Teck Resources Limited Class A · TSX:TECK.A
Teck Resources Limited Class A — Global Metals and Mining Conference 2025
38 slides from Teck Resources Limited Class A's conference presentation, Oct 14, 2025
Slide 1: Global Metals and Mining Conference
GLOBAL METALS AND MINING CONFERENCE October 14, 2025 Jonathan Price President and Chief Executive Officer
Slide 2: Agenda
AGENDA Operational Review and Outlook Merger of Equals 2
Slide 3: Update on Comprehensive Operational Review and Outlook
UPDATE ON COMPREHENSIVE OPERATIONAL REVIEW AND OUTLOOK 3
Slide 4: Caution Regarding Forward-Looking Statements
CAUTION REGARDING FORWARD-LOOKING STATEMENTS Both these slides and the accompanying oral presentation contains 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 5: Comprehensive Operational Review Completed
COMPREHENSIVE OPERATIONAL REVIEW COMPLETED Detailed assessment of operating plans, with external experts Enhanced Planning Governance Monitoring & Guidance • Completed detailed assessment • Direct oversight of operations by • Enhanced monitoring and of all operating plans CEO - SVPs of Operations fo
Slide 6: 2025 QB Production Performance
2025 QB PRODUCTION PERFORMANCE Production constrained by pace of TMF development 2025A1 Mill Availability and Throughput Recoveries Impacted by TMF 92% Design Availability2 development – lower plant operational run time 85% 84% 83% TMF Constraint 83% 82% 82% 77% 87% 70% Mill Availability Actual Util
Slide 7: QB Tailings Management Facility
QB TAILINGS MANAGEMENT FACILITY Sand drainage solution and mechanical raising of dam wall underway TMF Development 1 Sand dam construction and paddock re-design 2 2 Upstream beaching 3 3 Crest growth and rock bench construction 1 4 Installation of new cyclone technologies 7
Slide 8: QB Tailings Management Facility Construction Photos
QB TAILINGS MANAGEMENT FACILITY CONSTRUCTION PHOTOS Initiatives underway to mechanically raise dam wall and improve sand drainage 1 Paddock re-design and sand dam construction 2 Upstream beaching 8
Slide 9: QB Tailings Management Facility Construction Photos
QB TAILINGS MANAGEMENT FACILITY CONSTRUCTION PHOTOS Initiatives underway to mechanically raise dam wall and improve sand drainage New cyclone 4 Rock bench technologies to be 3 construction implemented 9
Slide 10: Advancing TMF Development Plans
ADVANCING TMF DEVELOPMENT PLANS Near-term and 2026 TMF development objectives in focus Near-term Objective Status Expected Completion Initial upstream beaching Complete Q3 2025 (remains an ongoing work stream) 2025 program: Q4 2025 Mechanical rock bench construction In progress 2026 program: Q1 2026
Slide 11: Context to Our 2026 QB Guidance
CONTEXT TO OUR 2026 QB GUIDANCE Factoring in additional TMF development and conservative recoveries 1 Low End of Guidance 2026 Production (kt, contained copper) • 80% mill availability, including additional downtime for TMF development 3 • Partially constrained throughput of 115ktpd (82% of design1)
Slide 12: Context to Our 2027-2028 QB Guidance
CONTEXT TO OUR 2027-2028 QB GUIDANCE Throughput levels no longer constrained by TMF development 2027 Production 2028 Production QB debottlenecking could QB optimization phase-in drives Grades: Decrease to 2028 Grades: 2027 head grade increase throughput to increase in mill throughput head grade assu
Slide 13: HVC and Red Dog
HVC AND RED DOG Change in guidance driven by enhanced planning HVC Production Guidance (kt, contained copper) Red Dog Production Guidance (kt, contained zinc) Higher end 430-470 of guidance 410-460 135-150 130-150 135-155 120-140 375-415 120-130 115-135 365-400 100-120 90-110 330-370 290-320 230-270
Slide 14: QB – A World Class Tier 1 Asset
QB – A WORLD CLASS TIER 1 ASSET Will support future value creation with potential for QB / Collahuasi adjacencies Illustrative Long-Term Production (kt, contained copper) QB Optimization and debottlenecking offers potential for capital- QB targeting design rates longer-term efficient, near-term thro
Slide 15: Defined and Measurable Path Forward
DEFINED AND MEASURABLE PATH FORWARD Comprehensive Operational Review completed – reasonable & achievable plans based on demonstrated performance Outlook revised – more conservative assumptions embedded into guidance Focus on execution – direct CEO and Board oversight of operational execution TMF Dev
Slide 16: Appendix: Updated Guidance
APPENDIX: UPDATED GUIDANCE Based on comprehensive operational review Production1 2025 2025 2025 2026 2026 2026 2027 2027 2027 2028 2028 2028 Previous Change Revised Previous Change Revised Previous Change Revised Previous Change Revised Copper2 (000’s tonnes) Quebrada Blanca 210 -230 (40-40) 170-190
Slide 17: Appendix: Endnotes
APPENDIX: ENDNOTES SLIDE 5: 2025 QB Production Performance 1. 2025 actual mill availability and utilization at QB Operations, through to September 30, 2025. 2. Design availability of 92% reflected in design throughput of 140ktpd. SLIDE 11: Context to Our 2026 QB Guidance 1. Design throughput indicat
Slide 18: Appendix: Non-GAAP Financial Measures and Ratios
APPENDIX: NON-GAAP Our financial results are prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International FINANCIAL Accounting Standards Board. This presentation includes reference to certain non-GAAP financial measures and non-GAAP ratios, which are
Slide 19: Merger of Equals
MERGER OF EQUALS Merger of equals to create a leading global critical minerals champion 19
Slide 20: Anglo American cautionary statement
Anglo American cautionary statement Disclaimer uncertainty, tensions and disputes and economic and financial conditions around the world, evolving societal and stakeholder requirements and This document has been prepared by Anglo American plc (“Anglo American”) in connection with its combination wit
Slide 21: Teck cautionary statement
Teck cautionary statement Cautionary Statement on Forward-Looking Statements This news release contains certain forward-looking information and forward-looking statements as defined in applicable securities laws (collectively referred to as forward-looking statements). These statements relate to fut
Slide 22: Creation of a leading global critical minerals champion
Creation of a leading global critical minerals champion 1 Outstanding value creation through an at market merger of equals 2 More than 70% copper exposure1 & outstanding further growth optionality embedded 3 $800m in pre-tax recurring annual synergies from the combination2 4 $1.4bn annual EBITDA* up
Slide 23: Transaction summary
Transaction summary • At market merger of equals implemented by a plan of arrangement • Anglo American to issue 1.3301 new shares, including exchangeable shares issued Canadian tax residents, in Transaction structure exchange for each outstanding Class A and Class B Teck share • Special dividend to
Slide 24: Creation of a premier critical minerals equity
Creation of a premier critical minerals equity Anglo Teck: A differentiated investment opportunity – focused, large scale, copper exposure Zinc 6% Premium iron ore 22% Expected 2027 production mix1 Copper 72% Copper 7 Other Commodities7 24
Slide 25: One of the world's largest copper producers
One of the world’s largest copper producers Top 5 copper producer8 Second largest listed copper-focused producer9 Tonnes Tonnes Future growth optionality Future growth optionality 25
Slide 26: Outstanding critical minerals portfolio with six world-class copper assets
Outstanding critical minerals portfolio with six world-class copper assets Quebrada Blanca Collahuasi Quellaveco Antamina Los Bronces Highland Valley (60% ownership) (44% ownership) (60% ownership) (22.5% ownership) (50.1% ownership) (100% ownership) Canada’s largest copper Multi-generational assets
Slide 27: Competitively positioned copper assets
Antamina (22.5%) Collahuasi (44%) Collahuasi + Quebrada Blanca with expected improvement driven by asset adjacencies Combined second quartile cost position 2027F C1 cash costs by mine11 and Anglo Teck ownership % Quellaveco (60%) Quebrada Blanca (60%) Los Bronces post-Andina Competitively positioned
Slide 28: High-quality premium iron ore & zinc assets provide attractive diversification
High-quality premium iron ore & zinc assets provide attractive diversification Premium iron ore Zinc Minas-Rio Kumba Red Dog (85% ownership) (~53% interest)12 (100% ownership) High quality DR-grade pellet feed Premium iron ore One of the world’s largest with expansion potential with margin enhancing
Slide 29: Unlocking the full potential of Collahuasi and Quebrada Blanca
Unlocking the full potential of Collahuasi and Quebrada Blanca Quebrada Blanca plant Collahuasi Ore Reserve grade 0.96% TCu14 Quebrada Blanca 44% Anglo American Mineral Reserve grade 0.52%13 60% Teck Value-accretive additional production from one of the largest copper complexes globally Additional p
Slide 30: Outstanding organic growth pathway underpinned by capital discipline
Outstanding organic growth pathway underpinned by capital discipline Near-term, low capital-intensity growth Capital efficient adjacencies Disciplined approach to future optionality QB debottlenecking Increase throughput to 165-180ktpd Collahuasi + Quebrada Blanca Los Bronces plant restart ~175ktpa
Slide 31: Compelling near-term value creation through synergies
Compelling near-term value creation through synergies Corporate, business Management track records of overheads & other portfolio simplification ~$210m & cost savings delivery ~$800m Procurement ~$490m Synergies incremental to existing cost savings targets annual, recurring, pre-tax synergies2 Marke
Slide 32: Combination strengthens financial and operational resilience
Combination strengthens financial and operational resilience Strengthened financial position targeting investment grade credit profile ✓ strong combined balance sheet and larger, more diversified cash flow base Leverage proven capabilities in technical and operational excellence ✓ to deliver enhance
Slide 33: Commitment to our heritage
Commitment to our heritage Canada South Africa UK Global headquarters Meaningful representation from in Vancouver South Africa on the board and Primary listing on the LSE executive team CEO, Deputy CEO, CFO & Continued UK incorporation significant majority of executive Committed to workforce and hos
Slide 34: Proven capabilities support license to operate and grow
Proven capabilities support license to operate and grow Safety is always our first priority AAA AA A Anglo American Teck Peer 1 Peer 6 Industry-leading sustainability track records BBB within the global mining industry Peer 2 Peer 3 Peer 5 MSCI15 BB B Peer 4 Shared commitment to shareholder and CCC
Slide 35: Merger of equals to create a leading critical minerals champion
Merger of equals to create a leading critical minerals champion Top 5 Significant Premier copper copper producer value creation growth portfolio High quality, low-cost assets with Zinc strong cash flow generation 6% Premium Unlocking $800 million of iron ore Resilient balance sheet targeting 22% pre
Slide 36: Appendix: Footnotes
AngloAmerican Teck Appendix: Footnotes 1. Production mix is based on assumed copper production of 1,355kt, iron ore production of 61Mt and zinc production of 423kt converted to copper equivalent basis at long-term consensus prices, with iron ore CFR basis adjusted to FOB at spot freight rates. As an
Slide 37: Appendix: Non-GAAP Financial Measures and Ratios
Appendix: Non-GAAP Financial Measures and Ratios 37
Slide 38: Global Metals and Mining Conference
GLOBAL METALS AND MINING CONFERENCE October 14, 2025 Jonathan Price President and Chief Executive Officer
Teck Resources — Global Metals and Mining Conference 2025 on 6ix