Teck Resources Limited Class A · TSX:TECK.A
Teck Resources Limited Class A — Investor Presentation (November 2025)
41 slides from Teck Resources Limited Class A's investor presentation, Nov 14, 2025
Slide 1: Investor Presentation
INVESTOR PRESENTATION November 14, 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 Delivering Shareholder Value Strong Financial Outlook Future Value Creation Opportunities 3
Slide 4: Delivering Shareholder Value
DELIVERING SHAREHOLDER VALUE 4
Slide 5: Delivering Value for Shareholders
DELIVERING VALUE FOR SHAREHOLDERS A foundation of world-class copper and zinc operations in the Americas Focus on operational excellence and delivery against revised operational plans Growth optionality from value-accretive copper projects in established mining jurisdictions Ongoing commitment to he
Slide 6: 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 7: Outstanding Value Creation Through Merger of Equals
OUTSTANDING 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 •
Slide 8: Foundation of World-Class Operations
FOUNDATION OF WORLD-CLASS OPERATIONS Critical minerals assets in established mining jurisdictions Top 10 copper producer operating in the Americas 1 Tier 1 Tier 1 1 2 Quebrada Blanca Highland Valley Antamina Carmen de Andacollo 60% ownership 100% ownership 22.5% ownership 90% ownership Potential to
Slide 9: Portfolio of Value-Accretive Copper Projects
PORTFOLIO OF VALUE-ACCRETIVE COPPER PROJECTS Growth optionality focused in the Americas North America Latin America Galore Creek QB Optimization, Debottlenecking & Cu-Au-Ag | Greenfield | British Columbia | 50% ownership Future Growth Opportunities Large, high-quality open-pit Cu-Mo-Ag | Brownfield
Slide 10: 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 0.32 year-to-date b
Slide 11: Focus on Operational Excellence
FOCUS ON OPERATIONAL EXCELLENCE Strengthening discipline in planning and performance 1 2 Achievable plans Execute on Completed Comprehensive Operational Review commitments across all operations Continuous Established Based on Verified by Strengthened Establish improvement risk-adjusted demonstrated
Slide 12: Strong Financial Outlook
STRONG FINANCIAL OUTLOOK 12
Slide 13: Achievable Approach to Operating Plans
ACHIEVABLE APPROACH TO OPERATING PLANS Informed revised guidance ranges Revised Guidance Key Parameters Updated to reflect operational plans Guidance set on Range Analysis proven performance with work on-going to Risk-based approach achieve design rates Operating Plans based on key operating variabl
Slide 14: Proven Resilience and Financial Stability
PROVEN RESILIENCE AND FINANCIAL STABILITY Strong foundation for value delivery Expanding margins – increasing production profile, while copper unit costs are expected to decline Strong cash flow generation – revised outlook continues to highlight strong potential of our business Declining capital pr
Slide 15: Near-Term Margin Expansion
NEAR-TERM MARGIN EXPANSION Targeting cost reduction in a constructive copper price environment Increasing copper and molybdenum production1 Structural Improvement at QB 700 505-580 14 600 446 455-530 12 Increasing copper production profile and by-product credits 500 415-465 10 400 8 300 7.4-8.8 6 20
Slide 16: Teck Operating Cash Flow Outlook
TECK OPERATING CASH FLOW OUTLOOK Strong operating cash flow conversion, particularly at QB Illustrative 2027 EBITDA* from Operations1 (C$B) Illustrative 2027 Operating Cash Flow1,2 (C$B) Copper price Copper ex-QB Zinc QB Copper price Copper ex-QB Zinc QB (US$/lb) (US$/lb) $5.25 2.9 0.4 2.6 5.9 $5.25
Slide 17: Near-Term Capital Profile Outlook
NEAR-TERM CAPITAL PROFILE OUTLOOK Decreasing near-term capital profile as HVC MLE investments progress Illustrative Annual Capital Expenditures1 (C$B) Base Sustaining and Stripping • Base annual average sustaining and capitalized stripping of ~$1.35B over the next three years (45)% QB TMF Developmen
Slide 18: Resilient Balance Sheet Provides Flexibility
RESILIENT BALANCE SHEET PROVIDES FLEXIBILITY >$5 billion of cash with no significant near-term maturities Liquidity Cash No significant near-term maturities1 (US$M) As at October 21, 2025 As at October 31, 2025 C$9.5B C$5.3B 294 142 242 Net Debt* Credit Ratings 147 180 190 167 As at September 30, 20
Slide 19: Proven Track Record of Shareholder Returns
PROVEN TRACK RECORD OF SHAREHOLDER RETURNS Delivering material shareholder returns Historical Cash Returns to Shareholders ($M) Shareholder Returns since 2022 Delivering return of capital to shareholders $5.7B Accretive share buybacks 73.2M | C$53/sh 1,392 1,240 shares repurchased average price paid
Slide 20: Future Value Creation Opportunities
FUTURE VALUE CREATION OPPORTUNITIES 20
Slide 21: QB Has Potential for Multiple Expansions
QB HAS POTENTIAL FOR MULTIPLE EXPANSIONS Staged copper growth opportunities unlock significant incremental value Optimization Debottlenecking QB/Collahuasi Adjacency Future Growth Opportunities • Target stable production of up to • ~US$4,000/t Cu capital intensity • Most value accretive expansion •
Slide 22: 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 23: 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 24: 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 25: 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 optimization efficient adjacencies optionality Corporate, Business QB Debottlenecking QB + Col
Slide 26: Merger of Equals Will Drive Significant Value
MERGER OF EQUALS WILL DRIVE SIGNIFICANT VALUE Strong EBITDA* growth from combined Anglo Teck Anglo Teck Anglo Teck EBITDA* Corporate Synergies Low capital growth through Adjacencies incl. Future Growth Optionality Anglo Teck Potential optimization QB/Collahuasi and LB/Andina Near-term Priorities Fut
Slide 27: 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 the significant value creation opportunity Focusing on operational excellence Strengthening discipline in planning and performance, following Compr
Slide 28: Appendix
APPENDIX 28
Slide 29: Merger Timeline and Approvals
MERGER TIMELINE AND APPROVALS Circular publication and mailing expected next week 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 • Sub
Slide 30: 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 31: 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 32: 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 33: 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 34: 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 35: 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 36: Zinc Guidance
ZINC GUIDANCE Zinc Production1,2 (kt) Net Cash Unit Costs*,1,3 (US$/lb) Red Dog Sales1 (kt) Red Dog Antamina (22.5%) 0.65-0.75 273 616 525-575 0.55 60 0.45-0.55 95-105 430-480 55-65 365-415 0.39 35-45 275-325 125-140 0.70 556 430-470 375-415 45-55 330-370 230-270 2024 2025E 2026E 2027E 2028E 2023 20
Slide 37: Sensitivities
SENSITIVITIES Estimated Effect of Changes on our Annualized Profitability1 ($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 38: Endnotes
ENDNOTES DELIVERING SHAREHOLDER VALUE STRONG FINANCIAL OUTLOOK SLIDE 6: SIGNIFICANT TRANSFORMATION SINCE 2022 SLIDE 14: PROVEN RESILIENCE AND FINANCIAL STABILITY 1. Production mix is based on consolidated copper production of 256kt, zinc production of 651kt, steelmaking coal production of 1. As at O
Slide 39: Endnotes
ENDNOTES FUTURE VALUE CREATION OPPORTUNITIES APPENDIX SLIDE 21: QB HAS POTENTIAL FOR MULTIPLE EXPANSIONS SLIDE 29: MERGER TIMELINE AND APPROVALS 1. See Teck’s Q3 2025 press release and Q3 2025 MD&A for further details. 1. LSE as equity shares (commercial companies). NYSE to be implemented as a listi
Slide 40: Endnotes
ENDNOTES SLIDE 35: COPPER GUIDANCE 1. As at October 21, 2025. See Teck’s Q3 2025 press release, Q3 2025 MD&A, and most recent Annual Information Form for further details. 2. Metal contained in concentrate. We include 100% of production from our Quebrada Blanca and Carmen de Andacollo mines in our pr
Slide 41: 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
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