38 slides from Teck Resources Limited Class A's earnings presentation, Jul 23, 2026
Slide 1: Second Quarter 2026 Conference Call
SECOND QUARTER 2026 CONFERENCE CALL July 23, 2026
Slide 2: Caution Regarding Forward-Looking Statements
CAUTION REGARDING FORWARD-LOOKING STATEMENTS Both these slides and the accompanying oral presentation contain certain forward-looking information and forward-looking statements as defined in applicable securities laws (collectively referred to as forward-looking statements). These statements relate
Slide 3: Overview
OVERVIEW Jonathan Price President and Chief Executive Officer 3
Slide 4: Strong Operational & Financial Results in Q2 2026
STRONG OPERATIONAL & FINANCIAL RESULTS IN Q2 2026 Driven by operational stability and disciplined execution Improved financial performance vs. Q2 2025 Significantly higher earnings Improved net cash unit costs Robust cash flow Adjusted EBITDA*,1 tripled to Net cash unit costs in Copper Cash flow fro
Slide 5: Continue to Expect Merger to Close 12-18 Months from Announcement
CONTINUE TO EXPECT MERGER TO CLOSE 12-18 MONTHS FROM ANNOUNCEMENT Focus on final regulatory approvals and integration planning Current Status • Progressing integration planning and readiness to close • Advancing final regulatory approvals Shareholders of both companies Received: Announcement Record
Slide 6: Safe Operational Performance in Q2 2026
SAFE OPERATIONAL PERFORMANCE IN Q2 2026 Achieved >1 million hours worked without HPI or LTI at HVC MLE Teck-Controlled High Potential Incident Performance1 (per 200,000 hours worked) Including QB2 Project Excluding QB2 Project 0.19 0.17 0.16 0.12 0.12 0.09 0.08 0.08 0.07 0.06 0.06 0.06 2021 2022 202
Slide 7: Strong Q2 2026 Operational Performance
STRONG Q2 2026 OPERATIONAL PERFORMANCE Production growth across the copper portfolio, with expanding margins Copper production growth (kt) Consolidated adjusted EBITDA margin* expansion (%) +25% +25 percentage points 135.9 61% 109.1 36% 52.7 55.8 42.8 32.4 24.4 9.4 12.8 14.6 Carmen Antamina Highland
Slide 8: Third Consecutive Quarter of Stable Operations at QB
THIRD CONSECUTIVE QUARTER OF STABLE OPERATIONS AT QB Consistent production supported by stable recoveries and asset utilization 1 Mill Availability (%) Asset Utilization (%) 2026 Guidance High: 86.0% Low: 80.0% 97.8% 93.4% 92.0% 92.4% 88.9% 89.1% 87.2% 82.9% 86.1% 61.9% Q2 25 Q3 25 Q4 25 Q1 26 Q2 26
Slide 9: Significant Progress on the QB TMF
SIGNIFICANT PROGRESS ON THE QB TMF Rock Bench 5 completed April 2026 July 2026 1 2 1 2 4 4 3 3 Legend and Status 1 Rock Bench 4 2 Rock Bench 5 3 Dam Crest 4 Sand Dam Construction Completed in Q1 2026 Completed in Q2 2026 Widened and raised Progressing TMF is tailings management facility. 9
Slide 10: QB TMF Development Work Is Advancing
QB TMF DEVELOPMENT WORK IS ADVANCING Completed Rock Bench 5; no TMF-related downtime in three quarters Completed Near-Term Objectives Status Completion Date Q3 2025 Initial upstream beaching Remains an ongoing workstream Paddock redesign Q4 2025 New cyclone technologies installed Q4 2025 Mechanical
Slide 11: Continuing Progress on HVC Mine Life Extension Project
CONTINUING PROGRESS ON HVC MINE LIFE EXTENSION PROJECT Mill upgrades expected to advance in H2 2026 Significant progress in Q2 2026 $2.1-2.4B ~132 kt 2046 • Achieved >1 million hours worked without HPI or LTI Project capital Avg Cu production1; Mine life extension 2025-2028 ~50 Mtpa ore mined1 from
Slide 12: Second Quarter 2026 Results
SECOND QUARTER 2026 RESULTS Crystal Prystai Executive Vice President and Chief Financial Officer 12
Slide 13: Strong Financial Performance in Q2 2026
STRONG FINANCIAL PERFORMANCE IN Q2 2026 Q2 2026 vs. Q2 2025 • Tripled adjusted EBITDA* to $2.2B − Driven by strong copper production across all Gross profit before D&A* $2.1B +153% operations, higher commodity prices, and increased by-product revenue Gross profit $1.7B +255% − Third consecutive quar
Slide 14: Higher Profitability in Q2 2026
HIGHER PROFITABILITY IN Q2 2026 Higher production and pricing drives strong increase in adjusted EBITDA Profitability ($M) Profit before Taxes Net Finance Expense D&A Adjustments Non-Controllable Controllable Benefitting from higher Strong performance commodity prices, across operations particularly
Slide 15: Strong Performance Across Copper Operations
STRONG PERFORMANCE ACROSS COPPER OPERATIONS Reflects record copper prices and continued strong copper production volumes Q2 2026 Performance1 Gross Profit Copper Copper Copper Net Cash Gross Profit Gross Margin Before Realized Price Production Sales Revenue Unit Cost* Before D&A* Profit D&A* Q2 2026
Slide 16: Trail Drives Improvement in Zinc Profitability & Margins
TRAIL DRIVES IMPROVEMENT IN ZINC PROFITABILITY & MARGINS Reflects continued focus on feed strategy optimization Q2 2026 Performance1 Gross Profit Zinc Red Dog Zinc Red Dog Refined Zinc Refined Zinc Net Cash Gross Profit Gross Margin Before Realized Price Production Zinc Sales Production Sales Revenu
Slide 17: Reduction in Net Cash Unit Costs in Q2 2026
REDUCTION IN NET CASH UNIT COSTS IN Q2 2026 Operational performance and by-product credits more than offset energy inflation Copper Cash Unit Costs (US$/lb) Zinc Cash Unit Costs (US$/lb) Total Cash Unit Costs* Net Cash Unit Costs* Total Cash Unit Costs* Net Cash Unit Costs* 2.49 0.57 0.60 2.25 0.49
Slide 18: Substantial Expansion of EBITDA Margins
SUBSTANTIAL EXPANSION OF EBITDA MARGINS Driven by higher production and commodity prices Segmented EBITDA* (C$M) Copper Zinc 70% EBITDA Margin* 38% EBITDA Margin* 45% 1,888 25% EBITDA Margin* 345 EBITDA Margin* 143 651 Q2 2025 Q2 2026 Q2 2025 Q2 2026 • Increase in our copper EBITDA primarily driven
Slide 19: Further Strengthening the Balance Sheet
FURTHER STRENGTHENING THE BALANCE SHEET Robust cash flow funding HVC MLE and growing cash balance Operational Cash Flow Strong Liquidity Debt Repayments1 (US$M) Q2 2026 As at June 30, 2026 US$2B debt reduction since 2024; ongoing de-levering via QB loan amortization C$1.7B C$10.3B including C$6.1B o
Slide 20: Closing Remarks
CLOSING REMARKS Jonathan Price President and Chief Executive Officer 20
Slide 21: Our Key Near-Term Priorities
OUR KEY NEAR-TERM PRIORITIES Focused on driving value for shareholders Outstanding value creation through merger of equals with Anglo American Focusing on safe, stable operational performance Realizing the full value of QB Progressing the Highland Valley Mine Life Extension Project 21
Slide 22: Reference
Teck ee l REFERENCE
Slide 23: Merger of Equals to Create a Leading Critical Minerals Champion
MERGER OF EQUALS TO CREATE A LEADING CRITICAL MINERALS CHAMPION A truly compelling combination – furthering complementary strategies and enhancing value creation Top 5 Significant Premier copper copper producer value creation growth portfolio • Unlocking US$800 million • High quality, low-cost asset
Slide 24: Copper Guidance
COPPER GUIDANCE Unchanged annual guidance in Q2 2026 Copper Production1,2 (kt) Net Cash Unit Costs*,1,3 (US$/lb) Quebrada Blanca Highland Valley Antamina (22.5%) Carmen de Andacollo 505-580 2.20 2.03 1.85-2.20 455-530 45-55 446 454 435-510 45-55 85-95 35-45 40 51 95-105 80-90 96 86 135-155 102 127 1
Slide 25: Zinc Guidance
ZINC GUIDANCE Unchanged annual guidance in Q2 2026 Zinc Production1,2 (kt) Net Cash Unit Costs*,1,3 (US$/lb) Red Dog Sales1 (kt) Red Dog Antamina (22.5%) 616 220-270 60 565 102 410-460 365-415 35-45 35-45 275-325 0.65-0.75 556 375-415 45-55 463 330-370 0.39 0.33 230-270 37 2024 2025 2026E 2027E 2028
Slide 26: Settlement Pricing Adjustments
SETTLEMENT PRICING ADJUSTMENTS Positive pricing adjustment Simplified Settlement Pricing Adjustment Model Total Reported Settlement Pricing Adjustments (Pre-tax settlement pricing adjustment in C$M) (Pre-tax settlement pricing adjustment in C$M) 300 Outstanding at Outstanding at Quarterly Pricing Q2
Slide 27: Global Electrification Is Accelerating, Led by China
GLOBAL ELECTRIFICATION IS ACCELERATING, LED BY CHINA Global solar generation saw record growth in 2025, while coal declined Global Electricity Generation by Fuel1 Electricity Share of Energy Supply1 (Annual change, TWh) (%) 6 An additional 7,150 TWh of electricity generation is 30 51 24 8 needed for
Slide 28: Economic Growth Is Decoupling from Fossil Fuels
ECONOMIC GROWTH IS DECOUPLING FROM FOSSIL FUELS Emerging markets are following a less coal-intensive growth path India & China Wind & Solar Capacity1 India & China Coal Capacity1 India Electricity Generation by Fuel 20252 (% change Y/Y) kWh per capita kWh per capita 30 2,000 5,000 27 China 2025 Chin
Slide 29: Industrial Activity Is Driving China's Economic Growth
INDUSTRIAL ACTIVITY IS DRIVING CHINA’S ECONOMIC GROWTH Electrification and manufacturing are bright spots for metal demand Selected China Metrics1 (% change May ytd y/y) Property Fixed Asset Electricity Industrial Electricity Solar Power Exports Industrial Integrated Excavator Industrial Investment
Slide 30: Robust Long-Term Copper Market Drivers
ROBUST LONG-TERM COPPER MARKET DRIVERS Copper prices hit another record quarterly average in Q2 2026 Strong copper prices1 (US$/lb) Long-term Copper Market Fundamentals 7.00 Q2 2026 Average Global Economic Growth US$6.05/lb Ongoing urbanisation and population 6.00 growth, coupled with rising living
Slide 31: Copper Market Fundamentals
COPPER MARKET FUNDAMENTALS Copper prices set new records on favourable macro environment Short Term Long Term • Both spot and annual benchmark copper treatment and • Copper is the linchpin of global electrification, as the most refining charges are at record lows, with supply of concentrate effectiv
Slide 32: Zinc Market Fundamentals
ZINC MARKET FUNDAMENTALS Zinc prices supported on tight western supply Short Term Long Term • Spot treatment charges (TCs) changed trajectory in late 2025, • With exploration hitting a 20-year low last year the future falling sharply as competition for feed ramped up supply pipeline is not being ade
Slide 33: Endnotes
ENDNOTES SLIDE 4: STRONG OPERATIONAL & FINANCIAL RESULTS IN Q2 2026 SLIDE 16: TRAIL DRIVES IMPROVEMENT IN ZINC PROFITABILITY & MARGINS 1. Comparisons are from Q2 2026 to Q2 2025. 1. See Teck’s Q2 2026 press release, Q2 2026 MD&A, and most recent Annual Information Form for further details available
Slide 34: Endnotes
ENDNOTES SLIDE 24: COPPER GUIDANCE SLIDE 26: SENSITIVITIES 1. As at July 22, 2026. See Teck’s Q2 2026 press release, Q2 2026 MD&A, and most recent Annual Information Form for further 1. As at June 30, 2026. The sensitivity of our annualized adjusted profit (loss) attributable to shareholders and adj
Slide 35: Sensitivities
SENSITIVITIES Limited exposure to oil price volatility Estimated Effect of Changes on our Annualized Profitability1 ($M) 2026 Mid-Range Estimated Effect on Estimated Effect Production Profit Attributable on Adjusted Estimates2 to Shareholders3 EBITDA*, 3 (kt) Change ($M) ($M) US$ Exchange C$0.01 $31
Slide 36: Non-GAAP Financial Measures and Ratios
NON-GAAP FINANCIAL Our financial results are prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International MEASURES Accounting Standards Board. This presentation includes reference to certain non-GAAP financial measures and non-GAAP ratios, which are n
Slide 37: Reconciliation of Non-GAAP Financial Measures & Ratios
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES & RATIOS RECONCILIATION OF ADJUSTED EBITDA MARGIN (%) Q2 2026 Q2 2025 Adjusted EBITDA ($M) (A) 2,193 722 Revenue ($M) (B) 3,605 2,023 Adjusted EBITDA Margin (%) (A)/(B) 61% 36% Copper Zinc RECONCILIATION OF SEGMENTED EBITDA Q2 2026 Q2 2025 Q2 2026 Q2 202
Slide 38: Second Quarter 2026 Conference Call
SECOND QUARTER 2026 CONFERENCE CALL July 23, 2026