33 slides from Teck Resources Limited Class A's earnings presentation, Jul 24, 2025
Slide 1: Second Quarter 2025 Conference Call
SECOND QUARTER 2025 CONFERENCE CALL July 24, 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: Q2 2025 Highlights
Q2 2025 HIGHLIGHTS Jonathan Price President and Chief Executive Officer 3
Slide 4: Q2 2025 Highlights
Q2 2025 HIGHLIGHTS Advancing copper growth while returning cash to shareholders Higher adjusted EBITDA* (+3% to $722M); profit from continuing operations before taxes of $125M Strong zinc performance, with Red Dog sales above guidance and significantly lower net cash unit costs QB production revised
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 remains low ─ 0.09 in H1 2025 is below 2024 annual rate 0.32 • D
Slide 6: Unlocking Value at QB
UNLOCKING VALUE AT QB Continuing to target design rates by year end H2 2025 Outlook QB is a Tier 1 asset with multiple paths to value • Throughput increased from the prior quarter; • Priority to ramp up to steady state operations ongoing work to drive higher recoveries; expect grades of ~0.61%1 • Im
Slide 7: Sanction of HVC MLE Extends a Core Asset to 2046
SANCTION OF HVC MLE EXTENDS A CORE ASSET TO 2046 Average copper production of 132ktpa over the life of mine Lower risk and lower complexity brownfield project (100% Teck) Mine life extension to 2046 Project capital estimate at sanction of C$2.1-2.4B, based on updated assumptions Attractive project e
Slide 8: Updated Guidance
UPDATED GUIDANCE Revised for QB operational outlook and sanction of HVC MLE Changes driven by revised outlook for QB ramp up Changes driven by sanction of Highland Valley Mine Life Extension Project 20251 20251 Previous Change Revised Previous Change Revised Copper Production2 (000’s tonnes) Growth
Slide 9: Progressing Value-Accretive Near-Term Growth
PROGRESSING VALUE-ACCRETIVE NEAR-TERM GROWTH Path to annual copper production of up to ~800 ktpa Potential Growth Pathway Value-Accretive Near-Term Copper Projects SANCTIONED Up to Highland Valley Mine Life Extension +80-95 kt ~800 ktpa1 (Cu-Mo | Brownfield | Canada | 100%) Extends a core asset from
Slide 10: Q2 2025 Results
Q2 2025 RESULTS Crystal Prystai EVP and Chief Financial Officer 10
Slide 11: Q2 2025 Financial Performance
Q2 2025 FINANCIAL PERFORMANCE Steady performance across established operations Q2 2025 vs. Q2 2024 • Adjusted EBITDA* increase of 3% reflects: − Another quarter of profitability at Trail Operations Gross profit before depreciation $832M & amortization* +9% — revised operating strategy drove higher b
Slide 12: Higher Profitability in Q2 2025
HIGHER PROFITABILITY IN Q2 2025 Profitability ($M) Profit from Continuing Operations before Taxes Net Finance Expense D&A Adjustments Non-Controllable Controllable 41 10 Adjusted Adjusted 53 EBITDA* EBITDA* 15 $722 17 16 $703 (91) (42) 54 94 378 360 165 229 125 20 Adjusted EBITDA Net Increase Increa
Slide 13: Copper Segment
COPPER SEGMENT Established operations performing in line with guidance Q2 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* Q2 2025A US$4.36/lb 109 kt 102 kt $1,454M US$2.02/lb $673
Slide 14: Zinc Segment
ZINC SEGMENT Higher profitability reflects strong performance at Red Dog and Trail Operations Q2 2025 Performance1 Gross Profit Zinc Red Dog Zinc Red Dog Refined Zinc Refined Zinc Net Cash Gross Profit Gross Margin Before Realized Price Production Zinc Sales Production Sales Revenue Unit Cost* Befor
Slide 15: Strong Track Record of Cash Returns to Shareholders
STRONG TRACK RECORD OF CASH RETURNS TO SHAREHOLDERS Reflects elevated daily share buyback levels in Q2 2025 Historical Cash Returns to Shareholders ($M) Additional Cash Returns to Shareholders ~$6.0B ~$2.2B2 returned to shareholders since 20201 in authorized share buybacks completed from $3.25B prog
Slide 16: Maintaining a Resilient Balance Sheet
MAINTAINING A RESILIENT BALANCE SHEET Deploying cash for share buybacks and sanctioning of projects under capital allocation framework Cash Position Strong Liquidity Debt Repayments1 (US$M) As at July 23, 2025 As at July 23, 2025 US$2B debt reduction since 2024; further de-levering via QB loan amort
Slide 17: Closing Remarks
CLOSING REMARKS Jonathan Price President and Chief Executive Officer 17
Slide 18: Focus on Our Value Creation Priorities
FOCUS ON OUR VALUE CREATION PRIORITIES Balancing growth and cash returns to shareholders 1 Ramp-up QB to steady state, including the molybdenum plant 2 Grow copper production, reduce unit costs, and improve margins 3 Continue to execute on the authorized share buyback 4 Progress value-accretive copp
Slide 19: Illustrative Accretive Growth on Per-Share Metrics
ILLUSTRATIVE ACCRETIVE GROWTH ON PER-SHARE METRICS Compound impact of copper growth and authorized share buybacks Stabilized QB and Share Buyback Program +33-50% QB Ramp Up +54% 2023 2024 2026E Long-Term (Est) Copper Production (kt Cu) 296 446 550-620 800+ 9.8M shares Shares Outstanding1 (M Shares)
Slide 20: Reference
Teck REFERENCE
Slide 21: Copper Guidance
COPPER GUIDANCE Expect higher copper production and lower net cash unit costs in 2025 Copper Production1,2 (kt) Net Cash Unit Costs*,1,3 (US$/lb) Quebrada Blanca Highland Valley Antamina (22.5%) Carmen de Andacollo 550-620 530-600 2.20 470-525 45-55 475-545 1.87 1.90-2.05 45-55 446 45-55 95-105 85-9
Slide 22: Zinc Guidance
ZINC GUIDANCE Reflects declining grades at Red Dog – advancing studies for mine life extension Zinc Production1,2 (kt) Net Cash Unit Costs*,1,3 (US$/lb) Red Dog Sales1 (kt) Red Dog Antamina (22.5%) 200-250 616 0.55 525-575 0.45-0.55 60 465-525 95-105 400-445 0.39 55-65 335-375 35-45 45-55 556 430-47
Slide 23: Sensitivities
SENSITIVITIES Estimated Effect of Changes on our Annualized Profitability1 ($M) Estimated Effect on 2025 Mid-Range Profit Attributable Estimated Effect on Production Estimates2 to Shareholders3 Adjusted EBITDA*, 3 (kt) Changes ($M) ($M) US$ exchange C$0.01 $ 23 $ 47 Copper 497.5 US$0.01/lb 8 14 Zinc
Slide 24: Settlement Pricing Adjustments
SETTLEMENT PRICING ADJUSTMENTS Simplified Settlement Pricing Adjustment Model Total Reported Settlement Pricing Adjustments (Pre-tax settlement pricing adjustment in C$M) (Pre-tax settlement pricing adjustment in C$M) 300 Outstanding at Outstanding at Quarterly Pricing 230 June 30, 2025 March 31, 20
Slide 25: Electrification Remains Crucial for Copper
ELECTRICIFICATION REMAINS CRUCIAL FOR COPPER Expect a more electricity-intensive phase of growth Electricity Intensity1 Solar Capacity Additions2 Electricity Demand 20233 (kt copper; TWh) (GW) (TWh) Electricity (RHS) Copper (LHS) China Ex-China 9000 18000 1000 China Many ex-China additions will USA
Slide 26: China's Economy Showing Relative Resilience
CHINA’S ECONOMY SHOWING RELATIVE RESILIENCE Manufacturing still outperforming, exports robust, property a drag Selected May China Metrics1 (% change Y/Y) China Exports2 (% change Y/Y) New Home Industrial Retail Manufacturing Infrastructure Prices PPI CPI Exports Production Sales Investment Investmen
Slide 27: China Continues to Lead the Energy Transition
CHINA CONTINUES TO LEAD THE ENERGY TRANSITION 2025 on pace to be another year of positive momentum China Cumulative Solar Production1 Electricity Share of Energy Supply2 Global Electrification Scenarios3 (Billion KwH) (%) (Exajoules) 450 2024 23 China Accelerated electrification scenario 400 42 (30%
Slide 28: Copper Market Fundamentals
COPPER MARKET FUNDAMENTALS Short-Term Long-Term • Copper treatment and refining charges stabilized at • Copper is the linchpin of global electrification, as record lows the most effective way to move electrons around • Smelting capacity additions continue to outpace • Expect a more electricity-inten
Slide 29: 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 30: Endnotes
ENDNOTES SLIDE 4: Q2 2025 HIGHLIGHTS SLIDE 13: COPPER SEGMENT 1. As at July 23, 2025. See Teck’s Q2 2025 press release and Q2 2025 Management’s Discussion and Analysis (MD&A) for further 1. As at July 23, 2025. See Teck’s Q2 2025 press release, Q2 2025 MD&A, and most recent Annual Information Form f
Slide 31: Endnotes
ENDNOTES SLIDE 23: COPPER GUIDANCE SLIDE 27: ELECTRICIFICATION REMAINS CRUCIAL FOR COPPER 1. As at July 23, 2025. See Teck’s Q2 2025 press release, Q2 2025 MD&A, and most recent Annual Information Form for further 1. Source: ICSG, Energy Institute. details. 2. Source: NBS, Teck. 2. Metal contained i
Slide 32: 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 33: Second Quarter 2025 Conference Call
SECOND QUARTER 2025 CONFERENCE CALL July 24, 2025