition of control of Gibraltar relates to the write-up of copper concentrate inventory to fair value for Taseko&#8217;s
87.5% interest in Gibraltar at March 25, 2024.</li>

<li>Realized gain on sale of inventory relates to copper concentrate inventory held at March 25, 2024 that was written-up to fair value
as part of the acquisition of control of Gibraltar, and subsequently sold.&#160; The realized portion of these gains have been added back
to Adjusted net income (loss) in the period the inventory was sold.</li></ol>

<p align="justify"><em>Adjusted EBITDA</em></p>

<p align="left">Adjusted earnings before interest, taxes, depreciation and amortization (&#8220;Adjusted EBITDA&#8221;) is presented as
a supplemental measure of the Company&#8217;s performance and ability to service debt.&#160; 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.&#160; Issuers of &#8220;high yield&#8221; securities also present adjusted EBITDA because investors, analysts
and rating agencies considering it useful in measuring the ability of those issuers to meet debt service obligations.</p>

<p align="left">Adjusted EBITDA represents net income before interest, income taxes, depreciation and amortization, and also eliminates
the impact of a number of transactions that are not considered indicative of ongoing operating performance.&#160; Certain items of expense
are added back and certain items of income are deducted from net income that are not likely to recur or are not indicative of the Company&#8217;s
underlying operating results for the reporting periods presented or for future operating performance and consist of:</p>

<ul type="disc">

<li>Unrealized foreign exchange gains and losses;</li>

<li>Unrealized derivative gains and losses and fair value adjustments;</li>

<li>Amortization of share-based compensation expense;</li>

<li>Other operating costs;</li>

<li>Call premium on settlement of debt;</li>

<li>Loss on settlement of debt;</li>

<li>Bargain purchase gains on Cariboo acquisition;</li>

<li>Gain on acquisition of control of Gibraltar;</li>

<li>Realized gains on sale of finished goods inventory;</li>

<li>Inventory write-ups to net realizable value that was sold or processed; and</li>

<li>Finance and other non-recurring costs of Cariboo acquisition.</li></ul>

<p align="justify"><strong>Non-GAAP Performance Measures - Continued</strong></p>

<table style="margin-right:0pt; width:100%; border-collapse:collapse !important;;border-collapse: collapse; ">
  <tr>
    <td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">(Cdn$ in thousands)</td>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td colspan="2" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>Q1
        2025</strong><strong><br ></strong></td>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td colspan="2" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>Q4
        2024</strong><strong><br ></strong></td>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td colspan="2" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>Q3
        2024</strong><strong><br ></strong></td>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td colspan="2" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>Q2
        2024</strong><strong><br ></strong></td></tr>
  <tr>
    <td style="max-width:44%; width:44%; min-width:44%;;text-align: left ; vertical-align: middle; vertical-align: bottom ; "><strong>Net loss</strong></td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:12%; width:12%; min-width:12%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>(28,560</strong></td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; "><strong>)</strong></td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:12%; width:12%; min-width:12%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>(21,207</strong></td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; "><strong>)</strong></td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:12%; width:12%; min-width:12%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>(180</strong></td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; "><strong>)</strong></td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:12%; width:12%; min-width:12%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>(10,953</strong></td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; "><strong>)</strong></td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; ">Depletion and amortization</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">22,425</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">24,641</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">20,466</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">13,721</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; ">Finance and accretion expenses</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">18,877</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">21,473</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">25,685</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">21,271</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; ">Finance income</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(1,330</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(1,674</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(1,504</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(911</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; ">Income tax (recovery) expense</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(7,980</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">11,707</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(200</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(3,247</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; ">Unrealized foreign exchange loss (gain)</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">2,074</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">40,462</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(7,259</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">5,408</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; ">Unrealized derivative loss (gain) and fair value adjustment</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">23,536</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(25,514</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1,821</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">10,033</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; ">Share-based compensation expense (recovery)</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">5,349</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(323</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1,496</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">2,585</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; ">Other operating costs</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#8211;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">4,132</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">4,098</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">10,435</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; ">Call premium on settlement of debt</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#8211;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#8211;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#8211;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">9,571</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; ">Loss on settlement of debt</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#8211;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#8211;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#8211;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">4,646</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; ">Realized gain on sale of inventory<sup>1</sup></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#8211;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#8211;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#8211;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">3,768</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; ">Inventory write-ups to fair value that was sold or processed<sup>2</sup></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#8211;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1,905</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">3,266</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">4,056</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">Non-recurring other expenses for Cariboo acquisition</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#8211;</td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#8211;</td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#8211;</td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">394</td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="border-bottom: solid black 1pt ; vertical-align: bottom ; "><strong>Adjusted EBITDA</strong></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>34,391</strong></td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>55,602</strong></td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>47,689</strong></td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>70,777</strong></td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  </table>

<ol>

<li>Realized gain on sale of inventory relates to copper concentrate inventory held at March 25, 2024 that was written-up to fair value
as part of the acquisition of control of Gibraltar and subsequently sold.&#160; The realized portion of these gains have been added back
to Adjusted EBITDA in the period the inventory was sold.</li>

<li>Inventory write-ups to net realizable value that was sold or processed relates to stockpile inventories that were written-up to fair
value as part of the acquisition of control of Gibraltar. &#160;These write-ups have been included in Adjusted EBITDA in the period when
the inventories were sold or processed.</li></ol>

<table style="margin-right:0pt; width:100%; border-collapse:collapse !important;;border-collapse: collapse; ">
  <tr>
    <td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">(Cdn$ in thousands)</td>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td colspan="2" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>Q1
        2024</strong><strong><br ></strong></td>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td colspan="2" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>Q4
        2023</strong><strong><br ></strong></td>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td colspan="2" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>Q3
        2023</strong><strong><br ></strong></td>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td colspan="2" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>Q2
        2023</strong></td></tr>
  <tr>
    <td style="max-width:44%; width:44%; min-width:44%;;text-align: left ; vertical-align: middle; vertical-align: bottom ; "><strong>Net income</strong></td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:12%; width:12%; min-width:12%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>18,896&#160;</strong></td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:12%; width:12%; min-width:12%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>38,076&#160;</strong></td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:12%; width:12%; min-width:12%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>871&#160;</strong></td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:12%; width:12%; min-width:12%;;padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>9,991&#160;</strong></td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; ">Depletion and amortization</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">15,024&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">13,326&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">15,993&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">15,594&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; ">Finance and accretion expense</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">19,849&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">12,804&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">14,285&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">13,468&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; ">Finance income</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(1,086</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(972</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(322</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(757</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; ">Income tax expense</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">23,282&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">17,205&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">12,041&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">678&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; ">Unrealized foreign exchange loss (gain)</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">13,688&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(14,541</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">14,582&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(10,966</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; ">Unrealized derivative loss (gain) and fair value adjustment</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">3,519&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1,636&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">4,518&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(6,470</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; ">Share-based compensation expense</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">5,667&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">1,573&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">727&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">417&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; ">Gain on Cariboo acquisition</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(47,426</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#8211;&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#8211;&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#8211;&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; ">Gain on acquisition of control of Gibraltar<sup>1</sup></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">(14,982</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">)</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#8211;&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#8211;&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#8211;&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; ">Realized gain on sale of inventory<sup>2</sup></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">13,354&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#8211;&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#8211;&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#8211;&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">Non-recurring other expenses for Cariboo acquisition</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">138&#160;</td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#8211;&#160;</td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#8211;&#160;</td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">263&#160;</td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="border-bottom: solid black 1pt ; vertical-align: bottom ; "><strong>Adjusted EBITDA</strong></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>49,923&#160;</strong></td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>69,107&#160;</strong></td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>62,695&#160;</strong></td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>22,218&#160;</strong></td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  </table>

<ol>

<li>Gain on acquisition of control of Gibraltar relates to the write-up of copper concentrate inventory to fair value for Taseko&#8217;s
87.5% interest in Gibraltar at March 25, 2024.</li>

<li>Realized gain on sale of inventory relates to copper concentrate inventory held at March 25, 2024 that was written-up to fair value
as part of the acquisition of control of Gibraltar, and subsequently sold.&#160; The realized portion of these gains have been added back
to Adjusted EBITDA in the period the inventory was sold.</li></ol>

<p align="justify"><strong>Non-GAAP Performance Measures - Continued</strong></p>

<p align="justify"><em>Earnings from mining operations before depletion, amortization and non-recurring items</em></p>

<p align="left">Earnings from mining operations before depletion, amortization and non-recurring items is earnings from mining operations
with depletion and amortization, and any items that are not considered indicative of ongoing operating performance added back.&#160; The
Company discloses this measure, which has been derived from the Company&#8217;s financial statements and applied on a consistent basis,
to assist in understanding the results of the Company&#8217;s operations and financial position, and it is meant to provide further information
about the financial results to investors.</p>

<table style="margin-right:0pt; width:100%; border-collapse:collapse !important;;border-collapse: collapse; ">
  <tr>
    <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: center ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td colspan="3" style="text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>Three months ended</strong><br ><strong>March
        31</strong>,</td></tr>
  <tr>
    <td style="max-width:72%; width:72%; min-width:72%;;border-bottom: solid black 1pt ; vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; ">(Cdn$
        in thousands)</td>
    <td class="hugin">&#160;</td>
    <td style="max-width:13%; width:13%; min-width:13%;;border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>2025</strong></td>
    <td style="max-width:1%; width:1%; min-width:1%;;vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:13%; width:13%; min-width:13%;;border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>2024</strong></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; "><strong>Earnings from mining operations</strong></td>
    <td class="hugin">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>16,366</strong></td>
    <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>24,419</strong></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; ">Add:</td>
    <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Depletion and amortization</td>
    <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">22,425</td>
    <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">15,024</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Realized gain on sale of inventory<sup>1</sup></td>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#8211;</td>
    <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">13,354</td></tr>
  <tr>
    <td style="border-bottom: solid black 1pt ; vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; "><strong>Earnings
        from mining operations before depletion, amortization and non-recurring items</strong></td>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>38,791</strong></td>
    <td style="text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>52,797</strong></td></tr>
  <tr>
    <td colspan="5" style="text-align: justify ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  </table>

<ol>

<li>Realized gain on sale of inventory relates to copper concentrate inventory held at March 25, 2024 that was written-up to fair value
as part of the acquisition of control of Gibraltar and subsequently sold.&#160; The realized portion of these gains have been added back
to earnings from mining operations in the period the inventory was sold</li></ol>

<p align="justify"><em>Site operating costs per ton milled</em></p>

<p align="left">The Company discloses this measure, which has been derived from the Company&#8217;s financial statements and applied on
a consistent basis, to provide assistance in understanding the Company&#8217;s site operations on a tons milled basis.</p>

<table style="margin-right:0pt; width:100%; border-collapse:collapse !important;;border-collapse: collapse; ">
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; border-bottom: solid black 1pt ; vertical-align: bottom ; ">(Cdn$
        in thousands)</td>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td colspan="2" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>Q1
        2025</strong></td>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td colspan="2" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong><br ></strong><strong>Q4
        2024</strong></td>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td colspan="2" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong>Q3
        2024</strong></td>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td colspan="2" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong><br ></strong><strong>Q2
        2024</strong></td>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td colspan="2" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; vertical-align: bottom ; "><strong><br ></strong><strong>Q1
        2024<sup><strong>1</strong></sup></strong></td></tr>
  <tr>
    <td style="max-width:30%; width:30%; min-width:30%;;vertical-align: middle; text-align: left; padding-left: 10.0px; vertical-align: bottom ; ">Site
        operating costs (included in cost of sales)</td>
    <td style="max-width:1%; width:1%; min-width:1%;;text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:1%; width:1%; min-width:1%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:12%; width:12%; min-width:12%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:1%; width:1%; min-width:1%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:1%; width:1%; min-width:1%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:12%; width:12%; min-width:12%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:1%; width:1%; min-width:1%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:1%; width:1%; min-width:1%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:12%; width:12%; min-width:12%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:1%; width:1%; min-width:1%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:1%; width:1%; min-width:1%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:12%; width:12%; min-width:12%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:1%; width:1%; min-width:1%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:1%; width:1%; min-width:1%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="max-width:12%; width:12%; min-width:12%;;text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">Taseko&#8217;s share</td>
    <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">68,917</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">100,495</td>
    <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">107,712</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">79,804</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">79,678</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; vertical-align: bottom ; ">100% basis</td>
    <td style="text-align: left ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">68,917</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">100,495</td>
    <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">107,712</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">79,804</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">90,040</td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; border-bottom: solid black 1pt ; vertical-align: bottom ; ">Tons
        milled (thousand tons &#8211; 100% basis)</td>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">7,898</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">8,250</td>
    <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">7,572</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">5,728</td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">7,677</td></tr>
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    <td style="vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>$</strong></td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>8.73</strong></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>$</strong></td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>12.18</strong></td>
    <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>$</strong></td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>14.23</strong></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>$</strong></td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>13.93</strong></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>$</strong></td>
    <td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: right ; vertical-align: middle; vertical-align: bottom ; "><strong>11.73</strong></td></tr>
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  </table>

<ol>

<li>Q1 2024 results reflect the Company&#8217;s 87.5% effective interest in Gibraltar for the period from January 1 to March 24, 2024
and 100% effective interest for the period from March 25 to March 31, 2024</li></ol>

<p align="justify"><strong>Technical Information</strong><br >The technical information contained in this MD&amp;A related to Florence
Copper is based on the report titled &#8220;NI&#160;43&#8209;101 Technical Report &#8211; Florence Copper Project, Pinal County, Arizona&#8221;
issued March 30, 2023 with an effective date of March 15, 2023, which is available on SEDAR+.&#160; The Florence Copper technical report
was prepared under the supervision of Richard Tremblay, P. Eng., MBA, Richard Weymark, P. Eng., MBA, and Robert Rotzinger, P. Eng.&#160;
Mr. Tremblay is employed by the Company as Chief Operating Officer, Mr. Weymark is employed by the Company as Vice President, Engineering,
and Mr. Rotzinger is employed by the Company as Vice President, Capital Projects.&#160; All three are Qualified Persons as defined by
NI&#160;43&#8209;101.</p>

<p align="left"><strong>Caution Regarding Forward-Looking Information </strong></p>

<p align="justify">This document contains &#8220;forward-looking statements&#8221; that were based on Taseko&#8217;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 &#8220;outlook&#8221;, &#8220;anticipate&#8221;, &#8220;project&#8221;, &#8220;target&#8221;,
&#8220;believe&#8221;, &#8220;estimate&#8221;, &#8220;expect&#8221;, &#8220;intend&#8221;, &#8220;should&#8221; and similar expressions.</p>

<p align="justify">Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the
Company&#8217;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>

<ul type="disc">

<li>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;</li>

<li>uncertainties and costs related to the Company&#8217;s exploration and development activities, such as those associated with continuity
of mineralization or determining whether mineral resources or reserves exist on a property;</li>

<li>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;</li>

<li>uncertainties related to feasibility studies that provide estimates of expected or anticipated costs, expenditures and economic returns
from a mining project;</li>

<li>uncertainties related to the ability to obtain necessary licenses permits for development projects and project delays due to third
party opposition;&#160;</li>

<li>uncertainties related to unexpected judicial or regulatory proceedings;&#160;</li>

<li>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;</li>

<li>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;</li>

<li>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;</li>

<li>the risk of inadequate insurance or inability to obtain insurance to cover mining risks;</li>

<li>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;</li>

<li>environmental issues and liabilities associated with mining including processing and stock piling ore; and</li>

<li>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.</li></ul>

<p align="justify">For further information on Taseko, investors should review the Company&#8217;s annual Form 40-F filing with the United
States Securities and Exchange Commission www.sec.gov and home jurisdiction filings that are available at www.sedarplus.com.</p>

<p align="justify"><strong>Cautionary Statement on Forward-Looking Information</strong></p>

<p align="justify">This discussion includes certain statements that may be deemed "forward-looking statements".&#160; 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.&#160; 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.&#160; 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.&#160; 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.&#160; All of the forward-looking statements made in this MD&amp;A are qualified by these cautionary
statements.&#160; 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.&#160; 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>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
