Teck Resources Limited Class A · TSX:TECK.A
Teck Resources Limited Class A — Q3 2026 Earnings Presentation
84 slides from Teck Resources Limited Class A's earnings presentation, Oct 29, 2026
Slide 1: Third Quarter 2026 Conference Call Appendix
THIRD QUARTER 2026 CONFERENCE CALL APPENDIX October 29, 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 Operations Copper Growth Options Zinc Development Options Macro and Metals Outlook Reference 3
Slide 4: Merger of Equals with Anglo American
MERGER OF EQUALS WITH ANGLO AMERICAN 4
Slide 5: 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 6: 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 7: 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 ~+175kt3 2 Throughput • One line of the plant will be fed with ore from Collahuasi w
Slide 8: 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 9: 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 10: 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 11: Operations
OPERATIONS 11
Slide 12: Foundation of World-Class Operations
FOUNDATION OF WORLD-CLASS OPERATIONS Critical minerals assets in established mining jurisdictions Top 10 copper producer operating in the Americas1 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 13: Attractive Portfolio of Operations and Projects
ATTRACTIVE PORTFOLIO OF OPERATIONS AND PROJECTS 1 2 4 Operating Assets Brownfield Projects 3 3 1 2 Copper Operations Quebrada Blanca (QB) QB Future Expansion 1 Highland Valley 5 2 Antamina Operations Antamina Antamina Mine Life Extension 3 Quebrada Blanca 4 Carmen de Andacollo Highland Valley Highla
Slide 14: Cost of Sales
COST OF SALES 2025 Copper Cost of Sales1 (C$) Zinc Cost of Sales1 (C$) Royalties Transportation 1% Depreciation & Amortization 5% 10% Operating Costs Transportation 38% Depreciation & Amortization Operating Costs 11% 29% 65% Royalties 15% Raw Material Purchases 26% Copper Operating Costs1 (%) Zinc O
Slide 15: Collective Agreements
COLLECTIVE AGREEMENTS Operation Expiry Dates1 Highland Valley September 30, 2026 Trail Operations May 31, 2027 Antamina July 31, 2027 January 31, 2028 Quebrada Blanca March 31, 2028 November 30, 2028 September 30, 2028 Carmen de Andacollo December 31, 2028 15
Slide 16: LatAm Operations
LATAM OPERATIONS 16
Slide 17: Quebrada Blanca
QUEBRADA BLANCA Iquique Tier 1, low-cost, long-life cornerstone asset 1 Large deposit capable of supporting multiple expansions Collahuasi QB Santiago High reserve grade and low strip ratio, significant resource expansion 2 over previous years, with further district-scale potential At full capacity,
Slide 18: Codelco Interest in Quebrada Blanca
CODELCO INTEREST IN QUEBRADA BLANCA • Chilean state-run miner Codelco purchased Enami’s 10% -- Organizational Chart funding interest in Compañía Minera Teck Quebrada Blanca S.A. Teck SMM SC (CMTQB) on September 5, 2024 • Codelco is not required to fund QB development costs 100% 83.33% 16.67% TRCL Ch
Slide 19: Antamina
ANTAMINA One of the largest copper and zinc mines in the world by production Tier 1, high-grade copper-zinc deposit producing copper, zinc, Antamina 1 molybdenum, and lead concentrates 2 Low C1 costs due to high grade and zinc credits 3 Significant land position with both near and long-term expansio
Slide 20: Antamina Mine Life Extension
ANTAMINA MINE LIFE EXTENSION Extension to 2036, with potential beyond Tucush Waste Dump Received regulatory approval to extend life of mine to 2036 in Q1 2024 • Maintains current production profile of well known, proven asset Open Pit Extension is a low-risk US$2B investment (Teck’s share: US$450M)
Slide 21: Carmen de Andacollo
CARMEN DE ANDACOLLO Efficient operations 1 Stable production profile, reliable operation 2 Operational and cost improvements driving results CdA 3 Cash generative asset 12 years 0.30% 45-55kt $ 142M current mine life Copper 2026 copper 2025 gross profit to 2038 reserve grade1 production guidance2 (1
Slide 22: North America Operations
NORTH AMERICA OPERATIONS Teck
Slide 23: Highland Valley Copper
HIGHLAND VALLEY COPPER Canada’s largest copper mine 1 Technology and Innovation underpins efficient, low-cost operations 2 Multiple pits and tailored flowsheet offers flexibility HVC Vancouver 3 Attractive, low risk, brownfield mine life extension 20 years 0.28% 115-135kt $ 286M Including sanctioned
Slide 24: Red Dog Operations Is a Tier One Asset
RED DOG OPERATIONS IS A TIER ONE ASSET The largest zinc critical minerals mine in the US Red Dog 1 One of the world’s largest zinc mines 2 Built on a world-class mining district 3 Potential to extend mine life beyond current operation 5 years 11.2% 375-415kt $ 200M current mine life Zinc 2026 zinc 2
Slide 25: Red Dog Seasonality
RED DOG SEASONALITY Sales Historical Zinc Sales and Lead Sales1 (%) • Operates 12 months Zinc 44% Lead 82% • Ships ~4 months 27% • ~65% of zinc sales in second half of year 19% 9% 18% • ~99% of lead sales in second half of year 0% 0% • Sales seasonality causes net cash unit cost Q1 Q2 Q3 Q4 Q1 Q2 Q3
Slide 26: Red Dog Mine Life Extension
RED DOG MINE LIFE EXTENSION High grade, large-scale underground mine leverages existing mill & infrastructure Overview Scope Permitting Attractive high-grade deposits Leveraging existing infrastructure Advancing the process • Anarraaq contains Inferred resources1 • Using existing Red Dog mill and •
Slide 27: Trail Operations
TRAIL OPERATIONS Focus on generation of EBITDA and free cash flow Produces refined zinc and lead, precious and specialty metals including germanium and 1 indium, chemicals and fertilizer products; potential expansion of germanium production 2 Strong strategic value, enabling vertical integration for
Slide 28: Copper Growth Options
COPPER GROWTH OPTIONS ~v. = — ae — 28
Slide 29: 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 30: 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 • Target throughput of • Most value accretive expansion • Current, per
Slide 31: QB's R&R Increased Significantly (60% Ownership)
QB’S R&R INCREASED SIGNIFICANTLY (60% OWNERSHIP) Additional potential remains; district is prospective for Cu-Mo porphyry deposits QB’s Historical Reserves and Resources and Grade1 Mineral Reserves and Resources1 Resource (Mt) Reserve (Mt) Reserve (CuT) Resource (CuT) Tonnes Grade Category 12,000 0.
Slide 32: Zafranal Project Overview
ZAFRANAL PROJECT OVERVIEW1 Mid-sized copper-gold asset with robust economics and permit in place Potential Long Life Asset in Peru • Mine life extension opportunities through pit expansion and district resource development Quality Investment • Attractive front-end grade profile for rapid payback • M
Slide 33: Zafranal Site Layout
ZAFRANAL SITE LAYOUT Good access to well-developed infrastructure at moderate altitude View to West • Mine: Copper-gold porphyry open pit mine in Zafranal and Victoria zones Port • Mill: Nominal 65ktpd capacity mill, concentrator and plant facilities; conveyor tunnel 3.5km from mine • Sustainable Wa
Slide 34: Reserves and Resources at Zafranal (~84.5%)
RESERVES AND RESOURCES AT ZAFRANAL (~84.5%) Strong ore body knowledge to deliver on business plan Geological Cross-Section1 Mineral Reserves and Resources1 Zafranal Main Zone – Central Long Section A 150m wide section, looking 357 deg (North) A’ Tonnes Grade 195 Leached/Oxide/Mixed Category Mt Cu (%
Slide 35: San Nicolás Project Overview
SAN NICOLÁS PROJECT OVERVIEW Unique and high-quality mid-sized base metal development asset with high copper-zinc grades and low capital intensity Potential Long Life Asset in Mexico • Initial 15-year mine plan with multiple targets for mine life extension • Excellent access and logistics for constr
Slide 36: San Nicolás - Compact Site Layout
SAN NICOLÁS - COMPACT SITE LAYOUT1 At moderate elevation in an established mining region; adjacent to infrastructure General Site Layout and Access • Mine: Conventional open-pit mine and concentrator operation; strip ratio of 6:1 (waste:ore) expected ~ El 2,234 m • Mill: Nominal 20ktpd1 ~ El 2,110 m
Slide 37: Reserves and Resources at San Nicolás (50%)
RESERVES AND RESOURCES AT SAN NICOLÁS (50%) Well Defined Orebody1 Mineral Reserves and Resources1 NW Tonnes Grade Category Mt Cu (%) Zn (%) Reserves Proven 47.7 1.26 1.6 Probable 57.5 1.01 1.4 Total P&P 105.2 1.12 1.5 Resources 2020 Measured 0.5 1.35 0.4 Measured Reserves Pit Indicated 6.1 1.17 0.7
Slide 38: NewRange Cu-Ni-Co-Pd-Pt Deposits (50%)
NEWRANGE CU-NI-CO-PD-PT DEPOSITS (50%) Responsible delivery of critical metals to support the energy transition JV provides enhanced asset development path Mineral Resources1 Major source of critical metals in North America • Our 50:50 joint venture (JV) with Glencore combines the NorthMet Grades an
Slide 39: 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 BC Quality investment and partnership Mineral Resources1 Grades • The project is owned by the Galore Creek Partnership Tonnes Cu Au Ag (Teck:Newmont 50:50) and managed by Galore Creek Mining Resou
Slide 40: NuevaUnión Cu-Mo-Ag and Cu-Au (50%)
NUEVAUNIÓN CU-MO-AG AND CU-AU (50%) Significant long-term opportunity in an expanding district Leveraging synergies and expertise in a stable jurisdiction Mineral Reserves and Resources1 • NuevaUnión is a 50:50 partnership between Teck and Newmont Grades Tonnes Cu Mo Au Ag that combines the Relincho
Slide 41: Schaft Creek Cu-Mo-Au-Ag Porphyry (75%)
SCHAFT CREEK CU-MO-AU-AG PORPHYRY (75%) Large-scale, open-pit development opportunity Large-scale resource in a mining-friendly jurisdiction Mineral Resources1 Grades • Schaft Creek is a joint venture between Teck (75%) and Copper Fox Tonnes Cu Mo Au Ag Metals Inc. (25%), with Teck as operator Resou
Slide 42: Zinc Development Options
ZINC DEVELOPMENT OPTIONS 42
Slide 43: Portfolio of Zinc Development Options
PORTFOLIO OF ZINC DEVELOPMENT OPTIONS High-quality portfolio of zinc development assets 1 Red Dog District North America Prefeasibility study in progress for the following two deposits: Anarraaq (Zn-Pb), USA Teck 100% ~11 km from operation 1 Inferred Resources1,2 of 17.0 Mt @ 14.0% Zn, 4.0% Pb Aktig
Slide 44: Zinc Development Options
ZINC DEVELOPMENT OPTIONS Adding value to our high-quality portfolio of zinc development assets Zinc outperforms market expectations Largest Undeveloped Zinc Deposits1 Bar height = Size of the deposit • Declining production from existing primary zinc mines; = Estimated grade, Teck | Other projects un
Slide 45: Macro and Metals Outlook
MACRO AND METALS / OUTLOOK A | |: aoe, Ge Peake. a = wy
Slide 46: Economic Activity Remains Resilient and Expansionary
ECONOMIC ACTIVITY REMAINS RESILIENT AND EXPANSIONARY Global economic growth has outperformed expectations for almost two years Citi Economic Surprise Index1 OECD Composite Leading Indicator2 100 102 India 101 G7 50 Asia Pacific US World Emerging Markets 100 0 99 -50 01/01/2025 01/07/2025 01/01/2026
Slide 47: The Macro Backdrop Remains Supportive for Commodities
THE MACRO BACKDROP REMAINS SUPPORTIVE FOR COMMODITIES Accelerating physical demand is converging with the rotation into real assets S&P Global Manufacturing PMIs1 BCOM Open Interest2 (contracts) 60 240,000 US 56 India Japan 180,000 Germany 52 China 50 120,000 48 44 60,000 0 01/04/2024 01/11/2024 01/
Slide 48: Industrial Activity Is Driving China's Economic Growth
INDUSTRIAL ACTIVITY IS DRIVING CHINA’S ECONOMIC GROWTH Electrification and manufacturing are bright spots for metal demand Selected China Metrics1 (% change September YTD year-over-year) Integrated Industrial Property Fixed Asset Electricity Industrial Electricity New Energy Solar Power Exports Indu
Slide 49: Global Electrification Is Accelerating, Led by China
GLOBAL ELECTRIFICATION IS ACCELERATING, LED BY CHINA Global solar generation saw record growth in 2025, while coal declined Global Electricity Generation by Fuel1 Electricity Share of Energy Supply1 (Annual change, TWh) (%) An additional 7,150 TWh of electricity generation is 30 6 51 24 needed for t
Slide 50: Economic Growth Is Decoupling from Fossil Fuels
ECONOMIC GROWTH IS DECOUPLING FROM FOSSIL FUELS Emerging markets are following a less coal-intensive growth path India & China Wind & Solar Capacity1 India & China Coal Capacity1 India Electricity Generation by Fuel 20252 (% change Y/Y) kWh per capita kWh per capita 30 2,000 5,000 27 China 2025 Chin
Slide 51: 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) 2025 2050 Modelled 27.4 Jan-26 Feb-26 26.6 20.3 Industrial Production 5.1 5.2 11.9 5.6 6.5 6.2
Slide 52: Short-Term Copper Market Fundamentals
SHORT-TERM COPPER MARKET FUNDAMENTALS Concentrate tightness changing miner-smelter economics • The global copper concentrate market is experiencing a Global Conc Production and Smelter Capacity Growth1 period of acute tightness (growth %) Mined Growth Smelter Capacity Growth • Smelter capacity growt
Slide 53: Long-Term Copper Market Fundamentals
LONG-TERM COPPER MARKET FUNDAMENTALS Supply remains constrained; electrification still drives global growth • Copper is the linchpin of global electrification, as the Long Term Demand Growth, Copper vs. Electricity1 most effective way to move electrons around (kt copper) 10000 Electricity (RHS) Copp
Slide 54: Short-Term Zinc Market Fundamentals
SHORT-TERM ZINC MARKET FUNDAMENTALS Not enough concentrate available to meet smelter needs • Global zinc inventories (concentrate and metal) are Treatment Charges Remain Low in Historical Terms1 extremely low relative to historical norms (US$/t) Annual Settlement Spot TC − Falling spot treatment cha
Slide 55: Long-Term Zinc Market Fundamentals
LONG-TERM ZINC MARKET FUNDAMENTALS Zinc concentrate constrained by supply growth • Mine supply growing just +2.6% by 2030 Mine production growth is essentially stagnant1 (kt) 15,000 ─ Ex-China growth lagging, just +1.6% by 2030 12,000 ─ China’s smelters will continue to compete for 9,000 imported fe
Slide 56: Copper Market
CONCENTRM cone = ste: ne
Slide 57: Copper Outlook
COPPER OUTLOOK Limited mine production paired with sizeable smelter capacity growth; escalating trade tensions increasing risks in coming years • Concentrate market is expected to • Smelter capacity increases from • Demand growth expected to remain • Despite much-publicized policy remain undersuppli
Slide 58: Concentrate Tight, Cathode Market in Slight Surplus
CONCENTRATE TIGHT, CATHODE MARKET IN SLIGHT SURPLUS High exchange inventories, but most COMEX/LME stocks ‘locked’ in US Global Concentrate Balance1 (kt Cu) • Lack of concentrate availability continues to constrain 500 Benchmark CRU smelter output 0 • US stockpiling continues, with 83% of exchange st
Slide 59: The Copper Concentrate Market Has Changed Markedly
THE COPPER CONCENTRATE MARKET HAS CHANGED MARKEDLY Some of the past year’s changes are transient, others are more secular Spot TCs have hit record lows, Fastest mined copper growth dropping below US$220/t, Clear divergence between in DRC, but mainly in SXEW spot TCs to smelters and traders, and very
Slide 60: Amid a Lack of Concentrate, Smelter Utilization Drops
AMID A LACK OF CONCENTRATE, SMELTER UTILIZATION DROPS Large deficits peak in 2029, lower utilizations below historical norms to 2030E • Benchmark reports the theoretical concentrate deficit Global Concentrate Balance1 (kt Cu) 500 Benchmark CRU (between smelter target and available concentrate) has 0
Slide 61: Copper Mine Project Outlook
COPPER MINE PROJECT OUTLOOK Multiple fundamentals negatively impacting future mine production • Declining ore grades, escalating costs, slow permitting, Weighted Average Ore Grades1 (%) and underinvestment continues to negatively impact 1.00% Ore Grade Forecast Hundreds new mine production, prolongi
Slide 62: Chinese Sulphur Market Remains Tight, Acid Prices High
CHINESE SULPHUR MARKET REMAINS TIGHT, ACID PRICES HIGH Hormuz crossings below pre-war levels, providing revenue boost to smelters Chinese Sulphur Imports1 (kt) Smelter Acid Revenue2 (RMB/t Cu) 2,000 1,200 1,500 1,000 1,000 500 800 0 600 400 Hormuz Crossings3 (vessels/month) 900 200 800 700 600 0 500
Slide 63: China Copper Demand Driven by Utilities and EVs
CHINA COPPER DEMAND DRIVEN BY UTILITIES AND EV’S Chinese copper demand expected to keep growing ~4% in 2027 Chinese Copper Demand by Sector1 (kt) • Chinese copper demand growth has averaged 3.0% Transport Machinery Utility Construction Other CAGR since 2023, spurred by NEV production, export 20,000
Slide 64: India Copper Market
INDIA COPPER MARKET By 2050, India is projected to be the world’s third-largest economy Indian Copper Market Outlook1 (kt) Indian Copper Concentrate Indian Copper Cathode 1,600 Imports2 Imports3 Consumption Mined Production Chile Australia Canada Japan South Africa 1,500 Peru Indonesia Other Tanzani
Slide 65: Copper Scrap Is Part of the Long-Term Solution
COPPER SCRAP IS PART OF THE LONG-TERM SOLUTION Scrap supplementing tight concentrate market • Demand for scrap will escalate over the next decade Tight Concentrate Supply Increasing Chinese Scrap Use1 Scraps Used by Smelters Scraps Used by Fabricators ‒ End users increasingly want higher recycled co
Slide 66: Total Copper Demand to Grow on Economic Development
TOTAL COPPER DEMAND TO GROW ON ECONOMIC DEVELOPMENT Growth of traditional demand from urbanization and expansion of mid class • CRU expects total copper demand to grow 3.2% CAGR Copper Demand by Region1 (kt Cu) over to 2030 China Ex China/India Asia North America Europe India Other ‒ Demand expected
Slide 67: New Economy Demand Taking Up the Growth Mantle
NEW ECONOMY DEMAND TAKING UP THE GROWTH MANTLE Electrification, urbanization and expansion of mid class spur growth • Sustained investment in grid, electric vehicles, and Geographic Demand from Green Energy1 (kt Cu) renewables to drive demand growth to end of decade China North America Europe North
Slide 68: Copper Market Summary
COPPER MARKET SUMMARY US Stockpiling tightens ex-US market; risk to demand limiting refined deficits • >1.5 Mt (and rising) estimated to be stockpiled in the United Refined Global Cathode Balance1 (kt Cu) States, incentivized by trade policy expectations Benchmark CRU ─ Stockpiling has prompted cath
Slide 69: Zinc Market
ZINC MARKET Teck ore 66
Slide 70: Zinc Outlook
ZINC OUTLOOK Market direction supported by tight supply; End demand remains steady amid fiscal spending, despite weakened consumer sentiment • Mine production has been stagnant • Smelters remain challenged by raw • European consumer and real estate • Critical to support and protect for over a decade
Slide 71: Flat Mine Output Cannot Keep Pace with Smelter Growth
FLAT MINE OUTPUT CANNOT KEEP PACE WITH SMELTER GROWTH Mine output has not materially grown despite new smelter capacity • Global mine production has not grown since 2012, Mine production growth has been stagnant1 (kt) hovering around 13 Mt 15,000 • Zinc concentrate growth in 2025 was tied heavily to
Slide 72: Zinc Concentrate Market Outlook
ZINC CONCENTRATE MARKET OUTLOOK A historically tight concentrate market could persist • Long-term supply is expected to lag demand Zinc Mine Production and Demand1 (kt) − Existing mines face declining production, higher costs, and lower grades 15 6 Mt supply gap projected by 2040 • Exploration under
Slide 73: Zinc Concentrate Market Outlook
ZINC CONCENTRATE MARKET OUTLOOK Upcoming, growing deficits points to the need for new mine supply • Market players are facing swings in production cuts as Concentrate Balances, excl. Uncommitted Projects1 each side battles cost pressures (adjusted to normalize annual disruption estimates, kt) − Smel
Slide 74: Spot Zinc Treatment Charges Low by Historical Terms
SPOT ZINC TREATMENT CHARGES LOW BY HISTORICAL TERMS This reflects changing value chain economics and stagnant mine supply • Spot TCs turned quickly in Q4 2025, having climbed for Zinc Treatment Charges1 (US$/t) much of the year Spot TC Annual TC 300 Market tightness • This downward trend has continu
Slide 75: China Requires Additional Concentrate Imports
CHINA REQUIRES ADDITIONAL CONCENTRATE IMPORTS However, rising smelter output means lower net refined imports • China continues to increase smelter capacity to Chinese Concentrate Imports1 (kt) Flat mine production growth ensures growing reliance on concentrate imports decrease reliance on metal impo
Slide 76: Zinc Metal Short-Term Outlook
ZINC METAL SHORT-TERM OUTLOOK US market reflective of low levels of metal inventory • US produces <25% of its zinc metal requirement US Net Short Position in Zinc1 (kt) U.S. Production Zinc from Canada LME inventories filled − Even including Canada and Mexico, Zinc from Mexico Overseas Imports short
Slide 77: Long-Term Zinc Demand Growth
LONG-TERM ZINC DEMAND GROWTH Tied to protection of steel for infrastructure and energy transition • 60% of zinc demand from galvanizing steel, used to Zinc Demand1 (Mt) extend steel service life and makes infrastructure more Non-Energy Transition Specific Electric Vehicles Solar Wind Storage sustain
Slide 78: Reference
REFERENCE 78
Slide 79: Share Structure and Principal Shareholders
SHARE STRUCTURE AND PRINCIPAL SHAREHOLDERS Teck Resources Limited as at June 30, 20261 Shares Held Percent Voting Rights Class A Shareholdings2 Temagami Mining Company Limited 4,300,000 56.6% SMM Resources Inc (Sumitomo) 1,469,000 19.3% Other 1,830,532 24.1% 7,599,532 100.0% Class B Shareholdings SM
Slide 80: Endnotes
ENDNOTES SLIDE 5: VALUE CREATION THROUGH MERGER OF EQUALS SLIDE 14: COST OF SALES 1. Synergies include US$110M of recurring capex synergies and are expected to be realized by the end of the fourth year following 1. See Teck’s Q3 2026 press release and Q3 2026 Management’s Discussion and Analysis (MD
Slide 81: Endnotes
ENDNOTES SLIDE 30: QB HAS POTENTIAL FOR MULTIPLE EXPANSIONS SLIDE 38: NEWRANGE CU-NI-CO-PD-PT DEPOSITS (50%) 1. See Teck’s Q3 2026 press release and Q3 2026 Management’s Discussion and Analysis (MD&A) for further details. 1. Teck has a 50% interest in NewRange Copper Nickel. See Teck’s Q3 2026 press
Slide 82: Endnotes
ENDNOTES SLIDE 40: NUEVAUNIÓN CU-MO-AG AND CU-AU (50%) SLIDE 43: PORTFOLIO OF ZINC DEVELOPMENT OPTIONS 1. Teck has a 50% interest in NuevaUnión. See Teck’s Q3 2026 press release, Q3 2026 MD&A, and 2025 Annual Information Form 1. See Teck’s Q3 2026 press release, Q3 2026 MD&A, and 2025 Annual Informa
Slide 83: Endnotes
ENDNOTES SLIDE 52: SHORT-TERM COPPER MARKET FUNDAMENTALS SLIDE 67: NEW ECONOMY DEMAND TAKING UP THE GROWTH MANTLE 1. Source: Benchmark. 1. Source: CRU. 2. Source: Wood Mackenzie. SLIDE 68: COPPER MARKET SUMMARY SLIDE 53: LONG-TERM COPPER MARKET FUNDAMENTALS 1. Source: Wood Mackenzie, CRU, Benchmark.
Slide 84: 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