Exhibit 99.1

Condensed Consolidated Interim Financial Statements

March 31, 2020

(Unaudited)

The accompanying notes are an integral part of these consolidated interim financial statements.

The accompanying notes are an integral part of these consolidated interim financial statements.

The accompanying notes are an integral part of these consolidated interim financial statements.

The accompanying notes are an integral part of these consolidated interim financial statements.

TASEKO MINES LIMITED

TASEKO MINES LIMITED

Notes to Condensed Consolidated Interim Financial Statements

(Cdn$ in thousands)

Cost of sales consists of site operating costs (which include personnel costs, non-capitalized waste stripping costs, repair and maintenance costs, consumables, operating supplies and external services), transportation costs, and depletion and amortization.

5. DERIVATIVE INSTRUMENTS

During the three month period ended March 31, 2020, the Company purchased copper put option contracts for 27.5 million pounds of copper with maturity dates ranging from January 2020 to April 2020, at a strike price of US$2.60 per pound, at a total cost of $497. The Company recognized a realized gain of $2,507 on these settlements in the three month period ended March 31, 2020.

At March 31, 2020 the Company had copper put options outstanding for 7.5 million pounds of copper with maturity in April 2020 with a strike price of US$2.60 per pound. The fair value of the outstanding options at March 31, 2020 is $3,803.

During the three month period ended March 31, 2020, the Company purchased fuel call options for 17 million litres of diesel with maturity dates ranging from the second quarter to the fourth quarter of 2020, at a total cost of $491. The fuel call options outstanding had a fair value of $172.

The following table outlines the (gains) losses associated with derivative instruments:

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TASEKO MINES LIMITED

Notes to Condensed Consolidated Interim Financial Statements

(Cdn$ in thousands)

During the three months ended March 31, 2020, the Company recorded an impairment of $408 to adjust the carrying value of ore stockpiles to net realizable value, of which $174 is recorded in depletion and amortization and the balance in production costs.

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During the three month period ended March 31, 2020, the Company capitalized stripping costs of $16,051 and incurred other capital expenditures for Gibraltar of $2,095. Non-cash additions to property, plant and equipment include $2,135 of non-cash depreciation on mining assets related to capitalized stripping.

Since its acquisition of the Florence Copper Project in November 2014, the Company has incurred and capitalized a total of $100.5 million in project development and other costs, including capitalized interest.

Prior to January 2020, Yellowhead was in the evaluation phase and project related expenditures were expensed. In January 2020, the Company announced the results of its technical studies on Yellowhead and filed a new NI 43-101 technical report and the project entered the development phase. Since January 1, 2020 development costs of $151 have been capitalized as mineral property, plant and equipment.

Depreciation related to the right of use assets for the three month period ended March 31, 2020 was $1,159.

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TASEKO MINES LIMITED

Notes to Condensed Consolidated Interim Financial Statements

(Cdn$ in thousands)

(a) Senior secured notes

In June 2017, the Company completed an offering of US$250,000 aggregate principal amount of senior secured notes (the “Notes”). The Notes mature on June 15, 2022 and bear interest at an annual rate of 8.750%, payable semi-annually on June 15 and December 15.

The Notes are secured by liens on the shares of Taseko’s wholly-owned subsidiary, Gibraltar Mines Ltd., and the subsidiary’s rights under the joint venture agreement relating to the Gibraltar Mine. The Notes are guaranteed by each of Taseko’s existing and future restricted subsidiaries, other than Yellowhead. The Company is able to incur limited amounts of additional secured and unsecured debt under certain conditions as defined in the Note indenture. The Company is also subject to certain restrictions on asset sales, issuance of preferred stock, dividends and other restricted payments. However, there are no maintenance covenants with respect to the Company’s financial performance.

The Company may redeem some or all of the Notes at any time on or after June 15, 2019, at redemption prices ranging from 104.375% to 100%, plus accrued and unpaid interest to the date of redemption. On a change of control, the Notes are redeemable at the option of the holder at a price of 101%.

(b) Lease liabilities

Lease liabilities includes the Company’s outstanding lease liabilities under IFRS 16.

(c) Secured equipment loans

The equipment loans are secured by existing mining equipment at the Gibraltar Mine and commenced between May and August of 2019 with monthly repayment terms ranging between 48 and 60 months and with interest rates ranging between 5.2% to 6.4%.

(d) Lease related obligations

Lease related obligations relate to a lease arising under a sale leaseback transaction on certain items of equipment at the Gibraltar mine. The lease commenced in June, 2019 and has a term of 54 months. At the end of the lease term, the Company has an option to renew the term, an option to purchase the equipment at fair market value or option to return the equipment. The lease contains a fixed price early buy-out option exercisable at the end of 48 months.

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TASEKO MINES LIMITED

Notes to Condensed Consolidated Interim Financial Statements

(Cdn$ in thousands)

(e) Debt continuity

The following schedule shows the continuity of total debt for the first three months of 2020:

(a) Customer advance payments

At March 31, 2020, the Company had received advance payments on copper concentrate finished goods inventory on 3.2 million pounds (100% basis).

(b) Silver stream purchase & sale agreement

On March 3, 2017, the Company entered into a silver stream purchase and sale agreement with Osisko Gold Royalties Ltd. (“Osisko”), whereby the Company received an upfront cash deposit payment of US$33 million for the sale of an equivalent amount of its 75% share of Gibraltar payable silver production until 5.9 million ounces of silver have been delivered to Osisko. After that threshold has been met, 35% of an equivalent amount of Taseko’s share of all future payable silver production from Gibraltar will be delivered to Osisko. The Company receives cash payments of US$2.75 per ounce for all silver deliveries made under the agreement.

The Company recorded the initial deposit as deferred revenue and recognizes amounts in revenue as silver is delivered to Osisko. The amortization of deferred revenue is calculated on a per unit basis using the estimated total number of silver ounces expected to be delivered to Osisko over the life of the Gibraltar Mine. The current portion of deferred revenue is an estimate based on deliveries anticipated over the next twelve months.

On April 24, 2020, Taseko concluded an amendment to its silver stream with Osisko and received $8.5 million in exchange for reducing the delivery price of silver from US$2.75 per ounce to nil.

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TASEKO MINES LIMITED

Notes to Condensed Consolidated Interim Financial Statements

(Cdn$ in thousands)

The following table summarizes changes in the Osisko deferred revenue:

During the first quarter of 2020, the Company has deferred electricity payments for its March power usage of $1,324 under BC Hydro’s Tariff Supplement 99 deferral program for BC copper mines. Under the Company’s agreement with BC Hydro, effective April 9, 2020 the Gibraltar Mine will be able to defer up to a minimum of 50% (and up to a maximum 75% deferral of electricity payments based on copper prices) for the March through May 2020 billing periods. In addition, the Company remains eligible for Tariff Supplement 90 Mining Customer Payment Plan beyond May 2020 which defers payment up to 75% based on copper prices. The current deferral account balance is subject to interest at the prime rate plus 2.5% for the period March 27 through June 21, 2020, and prime plus 5.0% thereafter. Under the program repayments can be extended out to March, 2021 and amortizable over a 9 month period out to November, 2021.

14. EQUITY

(a) Share capital

The Company’s authorized share capital consists of an unlimited number of common shares with no par value.

(b) Share purchase warrants

At March 31, 2020, the Company had 3,000,000 share purchase warrants outstanding at an exercise price of $2.74 per share. All of the outstanding share purchase warrants expired unexercised on April 1, 2020.

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TASEKO MINES LIMITED

Notes to Condensed Consolidated Interim Financial Statements

(Cdn$ in thousands)

(c) Share-based compensation

During the three month period ended March 31, 2020, the Company granted 1,096,000 (2019 – 3,226,500) share options to directors, executives and employees, exercisable at an average exercise price of $0.72 per common share (2019 – $0.78 per common share) over a five year period. The total fair value of options granted was $438 (2019 – $1,387) based on a weighted average grant-date fair value of $0.40 (2019 – $0.41) per option.

The fair value of options was measured at the grant date using the Black-Scholes formula. Expected volatility is estimated by considering historic average share price volatility. The inputs used in the Black-Scholes formula are as follows:

The Company has other share-based compensation plans in the form of Deferred Share Units (“DSUs”) and Performance Share Units (“PSUs”).

During the three month period ended March 31, 2020, 572,000 DSUs were issued to directors (2019 – 682,000) and 825,000 PSUs to senior executives (2019 – 875,000). The fair value of DSUs and PSUs granted was $899 (2019 – $1,696), with a weighted average fair value at the grant date of $0.72 per unit for the DSUs (2019 – $0.78) per unit) and $0.59 per unit for the PSUs (2019 – $1.33 per unit).

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TASEKO MINES LIMITED

Notes to Condensed Consolidated Interim Financial Statements

(Cdn$ in thousands)

Share based compensation expense (recovery) is comprised as follows:

15. COMMITMENTS AND CONTINGENCIES

(a) Commitments

The Company is a party to certain contracts relating to service and supply agreements. Future minimum payments under these agreements as at March 31, 2020 are presented in the following table:

As at March 31, 2020, the Company had no outstanding capital commitments.

(b) Contingencies

The Company has guaranteed 100% of certain capital lease and equipment loans entered into by the Gibraltar joint venture in which it holds a 75% interest. As a result, the Company has guaranteed the joint venture partner’s 25% share of this debt which amounted to $16,457 as at March 31, 2020.

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TASEKO MINES LIMITED

Notes to Condensed Consolidated Interim Financial Statements

(Cdn$ in thousands)

17. RELATED PARTIES

Gibraltar Joint Venture

Under the terms of the joint venture operating agreement, the Gibraltar joint venture pays the Company a management fee for services rendered by the Company as operator of Gibraltar. Net management fee income for the three month period ended March 31, 2020 was $301 (2019: $292). In addition, the Company pays certain expenses on behalf of the Gibraltar joint venture and invoices the joint venture for these expenses. For the three month period ended March 31, 2020, net reimbursable compensation expenses and third party costs of $171 (2019: $23) were charged to the joint venture.

18. FAIR VALUE MEASUREMENTS

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy establishes three levels to classify the inputs to valuation techniques used to measure fair value, by reference to the reliability of the inputs used to estimate the fair values.

Level 1 – quoted prices (unadjusted) in active markets for identical assets or liabilities;

Level 2 – inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices); and

Level 3 – inputs for the asset or liability that are not based on observable market data (unobservable inputs).

The fair values of the senior secured notes are $177,338 and the carrying value is $348,338 at March 31, 2020. The fair value of all other financial assets and liabilities approximates their carrying value.

The Company has certain financial assets and liabilities that are measured at fair value on a recurring basis and uses the fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value, with Level 1 inputs having the highest priority.

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There have been no transfers between fair value levels during the reporting period. The carrying value of cash and equivalents, accounts receivable, accounts payable and accrued liabilities approximate their fair value as at March 31, 2020.

The fair value of the senior secured notes, a Level 1 instrument, is determined based upon publicly available information. The fair value of the lease liabilities and secured equipment loans, Level 2 instruments, are determined through discounting future cash flows at an interest rate of 5.46% based on the relevant loans effective interest rate.

The fair values of Level 2 instruments are based on broker quotes. Similar contracts are traded in an active market and the broker quotes reflect the actual transactions in similar instruments.

The Company’s metal concentrate sales contracts are subject to provisional pricing with the selling price adjusted at the end of the quotational period. At each reporting date, the Company’s settlement receivable on these contracts are marked-to-market based on a quoted forward price for which there exists an active commodity market. At March 31, 2020 the Company had settlement payables of $5,930.

The subscription receipts, a Level 3 instrument, are valued based on a management estimate. As the subscription receipts are an investment in a private exploration and development company, there are no observable market data inputs.

Commodity Price Risk

The Company is exposed to the risk of fluctuations in prevailing market commodity prices on the metals it produces. The Company enters into copper put option contracts to reduce the risk of short-term copper price volatility. The amount and duration of the hedge position is based on an assessment of business-specific risk elements combined with the copper pricing outlook. Copper put option contracts are typically extended adding incremental quarters at established put strike prices to provide the necessary price protection.

Provisional pricing mechanisms embedded within the Company’s sales arrangements have the character of a commodity derivative and are carried at fair value as part of accounts receivable.

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TASEKO MINES LIMITED

Notes to Condensed Consolidated Interim Financial Statements

(Cdn$ in thousands)

The table below summarizes the impact on revenue and receivables for changes in commodity prices on the provisionally invoiced sales volumes.

The sensitivities in the above table have been determined with foreign currency exchange rates held constant. The relationship between commodity prices and foreign currencies is complex and movements in foreign exchange can impact commodity prices. The sensitivities should therefore be used with care.

19. SUBSEQUENT EVENT

On April 24, 2020, Taseko concluded an amendment to its silver stream with Osisko and received $8.5 million in exchange for reducing the delivery price of silver from US$2.75 per ounce to nil. The funds received are available for general working capital purposes.

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Exhibit 99.2

TASEKO MINES LIMITED

Management’s Discussion and Analysis

This management discussion and analysis (“MD&A”) is intended to help the reader understand Taseko Mines Limited (“Taseko”, “we”, “our” or the “Company”), our operations, financial performance, and current and future business environment. This MD&A is intended to supplement and complement the consolidated financial statements and notes thereto, prepared in accordance with IAS 34 of International Financial Reporting Standards (“IFRS”) for the three months ended March 31, 2020 (the “Financial Statements”). You are encouraged to review the Financial Statements in conjunction with your review of this MD&A and the Company’s other public filings, which are available on the Canadian Securities Administrators’ website at www.sedar.com and on the EDGAR section of the United States Securities and Exchange Commission’s (“SEC”) website at www.sec.gov.

This MD&A is prepared as of April 28, 2020. All dollar figures stated herein are expressed in Canadian dollars, unless otherwise specified.

Cautionary Statement on Forward-Looking Information

This discussion includes certain statements that may be deemed “forward-looking statements”. All statements in this discussion, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities, and events or developments that the Company expects are forward-looking statements. Although we believe the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, global economic events arising from the coronavirus (COVID-19) pandemic outbreak, oil price wars and related oil market disruptions, exploitation and exploration successes, continued availability of capital and financing and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. All of the forward-looking statements made in this MD&A are qualified by these cautionary statements. We disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except to the extent required by applicable law. Further information concerning risks and uncertainties associated with these forward-looking statements and our business may be found in the Company’s other public filings with the SEC and Canadian provincial securities regulatory authorities.

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TASEKO MINES LIMITED

Management’s Discussion and Analysis

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TASEKO MINES LIMITED

Management’s Discussion and Analysis

OVERVIEW

Taseko Mines Limited (“Taseko” or “Company”) is a mining company that seeks to create long-term shareholder value by acquiring, developing, and operating large tonnage mineral deposits which, under conservative forward metal price assumptions, are capable of supporting a mine for ten years or longer. The Company’s sole operating asset is the 75% owned Gibraltar Mine, which is located in central British Columbia and is one of the largest copper mines in North America. Taseko also owns the Florence Copper Project, which is advancing towards production, as well as the Yellowhead copper, New Prosperity gold-copper, Aley niobium and Harmony gold projects.

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TASEKO MINES LIMITED

Management’s Discussion and Analysis

HIGHLIGHTS - CONTINUED

First Quarter Review

2020 Outlook

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TASEKO MINES LIMITED

Management’s Discussion and Analysis

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TASEKO MINES LIMITED

Management’s Discussion and Analysis

OPERATIONS ANALYSIS

First quarter results

Copper production in the first quarter was 32.4 million pounds and copper grade for the quarter averaged 0.259%, both in line with the life of mine average. Copper recovery in the mill was 83.4% during the quarter which was lower than previous quarters due to the higher iron content in the ore.

A total of 28.5 million tons were mined during the period, an increase of 2.7 million tons over the previous quarter. The strip ratio for the first quarter was 2.7 to 1 as waste stripping to further open up the Pollyanna pit was increased during the quarter in accordance with the long-term mine plan.

Capitalized stripping costs totaled $13.9 million (75% basis) compared to $8.0 million in Q1 2019. The capitalized stripping costs are attributable to the above-mentioned advancement into the Pollyanna pit. Total site spending (including capitalized stripping costs) was lower than the previous quarter, despite increased mined tons, due to a decline in fuel prices and other costs in the month of March. Shorter haul distances in the Pollyanna pit also contributed to lower spending.

Molybdenum production was 412 thousand pounds in the first quarter, a decrease from prior quarters due to lower molybdenum grade, which also reduced recovery. Molybdenum prices averaged US$9.63 per pound over the first quarter compared to US$9.67 per pound in the prior quarter and US$11.78 per pound in Q1 2019. By-product credits per pound of copper produced* was US$0.11 in the first quarter, compared to US$0.16 in the prior quarter.

Off-property costs per pound produced* were US$0.29 for the first quarter of 2020 and consist of concentrate treatment, refining and transportation costs. These costs are in line with recent quarters relative to pounds of copper sold.

GIBRALTAR OUTLOOK

To-date, there have been no interruptions to the Company’s operations, logistics and supply chains as a result of the global COVID-19 pandemic. There have also been no confirmed cases of COVID-19 at any of Taseko’s operations or offices in Canada and the US.

However, the COVID-19 situation has had a significant impact on the global economy which has led to lower commodity prices. In light of the lower copper price environment, management has reviewed a number of mine plan options for Gibraltar and commencing in April implemented a revised mining plan for 2020 that will reduce spending in the near term while still maintaining long-term mine plan requirements and flexibility, and without negatively impacting 2020 copper production. Discretionary capital spending has been eliminated and major maintenance and equipment rebuilds have been deferred where possible. The operation is also benefiting from falling input costs, including diesel fuel which is currently 35% lower than 2019 average prices, and a weaker Canadian dollar (relative to the US dollar) as 80% of Gibraltar’s costs are denominated in Canadian dollars. The new operating plan and other identified cost savings are expected to reduce total site spending (including capitalized stripping) by at least US$0.40 per pound for the coming quarters

Operating a large, open pit mine such as Gibraltar requires adaptability and management will continue to monitor market conditions and adjust operating plans as required to respond to changes in copper price movements in the future. Production guidance for 2020 remains unchanged at 130 million pounds (+/-5%), although management expects production to be at the higher end of that range based on its revised plan.

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TASEKO MINES LIMITED

Management’s Discussion and Analysis

The Company is continuing to work with suppliers to identify further cost saving and deferral opportunities and is also pursuing the BC Hydro power cost deferral program and other government initiatives.

The medium to long-term fundamentals for copper remain strong despite recent volatility caused by global economic events arising from the coronavirus pandemic, most industry analysts are projecting supply constraints after an economic recovery which should bring higher incentive copper prices in the coming years.

REVIEW OF PROJECTS

Taseko’s strategy has been to grow the Company from the operating cash flow and credit quality of the Gibraltar Mine to assemble and develop a pipeline of complimentary projects. We continue to believe this will generate long-term returns for shareholders. Our development projects are focused primarily on copper and are located in stable mining jurisdictions in British Columbia and Arizona. Our current focus is on the near term development of the Florence Copper Project.

Florence Copper Project

The Production Test Facility (“PTF”) operated as planned during the first quarter of 2020. Steady state operation was achieved in 2019 and the focus turned to testing different wellfield operating strategies, including adjusting pumping rates, solution strength, flow direction, and the use of packers in recovery and injection wells to isolate different zones of the ore body. The Florence Copper technical team is using physical and operating control mechanisms to adjust solution chemistry and flow rates and is successfully achieving targeted copper concentration in solution. The PTF wellfield is performing to its design and the SX-EW plant continues to produce copper cathode.

The main focus of the PTF phase is to demonstrate to regulators and key stakeholders that hydraulic control of underground leach solutions can be maintained and provide valuable data to validate the Company’s leach model as well as optimize well design and performance and hydraulic control parameters. Successful operation of the in-situ leaching process will allow permits to be amended for the full-scale commercial operation, which is expected to produce 85 million pounds of copper cathode annually for 20 years.

Two permits are required to commence construction of the commercial scale wellfield at Florence Copper. These are the Aquifer Protection Permit (“APP”) from the Arizona Department of Environmental Quality (“ADEQ”) and the Underground Injection Control (“UIC”) Permit from the U.S. Environmental Protection Agency (“EPA”). The Company submitted the applications for both permits in mid-2019 and is in active dialogue with the regulators and targeting to have permitting for the commercial facility completed in 2020.

During the first quarter, the Company continued to advance discussions with interested parties regarding the potential sale of a minority interest in the Florence project, and the proceeds of any such sale could fund a significant portion of the capital required to develop the commercial operation. Discussions with potential lenders and other finance providers will re-commence near the end of the second quarter. The Company continues to target having a committed financing package in place prior to receipt of the APP and UIC permits.

Total net expenditures at the Florence Project for the three months ended March 31, 2020 were $4.8 million including operation of the PTF and other project development costs.

Yellowhead Copper Project

In January 2020, the Company announced the results of its technical studies on Yellowhead Mining Inc. (“Yellowhead”) which resulted in a 22% increase in recoverable copper reserves and significantly improved project economics. The Company filed a new NI 43-101 technical report (“Technical Report on the Mineral

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TASEKO MINES LIMITED

Management’s Discussion and Analysis

Reserve Update at the Yellowhead Copper Project” dated January 16, 2020) (the “Technical Report”) on Sedar. Yellowhead holds a 100% interest in a copper-gold-silver development project located in south-central British Columbia.

The updated Technical Report outlines a new development plan for the project, which includes an 817 million tonne reserve and a 25-year mine life with a pre-tax NPV of $1.3 billion at an 8% discount rate using a US$3.10 per pound copper price. This represents a $500 million increase over the 2014 Feasibility Study completed by the previous owner. Capital costs of the project are estimated at $1.3 billion over a 2-year construction period. Over the first 5 years of operation, the copper equivalent grade will average 0.35% producing an average of 200 million pounds of copper per year at an average C1 cost, net of by-product credit, of US$1.67 per pound of copper. The Yellowhead Copper Project contains valuable precious metal by-products with 440,000 ounces of gold and 19 million ounces of silver with a life of mine value of over $1 billion at current prices.

The Company is focusing its current efforts on advancing environmental assessment and some additional engineering work in conjunction with ongoing engagement with local communities including First Nations. A focus group has been formed between the Company and high-level regulators in the appropriate Provincial Ministries in order to expedite the advancement of environmental assessment and permitting of the project. Management also commenced joint venture partnering discussions in the first quarter with a number of strategic industry groups that are interested in potentially investing in the Yellowhead project in combination with acquiring the significant copper offtake rights.

New Prosperity Gold- Copper Project

On December 5, 2019, the Company announced that the Tŝilhqot’in Nation as represented by Tŝilhqot’in National Government and Taseko have entered into a dialogue, facilitated by the Province of British Columbia, to try to obtain a long-term solution to the conflict regarding Taseko’s proposed gold-copper mine currently known as New Prosperity, acknowledging Taseko’s commercial interests and the opposition of the Tŝilhqot’in Nation to the Project. While the details of this process are confidential, in order to facilitate a dialogue, the parties have agreed to a standstill on certain outstanding litigation and regulatory matters which relate to Taseko’s tenures and the area in the vicinity of Teztan Biny (Fish Lake).

Aley Niobium Project

Environmental monitoring and product marketing initiatives on the Aley Niobium project continue. The pilot plant program commenced in the second quarter of 2019 has successfully completed the niobium flotation process portion of the test, raising confidence in the design and providing feed to begin the converter portion of the process. Completion of the converter portion of the pilot plant will provide additional process data to support the design of the commercial process facilities and provide final product samples for marketing purposes.

MARKET REVIEW

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TASEKO MINES LIMITED

Management’s Discussion and Analysis

Prices (USD per pound for Commodities)

(Source Data: Bank of Canada, Platts Metals, and London Metals Exchange)

Global demand for copper, which is closely tied to overall global GDP growth, has been negatively impacted by the COVID-19 pandemic and the unfolding global recession creating near term volatility. Although the short-term outlook for copper remains uncertain, a notable number of globally significant copper producers, copper mines and development projects have also announced the temporary cessation of their operations which will have a significant impact on the supply side mitigating to a significant extent the effect of the sharp fall in demand. Furthermore, expansion of overseas copper smelting capacity in the last decade has underpinned the physical demand of copper concentrate. Despite this short-term volatility and the complex and dynamic economic environment that is prevailing, management continues to believe that the copper market is robust and will benefit from tight mine supply going forward and the overall growth in demand for copper.

The average molybdenum price was US$9.63 per pound in the first quarter of 2020, which was comparable to the average price in the fourth quarter of 2019. The Company’s sales agreements specify molybdenum pricing based on the published Platts Metals reports.

Approximately 80% of the Gibraltar Mine’s costs are Canadian dollar denominated and therefore, fluctuations in the Canadian/US dollar exchange rate can have a significant effect on the Company’s operating results and unit production costs, which are reported in US dollars. The Canadian dollar weakened by approximately 9% during the first quarter of 2020.

FINANCIAL PERFORMANCE

Earnings

The Company’s net loss was $49.0 million ($0.20 per share) for the three months ended March 31, 2020, compared to a net loss of $7.9 million ($0.03 per share) for the same period in 2019. The increased loss in the current period was primarily due to the $29.2 million unrealized foreign exchange loss as compared to a $6.1 million gain for the same period in 2019. Contributing to the change in the current period net loss is lower realized copper prices, and higher depreciation of stripping costs previously capitalized for ore from the Granite pit.

Earnings from mining operations before depletion and amortization* was $5.9 million for the three months ended March 31, 2020, compared to $15.7 million for the same period in 2019 and was also negatively impacted by provisional price adjustments of $13.6 million due to the sharp decline in copper prices in March of this period.

Included in net loss are a number of items that management believes require adjustment in order to better measure the underlying performance of the business. The following items have been adjusted:

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TASEKO MINES LIMITED

Management’s Discussion and Analysis

The unrealized foreign exchange gain or loss is substantially driven by the translation of the Company’s US dollar denominated senior secured notes of US$250 million due in 2022. The unrealized gain on copper put options relate to the remaining 7.5 million pounds in copper puts expiring at the end of April and that were in the money at quarter end.