18 slides from Teck Resources Limited Class A's proxy contest presentation, Apr 18, 2023
Slide 1: The Choice For Shareholders: Unlocking the Value Potential of Teck Metals
The Choice For Shareholders: Unlocking the Value Potential of Teck Metals and Its Unparalleled Copper Growth vs. The Status Quo April 18, 2023
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation and the accompanying oral presentation each contains certain forward-looking information and forward-looking statements as defined in applicable securities laws (collectively referred to as forward-looking statements). These forward-looking statements rel
Slide 3: Exclusive Focus of Management and the Board is on Maximizing Shareholder Value
Exclusive Focus of Management and the Board is on Maximizing Shareholder Value With Greatest Certainty Global Metals and Mining Conference For further information regarding the separation, Teck shareholders should refer to the Notice of Meeting and Management Proxy Circular, which is available under
Slide 4: Teck's Pending Separation Maximizes Value Creation Opportunity
Teck’s Pending Separation Maximizes Value Creation Opportunity Unlocks Significant Value for Teck Shareholders Teck Metals Elk Valley Resources Global Base Metals Miner with Unparalleled Copper Growth World-Class Steelmaking Coal Producer ✓• Provides Teck shareholders with optionality between two wo
Slide 5: A Vote FOR the Pending Separation Maximizes Value Creation Opportunity and Certainty
A Vote FOR the Pending Separation Maximizes Value Creation Opportunity and Certainty for Teck Shareholders Vote FOR Announced Separation Failure To Approve Announced Separation ✓ Creates two world-class, pure-play Is a vote for the status quo; limits mining companies value unlock ✓ Unparalleled ex
Slide 6: Teck Metals: A Premier Global Base Metals Platform
Teck Metals: A Premier Global Base Metals Platform Top 10 Copper Producer ✓ • World-class base metals platform of global scale in the Americas Top 10 Globally Within ~18 Months ✓ • High-quality, low-cost copper-focused production base in the Americas 1st Quartile C1 Cash Cost1 Portfolio 2x Productio
Slide 7: Teck Metals: A Premier Global Base Metals Platform
Teck Metals: A Premier Global Base Metals Platform Rapidly Scaling Production, 1st Quartile Costs Americas-Focused Levered to Growth in Copper Demand Peer Leading Copper Growth: 2X CuEq. 2024E1,2 production1 near term; further 2X by end of decade 77 % 100 % 1,132 ✓ Cu: 571kt EBITDA 320 640 ✓ Zn: 624
Slide 8: Teck Metals Portfolio is Underpinned By Four Cornerstone Operating Assets
Teck Metals Portfolio is Underpinned By Four Cornerstone Operating Assets QB2 Antamina Highland Valley Red Dog (60% ownership) (22.5 % ownership) (100% ownership) (100% ownership) Scaling to top 10 copper mine in the Americas, High quality, proven Largest base metals mine Largest and highest-grade p
Slide 9: QB Drives Near-Term And Long-Term Growth
QB Drives Near-Term And Long-Term Growth Produced First Copper Concentrate at QB2 on March 31st, 2023 Flagship Copper Mine QB Joining the Ranks of Industry's in Northern Chile QB2 Doubles Teck’s Copper Production Largest Copper Mines1 Consolidated Production 640 Escondida (kt Cu Eq) 320 Collahuasi Q
Slide 10: Growth Pipeline at an Advanced State of Readiness
Growth Pipeline at an Advanced State of Readiness ✓ • 10+ years ago, recognized copper scarcity and long timelines to get assets into production • Over 5+ years, completed lead-time development work (resource definition, engineering & design, permitting, ✓ stakeholder engagement) across portfolio •
Slide 11: Robust Portfolio of Near-Term Development Projects
Robust Portfolio of Near-Term Development Projects San Nicolás QBME Zafranal NewRange Galore Creek High grade asset with Continued production US producer of Canada’s largest Peru’s next industry leading growth from massive critical battery metal copper development copper mine returns resource concen
Slide 12: Readiness Maximizes Portfolio Optionality and Value
Readiness Maximizes Portfolio Optionality and Value Development projects can drive further production growth starting in 2027 2024 2025 2026 2027 2028 2029 Near-Term Value Catalysts San Agnico Eagle partnership, EIA submission and FS completion targeted for Nicolás H1 2023 & H1 2024 Permit submitted
Slide 13: 2X Production, With Path to 2X Again in Near-Term
2X Production, With Path to 2X Again in Near-Term Current Producing Portfolio1 Near-Term Development Pipeline1 Investing Today For Longer-Term Growth1 Driving Copper Growth Driving Copper Growth 2027-2029+ Schaft Creek NewRange (100%) Nueva (Mesaba) Unión (50%) Future QB ~1.9 Expansions (50%) MT Gal
Slide 14: Teck Metals: the "Go To" Company in Base Metals
Teck Metals: the “Go To” Company in Base Metals Teck Metals’ scale, asset quality and growth provide platform for a meaningful valuation uplift Industry Leading Growth Rapidly Increasing Scale Substantial Re-Rate Potential Copper Production Growth1 Copper Production (kt)1 EV / EBITDA (22A-26E Consen
Slide 15: Teck Metals Merits a Premium Valuation
Teck Metals Merits a Premium Valuation Excluding Transition Capital Structure Illustrative EV for Teck Base Metals Assets Based on EBITDA Multiples 1 Unrivalled Low growth, Growth Upside mature producer C$45bn trading multiple C$40bn C$36bn C$31bn 7.0 x 8.0 x 9.0 x 10.0 x Global Metals and Mining Co
Slide 16: Teck Metals is a Highly Compelling Value Proposition
Teck Metals is a Highly Compelling Value Proposition Quality of Teck Metals’ Growth Portfolio Delivers Substantial Value to Shareholders… …As Well as Additional Value Upsides Not With Additional Value from Leverage to Strength in Copper Price… Captured by Multiples EV of Teck Metals’ Base C$36bn C$4
Slide 17: Teck Metals: A Premier Global Base Metals Platform
Teck Metals: A Premier Global Base Metals Platform Pure Play Base Metals Miner with Unparalleled Growth Potential Top 10 Copper Producer ✓ • World-class base metals platform of global scale in the Americas Top 10 Globally Within ~18 Months ✓ • High-quality, low-cost copper-focused production base in
Slide 18: Endnotes
Endnotes Slide 5: Teck Metals: A Premier Global Base Metals Platform Slide 12: Doubling Production, With Pathway to Double Again in Near-Term 1. Based on Wood Mackenzie 2024E Copper C1 Cash Cost Curve net of by-product credits. Source: Management guidance 2. Refers to previously announced Elk Valley