83 slides from Teck Resources Limited Class A's earnings presentation, Oct 22, 2025
Slide 1: Third Quarter 2025 Conference Call Appendix
THIRD QUARTER 2025 CONFERENCE CALL APPENDIX October 22, 2025
Slide 2: Caution Regarding Forward-Looking Statements
CAUTION REGARDING FORWARD-LOOKING STATEMENTS Both these slides and the accompanying oral presentation contain certain forward-looking information and forward-looking statements as defined in applicable securities laws (collectively referred to as forward-looking statements). These statements relate
Slide 3: Table of Contents
TABLE OF CONTENTS Operations and Safety Copper Growth Options Zinc Development Options Macroeconomic and Metals Outlook Reference 3
Slide 4: Operations and Safety
OPERATIONS AND SAFETY 4
Slide 5: Foundation of World-Class Operations and Projects
FOUNDATION OF WORLD-CLASS OPERATIONS AND PROJECTS 1 2 4 Operating Assets Brownfield Projects 3 3 1 2 Copper Operations Quebrada Blanca (QB) QB Future Expansion 1 Highland Valley 5 2 Antamina Operations Antamina Antamina Mine Life Extension 3 Quebrada Blanca 4 Carmen de Andacollo Highland Valley High
Slide 6: Cost of Sales
COST OF SALES 2024 Copper Cost of Sales1 (C$) Zinc Cost of Sales1 (C$) Transportation Depreciation & Amortization 5% 10% Operating Costs Operating Costs 65% Transportation 38% 11% Depreciation & Amortization 30% Royalties 15% Raw Material Purchases 26% Copper Operating Costs1 (%) Zinc Operating Cost
Slide 7: Collective Agreements
COLLECTIVE AGREEMENTS Operation Expiry Dates1 Highland Valley September 30, 2026 Trail Operations May 31, 2027 Antamina July 31, 2027 January 31, 2028 Quebrada Blanca March 31, 2028 November 30, 2028 September 30, 2028 Carmen de Andacollo December 31, 2028 7
Slide 8: LatAm Operations
LATAM OPERATIONS 8
Slide 9: Quebrada Blanca
QUEBRADA BLANCA Tier 1, low-cost, long-life cornerstone asset 1 Large deposit capable of supporting multiple expansions QB High reserve grade and low strip ratio, significant resource 2 expansion over previous years, with further district-scale potential At full capacity, QB is expected to generate
Slide 10: Codelco Interest in Quebrada Blanca
CODELCO INTEREST IN QUEBRADA BLANCA • Chilean state-run miner Codelco purchased Enami’s 10% -- Organizational Chart funding interest in Compañía Minera Teck Quebrada Blanca S.A. Teck SMM SC (CMTQB) on September 5, 2024 • Codelco is not required to fund QB development costs 100% 83.33% 16.67% TRCL Ch
Slide 11: Antamina
ANTAMINA One of the largest copper and zinc mines in the world by production Tier 1, high-grade copper-zinc deposit producing copper, zinc, 1 molybdenum, and lead concentrates 2 Low C1 costs due to high grade and zinc credits 3 Significant land position with both near and long-term expansion potenti
Slide 12: Antamina Mine Life Extension
ANTAMINA MINE LIFE EXTENSION Potential extensions beyond 2036 Tucush Waste Dump Received regulatory approval to extend life of mine to 2036 in Q1 2024 • Maintains current production profile of well known, proven asset Open Pit Tailings Enables low-risk US$2B investment (Teck’s share - US$450M) over
Slide 13: Carmen de Andacollo
CARMEN DE ANDACOLLO Highly efficient operation 1 One of the Americas lower cost operations (on a $/t milled basis) 2 Operational and cost improvements driving results 3 Cash generative asset 12 years 0.31% 45-55kt $ 121M current mine life Cu reserve grade1 2025 Cu production guidance2 2024 gross pro
Slide 14: North America Operations
NORTH AMERICA OPERATIONS Teck
Slide 15: Highland Valley Copper
HIGHLAND VALLEY COPPER 1 Technology and Innovation underpins efficient, low-cost operations 2 Mine plan drives material increase in 2025 production 3 Attractive, low risk, brownfield mine life extension 21 years 0.28% 120-130kt $ 471M Including sanctioned Cu reserve grade 2025 Cu production guidance
Slide 16: Red Dog Operations Is a Tier One Asset
RED DOG OPERATIONS IS A TIER ONE ASSET The largest critical minerals mine in the US 1 One of the world’s largest zinc mines1 2 Consistent cash flow generation Built on a world-class mining district with potential to extend mine life 3 well beyond current operation 6 years 11.5% 430-470kt $ 851M curr
Slide 17: Red Dog Seasonality
RED DOG SEASONALITY Sales Historical Zinc Sales and Lead Sales1 (%) • Operates 12 months Zinc Lead 38% 75% • Ships ~4 months 22% 27% 12% 24% • Shipments to inventory in Canada and Europe; 0% 1% direct sales to Asia Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 • ~65% of zinc sales in second half of year • ~99% of lead sa
Slide 18: Reserves and Resources at Red Dog Operations
RESERVES AND RESOURCES AT RED DOG OPERATIONS Mineral Reserves and Resources1 Tonnes Grade Recoverable Metal Category Mt Zn (%) Pb (%) Ag (g/t) Zn (kt) Pb (kt) Ag (koz) Reserves Proven - - - - - - - Probable 29.1 11.5 3.3 61.8 2,820 500 36,130 Total P&P 29.1 11.5 3.3 61.8 2,820 500 36,130 Resources C
Slide 19: Red Dog Mine Life Extension
RED DOG MINE LIFE EXTENSION High grade, large-scale underground mine leverages existing mill & infrastructure Overview Scope Permitting High zinc and lead grades deposits Leveraging existing infrastructure NANA relationship • Anarraaq contains Inferred resources1 of • Surface resource drilling ongoi
Slide 20: Trail Operations
TRAIL OPERATIONS Focus on generation of EBITDA and free cash flow Produce refined zinc and lead, precious and specialty metals, chemicals and fertilizer products Strong strategic value enabling vertical integration for the zinc segment Trail Decades of experience employing recycling processes & new
Slide 21: Copper Growth Options
COPPER GROWTH OPTIONS 21
Slide 22: Near-Term Growth Projects Have a Smaller Scope
NEAR-TERM GROWTH PROJECTS HAVE A SMALLER SCOPE Reduced scope and complexity, leading to lower capital intensity Mine Area Linear Works Workforce / Port Area QB2 – Large Scope Annual Mining Rate Water Supply Pipeline Construction Workforce 100 Mtpa 165 km ~15,000 (peak per shift) 5 Mine TMF Launder /
Slide 23: Portfolio Approach to Balancing Risks and Returns
PORTFOLIO APPROACH TO BALANCING RISKS AND RETURNS Project derisking drives enhanced returns and value creation QB Optimization San Nicolás & Debottlenecking Zafranal Higher Return Relative Return Lower risk, higher returns Higher risk, higher returns Lower risk, lower returns Higher risk, lower retu
Slide 24: Well-Funded Near-Term Projects
WELL-FUNDED NEAR-TERM PROJECTS Highland Valley Mine Life Extension updated to reflect sanction Value-Accretive Near-Term Copper Projects Total Estimated Attributable Estimated Post-Sanction Capital1 Post-Sanction Capital1 Highland Valley Mine Life Extension (Sanctioned) (Cu-Mo | Brownfield | Canada
Slide 25: QB's Reserves and Resources Increased Significantly
QB’S RESERVES AND RESOURCES INCREASED SIGNIFICANTLY Additional potential remains; district is prospective for Cu-Mo porphyry deposits QB’s Historical Reserves and Resources and Grade1 Mineral Reserves and Resources1 Resource (Mt) Reserve (Mt) Reserve (CuT) Resource (CuT) Tonnes Grade Recoverable Met
Slide 26: Zafranal Project Overview
ZAFRANAL PROJECT OVERVIEW Mid-sized copper-gold asset with robust economics and permit in place Long Life Asset in Peru • 19-year mine life with mine life extension opportunities through pit expansion and district resource development Quality Investment • Attractive front-end grade profile for rapid
Slide 27: Zafranal Site Layout
ZAFRANAL SITE LAYOUT Good access to well-developed infrastructure at moderate altitude View to West • Mine: Copper-gold porphyry open pit mine in Zafranal and Victoria zones • Mill: Nominal 65ktpd capacity mill, concentrator and plant facilities; conveyor tunnel Water 3.5km from mine Port • Sustaina
Slide 28: Reserves and Resources at Zafranal
RESERVES AND RESOURCES AT ZAFRANAL Strong ore body knowledge to deliver on business plan Geological Cross-Section1 Mineral Reserves and Resources1 Zafranal Main Zone – Central Long Section A 150m wide section, looking 357 deg (North) A’ Tonnes Grade Recoverable Metal 195 Leached/Oxide/Mixed Category
Slide 29: Zafranal Project Highlights
ZAFRANAL PROJECT HIGHLIGHTS Advanced high-quality, copper-gold growth project • Rapid project payback expected due to the Illustrative Economic Inputs1 (100% basis) front-end high-grade profile Head Grade Production Ore Milled (First 5 Years Avg2) (First 5 Years Avg2) (First 5 Years Avg2) • Forecast
Slide 30: San Nicolás Project Overview
SAN NICOLÁS PROJECT OVERVIEW Unique and high-quality mid-sized base metal development asset with high average copper-zinc grades and low capital intensity Potential Long Life Asset in Mexico • Initial 15-year mine plan with multiple targets for mine life extension • Excellent access and logistics fo
Slide 31: San Nicolás - Compact Site Layout
SAN NICOLÁS - COMPACT SITE LAYOUT At moderate elevation in an established mining region; adjacent to infrastructure General Site Layout and Access • Mine: Conventional open-pit mine and concentrator operation; strip ratio of 6:1 (waste:ore) expected • Mill: Nominal 20ktpd1 ~ El 2,110 m ~ El 2,234 m
Slide 32: Reserves and Resources at San Nicolás
RESERVES AND RESOURCES AT SAN NICOLÁS Well Defined Orebody1 Mineral Reserves and Resources1 NW Tonnes Grade Recoverable Metal Category Mt Cu (%) Zn (%) Cu (kt) Zn (kt) Reserves Proven 47.7 1.26 1.6 470 620 Probable 57.5 1.01 1.4 460 630 Total P&P 105.2 1.12 1.5 930 1,260 Resources Contained Metal 20
Slide 33: Attractive Project Returns from San Nicolás
ATTRACTIVE PROJECT RETURNS FROM SAN NICOLÁS Attributable to the high-grade mineralization • Forecast first quartile life of mine C1 cash costs, Prefeasibility Study Summary (US$, 100% basis)1 allowing for strong margin generation Production − Significant by-product credits, with co-product Zn Ore Mi
Slide 34: NewRange Cu-Ni-Co-Pd-Pt Deposits (50%)
NEWRANGE CU-NI-CO-PD-PT DEPOSITS (50%) Responsible delivery of critical metals to support the energy transition JV provides enhanced asset development path Mineral Resources1 Major source of critical metals in North America • Our 50:50 joint venture (JV) with Glencore combines the NorthMet Grades Co
Slide 35: Galore Creek Cu-Au-Ag Porphyry (50%)
GALORE CREEK CU-AU-AG PORPHYRY (50%) Advancing a large, high-quality undeveloped Cu-Au-Ag deposit in NW BC Quality investment and partnership Mineral Resources 1 Grades Contained Metal • The project is owned by the Galore Creek Partnership Tonnes Cu Au Ag Cu Au Ag (Teck:Newmont 50:50) and managed by
Slide 36: NuevaUnión Cu-Mo-Ag and Cu-Au (50%)
NUEVAUNIÓN CU-MO-AG AND CU-AU (50%) Significant long-term opportunity in an expanding district Leveraging synergies and expertise in a stable jurisdiction Mineral Reserves and Resources1 Grades Metal • NuevaUnión is a 50:50 partnership between Teck and Newmont Tonnes Cu Mo Au Ag Cu Mo Au Ag that com
Slide 37: Schaft Creek Cu-Mo-Au-Ag Porphyry (75%)
SCHAFT CREEK CU-MO-AU-AG PORPHYRY (75%) Large-scale, open-pit development opportunity Large-scale resource in a mining-friendly jurisdiction Mineral Resources1 Grades Contained Metal • Schaft Creek is a joint venture between Teck (75%) and Copper Fox Tonnes Cu Mo Au Ag Cu Au Metals Inc. (25%), with
Slide 38: Zinc Development Options
ZINC DEVELOPMENT OPTIONS 38
Slide 39: Portfolio of Zinc Development Options
PORTFOLIO OF ZINC DEVELOPMENT OPTIONS High-quality portfolio of zinc development assets 1 Red Dog District North America Anarraaq (Zn-Pb), USA Teck 100% ~11 km from Red Dog operation; scoping study complete in 2014; existing study being optimized Inferred Resources1 of 16.3 Mt @ 14.3% Zn, 4.0% Pb 1
Slide 40: Zinc Development Options
ZINC DEVELOPMENT OPTIONS Adding value to our high-quality portfolio of zinc development assets Zinc outperforms market expectations Largest Undeveloped Zinc Deposits Bar height = Size of the deposit • Declining production from existing primary zinc mines; = Estimated grade, Teck | Other projects und
Slide 41: Macroeconomic and Metals Outlook
MACROECONOMIC AND METALS OUTLOOK 41
Slide 42: Inflation and Deflation Persists at the Same Time
INFLATION AND DEFLATION PERSISTS AT THE SAME TIME Tariffs have revived general inflation, while overcapacity suppresses China PPI US and China Inflation1 (% y/y) Arguments for inflation vs. deflation US CPI China PPI For inflation 14 The Fed has cut rates despite the CPI gain, • Fiscal and monetary
Slide 43: China August Data Has Renewed Economic Concerns
CHINA AUGUST DATA HAS RENEWED ECONOMIC CONCERNS Weaker across the board, although energy transition metrics still strong Selected China Metrics1 (% change Y/Y) July August Property New Home FAI excl Electricity Industrial Retail Manufacturing Investment (YTD) Prices (m/m) PPI CPI rural (YTD) Product
Slide 44: Defence to the Fore, but Second Order Impact Important
DEFENCE TO THE FORE, BUT SECOND ORDER IMPACT IMPORTANT Fiscal expansion should benefit metals Germany Defence Spending1 (Billion EUR) Anticipated Global Infrastructure Spending by 20402($trn) 160 Drafted Plan 140 (to meet 3.5% of GDP) 120 Special Fund 100 (post-Russia- Ukraine War) 80 Energy, 23 Soc
Slide 45: China Continues to Lead the Energy Transition
CHINA CONTINUES TO LEAD THE ENERGY TRANSITION Global electricity demand projected to grow faster than GDP China Cumulative Solar Production1 Electricity Share of Energy Supply2 Global Electrification Scenarios2 (Billion KwH) (%) (Exajoules) 450 23 China 2024 Accelerated 400 22 42 electrification sce
Slide 46: China's Long Held Commodity Business Model Will Adjust
CHINA’S LONG HELD COMMODITY BUSINESS MODEL WILL ADJUST China will remain a net raw materials importer Import Raw Materials Add Domestic Processing Capacity Export the Downstream Product Accelerating (where available supply permits) Complete, but now shifting towards China- Growing, but increasing ma
Slide 47: Short-Term Copper Market Fundamentals
SHORT-TERM COPPER MARKET FUNDAMENTALS Concentrate tightness putting financial pressure on smelters • Demand for concentrate and scrap by smelters is Global Smelter Capacity Growth1 (kt) exceptionally strong • Smelter capacity growth to rise by 3.3 Mt between 2024 and 2028 • Raw material supply growt
Slide 48: Long-Term Copper Market Fundamentals
LONG-TERM COPPER MARKET FUNDAMENTALS Supply remains constrained; electrification still drives global growth • Copper is the linchpin of global electrification, as the Long Term Demand Growth, Copper vs. Electricity1 most effective way to move electrons around (kt copper) • Expect a more electricity-
Slide 49: Short-Term Zinc Market Fundamentals
SHORT-TERM ZINC MARKET FUNDAMENTALS Not enough concentrate available to meet smelter needs • Global zinc inventories (concentrate and metal) are Treatment Charges Remain Low in Historical Terms1 extremely low relative to historical norms (US$/t) Annual Settlement Spot TC − Spot treatment charges, wh
Slide 50: Long-Term Zinc Market Fundamentals
LONG-TERM ZINC MARKET FUNDAMENTALS Zinc concentrate constrained by supply growth • Mined supply growing just +4.8% by 2030 Mine production growth is essentially stagnant1 (kt) 15,000 • Smelter capacity still outpacing that increase 12,000 − Expected to grow +18% by 2030 9,000 − 1 Mt shortfall in con
Slide 51: Copper Market
CONCENTRM cone = ste: ne
Slide 52: Copper Outlook
COPPER OUTLOOK Limited mine production paired with sizeable smelter capacity growth; escalating trade tensions increasing potential for global recession in 2025 • Concentrate market is expected to • Smelter capacity increases from • Demand expected to remain at 2.8% • Despite near-term forecast rema
Slide 53: Disruptions Outpacing Expectations in 2025
DISRUPTIONS OUTPACING EXPECTATIONS IN 2025 Major incidents at largest assets have reduced concentrate in market • YTD, the market has seen 4.5% disruption (~1.1 Mt), on track Major Mine Disruptions1 YTD (kt copper) for >5% projected disruption • Four of the top six mines had serious disruptions this
Slide 54: Deficits Set Very Tight Short-Term Market
DEFICITS SET VERY TIGHT SHORT-TERM MARKET Inventories below historical norms, with a portion of stocks ‘locked’ in the US Global Concentrate Balance1, excl. Uncommitted (kt) • Concentrates tight, smelter production now not keeping pace Teck CRU (Adj) WoodMac (Adj) 500 • Smelter growth is continuing
Slide 55: Concentrate Deficit to Grow, Smelter Utilization Drops
CONCENTRATE DEFICIT TO GROW, SMELTER UTILIZATION DROPS Large deficits and lower utilizations expected to peak in 2026, but remain historical norms to 2030 Concentrate Deficit and Smelter Capacity Utilization1 Smelter Capacity Utilization Conc Deficit, assuming 88% smelter utilization • Theoretical d
Slide 56: Limited New Copper Mine Production
LIMITED NEW COPPER MINE PRODUCTION Copper mine supply peak pushed out to 2028 • Mine production expected to increase 1.39 Mt by 2029 Global Copper Mine Production Peaks1 (kt) 2025-2027 2027-2029 • Growth between 2025 to 2028 is centered around 10 large 22,000 +1,650 kt (262) kt mines ─ 60% of these
Slide 57: Copper Mine Project Outlook
COPPER MINE PROJECT OUTLOOK Multiple fundamentals negatively impacting future mine production • Declining ore grades, escalating costs, slow permitting, and Weighted Average Ore Grades1 (%) underinvestment continues to negatively impact new mine 1.00% Ore Grade Forecast Hundreds production, prolongi
Slide 58: Incentive Price Increases
INCENTIVE PRICE INCREASES Incentive price would need to rise by 40% to generate ‘acceptable’ returns CRU Historical Incentive Price Forecast1 (US$/t, $2025) Forecast Incentive Price Scenarios2 (US$/t, $2025) 1,000 12% IRR 15% IRR 20% IRR 900 800 Risk-Adjusted PIP (c/lb Cu) 700 600 500 400 300 200 10
Slide 59: Chinese Concentrate Imports Continue to Grow
CHINESE CONCENTRATE IMPORTS CONTINUE TO GROW Scrap imports remain at elevated levels • Chinese concentrate imports up 7.8% YTD August, stronger than Chinese Concentrate Imports1 (kt copper) might have been expected given mine supply challenges 2025 800 • August economic data renewed concerns as manu
Slide 60: Chinese Copper De-Stocking Accelerating
CHINESE COPPER DE-STOCKING ACCELERATING Chinese copper demand expected to keep growing ~2-3% from 2025-2027 Copper Demand Growing ~2-3%, 2025-20271 (kt) • In 2024, Chinese demand grew 3% due to strong growth in NEV production, export demand and power grid investment Power Construction Appliance Mach
Slide 61: India Copper Market
INDIA COPPER MARKET Indian Copper Market Outlook1 (kt) Indian Copper Concentrate Imports2 Indian Copper Cathode Imports3 Canada Others South Africa Rest of Africa 3% Other 3% 4% 2% Domestic Mine Supply Domestic Refined Supply + Secondary Mozambique 1% Papua New Refined Consumption Guinea 5% 3% Peru
Slide 62: Copper Scrap Is Part of the Long-Term Solution
COPPER SCRAP IS PART OF THE LONG-TERM SOLUTION Scrap supplementing tight concentrate marketing • Demand for scrap will escalate over the next decade Tight Concentrate Supply Increasing Chinese Scrap Use1 ‒ End users increasingly want higher recycled content 100% Scraps Used by Smelters Scraps Used b
Slide 63: Traditional Demand Still Trending Upwards
TRADITIONAL DEMAND STILL TRENDING UPWARDS Growth of traditional demand from urbanization and expansion of mid class • Traditional end-use consumption represented 87% of Traditional Copper Demand1 (kt) copper demand in 2024 China ROW North America Europe India Rest of Asia Latin America • Forecast to
Slide 64: New Economy Demand Taking Up the Growth Mantle
NEW ECONOMY DEMAND TAKING UP THE GROWTH MANTLE Driven by electrification build out amid the wider fuel to materials transition • Energy transition still forecast to be one of the largest New Energy Copper Demand1 (kt) contributors to long-term future copper demand growth rates Electric vehicles Grid
Slide 65: Copper Market Summary
COPPER MARKET SUMMARY Supply remains constrained; risk to demand limiting refined deficits • Continued downward risk to mine production Refined Global Cathode Balance, excl. Uncommitted (kt) ─ Many large miners have decreased guidance for 2025 into 2026 Teck (Adjusted) CRU (Adjusted) WM (Adjusted) ─
Slide 66: Zinc Market
ZINC MARKET Teck ore 66
Slide 67: Zinc Outlook
ZINC OUTLOOK As smelters ramp back up, raw material availability can quickly re-tighten; consumer demand pauses as tariffs cloud outlook • Mine production has been stagnant • Smelters remain challenged by raw • European consumer and real estate • Critical to support and protect for over a decade whi
Slide 68: Flat Mine Output Cannot Keep Pace with Smelter Growth
FLAT MINE OUTPUT CANNOT KEEP PACE WITH SMELTER GROWTH Mined output has not materially grown despite new smelter capacity • Global mine production has not grown since 2012 and is Mine production growth has been stagnant1 (kt) not expected to exceed 13.0 Mt until 2026 15,000 • Mine supply in 2024 was
Slide 69: Zinc Concentrate Market Outlook
ZINC CONCENTRATE MARKET OUTLOOK A historically tight concentrate market could persist • Long-term supply is expected to lag demand Zinc Mine Production and Demand1 (kt) • Existing mines face declining production, higher costs 7.2 Mt and lower grades 15 mine supply gap by 2040 projected • Exploration
Slide 70: Spot Zinc TC's Fell Significantly Through 2024
SPOT ZINC TC’S FELL SIGNIFICANTLY THROUGH 2024 Record low spot terms in H2 2024 ushered record low annual terms for 2025 • Spot TCs remain low after falling through 2024 Zinc Treatment Charges1 (US$/t) TCs bottomed in Q3 2024; • Amid tight market for feed, ex-China smelters settled for Spot TC Annua
Slide 71: China Requires Additional Concentrate Imports
CHINA REQUIRES ADDITIONAL CONCENTRATE IMPORTS • China continues to increase smelter capacity to Chinese Concentrate Imports1 (kt) decrease reliance on metal imports Flat mine production growth ensures growing reliance on concentrate imports Chinese Mine Production Additional Concs Required Reliance
Slide 72: Global Zinc Metal Outlook
GLOBAL ZINC METAL OUTLOOK • Demand slowdown due to inflation causing inventories LME warehouses stocks fall, all stock in Asia to rebuild (refined stocks, kt) LME USA LME Europe LME Middle East LME Asia SHFE 500 ‒ Ex-China refined supply expected to rise nearly 400 Refined stock (kt) 200 kt in 2025
Slide 73: Zinc Concentrate Market Outlook
ZINC CONCENTRATE MARKET OUTLOOK Upcoming deficits points to the need for new mine supply • Market players are facing swings in production cuts as Concentrate Balances, excl. Uncommitted Projects1 each side battles cost pressures (adjusted to normalize annual disruption estimates, kt) ‒ Smelters impa
Slide 74: Zinc Projects Will Stay Stalled Amid Low Exploration
ZINC PROJECTS WILL STAY STALLED AMID LOW EXPLORATION Exploration investment has favoured other targets, falling to a 20-year low • Zinc exploration fell to 15-year low in 2024 Zinc Exploration Investments1 Exploration Budget Zinc Share of Total ‒ $362 million, down 46% since last 2018 high 1,000 12
Slide 75: Zinc Metal Short-Term Outlook
ZINC METAL SHORT-TERM OUTLOOK U.S. market reflective of tight supply for metal • US produces <25% of its zinc metal requirement US Net Short Position in Zinc1 (kt) U.S. Production Zinc from Canada LME inventories filled • Even including Canada and Mexico, North America Zinc from Mexico Overseas Impo
Slide 76: Long-Term Zinc Demand Growth
LONG-TERM ZINC DEMAND GROWTH Tied to protection of steel for infrastructure and energy transition • 60% of zinc demand from galvanizing steel, used to Zinc Demand1 (Mt) extend steel service life and makes infrastructure more Non-Energy Transition Specific Electric Vehicles Solar Wind Storage sustain
Slide 77: Reference
REFERENCE 77
Slide 78: Share Structure and Principal Shareholders
SHARE STRUCTURE AND PRINCIPAL SHAREHOLDERS Teck Resources Limited as at June 30, 20251 Shares Held Percent Voting Rights Class A Shareholdings2 Temagami Mining Company Limited 4,300,000 56.6% SMM Resources Inc (Sumitomo) 1,469,000 19.3% Other 1,830,532 24.1% 7,599, 532 100.0% Class B Shareholdings S
Slide 79: Endnotes
ENDNOTES SLIDE 6: COST OF SALES SLIDE 24: WELL FUNDED NEAR-TERM PROJECTS 1. See Teck’s Q3 2025 press release and Q3 2025 Management’s Discussion and Analysis (MD&A) for further details. 1. As at October 21, 2025. See Teck’s Q3 2025 press release for further details. 2. Project capital estimate at sa
Slide 80: Endnotes
ENDNOTES SLIDE 34: NEWRANGE CU-NI-CO-PD-PT DEPOSITS (50%) SLIDE 36: NUEVAUNIÓN CU-MO-AG AND CU-AU (50%) 1. Teck has a 50% interest in NewRange Copper Nickel. See Teck’s Q3 press release, Q3 MD&A, and most recent Annual Information 1. Teck has a 50% interest in NuevaUnión. See Teck’s Q3 press release
Slide 81: Endnotes
ENDNOTES SLIDE 40: ZINC DEVELOPMENT OPTIONS SLIDE 49: SHORT-TERM ZINC MARKET FUNDAMENTALS 1. Sources: S&P Global Market Intelligence, SNL Metals & Mining database. For the Aktigiruq, Anarraaq and Teena deposits the 1. Source: Wood Mackenzie. sources are as follows: SLIDE 50: LONG-TERM ZINC MARKET FU
Slide 82: Endnotes
ENDNOTES SLIDE 62: COPPER SCRAP IS PART OF THE LONG-TERM SOLUTION 1. Source: Wood Mackenzie. 2. Source: IHS Global Trade, Wood Mackenzie, CRU. SLIDE 63: TRADITIONAL DEMAND STILL TRENDING UPWARDS 1. Source: Wood Mackenzie, Minespans, CRU, Teck. SLIDE 64: NEW ECONOMY DEMAND TAKING UP THE GROWTH MANTLE
Slide 83: Non-GAAP Financial Measures
NON-GAAP Our financial results are prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board. This presentation includes reference to certain non-GAAP financial measures and non-GAAP ratios, which are not FINANCIAL measur