90 slides from Teck Resources Limited Class A's earnings presentation, Jul 24, 2025
Slide 1: Second Quarter 2025 Conference Call Appendix
SECOND QUARTER 2025 CONFERENCE CALL APPENDIX July 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: Table of Contents
TABLE OF CONTENTS Operations and Safety Copper Growth Portfolio Zinc Development Options Macroeconomic and Metals Outlook Reference 3
Slide 4: Operations and Safety
OPERATIONS AND SAFETY 4
Slide 5: 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 6: Cost of Sales
COST OF SALES 2024 Copper Cost of Sales1 (C$) Zinc Cost of Sales1 (C$) Transportation Depreciation & Amortization 5% 10% Operating Costs Operating Costs 65% Transportation 38% 11% Depreciation & Amortization 30% Royalties 15% Raw Material Purchases 26% Copper Operating Costs1 (%) Zinc Operating Cost
Slide 7: Collective Agreements
COLLECTIVE AGREEMENTS Operation Expiry Dates1 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 September 30, 2028 Carmen de Andacollo December 31, 2028 7
Slide 8: LatAm Operations
LATAM OPERATIONS 8
Slide 9: Quebrada Blanca
QUEBRADA BLANCA Tier 1, low-cost, long-life cornerstone asset 1 Large deposit capable of supporting multiple 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 to lower c
Slide 10: Codelco Interest in Quebrada Blanca
CODELCO INTEREST IN QUEBRADA BLANCA • Chilean state-run miner Codelco purchased Enami’s 10% -- Organizational Chart funding interest in Compañía Minera Teck Quebrada Blanca S.A. Teck SMM SC (CMTQB) on September 5, 2024 • Codelco is not required to fund QB development costs 100% 83.33% 16.67% TRCL Ch
Slide 11: 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 12: 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 13: 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 grade1 2025 Cu production guidance2 2024 gross pro
Slide 14: North America Operations
NORTH AMERICA OPERATIONS Teck
Slide 15: 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 21 years 0.28% 135-150kt $ 471M Including sanctioned Cu reserve grade 2025 Cu production guidance
Slide 16: Red Dog Operations Is a Tier One Asset
RED DOG OPERATIONS IS A TIER ONE ASSET The largest critical minerals mine in the US 1 One of the world’s largest zinc mines1 2 Consistent cash flow generation Built on a world-class mining district with potential to extend mine life 3 well beyond current operation 6 years 11.5% 430-470kt $ 851M curr
Slide 17: 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 18: 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 19: 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 resources1 of • Surface resource drilling ongoi
Slide 20: Trail Operations
TRAIL OPERATIONS Focus on generation of EBITDA and free cash flow 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 employing recycling processes & new
Slide 21: Copper Growth Portfolio
COPPER GROWTH PORTFOLIO 21
Slide 22: 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 23: 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 24: Well-Funded Near-Term Projects
WELL-FUNDED NEAR-TERM PROJECTS Highland Valley Mine Life Extension updated to reflect sanction Value-Accretive Near-Term Copper Projects Total Estimated Attributable Estimated Post-Sanction Capital1 Post-Sanction Capital1 Highland Valley Mine Life Extension (Sanctioned) (Cu-Mo | Brownfield | Canada
Slide 25: QB Disciplined Growth Pathway
QB DISCIPLINED GROWTH PATHWAY Lowest capital intensity value creation opportunity QB Potential Ramp-Up1 (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 26: QB Optimization to Increase Throughput
QB OPTIMIZATION TO INCREASE THROUGHPUT Near-term throughput increase of 5-10% • Target stable production of up to ~154 ktpd1 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 m
Slide 27: QB Debottlenecking Further Increases Throughput
QB DEBOTTLENECKING FURTHER INCREASES THROUGHPUT Additional growth to ~165-180 ktpd • Target throughput of ~165-180 ktpd1 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 add
Slide 28: 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 29: 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 Grade1 Mineral Reserves and Resources1 Resource (Mt) Reserve (Mt) Reserve (CuT) Resource (CuT) Tonnes Grade Recoverable Met
Slide 30: 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 31: 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 32: Reserves and Resources at Zafranal
RESERVES AND RESOURCES AT ZAFRANAL Strong ore body knowledge to deliver on business plan Geological Cross-Section1 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 33: 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 34: Zafranal Project Highlights
ZAFRANAL PROJECT HIGHLIGHTS Advanced high-quality, copper-gold growth project • Rapid project payback expected due to the Illustrative Economic Inputs1 (100% basis) front-end high-grade profile Head Grade Production Ore Milled (First 5 Years Avg2) (First 5 Years Avg2) (First 5 Years Avg2) • Forecast
Slide 35: 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 Potential Long Life Asset in Mexico • Initial 15-year mine plan with multiple targets for mine life extension • Excellent access and logistics fo
Slide 36: 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 37: Reserves and Resources at San Nicolás
RESERVES AND RESOURCES AT SAN NICOLÁS Well Defined Orebody1 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 20
Slide 38: 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 39: 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 40: 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 41: 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 42: 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 Grades Metal • NuevaUnión is a 50:50 partnership between Teck and Newmont Tonnes Cu Mo Au Ag Cu Mo Au Ag that combines
Slide 43: 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 Grades Contained Metal • Schaft Creek is a joint venture between Teck (75%) and Copper Fox Tonnes Cu Mo Au Ag Cu Au Metals Inc. (25%), with
Slide 44: Zinc Development Options
ZINC DEVELOPMENT OPTIONS 44
Slide 45: 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 Resources1 of 16.3 Mt @ 14.3% Zn, 4.0% Pb 1
Slide 46: 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 47: Macroeconomic and Metals Outlook
MACROECONOMIC AND METALS OUTLOOK 47
Slide 48: Global Economic Demand Remains Robust
GLOBAL ECONOMIC DEMAND REMAINS ROBUST Hard economic data confounds weak sentiment Citi Economic Surprise Index1 US Inflation Expectations2 (%) and Consumer 70 Confidence Index3 60 90 7 50 80 Asia 6 40 Emerging Markets 70 30 5 20 Eurozone 60 10 World 4 50 0 40 3 -10 US -20 30 University of Michigan S
Slide 49: Despite Uncertainty, Inflation Indicators Are Mixed
DESPITE UNCERTAINTY, INFLATION INDICATORS ARE MIXED Financial markets are also surprisingly sanguine Selected Teck Input Cost Indicators1 NY Fed Global Supply Chain Pressure Index2 Change Since Jan 1, 2025 5 2021 2022 Shanghai Container Freight -29% 4 2020 Baltic Dry Index 43% 3 2 China Steel Rebar
Slide 50: The Dollar Had the Worst H1 Performance Since 1973
THE DOLLAR HAD THE WORST H1 PERFORMANCE SINCE 1973 Investors are trimming back dollar exposure DXY Dollar Index, 1970 to 20251 (year-to-date % change) 20 15 10 5 0 -5 -11% -10 2025 -15 -20 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec • The US dollar fell 11% in H1 and fell against every one of th
Slide 51: A Fiscal Spending Shift Could Be Metals-Intensive
A FISCAL SPENDING SHIFT COULD BE METALS-INTENSIVE Infrastructure and defence spending set to rise in the developed world Germany Defence Spending1 (billion euros) Germany Infrastructure Spending1 (billion euros) 160 140 140 Drafted Plan 120 (to meet 3.5% Special €500bn 120 of GDP) Fund 100 100 Speci
Slide 52: China Remains Highly Resilient Amid Uncertainties
CHINA REMAINS HIGHLY RESILIENT AMID UNCERTAINTIES Energy transition metrics still strong, exports robust, property uncertain Selected May China Metrics1 (% change Y/Y) Industrial Retail Manufacturing Infrastructure New Home Prices PPI CPI Exports Production Sales Investment Investment (YTD) 10.2 8.5
Slide 53: China Continues to Lead the Energy Transition
CHINA CONTINUES TO LEAD THE ENERGY TRANSITION Global electricity demand projected to grow faster than GDP China Cumulative Solar Production1 Electricity Share of Energy Supply2 Global Electrification Scenarios2 (Billion KwH) (%) (Exajoules) 450 23 China 2024 Accelerated 400 22 42 electrification sce
Slide 54: China's Long Held Commodity Business Model Will Adjust
CHINA’S LONG HELD COMMODITY BUSINESS MODEL WILL ADJUST China will remain a net raw materials importer Import Raw Materials Add Domestic Processing Capacity Export the Downstream Product Accelerating (where available supply permits) Complete, but now shifting towards Growing, but increasing market sh
Slide 55: Short-Term Copper Market Fundamentals
SHORT-TERM COPPER MARKET FUNDAMENTALS Concentrate tightness putting financial pressure on smelters • Demand for concentrate from both traders and copper Global Smelter Capacity Growth1 (kt) smelters is exceptionally strong 600 Permitted/Approved Smelters Projects Possible Projects 500 2025/2026 2026
Slide 56: 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 the Long Term Demand Growth, Copper vs. Electricity1 most effective way to move electrons around (kt copper) • Expect a more electricity-
Slide 57: Short-Term Zinc Market Fundamentals
SHORT-TERM ZINC MARKET FUNDAMENTALS Not enough concentrate available to meet smelter needs • Global zinc inventories (concentrate and metal) are Annual Treatment Charges Settle at Historic Low1 (US$/t) extremely low relative to historical norms Annual Settlement Spot TC − Spot treatment charges also
Slide 58: 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 Decade1 (kt) 15,000 • Uncommitted projects list thinnest since 2007 12,000 − Most projects <100kt/yr with <13yr mine lif
Slide 59: Copper Market
COPPER MARKET 59
Slide 60: Copper Outlook
COPPER OUTLOOK Raw material supply constrained as smelter capacity growing; consumer demand supportive as electrification demand pushes ahead • Concentrate market is expected to • Smelter capacity increases from • Copper demand forecast to increase • Despite near-term forecast remain in substantial
Slide 61: Copper Metal Short-Term Outlook
COPPER METAL SHORT-TERM OUTLOOK Demand still rising • Total exchange stocks have decreased ~80kt2 so far this Copper Metal Premiums1 (US$ per pound) year USA Mid-West Delivered Shanghai Grade A CIF Germany Grade A - Delivered Codelco Benchmark Europe • Days of consumption sit at only 4.6 days, well
Slide 62: Copper Mine Production Remains Challenged
COPPER MINE PRODUCTION REMAINS CHALLENGED Mine disruptions continue at an elevated pace • Cuts to corporate guidance cumulatively lowered mine Copper Mine Production and Demand1 production by over 1.2Mt2 in 2025 35,000 − Concentrate supply now expected to peak in 2028 7.6 Mt mine 30,000 Kt contained
Slide 63: Copper Mine Outlook
COPPER MINE OUTLOOK Multiple fundamentals negatively impacting future mine production • Declining ore grades, escalating costs, slow permitting, Weighted Average Ore Grades1 and underinvestment continues to negatively impact 80% Ore Grade Forecast new mine production, prolonging the concentrate 70%
Slide 64: Incentive Price Increase Despite Narrowing Supply Gap
INCENTIVE PRICE INCREASE DESPITE NARROWING SUPPLY GAP Incentive price would need to rise by 21% to generate ‘acceptable’ returns (CRU) Historical Incentive Price Forecast1 (US$/t, $2025) Forecast Incentive Price Scenarios1 (US$/t, $2025) • The incentive price required to develop projects needed to •
Slide 65: Cost Curves Have Both Risen and Steepened
COST CURVES HAVE BOTH RISEN AND STEEPENED Drives accelerated upgrades to through-cycle prices and industry margins Change in 90th Percentile of Cost Curve1 (%) Copper Price vs. Consensus LR Forecast2 (US$/t) 250% 233% 12,500 Consensus LR copper price 11,500 +$2,000/t since 2021 200% Metals without r
Slide 66: 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 Use1 Scraps Used by Smelters Scraps Used by Fabricators ‒ End users increasingly want higher recycled
Slide 67: Traditional Demand Still Trending Upwards
TRADITIONAL DEMAND STILL TRENDING UPWARDS Growth of traditional demand from urbanization and expansion of mid class • Traditional end-use consumption represents 87% of Traditional Copper Demand1 China ROW North America Europe copper demand in 2024 India Rest of Asia Latin America • Forecast to grow
Slide 68: New Economy Demand Taking Up the Growth Mantle
NEW ECONOMY DEMAND TAKING UP THE GROWTH MANTLE Driven by electrification build out amid the wider fuel to materials transition • Energy transition still forecast to be one of the largest New Energy Copper Demand1 contributors to long-term future copper demand growth rates Electric vehicles Grid Ener
Slide 69: Growth Expectations for 2025-2030
GROWTH EXPECTATIONS FOR 2025-2030 Selected end demand sectors Declining from 2024 levels Growing <5% CAGR Growing >5% CAGR Japanese Autos US Autos Global Grid Spending Air Conditioners Global Defence Spending Industrial Robots China Property Scrap Exports from DMs Emerging Market Construction Global
Slide 70: Zinc Market
ZINC MARKET Engg peas Teck ares 10
Slide 71: Zinc Outlook
ZINC OUTLOOK As smelters ramp back up, raw material availability can quickly re-tighten; consumer demand pauses as tariffs cloud outlook • Mine production has been stagnant • Smelters remain challenged by raw • European consumer and real estate • Critical to support and protect for over a decade whi
Slide 72: Flat Mine Output Cannot Keep Pace with Smelter Growth
FLAT MINE OUTPUT CANNOT KEEP PACE WITH SMELTER GROWTH Mined output has not materially grown despite new smelter capacity • Global mine production has not grown since 2012 and is Mine production growth has been stagnant1 (kt) not expected to exceed 13.0 Mt until 2026 15,000 • Mine supply in 2024 was
Slide 73: Zinc Concentrate Market Outlook
ZINC CONCENTRATE MARKET OUTLOOK A historically tight concentrate market could persist • Long-term supply is expected to lag demand Zinc Mine Production and Demand1 (kt) • Existing mines face declining production, higher costs 7.2 Mt and lower grades 15 mine supply gap by 2040 projected • Exploration
Slide 74: Significant Depletions Offset Supply Growth
SIGNIFICANT DEPLETIONS OFFSET SUPPLY GROWTH Current slate of new mines are not enough to meet smelter needs • Mined supply growing just +4.8% by 2030 Change in Global Mine Output 2024-20301 • Smelter capacity still outpacing that increase 2024 12.5 Mt Ozernoye +345 kt ‒ Expected to grow +18% by 2030
Slide 75: Spot Zinc TC's 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 76: 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, though 461 392 495 360 357
Slide 77: 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 78: Global Zinc Metal Outlook
GLOBAL ZINC METAL OUTLOOK • 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 refined supply expected to rise nearly 200kt 400 Refined stock (kt) in 2024
Slide 79: Zinc Concentrate Market Outlook
ZINC CONCENTRATE MARKET OUTLOOK Upcoming deficits points to the need for new mine supply • Market players are facing swings in production cuts as Concentrate Balances, excl. Uncommitted Projects1 each side battles cost pressures (adjusted to normalize annual disruption estimates, kt) ‒ Smelters impa
Slide 80: 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 81: 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 • Even including Canada and Mexico, North America Zinc from Mexico Overseas Impo
Slide 82: 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 83: Reference
REFERENCE 83
Slide 84: Share Structure and Principal Shareholders
SHARE STRUCTURE AND PRINCIPAL SHAREHOLDERS Teck Resources Limited as at June 30, 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 S
Slide 85: Endnotes
ENDNOTES SLIDE 6: COST OF SALES SLIDE 19: RED DOG MINE LIFE EXTENSION 1. See Teck’s Q2 2025 press release and Q2 2025 Management’s Discussion and Analysis (MD&A) for further details. 1. See Teck’s most recent Annual Information Form available on sedarplus.ca for information on the key assumptions, p
Slide 86: Endnotes
ENDNOTES SLIDE 34: ZAFRANAL PROJECT HIGHLIGHTS SLIDE 40: NEWRANGE CU-NI-CO-PD-PT DEPOSITS (50%) 1. The initial capex estimate range is currently being finalized as part of the feasibility study update. Ore milled, head grade and 1. Teck has a 50% interest in NewRange Copper Nickel. See Teck’s most r
Slide 87: Endnotes
ENDNOTES SLIDE 42: NUEVAUNIÓN CU-MO-AG AND CU-AU (50%) SLIDE 46: ZINC DEVELOPMENT OPTIONS 1. Teck has a 50% interest in NuevaUnión. See Teck’s most recent Annual Information Form available on sedarplus.ca for 1. Sources: S&P Global Market Intelligence, SNL Metals & Mining database. For the Aktigiruq
Slide 88: Endnotes
ENDNOTES SLIDE 57: SHORT-TERM ZINC MARKET FUNDAMENTALS SLIDE 75: SPOT ZINC TC’S CONSISTENTLY FELL THROUGH 2024 1. Source: Wood Mackenzie. 1. Source: Fastmarkets (monthly average of range). SLIDE 58: LONG-TERM ZINC MARKET FUNDAMENTALS 2. Source: Wood Mackenzie. 1. Source: ILZSG, CRU. SLIDE 76: CHINES
Slide 89: 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 90: Second Quarter 2025 Conference Call Appendix
SECOND QUARTER 2025 CONFERENCE CALL APPENDIX July 24, 2025