Taseko and Tŝilhqot’in Nation reach landmark mining agreement

VANCOUVER - Taseko Mines (NYSE:TGB) Limited (TSX:TKO; NYSE American:TGB; LSE:TKO), the Tŝilhqot’in Nation, and the Province of British Columbia have announced a historic agreement regarding the development of the New Prosperity mineral tenures. The deal, announced today, concludes longstanding litigation and sets a framework for potential future mining activities in the region.

The New Prosperity project, situated southwest of Williams Lake in British Columbia, is recognized as one of Canada’s most considerable copper-gold deposits. The agreement, which took years to negotiate, marks a significant step toward reconciliation, recognizing both the commercial interests of Taseko and the cultural significance of the land to the Tŝilhqot’in Nation.

Under the terms of the agreement, Taseko will retain a 77.5% interest in the mineral tenures. The company will receive a $75 million payment from the Province of BC upon closing and will contribute a 22.5% equity interest in the New Prosperity mineral tenures to a trust for the Tŝilhqot’in Nation’s benefit. Taseko has committed not to operate or own any future mine development, and no development will proceed without the free, prior, and informed consent of the Tŝilhqot’in Nation.

The Province of BC has agreed to fund the Tŝilhqot’in Nation for land-use planning and a Cultural Revitalization Fund. Negotiations will continue to establish the process for the Tŝilhqot’in Nation’s consent for any proposed mining projects, which will be subject to environmental assessments.

Stuart McDonald, President & CEO of Taseko, expressed gratitude for the resolution of the dispute and the benefits it promises for all parties involved. Jagrup Brar, BC’s Minister of Mining and Critical Minerals, and Christine Boyle, Minister of Indigenous Relations & Reconciliation, both highlighted the agreement’s alignment with BC’s commitment to reconciliation and shared prosperity.

Leaders from the Tŝilhqot’in Nation, Nits’ilʔin Roger William and Nits’ilʔin Lennon Solomon, acknowledged the agreement as a significant step in protecting their rights and moving forward after decades of conflict.

The transaction is expected to close in June 2025, subject to customary conditions. This agreement is based on a press release statement and provides a new model for collaboration between industry, indigenous communities, and government in resource development.

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