37 slides from Teck Resources Limited Class A's earnings presentation, Apr 23, 2026
Slide 1: First Quarter 2026 Conference Call
FIRST QUARTER 2026 CONFERENCE CALL April 23, 2026
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: Overview
OVERVIEW Jonathan Price President and Chief Executive Officer 3
Slide 4: Q1 2026 Highlights
Q1 2026 HIGHLIGHTS Delivering on our key near-term priorities More than doubled adjusted EBITDA Generated strong cash flow $2.1B (+125%) $1.3B (+197%) $1.0B (+1.5B) $488M (+$338M) Adjusted EBITDA*, 1 Profit before taxes1 Cash flow from operations1 Net cash*, 1, 2 Near-term Priorities Q1 2026 Progres
Slide 5: Merger Timeline and Approvals
MERGER TIMELINE AND APPROVALS Continue to expect closing 12-18 months from announcement Current Status • Progressing integration planning and readiness to close • Advancing final regulatory approvals Received: Ongoing: ✓ Australia ✓ Japan • China Announcement Record Date Circular Special Shareholder
Slide 6: Strong Safety Performance in Q1 2026
STRONG SAFETY PERFORMANCE IN Q1 2026 HPI frequency rate continues to improve Teck-Controlled High Potential Incident (HPI) Performance1 (per 200,000 hours worked) Including QB2 Project Excluding QB2 Project 0.19 0.17 0.16 0.12 0.12 0.09 0.07 0.06 0.06 0.06 0.05 0.05 2021 2022 2023 2024 2025 Q1 2026
Slide 7: Continued Focus on Operational Stability at QB
CONTINUED FOCUS ON OPERATIONAL STABILITY AT QB Operational stability drives strong cash flow generation Mill Availability (%) Asset Utilization (%) 2026 Guidance High: 86.0% Low: 80.0% 97.8% 93.4% 92.0% 89.1% 87.2% 88.9% 82.9% 81.4% 64.8% 61.9% Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q1 25 Q2 25 Q3 25 Q4 25 Q
Slide 8: QB TMF Continuing to Progress as Planned
QB TMF CONTINUING TO PROGRESS AS PLANNED Rock Bench 4 completed, sand deposition rates improved November 2025 – QB Site Visit April 2026 1 2 1 4 2 4 3 3 Legend 1 Rock Bench 4 (completed in Q1 2026) 2 Rock Bench 5 (expected completion in Q2 2026) 3 Dam crest widened (April 2026) 4 Sand dam constructi
Slide 9: Advancing QB TMF Development Work
ADVANCING QB TMF DEVELOPMENT WORK On track to achieve all near-term objectives Near-term Objective Status Expected Completion Initial upstream beaching Completed Q3 2025 (remains an ongoing work stream) Paddock redesign Completed Q4 2025 New cyclone technologies installed Completed Q4 2025 2025 prog
Slide 10: HVC Mine Life Extension
HVC MINE LIFE EXTENSION Construction ramping up and progressing to plan • Construction activities continue to ramp up — Project Scope supported by strong early productivity indicators New and Enhanced Mobile Equipment ─ Commencement of new truck shop Infrastructure Fleet Expansion • Mill upgrades •
Slide 11: First Quarter 2026 Results
FIRST QUARTER 2026 RESULTS Crystal Prystai Executive Vice President and Chief Financial Officer 11
Slide 12: Q1 2026 Financial Performance
Q1 2026 FINANCIAL PERFORMANCE Reflects operational strength and favorable commodity prices Q1 2026 vs. Q1 2025 • 125% increase in adjusted EBITDA* to $2.1B, driven by higher commodity prices and sales Gross profit before D&A* $2.2B +137% − Record copper sales volumes combined with record high copper
Slide 13: Higher Profitability in Q1 2026
HIGHER PROFITABILITY IN Q1 2026 More than doubled adjusted EBITDA Profitability ($M) Profit before Taxes Net Finance Expense D&A Adjustments Non-Controllable Controllable Adjusted EBITDA* 232 $2,088M 313 58 (5) 72 (43) (101) Sales volumes 508 707 supported by higher Benefitting from higher copper pr
Slide 14: Copper Segment
COPPER SEGMENT Strong performance across all operations and record sales Q1 2026 Performance1 Gross Profit Copper Copper Copper Net Cash Gross Profit Gross Margin Before Realized Price Production Sales Revenue Unit Cost* Before D&A* Profit D&A* Q1 2026A US$5.78/lb 140 kt 155 kt $2,903M US$1.74/lb $1
Slide 15: Zinc Segment
ZINC SEGMENT Trail Operations drives improvement in profitability and margins Q1 2026 Performance1 Gross Profit Zinc Red Dog Zinc Red Dog Refined Zinc Refined Zinc Net Cash Gross Profit Gross Margin Before Realized Price Production Zinc Sales Production Sales Revenue Unit Cost* Before D&A* Profit D&
Slide 16: Meaningful Reduction in Net Cash Unit Costs in Q1 2026
MEANINGFUL REDUCTION IN NET CASH UNIT COSTS IN Q1 2026 Benefitting from higher production and by-product pricing Copper Cash Unit Costs1 (US$/lb) Zinc Cash Unit Costs2 (US$/lb) 0.61 0.61 2.45 0.02 2.28 0.59 0.20 0.44 0.54 2.01 1.74 0.41 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Net Cash Unit Costs * By-Produc
Slide 17: Operating Cash Flow Outlook
OPERATING CASH FLOW OUTLOOK Strong operating cash flow conversion, particularly at QB Illustrative 2026 EBITDA* from Operations1 (C$B) Illustrative 2026 Operating Cash Flow1,2 (C$B) Copper price Copper ex-QB QB Zinc Copper price Copper ex-QB QB Zinc (US$/lb) (US$/lb) $6.00 3.5 2.6 1.0 $7.1B $6.00 2.
Slide 18: Strengthening the Balance Sheet
STRENGTHENING THE BALANCE SHEET Robust cash flow supports capital investments and net cash growth Operational Cash Flow Strong Liquidity Debt Repayments1 (US$M) Q1 2026 As at April 22, 2026 US$2B debt reduction since 2024; ongoing de-levering via QB loan amortization C$1.0B C$9.8B US$1.6B in non-rec
Slide 19: Closing Remarks
CLOSING REMARKS Jonathan Price President and Chief Executive Officer 19
Slide 20: Our Key Near-Term Priorities
OUR KEY NEAR-TERM PRIORITIES Focused on driving value for shareholders Outstanding value creation through merger of equals with Anglo American Focusing on safe, stable operational performance Realizing the full value of QB Progressing the Highland Valley Mine Life Extension Project 20
Slide 21: Reference
Teck REFERENCE
Slide 22: Merger of Equals to Create a Leading Critical Minerals Champion
MERGER OF EQUALS TO CREATE A LEADING CRITICAL MINERALS CHAMPION A truly compelling combination – furthering complementary strategies and enhancing value creation Top 5 Significant Premier copper copper producer value creation growth portfolio • Unlocking US$800 million • High quality, low-cost asset
Slide 23: Advancing QB TMF Development Plans
ADVANCING QB TMF DEVELOPMENT PLANS TMF construction continuing to progress according to plan Q1 2026 Expected by Year End 2026 • Completed Rock Bench 4 construction and • Complete Rock Bench 5 advanced construction of Rock Bench 5 • Accelerate sand dam construction and move to • Made improvements in
Slide 24: Copper Guidance
COPPER GUIDANCE Copper Production1,2 (kt) Net Cash Unit Costs*,1,3 (US$/lb) Quebrada Blanca Highland Valley Antamina (22.5%) Carmen de Andacollo 505-580 2.20 2.03 1.85-2.20 455-530 45-55 446 454 435-510 45-55 85-95 35-45 40 51 95-105 80-90 96 86 135-155 102 127 115-135 100-120 240-275 220-255 208 19
Slide 25: Zinc Guidance
ZINC GUIDANCE Zinc Production1,2 (kt) Net Cash Unit Costs*,1,3 (US$/lb) Red Dog Sales1 (kt) Red Dog Antamina (22.5%) 52 616 60 565 102 410-460 30-40 365-415 35-45 275-325 35-45 0.65-0.75 556 375-415 45-55 463 330-370 0.39 0.33 230-270 2024 2025 2026E 2027E 2028E 2024 2025 2026E Q1 2026 Q2 2026E Refi
Slide 26: Sensitivities
SENSITIVITIES Limited exposure to oil price volatility Estimated Effect of Changes on our Annualized Profitability1 ($M) 2026 Mid-Range Estimated Effect on Production Profit Attributable Estimated Effect on Estimates2 to Shareholders3 Adjusted EBITDA*, 3 (kt) Changes ($M) ($M) US$ exchange C$0.01 $
Slide 27: Settlement Pricing Adjustments
SETTLEMENT PRICING ADJUSTMENTS Positive pricing adjustment despite copper price decline Simplified Settlement Pricing Adjustment Model Total Reported Settlement Pricing Adjustments (Pre-tax settlement pricing adjustment in C$M) (Pre-tax settlement pricing adjustment in C$M) 300 Outstanding at Outsta
Slide 28: China Is Leading the Global Energy Transition
CHINA IS LEADING THE GLOBAL ENERGY TRANSITION The Iran conflict will incentivise other countries to follow the electrostate model China State Grid Cumulative Grid Investment1 India 2025 Electricity Generation by Fuel2 (Bn CNY) (% y/y) China’s State Grid plans to increase grid India’s coal-powered ge
Slide 29: China's Economic Growth: Upside Surprise in Q1 2026
CHINA’S ECONOMIC GROWTH: UPSIDE SURPRISE IN Q1 2026 Electrification and manufacturing remain bright spots for metal demand Selected China Metrics1 (% change Y/Y) Q1 2026 y/y Fixed Asset Electricity Property Investment Electricity Manufacturing Consumption Industrial Infrastructure State Grid Investm
Slide 30: Led by India, Emerging Asia Has Huge Growth Potential
LED BY INDIA, EMERGING ASIA HAS HUGE GROWTH POTENTIAL Infrastructure and manufacturing growth will be highly metal-intensive Selected India Metrics1 (% change Y/Y) Total Copper Consumption per Capita2 (kg) Jan-26 Feb-26 2025 2050 Modelled 26.6 27.4 5.1 20.3 Industrial Production 5.2 11.9 5.3 5.6 6.5
Slide 31: Robust Long-Term Copper Market Drivers
ROBUST LONG-TERM COPPER MARKET DRIVERS Copper prices remain strong Strong copper prices1 (US$/lb) Long-term Copper Market Fundamentals 7.00 Q1 2026 Average2 Global Economic Growth US$5.83/lb 6.00 Ongoing urbanisation and population growth, coupled with rising living standards, underpin demand growth
Slide 32: Copper Market Fundamentals
COPPER MARKET FUNDAMENTALS Copper prices set new records on favourable macro environment Short Term Long Term • Both spot and annual benchmark copper treatment and • Copper is the linchpin of global electrification, as the most refining charges are at record lows, with supply of concentrate effectiv
Slide 33: Zinc Market Fundamentals
ZINC MARKET FUNDAMENTALS Short-Term Long-Term • Spot treatment charges changed trajectory in late • With exploration hitting a 20-year low last year the 2025, falling sharply as competition for feed ramped future pipeline is not being adequately built up • Three major established mines are nearing e
Slide 34: Endnotes
ENDNOTES SLIDE 4: Q1 2026 HIGHLIGHTS SLIDE 16: MEANINGFUL REDUCTION IN NET CASH UNIT COSTS IN Q1 2026 1. Comparisons are Q1 2026 to Q1 2025. 1. Copper unit costs are reported in U.S. dollars per payable pound of metal contained in concentrate. Copper net cash unit costs 2. As at March 31, 2026. incl
Slide 35: Endnotes
ENDNOTES SLIDE 24: COPPER GUIDANCE SLIDE 26: SENSITIVITIES 1. As at April 22, 2026. See Teck’s Q1 2026 press release, Q1 2026 MD&A, and most recent Annual Information Form for further 1. As at April 22, 2026. The sensitivity of our annualized adjusted profit (loss) attributable to shareholders and a
Slide 36: Non-GAAP Financial Measures and Ratios
NON-GAAP FINANCIAL Our financial results are prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International MEASURES Accounting Standards Board. This presentation includes reference to certain non-GAAP financial measures and non-GAAP ratios, which are n
Slide 37: Reconciliation of Adjusted EBITDA Margin
RECONCILIATION OF ADJUSTED EBITDA MARGIN Q1 2026 Q1 2025 Adjusted EBITDA ($M) (A) 2,088 927 Revenue ($M) (B) 3,943 2,290 Adjusted EBITDA Margin (%) (A)/(B) 53% 40% 37