Annual Report 2014
Taseko at a Glance
British
Columbia
CANADA
AMA
MACKENZIE
ACKKENZIE
RPR
RINCE GEOR
PRINCE GEORGE
WILLIAMS LAKE
VANCOUVER
Taseko Mines is focused on creating
wealth through the operation,
development, and acquisition of
mineral properties in North America.
UNITED STATES
Arizona
PHOENIX
GIBRALTAR
Copper-Molybdenum
ALEY
Niobium
BC, Canada
BC, Canada
NEW PROSPERITY
FLORENCE
Copper-Gold
BC, Canada
Copper
Arizona, USA
• Second largest open pit
copper mine in Canada
• 84 million tonne reserve
@ 0.50% Nb2O5
• 1.0 billion tonne reserve
@ 0.24% Cu, 0.41 gpt Au
• In-situ copper recovery
project
• 700 employees
• Anticipated throughput
• Anticipated throughput
• 340 million ton reserve @
• 85,000 tons/day
throughput
• 140 million lbs average
annual copper production
• 24 year mine life
10,000 tonnes/day
70,000 tonnes/day
0.36% Cu
• 20 million lbs anticipated
average annual niobium
production
• First fi ve years average
production of 300,000
ozs gold and 130 million
lbs copper
• 75 million lbs anticipated
average annual copper
production
Highlights & Goals
2014
• February: 2013 earnings from mining operations of $77 million and cash fl ow
from operations of $33 million from production of 121.5 million pounds of
copper and 1.5 million pounds of molybdenum
• April: Record quarterly shipments of 40 million pounds of copper and 590
thousand pounds of molybdenum in the fi rst quarter 2014
•
•
July: Taseko-Gibraltar wins Mining Association of BC’s Mining and
Sustainability Award
September: Announced proven and probable reserves of 84 million tonnes
grading 0.50% Nb2O5 for the Aley Niobium Project
• November: Taseko acquires Curis Resources and its wholly owned Florence
Copper Project
• November: Aley Project Enters Environmental Assessment Process
• December: Environmental Protection Agency issues draft Underground
Injection Control Permit to Florence Copper
2015
•
January: Th e British Columbia Minister of Environment grants Taseko a fi ve-
year extension to the Environmental Assessment Certifi cate for the development
of the Prosperity Project
•
January: the Company sells all outstanding copper put options for cash proceeds
of $17.4 million
• March: Taseko announces annual 2014 earnings from mining operations (before
depletion and amortization)* of $52.3 million and cash fl ows from operations
of $50.6 million. Total 2014 production at Gibraltar (100%) was 136.5 million
pounds of copper and 2.3 million pounds of molybdenum
• March: Gibraltar receives the 2014 John Ash Safety Award presented by the
Ministry of Energy and Mines
• May: Taseko announces an updated, long-term mine plan which focuses on
reducing tons mined and maximizing profi tability on a cost per ton milled basis
Goals
Goals
• Continue to reduce operating costs at Gibraltar and maintain steady-state
operations to provide further cost reductions
• Advance the Aley Project through the BC Environmental Assessment Process
•
Secure regulatory approval from the Arizona Department of Environmental
Quality and the Environmental Protection Agency to operate the pilot test
facility
President’s Message
to Shareholders
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Earnings from Mining Operations
LME Copper Price
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were also hampered by lower than average grade, speaks to the
skill and experience of our employees and the resilient nature and
determination of our company.
MANAGING THE CONTROLLABLE ASPECTS OF OUR BUSINESS
We must remain focused on the things we can control and not be
distracted by those beyond our control.
Th e price of copper will fl uctuate based on global supply / demand
fundamentals and many other drivers which we have no control
over. At Taseko, we need to ensure that when the copper price is
at bottom-of- the-cycle levels, as it currently is, we can continue
to generate positive cash fl ow from our Gibraltar Mine. When
the copper price decline accelerated at the end of 2014, we
implemented a number of cost-reduction initiatives. It was not
until the second quarter of 2015 where we really began to benefi t
from these initiatives with lower operating costs.
Our goal is to reduce Gibraltar’s Site Operating Costs, Net of
By-Product Credits to approximately US$1.55 per pound, or 20%
lower than the average cost in 2014. Th ere are many factors that
contribute to our cost structure, including; Canadian/US dollar
exchange rate, mined copper grade, strip ratio and the price of
diesel, tires, steel and other key supplies. By the end of the fi rst
quarter of 2015, we successfully lowered our Site Operating Costs
Net of By-Product Credits to US$1.75 per pound and expect to
hit our cost target of US$1.55 by mid-year. We believe operating
costs at this level is sustainable and will also provide a comfortable
operating margin which will generate free cash fl ow in the current
copper price environment.
We are unable to control the price of copper, but we can protect
the downside. Our hedging strategy, which has been in place since
2009, guarantees a minimum price and helps to maintain positive
Russell E. Hallbauer
President and CEO
Dear Shareholders,
Despite a protracted decline in the price of copper which has
negatively impacted producers worldwide, we have adapted our
business to ensure profi tability in the current pricing environment.
2014 was the fourth consecutive year of lower average commodity
pricing in the metals sector. In 2014 alone, the price of copper
dropped 15% to US$2.86 per pound. At the same time, global
operating costs and capital costs for new projects continued to
increase which resulted in weak mining and metals equity markets
as investors looked to other sectors to invest their money. It is
during times like these, that we must turn to our site employees
to improve effi ciencies and reduce spending all while maintaining
safety as the fi rst priority. Despite having operational obstacles to
overcome in combination with a diffi cult commodity price cycle,
our employees came through for us in 2014.
Our Gibraltar Mine operated at capacity in terms of throughput,
producing 136 million pounds of copper, slightly lower than
expectation due to below average grade, but still 12% higher than
in 2013. Molybdenum production for the year was 2.3 million
pounds, a 61% increase over 2013.
Gibraltar Production
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2009
2010
2011
2012
2013
2014
Copper
Molybdenum
We were able to generate $52 million of earnings from mining
operations (excluding depreciation) and $28 million of adjusted
EBITDA. We advanced key development projects as well as
adding a near-term copper project to our portfolio through the
acquisition of Curis Resources.
While our stock price held for eight months of the year, it too gave
way to the downward pressure of the entire sector during the last
quarter of 2014. I believe most fi nancial analysts would agree that
the past four years has been a more diffi cult period for miners than
the global fi nancial crisis of 2008/09. Th e long, protracted decline
in copper price has taken a toll on the entire sector, from the
junior explorers and developers to the mid-tier mining companies
right to the largest diversifi ed producers. Th e strong results that
we were able to deliver in 2014, especially during a time when we
cash fl ow. It is designed to provide liquidity for the Company
during times of weak copper pricing. In early 2015, our hedges did
just that when we sold fi ve months of copper put options for over
$17 million. Since that time, we have purchased put options on
fi ve million pounds of copper per month for the second and third
quarters of 2015 at a strike price of US$2.50 per pound. We will
look for opportunities to buy additional put options for the fourth
quarter and into 2016.
study and 43-101 compliant proven and probable reserves. After
six years of exploration and development work on the project,
including thousands of hours of metallurgical test studies, we
now have a project with an $860 million net present value. We
will continue to optimize technical aspects to further improve
the economics of the project as it progresses through the BC
environmental assessment process.
LME Copper Price
$4.00
$3.50
$3.00
$2.50
$2.00
US$/lb
C$/lb
Apr-13
Oct-13
Apr-14
Oct-14
I alluded to the impact the weakened Canadian dollar has had
on our business but I want to emphasize the importance of the
exchange rate. As a Canadian producer, approximately 80% of our
operating costs are in Canadian dollars, while 100% of our revenue
is in US dollars. So, as the Canadian dollar declined over the
past year, our costs, as measured in US$, have declined as well. In
Canadian dollar terms, the price of copper today is approximately
$3.50 per pound, higher than it was a year ago. Obviously we are
unable to predict where the Canadian dollar will be in a year from
now, but the average forecasted rate by the large North American
banks is for the dollar to remain at today’s level through 2016.
GROWTH
In late 2014 we completed the
acquisition of Curis Resources
and its wholly-owned Florence
Copper Project. Th e project is
one which our management
team believes has the potential
to be a long-life, low cost
copper mine, in the mining
friendly jurisdiction of
Arizona. Since the deposit was
discovered, over $100 million
has been spent by previous
owners Conoco, Magma and BHP Copper and more recently
Curis Resources. Recent work, by both Curis and Taseko, has
been mainly permitting related as we move forward with the fi nal
approvals for Phase 1 – establishing and operating a production
test facility (PTF). Once the last two permits are received,
which we expect will be in 2015, we will then have the ability to
construct the PTF. Th e decision to build the PTF will depend on
our cash fl ow and market conditions at that time. Operating the
PTF for 12-18 months will provide us with the data necessary
to seek the remaining permits for full production of 75 million
pounds of copper per year.
Progress continued at our Aley Niobium Project, with the most
signifi cant development being the completion of a pre-feasibility
EMPLOYEE HEALTH AND SAFETY
Employee health and safety is
paramount at Gibraltar and is
the foundation for this world
class operation. Safety is
never taken for granted. We
make a concerted eff ort every
day to put worker safety at the
forefront of every decision,
every action.
In 2014, Gibraltar had the
lowest injury-frequency rate
of all BC mines, and for it was
awarded the John Ash Safety Award from the Government of
British Columbia. Th e award goes to the mining operation in the
province with the lowest injury-frequency rate that has worked
at least one million hours during the year. Gibraltar worked over
1.7 million hours during 2014 with zero lost time accidents.
Th is injury free streak continues today and now stands at more
than two million worker hours without a lost time accident. We
are proud of our employees for this accomplishment and their
ongoing commitment to health and safety, an important aspect of
their work lives.
ENVIRONMENT
Following the Mount Polley
tailings dam incident in August
2014, the integrity of all tailings
storage facilities in BC and
around the world were called
into question. Unlike Mount
Polley’s earth and rock dam,
the main Gibraltar dam is
constructed from cycloned
sand and the majority of
the perimeter of the pond is
original ground. Most of the
recommendations made by the Mount Polley Expert Independent
Geotechnical Review Panel are already in place at Gibraltar and
have been for many years. Th e method of separating sand and
water using cyclones has been the primary method for years at
many BC mines, including Gibraltar, and we believe it provides
the highest level of dam integrity. In August 2014, all BC mines
operating tailings storage facilities were ordered to conduct a Dam
Safety Inspection (DSI) by a third party qualifi ed engineering
fi rm. Additionally, the DSI was to be reviewed by an independent
qualifi ed third party engineering fi rm. Th e DSI at Gibraltar
confi rmed that the tailings dam was satisfactory in all areas
with no safety or dam structure concerns. Th e third party review
confi rmed the DSI results with no additional recommendations.
PERSONAL ACHIEVEMENTS
I would like to congratulate three members of my management
team who have received important industry awards this year.
In January, Rob Rotzinger, Vice President, Capital Projects, was
awarded the Mineral Processor of the Year by the Canadian
Mineral Processors (CMP) Group. Th is award was presented to
Rob in recognition of the outstanding work he performed on the
GDP3 project, for his dedication to the successful advancement of
the Gibraltar Mine, and for his commitment to advancing mineral
processing solutions at Gibraltar and Taseko as a whole.
In May, John McManus, Chief Operating Offi cer, was named
Mining Person of the Year by the Mining Association of BC.
Th is award publicly recognizes an outstanding individual who has
shown leadership in advancing and promoting the mining industry
in British Columbia. John was recognized for his work on leading
the Mining Association of British Columbia both as Chairman
and as a Director during a period when signifi cant changes were
occurring with respect to how our industry is perceived by the
public, government, media, and First Nations.
In May, Tom Broddy, Manager, Engineering Projects received two
awards from the Canadian Institute of Mining, Metallurgy and
Petroleum (CIM). He was presented the Distinguished Service
Award for exemplary eff ort in introducing students to the mining
industry and to CIM, as well as the Distinguished Service Medal
for his commendable mentoring, his commitment to the Surface
Mining Society and his dedication to the CIM Vancouver Branch.
APPRECIATION
I would like to thank Mr. Barry Coughlan for his many years of
service on the Taseko Board. Barry joined our Board in 2001 and
his contributions have been important as Taseko was transformed
into a multi-asset, producing company. Th is year, Barry will not
be standing for re-election. We appreciate his hard work and
dedication and wish him the very best in his future endeavors.
I would also like to thank our loyal shareholders, many who have
been invested since Taseko acquired Prosperity in the 1990’s. It
was another challenging year for the mining sector but we believe
we are near the end of a long downward cycle. We look to restore
the confi dence of our shareholder base as we demonstrate the
great asset we have in Gibraltar.
Th ank you for your continued support.
Russell E. Hallbauer
President and Chief Executive Offi cer
GIBRALTAR MINE
2014 PRODUCTION STATS
• Total Material Mined: 114 M tons
• Total Material Milled: 30 M tons
• Strip Ratio: 3.0
• Average Copper Grade: 0.265%
• Average Molybdenum Grade: 0.010%
• Copper Recovery: 83.6%
• Molybdenum Recovery: 40.0%
Copper
Sales
143.4
Million lbs
• Copper Production: 136.5 M lbs
• Molybdenum Production: 2.3 M lbs
• Copper Sales: 143.4 M lbs
• Molybdenum Sales: 2.5 M lbs
ALEY
• Pre-tax net present value of approximately C$860 million at an 8% discount rate
• Pre-tax internal rate of return of 17% with a 5.5 year payback
• Anticipated operating margin of US$21/kg of niobium (Nb)
• Average annual production of 9 million kilograms Nb in the form of FeNb
• P&P Reserves grade of 2.50%, 24 year mine life at a milling rate of 10,000 tonnes per day
• Total pre-production capital cost of C$870 million, including; $520 million for mine,
concentrator and site infrastructure; $180 million for the converter, $100 million for
off site infrastructure including the transmission line, and $70 million for pre-stripping
Th e study was done using long term metal prices of US$45/kg for niobium and an exchange rate or US$0.90/CAD$1.00.
Our Commitments
HEALTH AND SAFETY MILESTONES
Nothing is more important to Taseko than the safety, health and well-being of our employees.
2014 was a signifi cant year for everyone working at Gibraltar Mine; our workforce
achieved several milestones in regards to health and safety that have not been reached
since we restarted the Mine in 2004.
> At midnight on December 31, 2014 our employees and contractors completed the
entire 2014 calendar year without a single LTI. Th is encompasses 1,711,467 person
hours worked without a LTI.
> On March 23, 2015 Taseko-Gibraltar was awarded the John Ash Award from the
Province of British Columbia.
TOWARDS SUSTAINABLE MINING HIGHLIGHTS
Taseko has been recognized by the mining industry for demonstrating a commitment
to responsible development and continuous improvement at all levels of its operation,
including community and First Nations engagement, health and safety, environmental
stewardship and operational effi ciencies, with the most recent recognition from the
Mining Association of BC as a co-recipient of the annual Mining & Sustainability Award.
In addition, as members of the Mining Association of British Columbia, Taseko
is committed to working towards best management practice standards, known as
Towards Sustainable Mining, a comprehensive benchmark for the industry. Towards
Sustainable Mining is designed to improve the industry’s performance and practices in
environmental, social and economic aspects.
FLORENCE COPPER
• A pre-tax net present value (NPV) of
US$849 million (7.5% discount rate) with
an internal rate of return (IRR) of 38%
• A post-tax NPV of US$585 million with
an IRR of 31% and a 3.0-year payback
• An estimated initial capital cost of US$210
Pre-Tax NPV
Post-Tax NPV
849
US$ Million
7.5% Discount Rate
585
US$ Million
3.0 Year Payback
38% IRR (internal
rate of return)
31% IRR (internal
rate of return)
million and life-of-project direct operating costs of US$0.80/lb of copper recovered
• Base case study parameters include a US$3.00/lb long-term copper price, an average
copper recovery of 70%, and a 340 million ton probable reserve1, containing 2.42 billion
lb of copper in the Florence copper oxide deposit.
• Permitting for a Phase 1 Production Test Facility is well advanced; the Environmental
Protection Agency issued a draft Underground Injection Control Permit in December
2014
1 Average grade 0.358% TCu at a cut-off grade of 0.05% TCu March 2013 Florence Copper Prefeasibility Study
Technical Report, Independent Qualifi ed Persons are Richard Zimmerman, RM-SME, M3 Engineering & Technology
Corp.; Michael Young, RM-SME, Haley & Aldrich; Corolla Hoag, CPG, RM-SME, SRK Consulting, Dr. Terence
McNulty, PE, TP McNulty and Associates; Dennis Tucker, PE, ARCADIS, and Richard Frechette, PE, Knight Piesold.
NEW PROSPERITY
• One of Canada’s largest undeveloped copper-gold projects
• Th e Prosperity deposit is a gold-copper porphyry with a one billion tonne measured
and indicated resource containing 5.3 billion pounds of copper and 13.3 million ounces
of gold
• Pre-tax net present value of C$3 billion and a 40% pre-tax internal rate of return
(at US$1,000/ounce gold and US$3.15/pound copper)
Three-Year Financial Highlights
Consolidated Balance Sheets
(Cdn$ in thousands)
ASSETS
Current assets
Cash and equivalents
Accounts receivable
Other fi nancial assets
Inventories
Current tax receivables
Prepaids
Other fi nancial assets
Property, plant and equipment
Prepaids
Other receivable
Goodwill
LIABILITIES
Current liabilities
Accounts payable and accrued liabilities
Current portion of long-term debt
Interest payable
Other fi nancial liabilities
Long-term debt
Other fi nancial liabilities
Provision for environmental rehabilitation
Deferred tax liabilities
EQUITY
Share capital
Contributed surplus
Accumulated other comprehensive income (Loss)
(“AOCI”)
Retained earnings (defi cit)
Dec 31, 2014
Dec 31, 2013
Dec 31, 2012
$ 53,299
12,618
$ 82,865
4,532
$ 134,995
28,966
6,554
36,094
27,153
913
69,729
47,174
18,284
6,354
29,865
27,450
2,309
5,123
136,631
228,938
228,708
41,484
793,659
15,985
4,783
$ 992,542
38,272
678,580
10,543
13,895
102,737
647,542
4,500
12,961
$ 970,228
$ 996,448
$ 42,541
20,157
$ 26,864
22,625
$ 42,938
18,067
3,746
3,435
3,213
$ 66,444
63,985
$ 116,909
10,995
$ 75,213
293,506
110
110,136
259,515
565
69,673
234,793
57,862
106,517
100,071
$ 570,267
97,350
$ 544,012
76,482
$ 550,867
417,944
40,890
6,833
(43,392)
372,274
38,507
4,943
10,492
368,128
37,487
(5,365)
45,331
422,275
$ 992,542
426,216
445,581
$ 970,228 $ 996,448
Consolidated Statements of Comprehensive Income
(Cdn$ in thousands, except per share amounts)
Revenue
Cost of sales
Production costs
Depletion and amortization
Earnings from mining operations
General and administrative
Exploration and evaluation
Other income (expenses)
Curis acquisition cost
Write-down of marketable securities
Income (loss) before fi nancing costs and income taxes
(21,693)
Finance expenses
Finance income
Foreign exchange (loss)
Income (loss) before income taxes
Income tax recovery (expense)
Net income (loss) for the year
(27,423)
4,182
(17,737)
(62,671)
8,787
(53,884)
Dec 31, 2014
Dec 31, 2013
Dec 31, 2012
$ 371,196
$ 290,056
$ 253,607
(318,931)
(213,056)
(172,267)
(47,163)
$ 5,102
(34,067)
$ 42,933
(21,026)
$ 60,314
(16,085)
(5,945)
(1,096)
(2,517)
(1,152)
(16,236)
(10,294)
(2,880)
(13,984)
(461)
(25,399)
6,214
(12,534)
(32,180)
(2,659)
(34,839)
(19,084)
(17,807)
(29,158)
(5,735)
(14,211)
12,092
(701)
(8,555)
(584)
(9,139)
Other comprehensive income (loss), net of tax
Unrealized gain (loss) on available-for-sale fi nancial assets
2,766
Reclassifi cation of gain/(loss) on available for sale
fi nancial assets, included in the net loss
Foreign currency translation reserve
Total other comprehensive income (loss) for the year
(2,296)
1,420
1,890
2,095
8,213
(2,726)
(1,241)
10,308
(3,967)
Total comprehensive income (loss) for the year
(51,994)
(24,531)
(13,106)
Earnings (loss) per share
Basic
Diluted
Weighted average shares outstanding (thousands)
Basic
Diluted
(0.27)
(0.27)
197,658
197,658
(0.18)
(0.18)
192,222
192,222
(0.05)
(0.05)
192,599
192,599
Mineral Reserves and Resources
(As at December 31, 2014)
GIBRALTAR
Category
(@ 0.20% Cu Cut-Off )
Size
(M Tons)
Grade
Recoverable Metal
Contained Metal
Cu (%) Mo (%)
Cu (B lbs)
Cu (B lbs)
P & P Reserves
M & I Resources
752
900
0.256
0.254
0.008
0.008
3.3
-
3.8
5.5
Th e resource and reserve estimation was completed by Gibraltar mine staff under the supervision of Scott Jones, P.Eng., Vice President,
Engineering and a Qualifi ed Person under National Instrument 43-101. Mr. Jones has verifi ed the methods used to determine grade and
tonnage in the geological model, reviewed the long range mine plan, and directed the updated economic evaluation. Th e estimates used long
term metal prices of US$2.75/lb for copper and US$11.00/lb for molybdenum and 0.85 C$/US$ foreign exchange. Mr. Jones has reviewed
this release. A technical report will be fi led on www.sedar.com. Reserves and Resources were updated as of Dec 31/14.
FLORENCE COPPER
All Oxide in Bedrock
Class
Millions Tons
%TCu Grade
Billion lb Copper
Reserves
Probable
Resources
Measured
Indicated
M+I
Inferred
340
296
133
429
63
0.36
0.35
0.28
0.33
0.24
2.44
2.10
0.74
2.84
0.30
QP for the 2011 resource estimate is Russell White, RM-SME, RG. QP for the 2013 reserve estimate is Michael Young, RM-SME,
Haley & Aldrich Based on 577,317 feet of drilling in 502 holes. Mineral Reserves and Mineral Resources at a 0.05% TCu cutoff . Mineral
reserves are contained within the measured and indicated mineral resources. Mineral resources that are not mineral reserves do not have
demonstrated economic viability (Under US standards no reserve declaration is possible until a full feasibility study is completed and
fi nancing and permits are acquired.)
ALEY
Category
P&P Reserves (@ 0.30% Nb2O5 cut-off )
M&I Resources (@ 0.20 Nb2O5 cut-off )
Size
(M Tonnes)
84
286
Grade
Contained Metal
Nb2O5 (%)
Nb (M kgs)
0.50
0.37
293
739
Th e 0.20% Nb2O5 cut-off assumes a niobium price of US$50/kilogram and a 50% process recovery rate. G & A, processing and ore mining
costs were assumed to be US$30/tonne milled plus waste mining costs of US$2.00/tonne. A 45° pit wall slope was generated to constrain
the resource within the block model.
Th e resource estimate was prepared by Ronald G. Simpson, P.Geo. with Geosim Services Inc., a Qualifi ed Person independent of Taseko.
NEW PROSPERITY
Mineral Reserves @ C$5.50
NSR/t Cut-Off
Size
(M Tonnes)
Grade
Recoverable Metal
Contained Metal
Au (g/t)
Cu (%) Au (M oz) Cu (B lb) Au (M oz) Cu (B lb)
P & P Reserves
M & I Resources
Total
830
181
1,011
0.41
0.40
0.41
0.23
0.30
0.24
7.7
-
-
3.6
-
-
11.0
2.3
13.3
4.2
1.1
5.3
Th e mineral resource and reserve estimations were completed by Taseko staff under the supervision of Scott Jones, P.Eng., Vice-President,
Engineering and a Qualifi ed Person under National Instrument 43-101. Mr. Jones has verifi ed the methods used to determine grade and
tonnage in the geological model, reviewed the long range mine plan, and directed the updated economic evaluation. Th e estimates for the
reserves used long term metal prices of US$1.65/lb for copper and US$650/oz for gold and a foreign exchange of C$0.82 per US dollar.
Note: Technical reports have been fi led on www.sedar.com.
Corporate Information
Head Offi ce
15th Floor - 1040 West Georgia St., Vancouver, BC V6E 4H1
Toll Free: (877) 441-4533
Main Phone: (778) 373-4533
Facsimile: (778) 373-4534
Website tasekomines.com
Email investor@tasekomines.com
Transfer Agent
Computershare Investor Services Inc.
3rd Floor, 510 Burrard St., Vancouver, BC Canada V6C 3B9
Annual General Meeting
June 11th, 2015 1:00 pm
Metropolitan Hotel, Vancouver BC Canada
Shares Listed TSX: TKO / NYSE MKT: TGB
Senior Offi cers
Russell Hallbauer, President, CEO and Director
Ron Th iessen, Chairman
John McManus, Chief Operating Offi cer
Stuart McDonald, Chief Financial Offi cer
Brian Battison, Vice President, Corporate Aff airs
Scott Jones, Vice President, Engineering
David Rouleau, Vice President, Mining Operations
Rob Rotzinger, Vice President Capital Projects
Brian Bergot, Vice President, Investor Relations