Teck Resources Limited Class A · TSX:TECK.A
Teck Resources Limited Class A — Merger or Acquisition (September 2025)
20 slides from Teck Resources Limited Class A's merger presentation, Sep 9, 2025
Slide 1: Merger of equals to create a leading global critical minerals champion
Merger of equals to create a leading global critical minerals champion
Slide 2: 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 3: 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 4: 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 5: 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 6: 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 6
Slide 7: 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 7
Slide 8: 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 9: 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 10: 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 11: 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 12: 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 13: 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 14: 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 15: 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 16: 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 MSCI15 Peer 2 Peer 3 Peer 5 BB B Peer 4 Shared commitment to shareholder and CCC
Slide 17: 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 18: Q&A
Merger of equals to create a leading global critical minerals champion Q&A
Slide 19: Footnotes
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 announced on 2 September 2025,
Slide 20: Non-GAAP Financial Measures and Ratios
Non-GAAP Financial Measures and Ratios Non-GAAP Measures Certain financial performance measures used in this presentation, namely underlying EBITDA, are not prescribed by IFRS. These non-GAAP financial measures are intended to provide additional information only and do not have any standardized mean
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