Teck Resources Limited Class A · TSX:TECK.A
Teck Resources Limited Class A — Investor Presentation (April 2025)
106 slides from Teck Resources Limited Class A's investor presentation, Apr 24, 2025
Slide 1: Investor Presentation
INVESTOR PRESENTATION April 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: Value Creation Through Our Resilient Business
VALUE CREATION THROUGH OUR RESILIENT BUSINESS Fundamentals for our commodities remain robust Macro factors continue to drive demand for our key commodities: Global Manufacturing Industrial Policy Electrification Digital and Development and National Security Infrastructure Economy Our resilient busin
Slide 4: Closely Monitoring Potential Impact of Tariffs
CLOSELY MONITORING POTENTIAL IMPACT OF TARIFFS No material impact on sales from tariffs expected Concentrate sales are diversified and to non-US customers1 Europe Americas (ex-US) Europe Americas (ex-US) 20% 12% 20% 31% Copper Zinc China China Asia (ex-China) 32% Asia (ex-China) 22% 36% 27% Product
Slide 5: Value Creation
Driven by our purpose and values, we will grow to RESPONSIBLE become one of the world’s leading providers of responsibly-produced critical minerals. GROWTH AND VALUE CREATION Balancing growth with cash returns to shareholders Our strategy is focused around four pillars: METALS FOR THE VALUE-DRIVEN C
Slide 6: Foundation of World-Class Operations
FOUNDATION OF WORLD-CLASS OPERATIONS Energy transition metal assets in established mining jurisdictions World-Class Copper Operations Integrated Zinc Operations Quebrada Blanca Highland Valley Antamina Carmen de Andacollo Red Dog Trail (60% ownership) (100% ownership) (22.5% ownership) (90% ownershi
Slide 7: Disciplined Capital Allocation Framework
DISCIPLINED CAPITAL ALLOCATION FRAMEWORK Commitment to return 30-100% of available cash flow to shareholders* Balancing value accretive growth with cash returns to shareholders and a strong balance sheet Cash Flow Sustaining Base Supplemental from Operations Capital Dividend Shareholder after intere
Slide 8: 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 record authorized share buyback 4 Progress value-accreti
Slide 9: QB Plant Performance Continues to Improve
1 QB PLANT PERFORMANCE CONTINUES TO IMPROVE 2025 guidance unchanged Throughput1 Recovery QB Guidance for 20252 Adjusted to exclude extended and unplanned shutdowns Design recovery: 86-92% Design throughput: 143ktpd 131 136 ~143 86 ~87 230-270kt 84 120 125 83 83 copper production 108 expected at the
Slide 10: Growing Copper Production with Improving Margins
2 GROWING COPPER PRODUCTION WITH IMPROVING MARGINS Increase in copper production at lower costs in 2025 Copper Production Net Cash Unit Cost* Copper EBITDA Margin* Expansion (kt, contained copper) (US$/lb) (%, from operations) +10-27% 12-25% increase improvement 33% 42% 51% 2025 2023 2024 490- Conse
Slide 11: Strong Track Record of Cash Returns to Shareholders
3 STRONG TRACK RECORD OF CASH RETURNS TO SHAREHOLDERS Completed >50% of our $3.25B in authorized share buybacks Historical Cash Returns to Shareholders ($M) Additional Cash Returns to Shareholders ~$5.4B returned to shareholders since 20201 $1.5B2 in authorized share buybacks remaining from $3.25B p
Slide 12: Value-Accretive Growth
4 VALUE-ACCRETIVE GROWTH Significant growth expected in 2025; path to ~800 ktpa before end of the decade Value-Accretive Near-Term Copper Projects ~800 ktpa Quebrada Blanca Optimization & Debottlenecking (Cu-Mo-Ag | Brownfield | Chile | 60%) ~45-120 kt increase expected Optimizes value from a Tier 1
Slide 13: Well-Funded Near-Term Projects Progressing as Planned
4 WELL-FUNDED NEAR-TERM PROJECTS PROGRESSING AS PLANNED Potential sanction decisions in 2025 Highland Valley Zafranal San Nicolás QB Optimization Mine Life Extension and Debottlenecking (Cu-Mo | Brownfield | British Columbia | 100%) (Cu-Au | Greenfield | Arequipa | 80%) (Cu-Zn Ag-Au | Greenfield | Z
Slide 14: Strong Balance Sheet Provides Resilience
5 STRONG BALANCE SHEET PROVIDES RESILIENCE Enables continued value creation in current market conditions Net Cash* Position Strong Credit Ratings Debt Repayments1 (US$M) As at March 31, 2025 As at April 23, 2025 Outstanding note maturities are long dated $764M Investment 294/year 142 Grade 242 180 1
Slide 15: Illustrative Accretive Growth on Per-Share Metrics
ILLUSTRATIVE ACCRETIVE GROWTH ON PER-SHARE METRICS Compound impact of copper growth and authorized share buybacks Stabilized QB and Share Buyback Program +34-51% QB Ramp Up +54% 2023 2024 2026E Long-Term (Est) Copper Production Increasing (kt Cu) 296 446 550-620 800+ number of Shares Outstanding1 sh
Slide 16: Value Creation
Driven by our purpose and values, we will grow to RESPONSIBLE become one of the world’s leading providers of responsibly-produced critical minerals. GROWTH AND VALUE CREATION Balancing growth with cash returns to shareholders Our strategy is focused around four pillars: METALS FOR THE VALUE-DRIVEN C
Slide 17: Appendix
APPENDIX 17
Slide 18: Operations and Safety
OPERATIONS AND SAFETY 18
Slide 19: Foundation of World-Class Operations and Projects
FOUNDATION OF WORLD-CLASS OPERATIONS AND PROJECTS 1 2 4 Operating Assets Brownfield Projects 3 3 1 2 Copper Operations Quebrada Blanca (QB) QB Future Expansion 1 Highland Valley 5 2 Antamina Operations Antamina Antamina Mine Life Extension 3 Quebrada Blanca 4 Carmen de Andacollo Highland Valley High
Slide 20: Continued Commitment to Safety and Sustainability
CONTINUED COMMITMENT TO SAFETY AND SUSTAINABILITY • Strong safety performance in Q1 2025 Teck-Controlled High Potential Incident (HPI) Performance1 (per 200,000 hours worked) ‒ High Potential Incident (HPI) frequency rate Including QB2 Project Excluding QB2 Project remained low at 0.05 • Released ou
Slide 21: Copper Guidance
COPPER GUIDANCE Expect higher copper production and lower net cash unit costs and capex in 2025 Copper Production1,2 (kt) Net Cash Unit Costs*,1,3 (US$/lb) Quebrada Blanca Highland Valley Antamina (22.5%) Carmen de Andacollo 550-620 530-600 2.20 490-565 45-55 1.87 45-55 455-525 1.65-1.95 446 45-55 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$/lb) Red Dog Sales1 (kt) Red Dog Antamina (22.5%) 54 616 0.55 525-575 0.45-0.55 60 465-525 95-105 400-445 0.39 55-65 335-375 25-35 35-45 45-55 556 430-4
Slide 23: Cost of Sales
COST OF SALES 2024 Copper Cost of Sales (C$) Zinc Cost of Sales (C$) Transportation Depreciation & Amortization 5% 10% Operating Costs Operating Costs 65% Transportation 38% 11% Depreciation & Amortization 30% Royalties 15% Raw Material Purchases 26% Copper Operating Costs (%) Zinc Operating Costs (
Slide 24: Collective Agreements
COLLECTIVE AGREEMENTS Operation Expiry Dates1 September 30, 2025 Carmen de Andacollo December 31, 2025 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 24
Slide 25: LatAm Operations
LATAM OPERATIONS 25
Slide 26: Quebrada Blanca
QUEBRADA BLANCA Tier 1, low-cost, long-life cornerstone asset Large, long-life deposit capable of supporting multiple 1 expansions QB QB completion testing achieved – independent verification of 2 design, construction and capacity to operate at design levels Strong cash flow generation expected, due
Slide 27: Codelco Interest in Quebrada Blanca
CODELCO INTEREST IN QUEBRADA BLANCA • Chilean state-run miner Codelco purchased Enami’s 10% Organizational Chart non-funding interest in Compañía Minera Teck Quebrada Blanca Teck SMM SC S.A. (CMTQB) on September 5, 2024 • Codelco is not required to fund QB development costs 100% 83.33% 16.67% TRCL C
Slide 28: 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, 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 expansion potenti
Slide 29: Antamina Mine Life Extension
ANTAMINA MINE LIFE EXTENSION Potential extensions beyond 2036 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 Tailings Enables low-risk US$2B investment (Teck’s share - US$450M) over
Slide 30: Carmen de Andacollo
CARMEN DE ANDACOLLO Highly efficient operation 1 One of the Americas lower cost operations (on a $/t milled basis) 2 Operational and cost improvements driving results 3 Cash generative asset 12 years 0.31% 45-55kt $ 121M current mine life Cu reserve grade 2025 Cu production guidance1 2024 gross prof
Slide 31: North America Operations
NORTH AMERICA OPERATIONS Teck
Slide 32: Highland Valley Copper
HIGHLAND VALLEY COPPER 1 Technology and Innovation underpins efficient, low-cost operations 2 Mine plan drives material increase in 2025 production 3 Attractive, low risk, brownfield mine life extension 3 years 0.30% 135-150kt $ 471M current mine life to 2028; Cu reserve grade 2025 Cu production gui
Slide 33: Overview of Highland Valley Mine Life Extension
OVERVIEW OF HIGHLAND VALLEY MINE LIFE EXTENSION Attractive capital intensity Overview Scope Permitting Quality brownfield Well-understood ore body and On-track with regulatory and extension proven asset performance Indigenous reviews in progress • Extends existing HVC copper • SAG Replacement of AG
Slide 34: HVC Mine Life Extension
HVC MINE LIFE EXTENSION Estimated project capital of $1.8-2.0B; avg annual Cu production of 137kt1 to 2045 HVC Ore Feed (% of overall throughput) 100% 80% 60% 40% 20% 0% 2022A 2025E 2028E 2031E 2034E 2037E 2040E 2043E Valley Lornex Highmont Bethlehem Ore Mined Tonnes and Forecast Contained Copper Pr
Slide 35: Red Dog Operations
RED DOG OPERATIONS One of the world’s largest zinc mines1, and largest critical minerals mine 1 in the United States 2 Consistent cash flow generation 3 Built on a world-class mining district with potential to extend mine life well beyond current operation 6 years 11.5% 430-470kt $ 851M current mine
Slide 36: Red Dog Seasonality
RED DOG SEASONALITY Sales Historical Zinc Sales and Lead Sales1 (%) • Operates 12 months Zinc Lead 38% 75% • Ships ~4 months 22% 27% 12% 24% • Shipments to inventory in Canada and Europe; 0% 1% direct sales to Asia Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 • ~65% of zinc sales in second half of year • ~99% of lead sa
Slide 37: Reserves and Resources at Red Dog Operations
RESERVES AND RESOURCES AT RED DOG OPERATIONS Mineral Reserves and Resources1 Tonnes Grade Recoverable Metal Category Mt Zn (%) Pb (%) Ag (g/t) Zn (kt) Pb (kt) Ag (koz) Reserves Proven - - - - - - - Probable 29.1 11.5 3.3 61.8 2,820 500 36,130 Total P&P 29.1 11.5 3.3 61.8 2,820 500 36,130 Resources C
Slide 38: Red Dog Mine Life Extension
RED DOG MINE LIFE EXTENSION High grade, large-scale underground mine leverages existing mill & infrastructure Overview Scope Permitting High zinc and lead grades deposits Leveraging existing infrastructure NANA relationship • Anarraaq contains Inferred resources of • Surface resource drilling ongoin
Slide 39: Trail Operations
TRAIL OPERATIONS One of the largest fully integrated polymetallic smelting and refining complexes Produce refined zinc and lead, precious and specialty metals, chemicals and fertilizer products Strong strategic value enabling vertical integration for the zinc segment Trail Decades of experience empl
Slide 40: Copper Growth Portfolio
COPPER GROWTH PORTFOLIO 40
Slide 41: Near-Term Growth Projects Have a Smaller Scope
NEAR-TERM GROWTH PROJECTS HAVE A SMALLER SCOPE Reduced scope and complexity, leading to lower capital intensity Mine Area Linear Works Workforce / Port Area QB2 – Large Scope Annual Mining Rate Water Supply Pipeline Construction Workforce 100 Mtpa 165 km ~15,000 (peak per shift) 5 Mine TMF Launder /
Slide 42: Well-Funded Near-Term Projects
WELL-FUNDED NEAR-TERM PROJECTS Post-sanction capital guidance unchanged Value-Accretive Near-Term Copper Projects Total Estimated Attributable Estimated Post-Sanction Capital Post-Sanction Capital Highland Valley Mine Life Extension (Cu-Mo | Brownfield | Canada | 100%) 100% ownership US$1.3-1.4B1 US
Slide 43: Portfolio Approach to Balancing Risks and Returns
PORTFOLIO APPROACH TO BALANCING RISKS AND RETURNS Project derisking drives enhanced returns and value creation QB Optimization San Nicolás & Debottlenecking Zafranal Higher Return Relative Return Lower risk, higher returns Higher risk, higher returns Lower risk, lower returns Higher risk, lower retu
Slide 44: QB Disciplined Growth Pathway
QB DISCIPLINED GROWTH PATHWAY Lowest capital intensity value creation opportunity QB Potential Ramp-Up (Throughput in ktpd) 1 Ramp-up Nameplate Optimization Debottlenecking Future Opportunities Optimization • Focused on operating stability at 143 ktpd • Target to drive throughput up to ~154 ktpd in
Slide 45: QB Optimization to Increase Throughput
QB OPTIMIZATION TO INCREASE THROUGHPUT Near-term throughput increase of 5-10% • Target stable production of up to ~154 ktpd by end of 2026 Ongoing Projects (2025) − Rate already achieved for short periods of time • Asset reliability improvements and minor • No additional permit required equipment mo
Slide 46: QB Debottlenecking Further Increases Throughput
QB DEBOTTLENECKING FURTHER INCREASES THROUGHPUT Additional growth to ~165-180 ktpd • Target throughput of ~165-180 ktpd in next 3 years, with minimal investment Options being Studied (2025-2027) • Equipment upgrades on conveyor rollers, • Minor permit submission in development to submit in ball addi
Slide 47: QB Future Growth Opportunities
QB FUTURE GROWTH OPPORTUNITIES Additional expansion and extension options for the next decade • Current, permitted plan uses <15% of defined reserves and resources Options being Studied (2030+) − Opportunity for expansions and life extensions − Expanded tailings location identified with advanced stu
Slide 48: QB's Reserves and Resources Increased Significantly
QB’S RESERVES AND RESOURCES INCREASED SIGNIFICANTLY Additional potential remains; district is prospective for Cu-Mo porphyry deposits QB’s Historical Reserves and Resources and Grade Mineral Reserves and Resources1 Resource (Mt) Reserve (Mt) Reserve (CuT) Resource (CuT) Tonnes Grade Recoverable Meta
Slide 49: Zafranal Project Overview
ZAFRANAL PROJECT OVERVIEW Mid-sized copper-gold asset with robust economics and permit in place Long Life Asset in Peru • 19-year mine life with mine life extension opportunities through pit expansion and district resource development Quality Investment • Attractive front-end grade profile for rapid
Slide 50: 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 • Mill: Nominal 65ktpd capacity mill, concentrator and plant facilities; conveyor tunnel Water 3.5km from mine Port • Sustaina
Slide 51: Reserves and Resources at Zafranal
RESERVES AND RESOURCES AT ZAFRANAL Strong ore body knowledge to deliver on business plan Geological Cross-Section Mineral Reserves and Resources1 Zafranal Main Zone – Central Long Section A 150m wide section, looking 357 deg (North) A’ Tonnes Grade Recoverable Metal 195 Leached/Oxide/Mixed Category
Slide 52: Zafranal Path to Value Realization
ZAFRANAL PATH TO VALUE REALIZATION Near-term growth option with major permit in place Sanction Requirements Recent Progress Upcoming Milestones • Advance detailed engineering to • 30% engineering milestone 50% completion achieved in Q1 2025 • Develop detailed project • Advanced works permit received
Slide 53: Zafranal Project Highlights
ZAFRANAL PROJECT HIGHLIGHTS Advanced high-quality, copper-gold growth project • Rapid project payback expected due to the Illustrative Economic Inputs (100% basis)1 front-end high-grade profile Head Grade Production Ore Milled (First 5 Years Avg2) (First 5 Years Avg2) (First 5 Years Avg2) • Forecast
Slide 54: San Nicolás Project Overview
SAN NICOLÁS PROJECT OVERVIEW Unique and high-quality mid-sized base metal development asset with high average copper-zinc grades and low capital intensity Long Life Asset in Mexico • Initial 15-year mine plan with multiple targets for mine life extension • Excellent access and logistics for construc
Slide 55: San Nicolás - Compact Site Layout
SAN NICOLÁS - COMPACT SITE LAYOUT 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 • Mill: Nominal 20ktpd1 ~ El 2,110 m ~ El 2,234 m
Slide 56: Reserves and Resources at San Nicolás
RESERVES AND RESOURCES AT SAN NICOLÁS Well Defined Orebody Mineral Reserves and Resources1 NW Tonnes Grade Recoverable Metal Category Mt Cu (%) Zn (%) Cu (kt) Zn (kt) Reserves Proven 47.7 1.26 1.6 470 620 Probable 57.5 1.01 1.4 460 630 Total P&P 105.2 1.12 1.5 930 1,260 Resources Contained Metal 202
Slide 57: San Nicolás Path to Value Realization
SAN NICOLÁS PATH TO VALUE REALIZATION Sanction Requirements Recent Progress Upcoming Milestones • Robust business case and • Ongoing engagement with Feasibility Study complete government and other stakeholders in support of • Major permits received permits • Government and community Feasibility stud
Slide 58: Attractive Project Returns from San Nicolás
ATTRACTIVE PROJECT RETURNS FROM SAN NICOLÁS Attributable to the high-grade mineralization • Forecast first quartile life of mine C1 cash costs, Prefeasibility Study Summary (US$, 100% basis)1 allowing for strong margin generation Production − Significant by-product credits, with co-product Zn Ore Mi
Slide 59: 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 Co
Slide 60: 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 Resources 1 Grades Contained Metal • The project is owned by the Galore Creek Partnership Tonnes Cu Au Ag Cu Au Ag (Teck:Newmont 50:50) and managed by
Slide 61: 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 a stable jurisdiction Mineral Reserves and Resources1 • NuevaUnión is a 50:50 partnership between Teck and Newmont Grades Metal that combines the Relincho Cu-Mo-Ag deposit
Slide 62: 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 • Schaft Creek is a joint venture between Teck (75%) and Copper Fox Grades Contained Metal Tonnes Cu Mo Au Ag Cu Au Metals Inc. (25%), with
Slide 63: Zinc Development Options
ZINC DEVELOPMENT OPTIONS 63
Slide 64: Portfolio of Zinc Development Options
PORTFOLIO OF ZINC DEVELOPMENT OPTIONS High-quality portfolio of zinc development assets 1 Red Dog District North America Anarraaq (Zn-Pb), USA Teck 100% ~11 km from Red Dog operation; scoping study complete in 2014; existing study being optimized Inferred Resources of 16.3 Mt @ 14.3% Zn, 4.0% Pb1 1
Slide 65: 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 Bar height = Size of the deposit. • Declining production from existing primary zinc mines; = Estimated grade, Teck | Other projects un
Slide 66: Macroeconomic and Metals Outlook
MACROECONOMIC AND METALS OUTLOOK 66
Slide 67: Imposition of US Tariffs Has a Global Impact
IMPOSITION OF US TARIFFS HAS A GLOBAL IMPACT Near-term dislocations and uncertainty, but markets will adjust Industrial Production Growth1 (% change Y/Y) NY Fed Global Supply Chain Pressure Index1 • We are closely monitoring the potential impact of tariffs and retaliatory trade measures between the
Slide 68: China Continues to Lead the Way in Energy Transition
CHINA CONTINUES TO LEAD THE WAY IN ENERGY TRANSITION Energy transition metrics still strong, property weak, exports uncertain • The tariff implications on China are China Electricity Grid Investment1 Selected March China Metrics1 significant, and while China has steadily (RMB bn) (% change Y/Y) pivo
Slide 69: Short-Term Copper Market Fundamentals
SHORT-TERM COPPER MARKET FUNDAMENTALS Concentrate tightness putting financial pressure on smelters • Demand for concentrate from both traders and Global Smelter Capacity Growth1 (kt) copper smelters is exceptionally strong 600 2022- 2024 2025-2027 Possible projects 2,200kt 3,700kt 2,300kt 500 • Some
Slide 70: 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 Long Term Demand Growth, Copper vs. Electricity1 the most effective way to move electrons around (kt copper) • Expect a more electricity-
Slide 71: Short-Term Zinc Market Fundamentals
SHORT-TERM ZINC MARKET FUNDAMENTALS Not enough concentrate available to meet smelter needs • Global zinc inventories (concentrate and metal) Annual Treatment Charges Settle at Historic Low2 (US$/t) are extremely low relative to historical norms Annual Settlement Spot TC − Spot treatment charges also
Slide 72: Long-Term Zinc Market Fundamentals
LONG-TERM ZINC MARKET FUNDAMENTALS An improving demand story, with a lack of new supply options • Global mine production flat since 2012 Zinc Mine Production Growth Stagnant for a Decade (kt) • Uncommitted projects list thinnest since 2007 12,000 − Most projects <100kt/yr with <13yr mine life 9,000
Slide 73: Copper Market
COPPER MARKET 73
Slide 74: Copper Outlook
COPPER OUTLOOK Raw material supply constrained as smelter capacity growing; Consumer demand supportive as energy transition pushes ahead • Concentrate market is expected to • Smelter capacity increases from • Copper demand forecast to increase • Despite near-term forecast remain in substantial defic
Slide 75: Copper Mine Production Remains Challenged
COPPER MINE PRODUCTION REMAINS CHALLENGED Mine disruptions expected to be above average in 2025 • Closure of Cobre Panama and cuts to corporate guidance Copper Mine Production and Demand1 (kt) cumulatively lowered mine production by over 1.2Mt in 2025 35,000 ‒ Concentrate supply now expected to peak
Slide 76: Copper Mine Outlook
COPPER MINE OUTLOOK Multiple fundamentals negatively impacting future mine production • Declining ore grades, escalating costs, slow permitting, and Weighted Average Ore Grades1 underinvestment continues to negatively impact new mine 80% Ore Grade Forecast production, prolonging the concentrate mark
Slide 77: Smelter Production Growth Outpaces Mine Supply
SMELTER PRODUCTION GROWTH OUTPACES MINE SUPPLY Continuing to increase despite tight concentrate market • Ramp-up of new smelter capacity began exceeding mine Chinese smelter expansion to remain high1 (ktpa) Possible supply in 2024 600 2024 2025 2026-2028 projects 1,108kt 735kt 1,555kt 500 1,100kt ‒
Slide 78: Copper Concentrate Market Outlook
COPPER CONCENTRATE MARKET OUTLOOK Deficits pushed down TC/RCs, putting financial pressure on smelters • Spot terms remained low since early 2024, despite smelter cuts Annual treatment charges settle at historic low1 ‒ Smelter terms fell into negative territory for the first time in 120 February 2025
Slide 79: Copper Scrap Is Part of the Long-Term Solution
COPPER SCRAP IS PART OF THE LONG-TERM SOLUTION Scrap supplementing tight concentrate marketing • Demand for scrap will escalate over the next decade Tight Concentrate Supply, Increasing Chinese Scrap ‒ End users increasingly require higher recycled content Use1 Scraps Used by Smelters Scraps Used by
Slide 80: Traditional Demand Expected to Continue to Grow
TRADITIONAL DEMAND EXPECTED TO CONTINUE TO GROW Growth of traditional demand from urbanization and expansion of mid class • Traditional end-use consumption represent 87% of copper Traditional Copper Demand1 (kt) demand in 2024 China ROW North America Europe India Rest of Asia • Forecast to grow ~4%
Slide 81: New Demand Expected to Continue to Grow
NEW DEMAND EXPECTED TO CONTINUE TO GROW Driven by green energy transition • New energy transition still forecast to be the largest contributor New Energy Copper Demand1 (kt) to future copper demand growth rates Electric vehicles Grid Energy storage Power Other demand ‒ Consumption to surge from 26Mt
Slide 82: Copper Metal Short-Term Metal Outlook
COPPER METAL SHORT-TERM METAL OUTLOOK Market uncertainty likely to negatively impact demand • Total exchange stocks have increased ~30kt so far this year Copper Metal Premiums1 (US$ per pound) USA Mid-West Delivered Shanghai Grade A CIF ‒ Days of consumption sit at only 7.3 days, well below long- Ge
Slide 83: Copper Market Summary
COPPER MARKET SUMMARY Supply remains constrained, risk to demand limiting refined deficits • Continued downward risk to mine production Refined Global Cathode Balance, excl. Uncommitted1 (kt) ‒ Multiple large miners have decreased guidance for 2025 Teck (Adjusted) CRU (Adjusted) WM (Adjusted) ‒ Mark
Slide 84: Zinc Market
ZINC MARKET Engg peas Teck ares ad
Slide 85: Zinc Outlook
ZINC OUTLOOK Raw material supply at risk and smelters cutting outlook; Consumer demand pauses as tariffs cloud outlooks • Mine production has been • Smelters challenged by raw • European consumer and real • Critical to support and protect stagnant for over a decade with material availability; many e
Slide 86: Zinc Mine Disruptions Approach Critical Level
ZINC MINE DISRUPTIONS APPROACH CRITICAL LEVEL Mine output cuts expected to be felt in refined market • Global mine production has not grown since 2012 and is Mine production growth stagnant for a decade1 (kt) not expected to exceed 13.0 Mt until 2026 15,000 12,000 • 2023 price drop below $1.10/lb sa
Slide 87: Zinc Concentrate Market Outlook
ZINC CONCENTRATE MARKET OUTLOOK Tightness pushes market to record lows • Long-term supply is expected to lag demand Zinc Mine Production and Demand1 (kt) • Existing mines face declining production, higher costs 7.0 Mt and lower grades 15 mine supply gap by 2040 projected • Exploration under investme
Slide 88: Long Term Mine Supply Expected to Peak in 2025-2027
LONG TERM MINE SUPPLY EXPECTED TO PEAK IN 2025-2027 Without additional primary investment • Mine production projected to remain flat to 2030 Global Zinc Mine Production1 (kt contained) ‒ Potential 1.5 Mt shortfall to smelter capacity ROW Others China Gamsberg Hermosa Ozernoye Kipushi 2022-2024 2024-
Slide 89: Spot Zinc TCs Fell Significantly Through 2024
SPOT ZINC TC’S FELL SIGNIFICANTLY THROUGH 2024 Record low spot terms in H2 2024 ushered record low annual terms for 2025 • Spot TCs remain low after falling through 2024 Zinc Treatment Charges1 (US$/t) TCs bottomed in Q3 2024; • Amid tight market for feed, ex-China smelters settled for Spot TC Annua
Slide 90: Chinese Zinc Mine Growth Continues to Be Limited
CHINESE ZINC MINE GROWTH CONTINUES TO BE LIMITED • Delayed projects and decreasing ore grades continue to Chinese Zinc Mine Growth Estimates1 (kmt contained) impact Chinese zinc mines Wood Mackenzie Estimate Adjusted estimate • Chinese zinc mine production flat since 2018 461 392 495 360 357 281 335
Slide 91: China Requires Additional Concentrate Imports
CHINA REQUIRES ADDITIONAL CONCENTRATE IMPORTS • China continues to increase smelter capacity to Chinese Concentrate Imports1 (kt) decrease reliance on metal imports Flat mine production growth ensures growing reliance on concentrate imports Chinese Mine Production Additional Concs Required Reliance
Slide 92: Global Zinc Metal Outlook
GLOBAL ZINC METAL OUTLOOK Rising LME stocks cap price rise in 2024; mine output cuts keep market tight • Demand slowdown due to inflation causing inventories LME warehouses stocks fall, all stock in Asia1 to rebuild (refined stocks, kt) LME USA LME Europe LME Middle East LME Asia SHFE 500 ‒ Ex-China
Slide 93: Zinc Concentrate Market Outlook
ZINC CONCENTRATE MARKET OUTLOOK Upcoming deficits will require new mine supply • Smelters idled in 2022 on high energy costs were Concentrate Balances, excl. Uncommitted Projects1 returned in 2023...and more expected in 2024 as mines (adjusted to normalize annual disruption estimates, kt) have been
Slide 94: Zinc Projects Will Stay Stalled Amid Low Exploration
ZINC PROJECTS WILL STAY STALLED AMID LOW EXPLORATION Exploration investment has favoured other targets, falling to a 20-year low • Zinc exploration fell to 15-year low in 2024 Zinc Exploration Investments1 Exploration Budget Zinc Share of Total − $362 million, down 46% since last 2018 high 1,000 12
Slide 95: Zinc Metal Short-Term Outlook
ZINC METAL SHORT-TERM OUTLOOK U.S. market reflective of tight supply for metal • US produces <25% of its zinc metal requirement US Net Short Position in Zinc1 (kt) U.S. Production Zinc from Canada LME inventories filled • North America meets only ~80% of US demand Zinc from Mexico Overseas Imports s
Slide 96: Long-Term Zinc Demand Growth
LONG-TERM ZINC DEMAND GROWTH Tied to protection of steel for infrastructure and energy transition • 60% of zinc demand from galvanizing steel, used to Zinc Demand1 (Mt) extend steel service life and makes infrastructure more Non-Energy Transition Specific Electric Vehicles Solar Wind Storage sustain
Slide 97: Reference
REFERENCE 97
Slide 98: Share Structure and Principal Shareholders
SHARE STRUCTURE AND PRINCIPAL SHAREHOLDERS Teck Resources Limited as at March 31, 20251 Shares Held Percent Voting Rights Class A Shareholdings2 Temagami Mining Company Limited 4,300,000 56.6% SMM Resources Inc (Sumitomo) 1,469,000 19.3% Other 1,830,532 24.1% 7,599, 532 100.0% Class B Shareholdings
Slide 99: Sensitivities
SENSITIVITIES Estimated Effect of Changes on our Annualized Profitability1 ($M) Estimated Effect on 2025 Mid-Range Adjusted Profit (Loss) Estimated Effect on Production Estimates2 Attributable to Shareholders3 Adjusted EBITDA*, 3 (kt) Changes ($M) ($M) US$ exchange C$0.01 $ 21 $ 48 Copper 527.5 US$0
Slide 100: Endnotes
ENDNOTES SLIDE 4: CLOSELY MONITORING POTENTIAL IMPACT OF TARIFFS SLIDE 21: COPPER GUIDANCE 1. Based on tonnes delivered in 2024. 1. As April 23, 2025. See Teck’s Q1 2025 press release for further details. SLIDE 6: FOUNDATION OF WORLD-CLASS OPERATIONS 2. We include 100% of production from our Quebrad
Slide 101: Endnotes
ENDNOTES SLIDE 35: RED DOG OPERATIONS SLIDE 53: ZAFRANAL PROJECT HIGHLIGHTS 1. Source: Wood Mackenzie. Top zinc producing mine 4 of the last 5 years. 1. The initial capex estimate range is currently being finalized as part of the feasibility study update. Ore milled, head grade and 2. Guidance as at
Slide 102: Endnotes
ENDNOTES SLIDE 59: NEWRANGE CU-NI-CO-PD-PT DEPOSITS (50%) SLIDE 61: NUEVAUNIÓN CU-MO-AG AND CU-AU (50%) 1. Teck has a 50% interest in NewRange Copper Nickel. See Teck Annual Information Form dated February 19, 2025 available on 1. Teck has a 50% interest in NuevaUnión. See Teck Annual Information Fo
Slide 103: Endnotes
ENDNOTES SLIDE 64: PORTFOLIO OF ZINC DEVELOPMENT OPTIONS SLIDE 76: COPPER MINE OUTLOOK 1. See Teck Annual Information Form dated February 19, 2025 available on sedarplus.ca for information on the key assumptions, 1. Source: Wood Mackenzie, CRU, BGRIMM, SMM, Teck. parameters, and methods used to esti
Slide 104: Endnotes
ENDNOTES SLIDE 90: CHINESE ZINC MINE GROWTH CONTINUES TO BE LIMITED 1. Source: SMM, Teck. 2. Source: BGRIMM, SMM, Teck. SLIDE 91: CHINA REQUIRES ADDITIONAL CONCENTRATE IMPORTS 1. Source: China Customs, SMM, BGRIMM, Teck. 2. Source: CRU, CAAM. SLIDE 92: GLOBAL ZINC METAL OUTLOOK 1. Source: LME, Bloom
Slide 105: 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 106: Copper EBITDA Margin Reconciliation
COPPER EBITDA MARGIN RECONCILIATION Reconciliation between copper segmented profit, revenues and EBITDA margin C$M, copper segment 2023 2024 Profit (Loss) Before Taxes from Continuing Operations 524 303 Net finance expense 56 664 Depreciation and amortization 553 1,356 EBITDA 1,133 2,323 EBITDA 1,13