63 slides from Teck Resources Limited Class A's technical presentation, Nov 3, 2025
Slide 1: QB Operations Site Visit
QB OPERATIONS SITE VISIT November 3, 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: Delivering Shareholder Value
Image to be adjusted DELIVERING SHAREHOLDER VALUE November 3, 2025 Jonathan Price President and Chief Executive Officer 3
Slide 4: Delivering Value for Shareholders
DELIVERING VALUE FOR SHAREHOLDERS A foundation of world-class copper and zinc operations in the Americas Focus on operational excellence and delivery against revised operational plans Growth optionality from value-accretive copper projects in established mining jurisdictions Ongoing commitment to he
Slide 5: Significant Transformation Since 2022
SIGNIFICANT TRANSFORMATION SINCE 2022 Strong delivery against our strategy Key Achievements Refocused portfolio on critical minerals Exited energy and steelmaking coal • Exited our interest in Fort • Completed QB • Sanctioned Highland Hills (oil sands) for value construction Valley Mine Life busines
Slide 6: Outstanding Value Creation Through Merger of Equals
OUTSTANDING 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 •
Slide 7: Foundation of World-Class Operations
FOUNDATION OF WORLD-CLASS OPERATIONS Critical minerals assets in established mining jurisdictions Top 10 copper producer operating in the Americas 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 8: 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 9: Ongoing Commitment to Safety and Sustainability
ONGOING COMMITMENT TO SAFETY AND SUSTAINABILITY Safety Teck-Controlled High Potential Incident (HPI) Performance1 (per 200,000 hours worked) • HPI frequency rate at Teck-controlled operations Including QB2 Project Excluding QB2 Project trending 50% below the 2024 annual rate on a year-to-date basis2
Slide 10: Focus on Operational Excellence
FOCUS ON OPERATIONAL EXCELLENCE Strengthening discipline in planning and performance 1 2 Achievable plans Execute on Completed Comprehensive Operational Review commitments across all operations Continuous Established Based on Verified by Strengthened Establish improvement risk-adjusted demonstrated
Slide 11: Realizing the Full Value of QB
REALIZING THE FULL VALUE OF QB November 3, 2025 Dale Webb Senior Vice President, Operations, Latin America 11
Slide 12: QB Overview
QB OVERVIEW 12
Slide 13: QB Is a Multi-Generational Tier 1 Asset
QB IS A MULTI-GENERATIONAL TIER 1 ASSET 1 World-class, multi-generational resource 2 Modern, robust operation 3 High quality concentrate 4 Sustainability underpins operations 13
Slide 14: QB Is a High-Quality Ore Body
1QB IS A HIGH-QUALITY ORE BODY Open beyond the current mine plan and reserves and resources Copper Grade Reserve Pit EOY 2024 Resources Block Model 2024. Measured, indicated, inferred and class 4 resources included. Resource pit calculated with measured, indicated and inferred only. 14
Slide 15: QB – Robust Design, Construction and Operations
2 QB – ROBUST DESIGN, CONSTRUCTION AND OPERATIONS Focus on TMF which is currently impacting ability to operate at steady state Focus Area: Concentrator Focus Area: TMF Autonomous Grinding Bulk Transport System Cyclone Lines Flotation Station Iqui Dam que Opera Concentrator tion MINE . AREA Pebble Mo
Slide 16: Attractive Commercial Value Proposition at QB
3 ATTRACTIVE COMMERCIAL VALUE PROPOSITION AT QB Premium quality product in high demand from customers QB produces some of the cleanest copper concentrate… 18,000 Tonnes Arsenic Contained Features 15,000 • Long life asset enables long-term contracts with Tier 1 12,000 customers 9,000 • Broad geograph
Slide 17: QB Shiploader Repairs Progressing to Plan
QB SHIPLOADER REPAIRS PROGRESSING TO PLAN Expect recommissioning in early 2026 Current Status • Shiploader damage was caused due to a brake failure • Repairs are progressing well and on track for completion in Q1 2026 • Shiploader downtime has had no operational impact ─ Inventory maintained at stea
Slide 18: Sustainability Underpins Operations at QB
4 SUSTAINABILITY UNDERPINS OPERATIONS AT QB Aligned commitments drive positive impact for stakeholders QB desalination plant Little tern Local Indigenous community QB employee at the operation Desalinated Water and Environment and Communities, Inclusion Fiscal Stability and Renewable Power Biodivers
Slide 19: QB TMF Development
QB : TMF DEVELOPMENT. | '
Slide 20: QB Tailings Management Facility
QB TAILINGS MANAGEMENT FACILITY Sand drainage solution and mechanical raising of dam wall underway TMF Development 1 Crest growth and rock bench construction 2 2 Upstream rock fill platform 1 4 3 Installation of new cyclone technologies 4 Sand dam construction and paddock re-design Illustrative diag
Slide 21: Crest Growth and Rock Bench Construction
CREST GROWTH AND ROCK BENCH CONSTRUCTION Supplementing tailings dam rise and widening of the dam crest 1 Rock benches allow continued safe raising of dam • Fourth rock bench under construction and a fifth to be built in 2026 during ongoing sand dam construction • 100 trucks are used to move material
Slide 22: Cyclones
3CYCLONES Rapid replacement of first cyclone battery showing positive results New cyclone technology installation • Proven cyclone technology – improved removal of ultra-fines at other Tier 1 mining sites • 59% of cyclones replaced to date; target 100% by year end • Additional secondary washing stag
Slide 23: Paddock Re-Design
4 PADDOCK RE-DESIGN New design yields improvements in drainage rates Improved paddock designs • Alternative sand deposition techniques and redesign of the paddocks have yielded improvements in drainage rates • Tested several techniques of sand deposition leveraging internal/external experience • Exp
Slide 24: Sand Dam Construction Progress
SAND DAM CONSTRUCTION PROGRESS Early sand drainage performance supports required dam raising Sand dam construction • Slower than required sand drainage has slowed the construction of the sand wedge ─ Growth in crest supplemented by rock bench construction • Due to the rock bench construction, the to
Slide 25: 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 and rock fill platform Complete Q3 2025 (remains an ongoing work stream) Paddock redesign Complete Q4 2025 First bank of cyclone washers Fin
Slide 26: QB Significant Value
QB SIGNIFICANT VALUE 26
Slide 27: October Performance
OCTOBER PERFORMANCE Post October shutdown performance a leading indicator for Q4 2025 Mill Availability (%) Asset Utilization (%) 2026 guidance high: 86% 2026 guidance low: 80% 95% 96% 95% 98% 100% 98% 93% 24% Week 1 Week 2 Week 3 Week 4 Week 1 Week 2 Week 3 Week 4 Impacted by shutdown Impacted by s
Slide 28: Context to Our 2026 QB Guidance
CONTEXT TO OUR 2026 QB GUIDANCE Factoring in additional TMF development and demonstrated recoveries 2026 Production1 (kt, contained copper) 1 Low End of Guidance • 80% asset utilization, including additional downtime for TMF development 3 • Partially constrained throughput of 115ktpd (82% of design2
Slide 29: Context to QB Guidance
CONTEXT TO QB GUIDANCE Guidance assumptions based on demonstrated performance Production Guidance1 (kt, contained copper) Guidance Parameters Debottlenecking Opportunity Asset utilization improves as TMF constraint is 275 255 removed with more stable operations from 235 240 2027+ 220 200 Throughput
Slide 30: Focus Areas to Achieve Design Rates
FOCUS AREAS TO ACHIEVE DESIGN RATES Business improvement initiatives underway 1 Mine Performance – further work on improving equipment utilization and increasing fleet velocity 2 Availability – focus on improving scheduled shutdowns and limit unplanned downtime 3 Throughput – continue to work to dri
Slide 31: Mine Performance
1 MINE PERFORMANCE Increasing efficiency and productivity from mine fleet Truck Utilization (%) Fleet Average Velocity (kph) +5% 95% 92% 95% 92% 20.4 21.3 21.1 21.5 Q4 25 Q1 25 Q2 25 Q3 25 Q1-Q2 Jul 25 Aug 25 Sep 25 25 Truck utilization remains high Continuous improvement initiatives underway • Curr
Slide 32: Availability and Throughput
2|3 AVAILABILITY AND THROUGHPUT Multiple initiatives underway to reduce downtime and increase throughput Availability Throughput (ktpd) • Work ongoing to reduce number of scheduled maintenance shutdowns per year 2026 guidance high: 136 134 129 132ktpd – Longer-life lining and conveyor belt designs 1
Slide 33: Recoveries
4 RECOVERIES Stable operations expected to allow for improved performance QB Copper Recovery (%) Recovery improvement initiatives 2026 guidance high: 83.5% • Demonstrated strong recovery performance during 2026 guidance low: completion testing in Q4 2024 82.0% • Geometallurgical program to improve i
Slide 34: Molybdenum Plant Ramp Up
MOLYBDENUM PLANT RAMP UP Molybdenum performance expected to improve as the copper circuit stabilizes Growing molybdenum production (t) Molybdenum plant ramp up 690 • Molybdenum plant design is robust and molybdenum grade 502 continues to be as expected • Molybdenum plant remains in ramp up and lags
Slide 35: Stabilizing Unit Cost Structure at QB
5 STABILIZING UNIT COST STRUCTURE AT QB Opportunities available to improve cost structure Other Labour 1 Improving by-product credit* 5% 11% • Increasing molybdenum production from 2026 levels of 2.8-3.4kt as the molybdenum circuit ramps up Energy • Assuming a ramp up of molybdenum production result
Slide 36: Pathway to Value at QB
PATHWAY TO VALUE AT QB Strong platform to leverage highest value expansion opportunity Illustrative Long-Term Production (kt, contained copper)1 QB QB targeting design rates longer-term with upside potential • Achieving steady state operations by removing +10 +10 the current TMF constraint on produc
Slide 37: Break
BREAK 37
Slide 38: Strong Financial Outlook
STRONG FINANCIAL OUTLOOK November 3, 2025 Crystal Prystai Executive Vice President and Chief Financial Officer 38
Slide 39: Achievable Approach to Operating Plans
ACHIEVABLE APPROACH TO OPERATING PLANS Informed revised guidance ranges Revised Guidance Key Parameters Updated to reflect operational plans Guidance set on Range Analysis proven performance with work on-going to Risk-based approach achieve design rates Operating Plans based on key operating variabl
Slide 40: Proven Resilience and Financial Stability
PROVEN RESILIENCE AND FINANCIAL STABILITY Strong foundation for value delivery Expanding margins – increasing production profile, while copper unit costs are expected to decline Strong cash flow generation – revised outlook continues to highlight strong potential of our business Declining capital pr
Slide 41: Near-Term Margin Expansion
NEAR-TERM MARGIN EXPANSION Targeting cost reduction in a constructive copper price environment Increasing copper and molybdenum production1 Structural Improvement at QB 700 505-580 14 600 446 455-530 12 Increasing copper production profile and by-product credits 500 415-465 10 400 8 300 7.4-8.8 6 20
Slide 42: Teck Operating Cash Flow Outlook
TECK OPERATING CASH FLOW OUTLOOK Strong operating cash flow conversion, particularly at QB Illustrative 2027 EBITDA* from Operations1 (C$B) Illustrative 2027 Operating Cash Flow1,2 (C$B) Copper price Copper ex-QB Zinc QB Copper price Copper ex-QB Zinc QB (US$/lb) (US$/lb) $5.25 2.9 0.4 2.6 5.9 $5.25
Slide 43: Near-Term Capital Profile Outlook
NEAR-TERM CAPITAL PROFILE OUTLOOK Decreasing near-term capital profile as HVC MLE investments progress Illustrative Annual Capital Expenditures1 (C$B) Base Sustaining and Stripping • Base annual average sustaining and capitalized stripping of ~$1.35B over the next three years (45)% QB TMF Developmen
Slide 44: Resilient Balance Sheet Provides Flexibility
RESILIENT BALANCE SHEET PROVIDES FLEXIBILITY >$5 billion of cash with no significant near-term maturities Liquidity Cash No significant near-term maturities1 (US$M) As at October 21, 2025 As at October 31, 2025 C$9.5B C$5.3B 294 142 242 Net Debt* Credit Ratings 147 180 190 167 As at September 30, 20
Slide 45: Proven Track Record of Shareholder Returns
PROVEN TRACK RECORD OF SHAREHOLDER RETURNS Delivering material shareholder returns Historical Cash Returns to Shareholders ($M) Shareholder Returns since 2022 Delivering return of capital to shareholders $5.7B Accretive share buybacks 73.2M | C$53/sh 1,392 1,240 shares repurchased average price paid
Slide 46: Future Value Creation Opportunities
FUTURE VALUE CREATION OPPORTUNITIES November 3, 2025 Jonathan Price President and Chief Executive Officer 46
Slide 47: 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 • ~US$4,000/t Cu capital intensity • Most value accretive expansion •
Slide 48: 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 49: 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 ~+175kt 2 Throughput • One line of the plant will be fed with ore from Collahuasi wi
Slide 50: 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 51: 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 optimization efficient adjacencies optionality Corporate, Business QB Debottlenecking QB + Col
Slide 52: Merger of Equals Will Drive Significant Value
MERGER OF EQUALS WILL DRIVE SIGNIFICANT VALUE Strong EBITDA* growth from combined Anglo Teck Anglo Teck Anglo Teck EBITDA* Corporate Synergies Low capital growth through Adjacencies incl. Future Growth Optionality Anglo Teck Potential optimization QB/Collahuasi and LB/Andina Near-term Priorities Fut
Slide 53: 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 Advancing the significant value creation opportunity Focusing on operational excellence Strengthening discipline in planning and performance, following Compr
Slide 54: Question & Answer
QUESTION & ANSWER : J ®: - ae
Slide 55: Closing Remarks
CLOSING REMARKS 55
Slide 56: Appendix
APPENDIX 56
Slide 57: QB Is a Multi-Generational Resource
QB IS A MULTI-GENERATIONAL RESOURCE Current, permitted plan uses <15% of defined reserves and resources1 QB’s Historical Reserves and Resources and Grade1 Mineral Reserves and Resources1 Resource (Mt) Reserve (Mt) Reserve (CuT) Resource (CuT) Tonnes Grade Recoverable Metal Category 12,000 0.60% Mt C
Slide 58: Merger Timeline and Approvals
MERGER TIMELINE AND APPROVALS Circular publication and mailing expected next week Closing & Effective Dates Shareholder Vote • Expected 12-18 months from announcement, • Merger subject to 66 2/3% approval by Teck’s i.e. September 2026 to March 2027 Class A and B shareholders, voting separately • Sub
Slide 59: Endnotes
ENDNOTES DELIVERING SHAREHOLDER VALUE REALIZING THE FULL VALUE OF QB SLIDE 5: SIGNIFICANT TRANSFORMATION SINCE 2022 SLIDE 28: CONTEXT TO 2026 QB GUIDANCE 1. Production mix is based on consolidated copper production of 256kt, zinc production of 651kt, steelmaking coal production of 1. As at October 2
Slide 60: Endnotes
ENDNOTES STRONG FINANCIAL OUTLOOK FUTURE VALUE CREATION OPPORTUNITIES SLIDE 40: PROVEN RESILIENCE AND FINANCIAL STABILITY SLIDE 47: QB HAS POTENTIAL FOR MULTIPLE EXPANSIONS 1. As at October 31, 2025. 1. See Teck’s Q3 2025 press release and Q3 2025 MD&A for further details. SLIDE 41: NEAR-TERM MARGIN
Slide 61: Endnotes
ENDNOTES APPENDIX SLIDE 57: QB IS A MULTI-GENERATIONAL RESOURCE 1. See Teck Annual Information Form dated February 19, 2025 available on sedarplus.ca for information on the key assumptions, parameters, and methods used to estimate the mineral resources and mineral reserves and risks that could affec
Slide 62: 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 63: QB Operations Site Visit
QB OPERATIONS SITE VISIT November 3, 2025