Teck Resources Limited Class A · TSX:TECK.A
Teck Resources Limited Class A — Investor Presentation (February 2026)
37 slides from Teck Resources Limited Class A's investor presentation, Feb 23, 2026
Slide 1: Investor Presentation
INVESTOR PRESENTATION February 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: Table of Contents
TABLE OF CONTENTS Merger of Equals Q4 2025 Conference Call 3
Slide 4: Merger of Equals with Anglo American
MERGER OF EQUALS WITH ANGLO AMERICAN 4
Slide 5: Significant Transformation Since 2022
SIGNIFICANT TRANSFORMATION SINCE 2022 Strong delivery against our strategy Key Achievements Refocused portfolio on critical minerals Exited energy and steelmaking coal • Exited our interest in Fort • Completed QB • Sanctioned Highland Hills (oil sands) for value construction Valley Mine Life busines
Slide 6: Value Creation Through Merger of Equals
VALUE CREATION THROUGH MERGER OF EQUALS Opportunity to participate in World-class portfolio and Compelling value creation Top 5 global copper producer, future value creation improved growth prospects through synergies with significant re-rating potential • Maintain full investment and • Near-term de
Slide 7: Unlocking the Full Potential of QB-Collahuasi
UNLOCKING THE FULL POTENTIAL OF QB-COLLAHUASI Value accretive additional production from one of the largest copper complexes QB plant Collahuasi Ore Reserve grade 0.96% TCu2 44% Anglo American QB Mineral Reserve grade 0.52%1 60% Teck Additional Production Underlying EBITDA* Uplift Capital Efficient
Slide 8: Unpacking QB–Collahuasi Incremental Production
UNPACKING QB–COLLAHUASI INCREMENTAL PRODUCTION Value-accretive, capital efficient additional production Illustrative QB Production 1 Grade • Collahuasi reserve grade at 0.96%1, higher than QB reserve grade at 0.52%2 ~+175kt 2 Throughput • One line of the plant will be fed with ore from Collahuasi wi
Slide 9: Creating One of the Largest Global Copper Complexes
CREATING ONE OF THE LARGEST GLOBAL COPPER COMPLEXES QB-Collahuasi could be a leading global producer for decades 2030 Copper Production1 Copper Resources4 ~QB-Collahuasi incremental production2 3 ~Los Bronces-Andina adjacency3 4 Measured and Indicated Inferred Resource grade and tonnages are inclusi
Slide 10: Merger of Equals Has Multiple Value Drivers
MERGER OF EQUALS HAS MULTIPLE VALUE DRIVERS From synergies and near-term asset optimization to future growth optionality Corporate synergies Near-term growth through Medium-term capital Future growth asset optimization2 efficient adjacencies optionality Corporate, Business QB Debottlenecking QB + Co
Slide 11: Merger of Equals Will Drive Significant Value
MERGER OF EQUALS WILL DRIVE SIGNIFICANT VALUE Strong EBITDA* growth from combined Anglo Teck Highly capital efficient incremental copper tonnes Anglo Teck Anglo Teck EBITDA* Corporate Synergies Low capital growth through Adjacencies incl. Future Growth Optionality Anglo Teck Potential optimization Q
Slide 12: 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 13: Merger Timeline and Approvals
MERGER TIMELINE AND APPROVALS Continue to expect closing 12-18 months from announcement Closing & Effective Dates + • Expected 12-18 months from announcement, • Subject to regulatory approval and customary Shareholders of both companies closing conditions, including: voted in support of the merger ─
Slide 14: Fourth Quarter 2025 Conference Call
FOURTH QUARTER 2025 CONFERENCE CALL 14
Slide 15: Full Year and Q4 2025 Highlights
FULL YEAR AND Q4 2025 HIGHLIGHTS Creating a global leader in critical minerals ✓ Announced transformational merger of equals with Anglo American to create top 5 copper producer ✓ Results in line with our revised operational guidance — no change to our previously disclosed guidance ✓ Strong progress
Slide 16: Strong Safety Performance in 2025
STRONG SAFETY PERFORMANCE IN 2025 • Annual HPI frequency rate declined 50% at Teck-Controlled High Potential Incident (HPI) Teck-controlled operations, equal to our Performance1 (per 200,000 hours worked) best annual result Including QB2 Project Excluding QB2 Project Ongoing Commitment to Sustainabi
Slide 17: Strongest Quarter of the Year at QB
STRONGEST QUARTER OF THE YEAR AT QB Q4 2025 performance supports delivery of 2026 guidance Mill Availability (%) Asset Utilization (%) 2026 Guidance High: 86.0% Low: 80.0% 93.4% 97.8% 89.1% 88.9% 82.9% 81.4% 64.8% 61.9% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Throughput (ktpd) Recovery (%) 2026 Guidance 2026 Guidan
Slide 18: Advancing QB TMF Development Plans
ADVANCING QB TMF DEVELOPMENT PLANS Allowing for progress towards steady state Q4 2025 Year End 2026 • Rock Bench 4 construction underway — • Completion of Rock Bench 4 and 5 completion targeted in Q1 2026 • Accelerate sand dam construction and move to • Completed installation of alternative cyclone
Slide 19: Progressing Against QB TMF Development
PROGRESSING AGAINST QB TMF DEVELOPMENT 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
Slide 20: Unchanged Guidance for Teck-Operated Sites
UNCHANGED GUIDANCE FOR TECK-OPERATED SITES Copper Production1,2 (kt) Zinc Production1,4 (kt) Quebrada Blanca Highland Valley Antamina (22.5%) Carmen de Andacollo Zinc in Concentrate (kt) Refined Zinc (kt) Red Dog Antamina (22.5%) 95-105 505-580 260-300 260-300 455-530 45-55 435-510 565 454 230 430-4
Slide 21: Maintaining a Resilient Balance Sheet
MAINTAINING A RESILIENT BALANCE SHEET Strong liquidity and cash balance — returned to net cash position Shareholder Returns Strong Liquidity Debt Repayments1 (US$M) Full Year 2025 As at February 18, 2026 US$2B debt reduction since 2024; ongoing de-levering via QB loan amortization C$1.3B C$9.3B US$1
Slide 22: Operating Cash Flow Outlook
OPERATING CASH FLOW OUTLOOK Strong operating cash flow conversion, particularly at QB Illustrative 2026 EBITDA* from Operations1 (C$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 0.8 $6.9B $6.00 2.
Slide 23: Robust Long-Term Copper Market Fundamentals
ROBUST LONG-TERM COPPER MARKET FUNDAMENTALS Quarterly copper prices >US$5.00/lb for the first time in Q4 2025 Strong copper prices1 (US$/lb) Long-term Copper Market Fundamentals 6.50 Q1 2026 QTD1 6.00 US$5.89/lb Global Economic Growth 5.50 Ongoing urbanisation and population growth, coupled with ris
Slide 24: Our Key Near-Term Priorities
OUR KEY NEAR-TERM PRIORITIES Focused on driving value for shareholders Outstanding value creation through merger of equals with Anglo American Advancing regulatory approvals and integration planning Focusing on safe, stable operational performance Delivering against guidance Realizing the full value
Slide 25: Reference
REFERENCE 25
Slide 26: Copper Guidance
COPPER GUIDANCE Copper Production1,2 (kt) Net Cash Unit Costs*,1,3 (US$/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 27: Zinc Guidance
ZINC GUIDANCE Zinc Production1,2 (kt) Net Cash Unit Costs*,1,3 (US$/lb) Red Dog Sales1 (kt) Red Dog Antamina (22.5%) 137 616 Antamina 2026E declined 20kt, 60 565 reflecting an updated mine plan 102 410-460 365-415 35-45 275-325 35-45 0.65-0.75 556 375-415 45-55 40-50 463 330-370 0.39 0.33 230-270 20
Slide 28: 2026 Capital Guidance
2026 CAPITAL GUIDANCE Driven by HVC MLE and QB TMF development work Sustaining Capital & Capitalized Stripping1 (C$M) Total Growth Capital1,2 (C$M) Sustaining Capital Capitalized Stripping QB TMF Copper Zinc HVC MLE 1,470-1,880 1,755-2,060 390-460 1,245 900-1,200 455-560 348 801 224 330 200-250 910-
Slide 29: 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 have headed lower into 2026, with supply of effective w
Slide 30: Demand Growth and Constrained Supply Drive Deficits
DEMAND GROWTH AND CONSTRAINED SUPPLY DRIVE DEFICITS Potential for elevated pricing in a metal intensive future Long Term Demand Growth, Copper vs. Electricity1 Copper Demand from Green Energy2 (kt) 8,000 Electric Vehicles Offshore Wind 6,000 Grid 4,000 Onshore Wind Solar 2,000 - 2025 2026 2027 2028
Slide 31: 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 32: Global Electrification Accelerated Through 2025
GLOBAL ELECTRIFICATION ACCELERATED THROUGH 2025 China continues to lead the energy transition but other regions are catching up China Cumulative Grid Investment1 India Electricity Generation by Fuel2 EV Sales by Region3 (Bn CNY) (% y/y) (% y/y) China’s state grid plans to 2025 India’s coal-powered 2
Slide 33: 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) Nov-25 Dec-25 2025 2050 Modelled 27.4 26.6 20.3 7.2 Industrial Production 7.8 11.9 5.6 6.5 8.5
Slide 34: External Demand Driving China's Economic Growth
EXTERNAL DEMAND DRIVING CHINA'S ECONOMIC GROWTH Electrification and manufacturing are bright spots for metal demand Selected China Metrics1 (% change Y/Y) Nov Dec Electricity Property FAI excl Retail Electricity Consumption Manufacturing Industrial Automobile Investment (YTD) rural (YTD) PPI Sales C
Slide 35: Endnotes
ENDNOTES SLIDE 5: SIGNIFICANT TRANSFORMATION SINCE 2022 SLIDE 12: MERGER OF EQUALS TO CREATE A LEADING CRITICAL MINERALS CHAMPION 1. Production mix is based on consolidated copper production of 256kt, zinc production of 651kt, steelmaking coal production of 1. Production mix is based on assumed copp
Slide 36: Endnotes
ENDNOTES SLIDE 22: OPERATING CASH FLOW OUTLOOK SLIDE 28: 2026 CAPITAL GUIDANCE 1. Illustrative EBITDA and operating cash flows using midpoint of production guidance for 2026 as at February 18, 2026. Copper price 1. As at February 18, 2026. See Teck’s Q4 2025 press release, Q4 2025 MD&A, and most rec
Slide 37: 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
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