Teck Resources Limited Class A · TSX:TECK.A
Teck Resources Limited Class A — Global Metals and Mining Conference 2023 - QB Operations Site Visit
121 slides from Teck Resources Limited Class A's conference presentation, Nov 6, 2023
Slide 1: QB Operations Site Visit
QB Operations Site Visit November 6-8, 2023 Global Metals and Mining Conference
Slide 2: Welcome and Introductions
Welcome and Introductions November 6, 2023 H. Fraser Phillips Senior Vice President Investor Relations and Strategic Analysis Global Metals and Mining Conference
Slide 3: Safety Briefing
Safety Briefing Global Metals and Mining Conference
Slide 4: ¡Bienvenidos a Chile!
¡Bienvenidos a Chile! Global Metals and Mining Conference
Slide 5: Agenda
Agenda All times Santiago 1:00pm-1:05pm Welcome and Introductions Fraser Phillips, SVP, Investor Relations and Strategic Analysis Strategy 1:05pm-1:30pm Overview and Strategy Jonathan Price, President and Chief Executive Officer 1:30pm-1:45pm Financial Overview Crystal Prystai, SVP and Chief Financi
Slide 6: Agenda
Agenda All times Santiago QB and Copper Growth 2:15pm-2:30pm Introduction to QB Jonathan Price, President and Chief Executive Officer 2:30pm-2:50pm Teck: Chile’s Partner of Choice Amparo Cornejo, VP, South America 2:50pm-3:15pm QB Operations Shehzad Bharmal, SVP, Base Metals 3:15pm-3:30pm Market Out
Slide 7: 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 8: Overview and Strategy
Overview and Strategy November 6, 2023 Jonathan Price President and Chief Executive Officer Global Metals and Mining Conference
Slide 9: Overview
Overview QB2 Operational Capital Expenditures Performance Global Metals and Mining Conference 2
Slide 10: Foundations for Growth
Foundations for Growth Establishing a track record of reliability, efficiency and predictability Near-term priorities focused on: Construction of QB2 Ramp Up & Stabilize Production at QB Operational Delivery • Molybdenum plant construction • Continue ramp up to full production by • Deliver strong op
Slide 11: Value Creation Strategy
Value Creation Strategy Maximize long-term sustainable shareholder value Focus on Unlock the value of Balance growth Sustainability execution industry leading and cash returns leadership copper growth to shareholders Global Metals and Mining Conference 4
Slide 12: Continuing our Pursuit of Value
Continuing our Pursuit of Value Focus on value creation Drive organic growth Engaging a number of for shareholders through development of our counterparties copper growth pipeline on proposals regarding the steelmaking coal business Separation Objectives • Full separation of Teck’s base metals and s
Slide 13: QB is a Transformational Asset
QB is a Transformational Asset QB increases copper production… …. drives Teck’s leading copper growth… … and propels Teck into the 1st quartile on the Cu cost curve Consensus consolidated copper production1 Copper growth 2022A–2025E2 WoodMac Cost Curve 2024E3 Teck Teck 62% 133% 548 338 Teck ex-QB Di
Slide 14: Scale of QB Resource Makes it a Multi-Generational Asset
Scale of QB Resource Makes it a Multi-Generational Asset QB resources1 are large compared with peers… ….and QB Operations uses ~18% of the reserves and resource tonnage2 Resources – million metric tonnes of contained copper Measured + Indicated Inferred Escondida Collahuasi Cobre Quellaveco Kansansh
Slide 15: Unrivalled Copper Growth Opportunities
Unrivalled Copper Growth Opportunities Multiple pathways to value creation Potential Annual CuEq Production Growth (kt; reporting basis; first 5 years average annual production by asset) Current Operating Assets Near-Term Development Options Investing Today For Longer-Term Growth Suite of options di
Slide 16: Disciplined Capital Allocation Framework
Disciplined Capital Allocation Framework Commitment to return 30-100% of available cash flow to shareholders Cash Flow Sustaining Base Supplemental from Operations Capital Dividend Shareholder Distributions including stripping $0.50 per share minimum 30% available cash flow RETURNS after interest an
Slide 17: Being a Responsible Miner Creates Value
Being a Responsible Miner Creates Value Critical Sustainability Goals Recognized ESG Performance1 2nd in the 2022 S&P Global Prime Rating for ESG Corporate Sustainability performance; top decile in the Assessment metals and mining mining and integrated production industry as of March 17, 2023 indust
Slide 18: Value Creation Strategy
Value Creation Strategy Capitalizing on strong demand in the transition to a low-carbon economy Focus on Unlock the value of execution industry leading copper growth Long-term sustainable Balance growth Sustainability shareholder and cash returns to shareholders leadership value Global Metals and Mi
Slide 19: Appendix
Appendix Global Metals and Mining Conference
Slide 20: Endnotes
Endnotes Slide 6: QB is a Transformational Asset 1. Consensus copper production from Factset estimates, October 30, 2023. 2. Source: Wood Mackenzie base case (attributable) copper production dataset, Consolidated production estimates were derived based on accounting standards for consolidation for T
Slide 21: Non-GAAP Financial Measures and Ratios
Non-GAAP Financial Measures and Ratios Global Metals and Mining Conference
Slide 22: Non-GAAP Financial Measures and Ratios
Non-GAAP Financial Measures and Ratios 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,
Slide 23: Financial Overview
Financial Overview November 6, 2023 Crystal Prystai Senior Vice President and Chief Financial Officer Karla Mills Senior Vice President, Projects Global Metals and Mining Conference
Slide 24: Agenda
Agenda 1 Revisions to QB2 capital cost estimates 2 QB capital expenditure and accounting 3 Going forward – strong EBITDA generation and resilient balance sheet Global Metals and Mining Conference 2
Slide 25: Revisions to QB2 Capital Cost Estimate
Revisions to QB2 Capital Cost Estimate Project capital impacts Growth in capital by project area, including COVID-19 impact costs Growth Capital, US$B Growth Capital, US$B $8.6-$8.8 $8.6-$8.8 Non $1.9-$2.1 COVID-19 Costs $1.5 COVID-19 Costs $5.2 Initial Project $5.2 Capital Estimate1 Initial Project
Slide 26: Q3 2023 Revisions to QB2 Capital Cost Estimate
Q3 2023 Revisions to QB2 Capital Cost Estimate $8.6-8.8B In Q3 2023, project capital guidance at QB was increased to US$8.6 to 8.8B, from US$8.0 to 8.2B. ~50% of the increase due to: • Change in scope – additional contractors at port • Demobilization delay – currently 3,000 construction and commissi
Slide 27: QB2 Capital Expenditure
QB2 Capital Expenditure Growth capital Ramp-up capital Growth capital expenditure and forecast US$ Ramp-up capital expenditure and forecast C$ US$700-900m US$8.6- 8.8B ~C$80-100m ~C$650 – 670m 1,391 Guidance: C$561m Q4 2023: $300-400m 2024: $400-500m 2022 2,349 Q3 374 2021 2,000 2020 1,227 Q2 115 20
Slide 28: Impact of IFRS: QB2 Ramp Up Capital
Impact of IFRS: QB2 Ramp Up Capital New IFRS (2022) Old IFRS (prior to 2022) Capitalized on the Higher amount capitalized: Lower amount capitalized: Balance Sheet + 100% operating costs before copper production + 100% operating costs before copper production (operational readiness costs until first
Slide 29: QB Underpins Strong Earnings Potential
QB Underpins Strong Earnings Potential QB guidance and forward estimates Illustrative QB EBITDA scenarios at full production2 QB EBITDA, C$ 2024-2026 Guidance $2.6B Production kt 285 – 315 $2.2B $1.7B Estimates at Full Production1 Sustaining Capital3 US$/lb 0.20 Net Cash Unit Costs US$/lb 1.40 – 1.6
Slide 30: Robust EBITDA Generation and Resilient Balance Sheet
Robust EBITDA Generation and Resilient Balance Sheet Strong EBITDA generation from base metals Investment grade credit metrics & strong liquidity No note maturities until 2030 Illustrative Annual EBITDA (C$B) Moody’s Fitch S&P Notes Outstanding QB2 Project Finance Facility Baa3 BBB- BBB- 797 +$0.9 $
Slide 31: QB Financial Highlights
QB Financial Highlights • Doubles copper equivalent production • Transformative EBITDA generation potential • $1.7-2.6B of annual EBITDA at full production, depending on copper prices. • Low-cost production in the first quartile of the cost curve • Low strip ratio – reducing capitalized waste stripp
Slide 32: Appendix
Appendix Global Metals and Mining Conference
Slide 33: QB Accounting and Payment Hierarchy
QB Accounting and Payment Hierarchy Income Statement1 Presentation Cash Flow Statement / Balance Sheet Presentation QB QB Profit from Operations Cash Flow From recorded at 100% Operations Recorded at 100% 1st priority Project Finance Repayments2 EBITDA reported at 100% basis US$2.4B 2nd priority Rep
Slide 34: Non-GAAP Financial Measures and Ratios
Non-GAAP Financial Measures and Ratios Global Metals and Mining Conference
Slide 35: Non-GAAP Financial Measures and Ratios
Non-GAAP Financial Measures and Ratios 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,
Slide 36: Question & Answer Session
Question & Answer Session Global Metals and Mining Conference
Slide 37: Introduction to QB
Introduction to QB November 6, 2023 Jonathan Price President and Chief Executive Officer Global Metals and Mining Conference
Slide 38: World Class, Tier 1 Asset
World Class, Tier 1 Asset • Large-scale producing asset with fully integrated infrastructure • First mining project in region to use 100% desalinated water; and by 2025 will use 100% renewable power • Low strip ratio of 0.73 to 1 – one of the lowest in industry • High-quality feed and product: - 0.6
Slide 39: Built for Resilience and Consistent Returns
Built for Resilience and Consistent Returns Jetty Port Area Pipelines Concentrator Tailings Facility Power Built above tsunami Redundancy built-in Built to safely deliver Robust copper and Well established Connected to grid for levels with deep piles to ensure water water up to the mine molybdenum s
Slide 40: QB Operations and Copper Growth
QB Operations and Copper Growth Teck: Chile’s Market Outlook and Partner of Choice Commercial Overview QB Operations Copper Growth Global Metals and Mining Conference 4
Slide 41: Teck: Chile's Partner of Choice
Teck: Chile’s Partner of Choice November 6, 2023 Amparo Cornejo Vice President, South America Global Metals and Mining Conference 0
Slide 42: Geopolitical Context
Geopolitical Context Economic Stability • Strong and stable monetary and fiscal policies • Competitive policies and regulations Mining Regulation • Tax credits for projects focused on emission reduction and water efficiency • Permit paperwork for mining projects reduced by 30% Constitutional Process
Slide 43: Mining Royalty Law Provides Certainty and Maintains Competitiveness
Mining Royalty Law Provides Certainty and Maintains Competitiveness New royalty approved • New tax structure will come into effect on January 1, 2024 • Expected to raise 0.45% of GDP, which is equivalent to ~US$1.35 billion • US$450 million will be distributed directly to promote productive developm
Slide 44: QBME: Environmental Approval Process
QBME: Environmental Approval Process • DIA submitted in January 2023 • No issues or concerns raised during the evaluation process • Later in the process received comments from some services • Decision to withdraw it from the system to address regulators concerns • Opportunity to revisit application
Slide 45: QB: Responsible Mining That Creates Value
QB: Responsible Mining That Creates Value Critical Sustainability Goals Focus on Enhancing Protection of the Promotion of Strengthening Protecting Desalinated Water relations with Environment and Inclusion and Local Cultural Heritage and Renewable Communities Biodiversity Diversity Employment Power
Slide 46: Focus on Desalinated Water and Renewable Power
Focus on Desalinated Water and Renewable Power • First desalination plant in the Tarapacá Region • QB is the first mining company to return its water rights to the state of Chile for conservation • 100% clean and renewable energy from 2025 • QB Operations in the top decile for performance on average
Slide 47: Enhancing Relations with Communities and Indigenous People
Enhancing Relations with Communities and Indigenous People • Established long-term agreements with Indigenous communities • Early dialogue with communities since 2012, i.e., 11 years prior to first copper • 17 agreements with Indigenous Communities and Fishermen’s Unions • 28 working tables along th
Slide 48: Protection of the Environment and Biodiversity
Protection of the Environment and Biodiversity • Adjusted pipelines and high voltage line to protect Metharme lanata plant species • Designated 80 hectares for the protection of the Sternula lorata (Little Tern / Gaviotín chico) • Work with community of Ollague to protect biodiversity • Fondo Natura
Slide 49: Promotion of Inclusion and Diversity
Promotion of Inclusion and Diversity • Gender perspective for hiring workforce • ~1 in 3 employees at the operation are women, significantly above the mining industry norm • Tailored training for women with no previous mining experience, setting new industry standards Global Metals and Mining Confer
Slide 50: Strengthening Local Employment
Strengthening Local Employment • Mining project focused on regional employment and talent training • An average 42% of our workforce is local, enhancing regional skills with training • Our local employment strategy further strengthens local supplier capacities Global Metals and Mining Conference 10
Slide 51: Protecting Cultural Heritage
Protecting Cultural Heritage • Teck is demonstrating that a productive project can coexist with heritage conservation • Archaeological monitoring and workforce training • Workforce education • >50,000 artifacts collected • Partnered with the National Monuments Council, safeguarding 400+ sites includ
Slide 52: Archaeological Findings in QB Port Area (2020)
Archaeological Findings in QB Port Area (2020) Global Metals and Mining Conference 12
Slide 53: Teck is Well Positioned to Deliver Value in Latin America
Teck is Well Positioned to Deliver Value in Latin America QB Operations will double our current consolidated copper production in a world with increasing needs of materials for achieving decarbonization Strong relationship with the authorities and regulators even with changes in government with oppo
Slide 54: QB Operations
QB Operations November 6, 2023 Shehzad Bharmal Senior Vice President, Base Metals Global Metals and Mining Conference 0
Slide 55: Structurally-Advantaged Asset now Operationalized
Structurally-Advantaged Asset now Operationalized Focused on execution • Large, long-life deposit capable of supporting multiple expansions Multi-generational resource; • Massive copper mineral endowment beneficial cost structure • Competitive C1 cash costs and very low strip ratio • Focus: throughp
Slide 56: Scale of Resource Makes it a Multi-Generational Asset
Scale of Resource Makes it a Multi-Generational Asset Current QB Operations plan only utilizes ~18% of 2022 reserves and resources1 Copper Grade Global Metals and Mining Conference November 2022 Resource Block Model MII Resources 3
Slide 57: QB New Operational Phase
QB New Operational Phase Iquique Quebrada Blanca Concentrator Plant Operation Processing capacity MINE AREA 140,000 t/day of ore . Autonomous Transport System Substation Equipment remotely operated from the IOC in Santiago Crusher Desalinated Copper water concentrate Truck Shop Integrated Water pipe
Slide 58: QB Operations Flowsheet Port to Mine
QB Operations Flowsheet Port to Mine Traditional flowsheet and operational control established in most areas Mine Concentrator Tailings Management Facility (TMF) Grinding Bulk Primary Stockpile Lines Flotation Tailings Cyclone Crusher & Reclaim Rougher, cleaner, 1&2 Scavenger Thickener Station Dam C
Slide 59: Site Overview
Coarse Ore Storage Grinding Building Site Overview Flotation Circuit Moly Plant Concentrate Transport System Global Metals and Mining Conference October 2023 6
Slide 60: Primary Crusher Operational as of May 2023
Primary Crusher Operational as of May 2023 Global Metals and Mining Conference October 2023 7
Slide 61: Grinding Ball Mills Line 1 and Line 2 operating
Grinding Ball Mills Line 1 and Line 2 operating (Ball Mills) Global Metals and Mining Conference October 2023 8
Slide 62: Flotation Circuit
Flotation Circuit (Open-Air) Thickeners and cells online Global Metals and Mining Conference October 2023 9
Slide 63: Tailings Facility
Tailings Facility Tailings operating per design Global Metals and Mining Conference October 2023 10
Slide 64: Sand Cyclones
Sand Cyclones Consistently producing sand for dam construction Global Metals and Mining Conference October 2023 11
Slide 65: Water and Concentrate Systems
Concentrate Transport Terminal Station Concentrate Storage Water and Desalination Plant Concentrate Systems Filter Plant Water production supports both grinding lines, concentrate system and filters producing quality concentrate Jetty Global Metals and Mining Conference October 2023 12
Slide 66: Key Attributes & Advantages
Key Attributes & Advantages Low cost due to exceptionally low strip ratio • Existing QB operations have substantially pre-stripped the deposit, resulting in lower cost profile Proven and optimized flow sheet • Traditional copper flow sheet, no design flaws encountered, current experience demonstrate
Slide 67: Strong Operational Performance
Strong Operational Performance Critical unit operations performing at or above design criteria Plant performance exceeding expectations Milestones achieved across the operation • Instantaneous and intra-shift rates have met or exceeded • Crushing: operating since May 2023 designed capacities • Grind
Slide 68: Optimization Opportunities
Optimization Opportunities Grinding circuit potential in excess of nameplate capacity Pathway to Value • Early data: SAG mills will not be a bottleneck to optimize throughput • Power draw: potential to increase on ball mills • Enabling and support infrastructure functioning well: mine, crusher, flot
Slide 69: Summary
Summary Full production by end of 2023 Unit operations at QB Operations performing or exceeding expectations Multigenerational asset Scalable, low capital-intensity expansion potential Global Metals and Mining Conference 16
Slide 70: Appendix
Appendix Global Metals and Mining Conference
Slide 71: Quebrada Blanca Guidance
Quebrada Blanca Guidance Production Capex Previous Current Previous Current Previous Current 2022 2023 2023 2024-2026 2024-2026 2022 2023 2023 Actual Guidance Guidance1 Guidance Guidance1 Teck’s share in C$ millions, except as noted. Actual Guidance Guidance1 Copper2,3,4 (kt) 9.6 150-180 90-110 285-
Slide 72: Endnotes
Endnotes Slide 2: Structurally-Advantaged Asset now Operationalized 1. Once QB Operations is running at full production rates, we expect the average net cash unit costs (C1 cash costs) will be US$1.40-1.60 per pound.. 2. Reserves and resources as at December 31, 2022. See Teck’s 2022 Annual Informat
Slide 73: Non-GAAP Financial Measures and Ratios
Non-GAAP Financial Measures and Ratios Global Metals and Mining Conference
Slide 74: Non-GAAP Financial Measures and Ratios
Non-GAAP Financial Measures and Ratios 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,
Slide 75: Market Outlook and Commercial Overview
Market Outlook and Commercial Overview November 6, 2023 Ian Anderson Senior Vice President and Chief Commercial Officer Global Metals and Mining Conference
Slide 76: Copper Market Outlook
Copper Market Outlook Global Metals and Mining Conference
Slide 77: Mine Supply to Peak in 2026
Mine Supply to Peak in 2026 Project pipeline at lowest level in decades, despite higher prices Global Copper Mine Production1 (kt contained) • Long permitting timelines and lack of investment limit supply 2023-2026 2026-2033 +3.1Mt -3.7Mt • Committed mine production to add 3.1Mt by 2026 25,000 • Pro
Slide 78: Copper Concentrate Demand Growing
Copper Concentrate Demand Growing Committed Chinese and ex-China smelter capacity growth exceeds mine growth Chinese Concentrate vs Cathode Imports – YTD September1 (kt) • Chinese raw copper imports (+450kt Cu Sept. YTD) ‒ Concentrate imports up 8.7% 5,000 ‒ Scrap imports up 7.3% 4,000 • Raw copper
Slide 79: Long Term Copper Metal Demand Growth
Long Term Copper Metal Demand Growth Driven by energy transition sectors; supported by traditional demand Wind (+1.0Mt) Total Copper Demand1 (Mt) • Demand from wind power to double by 2035 Non-Energy Transition Specific Electric Vehicles Solar Wind • Offshore cabling up to 4t/MW Storage Chargers • O
Slide 80: Copper Market Long Term Outlook
Copper Market Long Term Outlook New floor price for future production Copper Mine Production and Demand1 (kt) • Demand growth supported by energy transition • Supply to peak in 2026, before declining 35,000 11.3 Mt 30,000 mine supply gap by 2040 • Requirement for primary mining will need significant
Slide 81: Commercial Overview
Commercial Overview Global Metals and Mining Conference
Slide 82: Teck Copper – What We Bring to Customers
Teck Copper – What We Bring to Customers QB Commercial Value Attractive Commercial Value Proposition Global Blending Qualities1 • Robust ESG foundations • High quality, clean product – provides customers blending ‒ No freshwater usage optionality ‒ Strong community engagement ‒ Renewable energy ‒ St
Slide 83: Global Metals and Mining Conference
Global Metals and Mining Conference 9
Slide 84: Well Established Marine Logistics
Well Established Marine Logistics Positioned to bring QB production to our global customers Leveraging Teck’s Strong local and service Focus on emissions experience for QB volumes provider relationships intensity reductions • Annual bulk shipments in excess of • Experienced in country staff • Agreem
Slide 85: Commercial Execution
Commercial Execution Key drivers for increased value Customer Relations and Knowledge Customer Diversity and Markets • Long term contracts in place for copper and molybdenum; Quebrada Blanca Sales Mix the majority at a premium to the market Europe • Diverse sales distribution traditional growth mark
Slide 86: Appendix
Appendix Global Metals and Mining Conference
Slide 87: Endnotes
Endnotes Slide 3: Mine Supply to Peak in 2026 1. Source: Wood Mackenzie, CRU, BGRIMM, SMM, Company Reports, Teck. 2. Source: Wood Mackenzie, Teck. Slide 4: Copper Concentrate Demand Growing 1. Source: China Customs, SMM. 2. Source: CRU. Slide 5: Long Term Copper Metal Demand Growth 1. Source: Wood M
Slide 88: Copper Growth
Copper Growth November 6, 2023 Tyler Mitchelson Senior Vice President, Copper Growth Global Metals and Mining Conference
Slide 89: Advancing our Growth Portfolio
Advancing our Growth Portfolio Teck has created the most attractive portfolio of copper growth projects in the industry to generate value for our shareholders Portfolio advancing to preserve optionality in development sequence while defining optimal near-term pathway that drives attractive returns L
Slide 90: Unrivalled Copper Growth Opportunities
Unrivalled Copper Growth Opportunities Multiple pathways to value creation Potential Annual CuEq Production Growth (kt; reporting basis; first 5 years average annual production by asset) Current Operating Assets Near-Term Development Options Investing Today For Longer-Term Growth Suite of options di
Slide 91: Robust Near-Term Development Options
Robust Near-Term Development Options A balanced portfolio of greenfield and brownfield projects in well understood jurisdictions HVC 2040 Extending LOM of Canada’s largest base metals mine Mine life extension of a highly productive asset with established operation with known & manageable risks Submi
Slide 92: Near-Term Projects – Reduced Scope vs. QB Operations
Near-Term Projects – Reduced Scope vs. QB Operations Lessons learned and reduced project scope increase our capacity to execute Mine Area Linear Works Workforce / Port Area QB Operations – Large Scope Annual Mining Rate Water Supply Pipeline Construction Workforce 120 Mtpa 165 Km ~13,500 (Peak per s
Slide 93: Strong Focus on Project Permitting
Strong Focus on Project Permitting Leveraging internal and partner know-how HVC 2040 Teck and JV partners have a proven • HVC has a number of existing Environmental and Major Operating Permits currently track record of securing social support in place. These were developed and maintained through rel
Slide 94: Readying Near-Term Development Projects
Readying Near-Term Development Projects Focusing on financial returns while acknowledging project risk, scope and readiness Preserving Near-Term Growth Optionality Maximizing optionality and value for Engineering and Permitting Target Sanction Window Early Works / Construction Production defining op
Slide 95: Progressing our Pathway to Copper Growth
Progressing our Pathway to Copper Growth Well positioned to create value from our copper growth portfolio Portfolio advancing to preserve optionality in development sequence while defining optimal near-term pathway Leveraging lessons learned – expanding capacity and capability to execute projects si
Slide 96: Appendix
Appendix Global Metals and Mining Conference
Slide 97: Copper Growth Portfolio
Copper Growth Portfolio Global Metals and Mining Conference
Slide 98: Portfolio of Copper Growth Options
Portfolio of Copper Growth Options Near Term Options 1 San Nicolás (Cu-Zn-Au-Ag), Mexico1,2 Teck 50% | Agnico Eagle 50% (San Nicolás Joint Venture) Prefeasibility study complete Q1 2021; feasibility study completion targeted for Q1 2024 First five years (100% basis): 127 ktpa CuEq, C1 cash costs US$
Slide 99: San Nicolás Cu-Zn (Ag-Au) VHMS (50%)
San Nicolás Cu-Zn (Ag-Au) VHMS (50%) Prefeasibility and Environmental Impact Assessment completed Prefeasibility Study Production Profile and Financial Summary with Development Capital Estimate between US$1.0-1.1B1 Long Life Asset in Mexico Cu Contained in CCTs (kt) CuEq Contained in CCTs (kt) EBITD
Slide 100: San Nicolás Cu-Zn (Ag-Au) VHMS (50%)
San Nicolás Cu-Zn (Ag-Au) VHMS (50%) A partnership between two international Canadian-based mining companies Unlocking the value of a world class undeveloped VHMS C1 Cash Cost (Net of by-product credits)1 • Agnico Eagle has agreed to subscribe for US$580 million of shares in $5.00 Top Decile C1 Cash
Slide 101: Zafranal Cu-Au Porphyry (80%)
Zafranal Cu-Au Porphyry (80%) Feasibility complete, SEIA approval received H1 2023 Updating the 2019 Feasibility Study Capex and Opex Long Life Asset In Peru • 19 year mine life with mine life extension • Update of the capital and operating cost estimates from the Q2 2019 feasibility opportunities t
Slide 102: Quebrada Blanca Expansion Cu-Mo-Ag (60%)
Quebrada Blanca Expansion Cu-Mo-Ag (60%) Actively advancing additional near-term copper growth QB Asset Expansion: Assessing full capability of QB Defining the next expansion at QB Operation to define expansion scope • Multiple expansion options considered in scoping work • Options evaluated ranged
Slide 103: NewRange Cu-Ni-Co-Pd-Pt Deposits (50%)
NewRange Cu-Ni-Co-Pd-Pt Deposits (50%) Responsible delivery of critical metals to support the transition to a low-carbon economy Joint venture provides enhanced asset development path Major source of critical metals in North America • The Teck / PolyMet 50:50 JV combines the NorthMet and Contained M
Slide 104: Galore Creek Cu-Au-Ag Porphyry (50%)
Galore Creek Cu-Au-Ag Porphyry (50%) Advancing a large, high-quality undeveloped Cu-Au-Ag deposit in NW British Columbia Quality investment and partnership Mineral Resource Statement1 • The project is owned by the Galore Creek Partnership Category Tonnes Grades Contained Metal (Teck:Newmont 50:50) a
Slide 105: NuevaUnión Cu-Mo-Ag and Cu-Au (50%)
NuevaUnión Cu-Mo-Ag and Cu-Au (50%) Strategic studies in progress to optimize asset value Leveraging synergies and expertise in stable jurisdiction Mineral Reserve and Resource Statements1 • The NuevaUnión partnership combines the Cu-Au La Fortuna deposit and the Cu-Mo-Ag Relincho deposit, located ~
Slide 106: Schaft Creek Cu-Mo-Au-Ag Porphyry (75%)
Schaft Creek Cu-Mo-Au-Ag Porphyry (75%) Large-scale, open-pit development opportunity Large-scale mineral resource in mining friendly jurisdiction Mineral Resource Statement1 • The Schaft Creek Joint Venture (SCJV), between Teck and Category Tonnes Grades Contained Metal Copper Fox Metals Inc., with
Slide 107: Mine Life Extensions
Mine Life Extensions Global Metals and Mining Conference
Slide 108: HVC 2040 Mine Life Extension Cu-Mo (100%)
HVC 2040 Mine Life Extension Cu-Mo (100%) Feasibility study and permit application in progress Quality brownfield extension • Extends existing HVC copper production of ~140ktpa of copper per year with 1st production expected in 2027 • Project includes increased grinding capacity, flotation circuit P
Slide 109: Antamina Mine Life Extension Cu-Zn-Mo-Ag (22.5%)
Antamina Mine Life Extension Cu-Zn-Mo-Ag (22.5%) Mine life extension project well-underway Project extends life of world class asset Expanded Waste • Expansions of pit, dump and tailings facility will extend life of mine from Storage Facilities 2028 to 2036 • Adds >600Mt of ore, maintains current pr
Slide 110: Red Dog: Aktigiruq Development Project Zn-Pb-Ag (100%)
Red Dog: Aktigiruq Development Project Zn-Pb-Ag (100%) Studies and resource definition advancing Strategic zinc asset in key jurisdiction Su-Lik Aktigiruq Anarraaq • Teck controlled, world-class zinc district in Alaska • Multiple high-grade deposits, ~10 miles from Red Dog • Focus on Aktigiruq depos
Slide 111: Zinc Development Options
Zinc Development Options Global Metals and Mining Conference
Slide 112: Portfolio of Zinc Development Options
Portfolio of Zinc Development Options 1 Red Dog District North America Anarraaq (Zn-Pb), USA Teck 100% 1 ~11 km from Red Dog operation; scoping study complete in 2014; existing study being optimized Inferred Resources released in 2017 of 19.4 Mt @ 14.4% Zn, 4.2% Pb1 Aktigiruq (Zn-Pb), USA Teck 100%
Slide 113: Zinc Development Options
Zinc Development Options Adding value to our high-quality portfolio of zinc development assets Zinc outperforms market expectations Largest Undeveloped Zinc Deposits Teck has several undeveloped high-grade zinc assets1 (>10% Pb + Zn) • Declining production from existing primary zinc mines located in
Slide 114: High Quality Zinc Projects
High Quality Zinc Projects Well-known, attractive jurisdictions USA – Alaska Australia – Northern Territory Canada – BC Red Dog (Zn-Pb): outstanding high-grade Teena (Zn-Pb): significant discovery in Cirque (Zn-Pb): attractive deposit in potential mine life extension in a premier district an establi
Slide 115: Endnotes
Endnotes Slide 11: Portfolio of Copper Growth Options Slide 17: Galore Creek Cu-Au-Ag Porphyry (50%) 1. Financials and CuEq calculated with price assumptions: US$3.60/lb Cu; US$1.20/lb Zn; US$7.80/lb Ni; US$23.80/lb Co; 1. Teck has a 50% interest in Galore Creek. 2022 Teck AIF Report. US$11/lb Mo; U
Slide 116: Endnotes
Endnotes Slide 19: Schaft Creek Cu-Mo-Au-Ag Porphyry (75%) 1. Teck 2022 AIF Report. • Open pit mineral resources are reported at a net smelter return cut-off of US$4.31/tonne and constrained by a conceptual open pit shape. • Tonnages are reported in metric tons (tonnes). Grades are reported either a
Slide 117: Non-GAAP Financial Measures and Ratios
Non-GAAP Financial Measures and Ratios Global Metals and Mining Conference
Slide 118: Non-GAAP Financial Measures and Ratios
Non-GAAP Financial Measures and Ratios 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,
Slide 119: Question & Answer Session
Question & Answer Session Global Metals and Mining Conference
Slide 120: Closing Remarks
Closing Remarks Global Metals and Mining Conference
Slide 121: QB Operations Site Visit
QB Operations Site Visit November 6-8, 2023 Global Metals and Mining Conference
Teck Resources — Global Metals and Mining Conference 2023 - QB Operations Site Visit on 6ix