Teck Resources Limited Class A · TSX:TECK.A
Teck Resources Limited Class A — Q3 2025 Earnings Presentation
36 slides from Teck Resources Limited Class A's earnings presentation, Oct 22, 2025
Slide 1: Third Quarter 2025 Conference Call
THIRD QUARTER 2025 CONFERENCE CALL 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: Third Quarter 2025 Highlights
THIRD QUARTER 2025 HIGHLIGHTS Jonathan Price President and Chief Executive Officer 3
Slide 4: Q3 2025 Highlights: Creating a global leader in critical minerals
Q3 2025 HIGHLIGHTS Creating a global leader in critical minerals Announced merger of equals with Anglo American to create top 5 copper producer Completed Comprehensive Operational Review and updated operational outlook Progressing QB Action Plan including Tailings Management Facility (TMF) developme
Slide 5: Ongoing Commitment to Safety and Sustainability
ONGOING COMMITMENT TO SAFETY AND SUSTAINABILITY Safety Teck-Controlled High Potential Incident (HPI) Performance1 (per 200,000 hours worked) • HPI frequency rate at Teck-controlled operations Including QB2 Project Excluding QB2 Project trending 50% below the 2024 annual rate on a year-to-date basis2
Slide 6: Third Quarter 2025 Results
THIRD QUARTER 2025 RESULTS Crystal Prystai EVP and Chief Financial Officer 6
Slide 7: Q3 2025 Financial Performance
Q3 2025 FINANCIAL PERFORMANCE Reflects strong commodity prices and performance at established operations Q3 2025 vs. Q3 2024 • Increased adjusted EBITDA* by 19%, primarily due to: − Higher base metals prices and by-product revenues; Gross profit before depreciation $1,194M & amortization* +24% signi
Slide 8: Higher Profitability in Q3 2025
HIGHER PROFITABILITY IN Q3 2025 Profitability ($M) Profit (Loss) from Continuing Operations before Taxes Net Finance Expense D&A Adjustments Non-Controllable Controllable Adjusted EBITDA* Adjusted 100 103 $1,171 EBITDA* 211 14 5 $986 (88) (123) (37) 153 554 Adjustments reflect the post-tax impairmen
Slide 9: Copper Segment
COPPER SEGMENT Higher copper production from established operations Q3 2025 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* Q3 2025A US$4.45/lb 104 kt 110 kt $1,669M US$2.09/lb $740M $
Slide 10: Zinc Segment
ZINC SEGMENT Another strong quarter of performance at Red Dog and Trail Operations Q3 2025 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* Prof
Slide 11: Maintaining a Resilient Balance Sheet
MAINTAINING A RESILIENT BALANCE SHEET Strong liquidity and cash balance; ~C$500M cash increase since end of September Shareholder Returns Strong Liquidity Debt Repayments1 (US$M) Year-to-date to October 21, 2025 As at October 21, 2025 US$2B debt reduction since 2024; ongoing de-levering via QB loan
Slide 12: Closing Remarks
CLOSING REMARKS Jonathan Price President and Chief Executive Officer 12
Slide 13: Our Priorities - Looking Forward
OUR PRIORITIES - LOOKING FORWARD Focus on disciplined execution and progressing the merger Advancing approvals for the Anglo Teck merger of equals — significant value creation opportunity Focusing on execution across operations — following completion of the Comprehensive Operational Review Continuin
Slide 14: Advancing TMF Development Plans
ADVANCING TMF DEVELOPMENT PLANS Near-term and 2026 TMF development objectives in focus Near-term Objective Status Expected Completion Initial upstream beaching Complete Q3 2025 (remains an ongoing work stream) Paddock redesign Complete Q4 2025 First bank of cyclone washers Final bank of cyclone wash
Slide 15: QB – A World Class Tier 1 Asset
QB – A WORLD CLASS TIER 1 ASSET Ability to support future value creation with potential QB / Collahuasi adjacencies Illustrative Long-Term Production (kt, contained copper) QB Optimization and debottlenecking offers potential for QB targeting design rates longer-term capital-efficient, near-term thr
Slide 16: 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 17: Merger Timeline and Approvals
MERGER TIMELINE AND APPROVALS Closing & Effective Dates Shareholder Vote • Expected 12-18 months from announcement, • Merger subject to 66 2/3% approval by Teck’s i.e. September 2026 to March 2027 Class A and B shareholders, voting separately • Subject to regulatory approval and customary by class c
Slide 18: Reference
Teck REFERENCE
Slide 19: 2025 QB Production Performance
2025 QB PRODUCTION PERFORMANCE Production constrained by pace of TMF development 2025A Mill Availability and Throughput1,2 Recoveries1 Impacted by TMF 92% Design Availability3 development – lower plant operational run time 85% 84% 83% TMF Constraint 83% 82% 81% 77% 87% 70% Mill Availability Actual U
Slide 20: Context to Our 2026 QB Guidance
CONTEXT TO OUR 2026 QB GUIDANCE Factoring in additional TMF development and conservative recoveries 1 Low End of Guidance 2026 Production1 (kt, contained copper) • 80% mill availability, including additional downtime for TMF development 3 • Partially constrained throughput of 115ktpd (82% of design2
Slide 21: Context to Our 2027-2028 QB Guidance
CONTEXT TO OUR 2027-2028 QB GUIDANCE Throughput levels no longer constrained by TMF development 2027 Production1 2028 Production1 QB optimization phase-in drives QB debottlenecking could increase increase in mill throughput throughput to 165-185ktpd, Grades: Decrease to 2028 Grades: 2027 head grade
Slide 22: HVC and Red Dog Guidance
HVC AND RED DOG GUIDANCE Change in guidance driven by enhanced planning HVC Production Guidance1 (kt, contained copper) Red Dog Production Guidance1 (kt, contained zinc) Higher end 430-470 of guidance 410-460 135-150 130-150 135-155 120-140 375-415 120-130 115-135 365-400 100-120 90-110 330-370 290-
Slide 23: Updated Guidance
UPDATED GUIDANCE Based on Comprehensive Operational Review Production1 2025 2025 2025 2026 2026 2026 2027 2027 2027 2028 2028 2028 Previous Change Revised Previous Change Revised Previous Change Revised Previous Change Revised Copper2 (000’s tonnes) Quebrada Blanca 210 -230 (40-40) 170-190 280-310 (
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 2.20 2.05-2.30 505-580 1.85-2.20 455-530 1.87 415-465 45-55 435-510 446 45-55 40 85-95 35-45 45-55 95-105 96 80-90 80-90 135-155 102 115-135 100-120 120-13
Slide 25: Zinc Guidance
ZINC GUIDANCE Zinc Production1,2 (kt) Net Cash Unit Costs*,1,3 (US$/lb) Red Dog Sales1 (kt) Red Dog Antamina (22.5%) 0.65-0.75 273 616 525-575 0.55 60 0.45-0.55 95-105 430-480 55-65 365-415 0.39 35-45 275-325 125-140 0.70 556 430-470 375-415 45-55 330-370 230-270 2024 2025E 2026E 2027E 2028E 2023 20
Slide 26: Sensitivities
SENSITIVITIES Estimated Effect of Changes on our Annualized Profitability1 ($M) Estimated Effect on 2025 Mid-Range Profit (Loss) Attributable Estimated Effect on Production Estimates2 to Shareholders3 Adjusted EBITDA*, 3 (kt) Changes ($M) ($M) US$ exchange C$0.01 $ 20 $ 39 Copper 440.0 US$0.01/lb 7
Slide 27: Settlement Pricing Adjustments
SETTLEMENT PRICING ADJUSTMENTS Simplified Settlement Pricing Adjustment Model Total Reported Settlement Pricing Adjustments (Pre-tax settlement pricing adjustment in C$M) (Pre-tax settlement pricing adjustment in C$M) Outstanding at Outstanding at Quarterly Pricing 300 September 30, 2025 June 30, 20
Slide 28: Emerging Asian Economies Have Huge Growth Potential
EMERGING ASIAN ECONOMIES HAVE HUGE GROWTH POTENTIAL China’s metal-intensive spend is moving overseas China's Overseas "Green Total Copper Consumption per Capita2 Net Copper Exports – Semis & Manufacturing" Investment1 (US$B) (kg) Cable3 26.6 27.4 2025 For now, emerging market 80 2050 modelled 20.3 c
Slide 29: China Continues to Lead the Energy Transition
CHINA CONTINUES TO LEAD THE ENERGY TRANSITION Other economies are following; electrostates could be the new Petrostates China Cumulative Grid Investment1 Electricity Share of Energy Supply2 Global Electrification Scenarios3 (Bn CNY) (%) (Exajoules) 700 23 China 2024 Accelerated 600 22 electrificatio
Slide 30: China Remains Resilient, but Micro Issues in Focus
CHINA REMAINS RESILIENT, BUT MICRO ISSUES IN FOCUS Energy transition metrics and robust exports outweigh industrial slowdown 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) Pro
Slide 31: Copper Market Fundamentals
COPPER MARKET FUNDAMENTALS Short-Term Long-Term • Spot copper treatment and refining charges remain • Copper is the linchpin of global electrification, as exceptionally low amid supply disruptions the most effective way to move electrons around • Q3 YTD mine supply disruptions already exceeded • Exp
Slide 32: Zinc Market Fundamentals
ZINC MARKET FUNDAMENTALS Short-Term Long-Term • Spot treatment charges are rising but remain • Zinc projects struggle to compete for capital; with exceptionally low relative to historical norms exploration hitting a 20-year low last year the future pipeline is not being adequately built • Thus far,
Slide 33: Endnotes
ENDNOTES SLIDE 4: Q3 2025 HIGHLIGHTS SLIDE 16: MERGER OF EQUALS TO CREATE A LEADING CRITICAL MINERALS CHAMPION 1. As at October 21, 2025. 1. Production mix is based on assumed copper production of 1,355kt, iron ore production of 61Mt and zinc production of 423kt SLIDE 5: ONGOING COMMITMENT TO SAFETY
Slide 34: Endnotes
ENDNOTES SLIDE 23: UPDATED GUIDANCE SLIDE 25: ZINC GUIDANCE 1. As at October 8, 2025. Refer to Teck Guidance Update News Release for further details. See Teck’s Q3 2025 press release, Q3 1. As at October 21, 2025. See Teck’s Q3 2025 press release, Q3 2025 MD&A, and most recent Annual Information For
Slide 35: 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 36: Third Quarter 2025 Conference Call
THIRD QUARTER 2025 CONFERENCE CALL October 22, 2025