39 slides from Teck Resources Limited Class A's earnings presentation, Feb 19, 2026
Slide 1: Fourth Quarter 2025 Conference Call
FOURTH QUARTER 2025 CONFERENCE CALL February 19, 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: Full Year and Q4 2025 Highlights
FULL YEAR AND Q4 2025 HIGHLIGHTS Creating a global leader in critical minerals Announced transformational merger of equals with Anglo American to create top 5 copper producer Results in line with our revised operational guidance — no change to our previously disclosed guidance Strong progress
Slide 5: Strong Safety Performance in 2025
STRONG SAFETY PERFORMANCE IN 2025 • Annual HPI frequency rate declined 50% at Teck-Controlled High Potential Incident (HPI) Teck-controlled operations, equal to our Performance1 (per 200,000 hours worked) best annual result Including QB2 Project Excluding QB2 Project Ongoing Commitment to Sustainabi
Slide 6: Strongest Quarter of the Year at QB
STRONGEST QUARTER OF THE YEAR AT QB Q4 2025 performance supports delivery of 2026 guidance Mill Availability (%) Asset Utilization (%) 2026 Guidance High: 86.0% Low: 80.0% 97.8% 89.1% 93.4% 88.9% 82.9% 81.4% 64.8% 61.9% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Throughput (ktpd) Recovery (%) 2026 Guidance 2026 Guidan
Slide 7: Advancing QB TMF Development Plans
ADVANCING QB TMF DEVELOPMENT PLANS Allowing for progress towards steady state Q4 2025 Year End 2026 • Rock Bench 4 construction underway — • Completion of Rock Bench 4 and 5 completion targeted in Q1 2026 • Accelerate sand dam construction and move to • Completed installation of alternative cyclone
Slide 8: Progressing Against QB TMF Development
PROGRESSING AGAINST QB TMF DEVELOPMENT On track to achieve all near-term objectives Near-term Objective Status Expected Completion Initial upstream beaching Completed Q3 2025 (remains an ongoing work stream) Paddock redesign Completed Q4 2025 New cyclone technologies installed Completed Q4 2025 2025
Slide 9: Unchanged Guidance for Teck-Operated Sites
UNCHANGED GUIDANCE FOR TECK-OPERATED SITES Copper Production1,2 (kt) Zinc Production1,4 (kt) Quebrada Blanca Highland Valley Antamina (22.5%) Carmen de Andacollo Zinc in Concentrate (kt) Refined Zinc (kt) Red Dog Antamina (22.5%) 95-105 505-580 260-300 260-300 455-530 45-55 435-510 565 454 230 430-4
Slide 10: Q4 and FY 2025 Results
Q4 AND FY 2025 RESULTS Crystal Prystai Executive Vice President and Chief Financial Officer 10
Slide 11: Q4 and FY 2025 Financial Performance
Q4 AND FY 2025 FINANCIAL PERFORMANCE • 81% increase in adjusted EBITDA* to $1.5B Q4 2025 FY 2025 in Q4 2025, driven by higher commodity prices − 48% increase in adjusted EBITDA* to $4.3B Gross profit before D&A* $1.4B $4.3B for the full year +32% +33% • $295M in positive pricing adjustments in Q4 20
Slide 12: Higher Profitability in Q4 2025
HIGHER PROFITABILITY IN Q4 2025 Benefitting from higher primary and by-product prices Profitability ($M) Profit (Loss) from Continuing Operations before Taxes Net Finance Expense D&A Adjustments Non-Controllable Controllable 59 11 Adjusted 115 EBITDA* 780 144 $1,513M Trail profitability benefitted 6
Slide 13: Copper Segment
COPPER SEGMENT Strong performance across operations Q4 2025 Performance1 Gross Profit Copper Copper Copper Net Cash Gross Profit Gross Margins Before Realized Price Production1 Sales1 Revenue Unit Cost* Before D&A* Profit D&A* Q4 2025 US$5.11/lb 134 kt 119 kt $1,986M US$1.98/lb $1,079M $747M 54% vs.
Slide 14: Continued Copper Growth Expected in 2026
CONTINUED COPPER GROWTH EXPECTED IN 2026 Copper Production1,2 (kt) Net Cash Unit Costs*,1,3 (US$/lb) Quebrada Blanca Highland Valley Antamina (22.5%) Carmen de Andacollo 2.03 1.85-2.20 455-530 454 45-55 51 95-105 86 127 115-135 200-235 190 2025 2026E 2025 2026E Further copper growth expected in 2026
Slide 15: Zinc Segment
ZINC SEGMENT Lower expected Red Dog sales offset by strong performance at Trail Operations Q4 2025 Performance1 Gross Profit Zinc Red Dog Zinc Red Dog Refined Zinc Refined Zinc Net Cash Gross Profit Gross Margins Realized Price Production Zinc Sales Production Sales Revenue Unit Cost* Before D&A* Pr
Slide 16: Zinc Operational Guidance for 2026
ZINC OPERATIONAL GUIDANCE FOR 2026 Zinc Production1,2 (kt) Net Cash Unit Costs*,1,3 (US$/lb) Zinc in Concentrate (kt) Refined Zinc (kt) Red Dog Antamina (22.5%) 95-105 565 230 430-470 102 410-460 190-230 0.65-0.75 35-45 463 375-415 0.33 2025 2026E 2025 2026E 2025 2026E • Lower zinc in concentrate pr
Slide 17: Maintaining a Resilient Balance Sheet
MAINTAINING A RESILIENT BALANCE SHEET Strong liquidity and cash balance — returned to net cash position Shareholder Returns Strong Liquidity Debt Repayments1 (US$M) Full Year 2025 As at February 18, 2026 US$2B debt reduction since 2024; ongoing de-levering via QB loan amortization C$1.3B C$9.3B US$1
Slide 18: Operating Cash Flow Outlook
OPERATING CASH FLOW OUTLOOK Strong operating cash flow conversion, particularly at QB Illustrative 2026 EBITDA* from Operations1 (C$B) Illustrative 2026 Operating Cash Flow1,2 (C$B) Copper price Copper ex-QB QB Zinc Copper price Copper ex-QB QB Zinc (US$/lb) (US$/lb) $6.00 3.5 2.6 0.8 $6.9B $6.00 2.
Slide 19: 2026 Capital Guidance
2026 CAPITAL GUIDANCE Driven by HVC MLE and QB TMF development work Sustaining Capital & Capitalized Stripping1 (C$M) Total Growth Capital1,2 (C$M) Sustaining Capital Capitalized Stripping QB TMF Copper Zinc HVC MLE 1,470-1,880 1,755-2,060 390-460 1,245 900-1,200 455-560 348 801 224 330 200-250 910-
Slide 20: Closing Remarks
CLOSING REMARKS Jonathan Price President and Chief Executive Officer 20
Slide 21: Robust Long-Term Copper Market Fundamentals
ROBUST LONG-TERM COPPER MARKET FUNDAMENTALS Quarterly copper prices >US$5.00/lb for the first time in Q4 2025 Strong copper prices1 (US$/lb) Long-term Copper Market Fundamentals 6.50 Q1 2026 QTD1 6.00 US$5.89/lb Global Economic Growth 5.50 Ongoing urbanisation and population growth, coupled with ris
Slide 22: 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$800 million • High quality, low-cost asset
Slide 23: Merger Timeline and Approvals
MERGER TIMELINE AND APPROVALS Continue to expect closing 12-18 months from announcement Closing & Effective Dates + • Expected 12-18 months from announcement, • Subject to regulatory approval and customary Shareholders of both companies closing conditions, including: voted in support of the merger ─
Slide 24: Our Key Near-Term Priorities
OUR KEY NEAR-TERM PRIORITIES Focused on driving value for shareholders Outstanding value creation through merger of equals with Anglo American Advancing regulatory approvals and integration planning Focusing on safe, stable operational performance Delivering against guidance Realizing the full value
Slide 25: Reference
Teck REFERENCE
Slide 26: Copper Guidance
COPPER GUIDANCE Copper Production1,2 (kt) Net Cash Unit Costs*,1,3 (US$/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 86 135-155 102 127 115-135 100-120 240-275 220-255 208 19
Slide 27: Zinc Guidance
ZINC GUIDANCE Zinc Production1,2 (kt) Net Cash Unit Costs*,1,3 (US$/lb) Red Dog Sales1 (kt) Red Dog Antamina (22.5%) 137 616 Antamina 2026E declined 20kt, 60 565 reflecting an updated mine plan 102 410-460 365-415 35-45 275-325 35-45 0.65-0.75 556 375-415 45-55 40-50 463 330-370 0.39 0.33 230-270 20
Slide 28: Sensitivities
SENSITIVITIES Estimated Effect of Changes on our Annualized Profitability1 ($M) Estimated Effect on 2026 Mid-Range Profit Attributable Estimated Effect on Production Estimates2 to Shareholders3 Adjusted EBITDA*, 3 (kt) Changes ($M) ($M) US$ exchange C$0.01 $ 22 $ 44 Copper 492.5 US$0.01/lb 8 14 Zinc
Slide 29: Settlement Pricing Adjustments
SETTLEMENT PRICING ADJUSTMENTS Simplified Settlement Pricing Adjustment Model Total Reported Settlement Pricing Adjustments (Pre-tax settlement pricing adjustment in C$M) (Pre-tax settlement pricing adjustment in C$M) 300 Q4 2025 Outstanding at Outstanding at Quarterly Pricing 230 December 31, 2025
Slide 30: 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 have headed lower into 2026, with supply of effective w
Slide 31: Zinc Market Fundamentals
ZINC MARKET FUNDAMENTALS Short-Term Long-Term • Spot treatment charges changed trajectory in late • With exploration hitting a 20-year low last year the 2025, falling sharply as competition for feed ramped future pipeline is not being adequately built up • Three major established mines are nearing e
Slide 32: Global Electrification Accelerated Through 2025
GLOBAL ELECTRIFICATION ACCELERATED THROUGH 2025 China continues to lead the energy transition but other regions are catching up China Cumulative Grid Investment1 India Electricity Generation by Fuel2 EV Sales by Region3 (Bn CNY) (% y/y) (% y/y) China’s state grid plans to 2025 India’s coal-powered 2
Slide 33: Led by India, Emerging Asia Has Huge Growth Potential
LED BY INDIA, EMERGING ASIA HAS HUGE GROWTH POTENTIAL Infrastructure and manufacturing growth will be highly metal-intensive Selected India Metrics1 (% change Y/Y) Total Copper Consumption per Capita2 (kg) Nov-25 Dec-25 2025 2050 Modelled 27.4 26.6 20.3 7.2 Industrial Production 7.8 11.9 5.6 6.5 8.5
Slide 34: External Demand Driving China's Economic Growth
EXTERNAL DEMAND DRIVING CHINA'S ECONOMIC GROWTH Electrification and manufacturing are bright spots for metal demand Selected China Metrics1 (% change Y/Y) Nov Dec Electricity Property FAI excl Retail Electricity Consumption Manufacturing Industrial Automobile Investment (YTD) rural (YTD) PPI Sales C
Slide 35: Endnotes
ENDNOTES SLIDE 5: STRONG SAFETY PERFORMANCE IN 2025 SLIDE 15: ZINC SEGMENT 1. Includes all of our Teck-controlled sites. Excludes non-controlled sites and steelmaking coal. Antamina, a non-controlled site, 1. As at February 18, 2026. See Teck’s Q4 2025 press release, Q4 2025 MD&A, and most recent An
Slide 36: Endnotes
ENDNOTES SLIDE 23: MERGER TIMELINE AND APPROVALS SLIDE 28: SENSITIVITIES 1. Anglo American will issue 1.3301 ordinary shares (or, in the case of electing eligible Canadian Teck shareholders, 1.3301 1. As at February 18, 2026. The sensitivity of our annualized adjusted profit (loss) from continuing o
Slide 37: 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 38: Reconciliation of Adjusted EBITDA Margin
RECONCILIATION OF ADJUSTED EBITDA MARGIN Q4 QTD Q4 YTD 2025 2024 2025 2024 Adjusted EBITDA (A) 1,513 835 4,333 2,933 Revenue (B) 3,058 2,786 10,756 9,065 Adjusted EBITDA Margin (A)/(B) 49% 30% 40% 32% 38
Slide 39: Fourth Quarter 2025 Conference Call
FOURTH QUARTER 2025 CONFERENCE CALL February 19, 2026