Trekor Metals Ltd

Introductory Notes

Forward-Looking Statements

This Annual Information Form ("AIF"), including the documents incorporated by reference, contains forward-looking statements and forward-looking information (collectively referred to as "forward-looking statements") which may not be based on historical fact, including without limitation statements regarding our expectations in respect of future financial position, business strategy, future production, reserve potential, feasibility of development projects, exploration drilling, exploitation activities, events or developments that we expect to take place in the future, projected costs and plans and objectives, financial capacity to complete anticipated development projects, and anticipated effects of changes in taxation levels on the value of development projects. Often, but not always, forward-looking statements can be identified by the use of the words "believes", "may", "plan", "will", "estimate", "scheduled", "continue", "anticipates", "intends", "expects", "aim" and similar expressions.

Such statements reflect our current views with respect to future events and are subject to risks and uncertainties. These statements are necessarily based upon a number of estimates and assumptions that are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause our actual results, performance or achievements to be materially different from any future results, performance, or achievements that may be expressed or implied by such forward-looking statements, including, among others:

• uncertainties about the future market price of copper and the other metals that we produce or may seek to produce;

• changes in general economic conditions, the financial markets and in the market price for our input costs including due to inflationary impacts, such as diesel fuel, acid, 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;

• inherent risks associated with mining operations, including our current mining operations at Gibraltar and our planned mining operations at Florence Copper, and their potential impact on our ability to achieve our production estimates;

• uncertainties as to our ability to achieve reduced costs for Gibraltar (as defined below) and to otherwise control our operating costs without impacting our planned copper production;

• our high level of indebtedness and its potential impact on our financial condition and the requirement we have to generate cash flow to service our indebtedness and refinance such indebtedness from time to time;

• the continuation of sustained higher interest rates, or further increases in interest rates, by central banks may increase our borrowing costs and impact the profitability of our operations;

• our ability to draw down on our financing arrangements for the construction of Florence Copper is subject to our meeting the required conditions for drawdown, as well as the execution of definitive loan documentation for any first lien debt facility;

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• the amounts we are required to pay for our acquisition of Cariboo will increase if the price of copper increases;

• the risk of inadequate insurance or inability to obtain insurance to cover our business risks;

• uncertainties related to the accuracy of our estimates of Mineral Reserves (as defined below), Mineral Resources (as defined below), production rates and timing of production, future production and future cash and total costs of production and milling;

• the risk that we may not be able to expand or replace reserves as our existing Mineral Reserves are mined;

• the risk that the results from our development of Florence Copper will not meet our estimates of remaining construction costs, operating expenses, revenue, rates of return and cash flows from operations which have been projected by the technical report for Florence Copper which incorporates the results from our operation of the production test facility ("PTF");

• the risk of cost overruns or delays in our construction of the commercial facilities at Florence Copper, resulting in not commencing commercial production within our current projected timeline or within our current projected cost estimates;

• uncertainties related to the execution plan for the construction of Florence Copper and the commencement of commercial operations resulting from inflation risk, supply chain disruptions, material and labour shortages or other execution risks;

• our ability to comply with all conditions imposed under the APP and UIC permits for the construction and operation of Florence Copper;

• the availability of, and uncertainties relating to, any additional financing necessary for the continued operation and development of our projects, including with respect to our ability to obtain any remaining construction financing to complete the construction and commencement of commercial operations at Florence Copper;

• shortages of water supply, critical spare parts, maintenance service and new equipment and machinery or our ability to manage surplus water on our mine sites may materially and adversely affect our operations and development projects;

• our ability to comply with the extensive governmental regulation to which our business is subject;

• uncertainties related to our ability to obtain necessary title, licenses and permits for our development projects and project delays due to third party opposition;

• uncertainties related to Indigenous people's claims and rights, and governmental legislation and policies regarding the same;

• our reliance on the availability of infrastructure necessary for development and on operations, including on rail transportation and port terminals for shipping of our copper concentrate production from Gibraltar;

• uncertainties related to unexpected judicial or regulatory proceedings;

• changes in, and the effects of, the laws, regulations and government policies affecting our exploration and development activities and mining operations;

• potential changes to the mineral tenure system in British Columbia, which is undergoing reform for compliance with the Declaration Act (British Columbia);

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• our dependence solely on our 100% interest in Gibraltar for our revenues and our operating cash flows;

• our ability to extend existing concentrate off-take agreements or enter into new agreements;

• environmental issues and liabilities associated with mining including processing and stockpiling ore;

• labour strikes, work stoppages, or other interruptions to, or difficulties in, the employment of labour in markets in which we operate mines, industrial accidents, equipment failure or other events or occurrences, including third party interference that interrupt the production of minerals in our mines;

• environmental hazards and risks associated with climate change, including the potential for damage to infrastructure and stoppages of operations due to extreme cold, forest fires, flooding, drought, earthquakes or other natural events in the vicinity of our operations;

• litigation risks and the inherent uncertainty of litigation;

• our actual costs of reclamation and mine closure may exceed our current estimates of these liabilities;

• our ability to renegotiate our existing union agreement for Gibraltar when it expires in May 2024;

• the capital intensive nature of our business both to sustain current mining operations and to develop any new projects including Florence Copper;

• our ability to develop new mining projects may be adversely impacted by potential indigenous joint decision-making and consent agreements being implemented by the Government of British Columbia under the B.C. Declaration on the Rights of Indigenous Peoples Act;

• our reliance upon key personnel;

• the competitive environment in which we operate;

• the effects of forward selling instruments to protect against fluctuations in copper prices and other input costs including diesel and acid;

• 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;

• uncertainties relating to the war in Ukraine, the Israel-Hamas conflict and other future geopolitical events including social unrest, which could disrupt financial markets, supply chains, availability of materials and equipment and execution timelines for any project development; and

• other risks detailed from time-to-time in our annual information forms, annual reports, MD&A, quarterly reports and material change reports filed with and furnished to securities regulators, and those risks which are discussed under the heading "Risk Factors".

Such information is included, among other places, in this AIF under the headings "Taseko's Business" and "Risk Factors".

Should one or more of these risks and uncertainties materialize, or should underlying factors or assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Material factors or assumptions involved in developing forward-looking statements include, without limitation, that:

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• the price of copper and other metals will not decline significantly or for a protracted period of time;

• our mining operations will not experience any significant production disruptions that would materially affect our production forecasts or our revenues;

• our estimates regarding future capital and operating costs at Gibraltar will be accurate;

• grades and recoveries at Gibraltar remain consistent with current mine plans;

• we will be able to incorporate the Connector pit into our operations as planned;

• the results from our operations at Florence Copper will be consistent with the estimates provided in the Florence Copper Technical Report, and accordingly that commercial operations at Florence Copper are technically and economically feasible;

• we will be able to obtain any remaining construction financing necessary for us to complete construction at Florence Copper to bring it into commercial production;

• we will be able to complete construction and commence production at Florence Copper within our time and cost estimates and construction will not be delayed by supply chain disruptions or other logistical challenges;

• there are no changes to (i) any existing agreements or relationships with affected First Nations groups; (ii) aboriginal title or aboriginal rights in British Columbia which would materially and adversely impact our operations or properties; and (iii) laws in the Province of Government of British Columbia that would materially and adversely impact our ability to develop new mining project in British Columbia, including any laws adopted or amended pursuant to the B.C. Declaration on the Rights of Indigenous Peoples Act;

• the government does not enter into any agreements under the B.C. Declaration on the Rights of Indigenous Peoples Act that would give statutory decision-making functions to Indigenous groups that affect our properties or operations in British Columbia;

• there are no adverse regulatory changes affecting any of our operations;

• exchange rates, prices of key consumables, costs of power, labour, material costs, supplies and services, and other cost assumptions at our mining operations and projects are not significantly higher than prices assumed in planning;

• our Mineral Reserve and Resource estimates and the assumptions on which they are based, are accurate;

• our estimates of reclamation liabilities and mine closure costs are accurate; and

• we will continue to generate positive cash flows from Gibraltar and be able to secure any additional funding necessary for the development of Florence Copper and our other development projects.