Gibraltar - Reserves & Resources

The Company has filed an updated mineral reserve estimate and NI 43-101 Technical Report entitled “Technical Report on the Mineral Reserve Update at the Gibraltar Mine” dated November 6,2019. Gibraltar’s updated proven and probable reserves as of December 31, 2020 are as follows:

Summary of Sulphide Mineral Reserves – December 31, 2020
Taseko Mines – Gibraltar Mine

Ore Type

Category

Tonnage
(Mst)

Cu Grade
(%)

Mo Grade
(%)

0.15% Copper Cut-off Grade

Proven

413

0.26

0.008


Probable

120

0.23

0.008


Ore Stockpiles

5

0.17

0.009


Total

538

0.25

0.008



The mineral reserves stated above are contained within the measured and indicated mineral resources below:

Summary of Mineral Resources – December 31, 2020
Taseko Mines – Gibraltar Mine

Category

0.15% Copper 0.10% ASCu Cut-off Grade

Tonnage
(Mst)

Cu Grade
(%)

Mo Grade
(%)

Measured

747

0.25

0.007

Indicated

301

0.23

0.007

Total Measured + Indicated

1,048

0.25

0.007

The resource and reserve estimation was completed by Taseko and Gibraltar mine staff under the supervision of Richard Weymark, P.Eng., MBA, VP Engineering, of Taseko and a Qualified Person under National Instrument 43-101. Mr. Weymark has verified the methods used to determine grade and tonnage in the geological model, reviewed the long range mine plan, and directed the updated economic evaluation. The reserve estimate uses long-term metal prices of US$2.75/lb for copper and US$8.00/lb for molybdenum and a 0.80 C$/US$ foreign exchange.The resource estimate uses long term metal prices of US$3.25/lb for copper and US$12.00/lb for molybdenum and 0.80 C$/US$ foreign exchange. Reserve and resource estimates were completed in accordance CIM Estimation of Mineral Resource and Mineral Reserve Best Practice Guidelines (2019) and follow CIM Definition Standards for Mineral Resources and Mineral Reserves (2014), that are incorporated by reference into NI 43-101. Reserves and Resources were updated and are stated as of December 31, 2020 to reflect depletion due to mining in 2019 and 2020. Mineral reserves are contained within the measured and indicated mineral resources. Totals may not sum due to rounding.

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