Taseko Mines says continuing to evaluate construction financing proposals

Taseko Mines provided an update on a number of recent financing initiatives, stating: “On June 30, Taseko’s corporate revolving credit facility was increased from US$50M to US$80M. The accordion feature, which was added and announced in January, was fully underwritten and credit approved by ING Capital LLC who joins alongside the existing lender, National Bank. The corporate facility is available for general corporate purposes, including to support the capital needs of the Florence Copper project. The credit facility matures in July 2026 and is secured by first liens against Taseko’s rights under the Gibraltar joint venture as well as the shares of Gibraltar Mines Ltd., Curis Holdings Ltd., and Florence Holdings Inc. and contains customary covenants for a facility of this nature. Also in late June, the company closed an additional silver stream sale to Osisko Gold Royalties for US$10.25M for its incremental 12.5% share of Gibraltar Mine that Taseko purchased in March of this year from Sojitz Corporation. Taseko also extended the silver delivery threshold to coincide with the company’s recently updated mineral reserve estimate.” Stuart McDonald, President and CEO of Taseko, stated, “The permitting process at Florence Copper is nearing an end and as we prepare for construction our focus is to ensure we have a strong balance sheet and a solid financing plan in place. We continue to evaluate construction financing proposals which will complement our current liquidity and the two transactions previously announced with Mitsui of US$50M and Bank of America of US$25M. We have recently engaged Endeavour Financial to assist in executing on these financing initiatives and are confident that we can close the transactions needed to provide the capital for construction of the Florence Copper commercial production facility. We have not issued any shares to-date under the US$50M At-The-Market equity facility announced in May. This facility is an alternative financing option for Taseko but with no obligation for us to use.”