Teck Resources Limited Class A · TSX:TECK.A
Teck Resources Limited Class A — Investor Presentation (July 2025)
28 slides from Teck Resources Limited Class A's investor presentation, Jul 24, 2025
Slide 1: Investor Presentation
INVESTOR PRESENTATION 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: Teck Is Well Positioned to Create Value
TECK IS WELL POSITIONED TO CREATE VALUE Fundamentals for our commodities remain robust and our business is resilient Macro factors continue to drive demand for our key commodities: Global Manufacturing Industrial Policy Electrification Digital and Development and National Security Infrastructure Eco
Slide 4: Responsible Growth and Value Creation
RESPONSIBLE Driven by our purpose and values, we will grow to become one of the world’s leading providers GROWTH AND of responsibly-produced critical minerals VALUE CREATION Balancing growth with cash returns to shareholders Our strategy is focused around four pillars: METALS FOR THE CORE VALUE-DRIV
Slide 5: Foundation of World-Class Operations
FOUNDATION OF WORLD-CLASS OPERATIONS Energy transition metal assets in established mining jurisdictions World-Class Copper Operations Integrated Zinc Operations Quebrada Blanca Highland Valley Antamina Carmen de Andacollo Red Dog Trail (60% ownership) (100% ownership) (22.5% ownership) (90% ownershi
Slide 6: Disciplined Capital Allocation Framework
DISCIPLINED CAPITAL ALLOCATION FRAMEWORK Commitment to return 30-100% of available cash flow to shareholders* Balancing value accretive growth with cash returns to shareholders and a strong balance sheet Cash Flow Sustaining Base Supplemental from Operations Capital Dividend Shareholder after intere
Slide 7: Focus on Our Value Creation Priorities
FOCUS ON OUR VALUE CREATION PRIORITIES Balancing growth and cash returns to shareholders 1 Ramp-up QB to steady state, including the molybdenum plant 2 Grow copper production, reduce unit costs, and improve margins 3 Continue to execute on the authorized share buyback 4 Progress value-accretive copp
Slide 8: Unlocking Value at QB
1 UNLOCKING VALUE AT QB Continuing to target design rates by year end H2 2025 Outlook QB is a Tier 1 asset with multiple paths to value • Throughput increased from the prior quarter; • Priority to ramp up to steady state operations ongoing work to drive higher recoveries; expect grades of ~0.61%1 •
Slide 9: Growing Copper Production with Improving Margins
2 GROWING COPPER PRODUCTION WITH IMPROVING MARGINS Increase in copper production at lower costs in 2025 Copper Production1 Net Cash Unit Cost*,1 Copper EBITDA Margin* Expansion (kt, contained copper) (US$/lb) (%, from operations) 5-18% 7-14% increase improvement 33% 42% 52% 2023 2024 2025 Consensus2
Slide 10: Strong Track Record of Cash Returns to Shareholders
3 STRONG TRACK RECORD OF CASH RETURNS TO SHAREHOLDERS Reflects elevated daily share buyback levels in Q2 2025 Historical Cash Returns to Shareholders ($M) Additional Cash Returns to Shareholders ~$6.0B ~$2.2B2 returned to shareholders since 20201 in authorized share buybacks completed from $3.25B pr
Slide 11: Progressing Value-Accretive Near-Term Growth
4 PROGRESSING VALUE-ACCRETIVE NEAR-TERM GROWTH Path to annual copper production of up to ~800 ktpa Potential Growth Pathway Value-Accretive Near-Term Copper Projects SANCTIONED Up to ~800 ktpa1 Highland Valley Mine Life Extension +80-95 kt (Cu-Mo | Brownfield | Canada | 100%) Extends a core asset fr
Slide 12: Sanction of HVC MLE Extends a Core Asset to 2046
4 SANCTION OF HVC MLE EXTENDS A CORE ASSET TO 2046 Average copper production of 132ktpa over the life of mine Lower risk and lower complexity brownfield project (100% Teck) Mine life extension to 2046 Project capital estimate at sanction of C$2.1-2.4B, based on updated assumptions Attractive project
Slide 13: Maintaining a Resilient Balance Sheet
5 MAINTAINING A RESILIENT BALANCE SHEET Deploying cash for share buybacks and sanctioning of projects under capital allocation framework Cash Position Strong Liquidity Debt Repayments1 (US$M) As at July 23, 2025 As at July 23, 2025 US$2B debt reduction since 2024; further de-levering via QB loan amo
Slide 14: Illustrative Accretive Growth on Per-Share Metrics
ILLUSTRATIVE ACCRETIVE GROWTH ON PER-SHARE METRICS Compound impact of copper growth and authorized share buybacks Stabilized QB and Share Buyback Program +33-50% QB Ramp Up +54% 2023 2024 2026E Long-Term (Est) Copper Production Increasing (kt Cu) 296 446 550-620 800+ number of Shares Outstanding1 sh
Slide 15: Teck Is Well Positioned for Responsible Growth and Value Creation
TECK IS WELL POSITIONED FOR RESPONSIBLE GROWTH AND VALUE CREATION Highland Valley Copper. 15
Slide 16: Appendix
APPENDIX 16
Slide 17: Updated Guidance
UPDATED GUIDANCE Revised for QB operational outlook and sanction of HVC MLE Changes driven by revised outlook for QB ramp up Changes driven by sanction of Highland Valley Mine Life Extension Project 20251 20251 Previous Change Revised Previous Change Revised Copper Production2 (000’s tonnes) Growth
Slide 18: Copper Guidance
COPPER GUIDANCE Expect higher copper production and lower net cash unit costs in 2025 Copper Production1,2 (kt) Net Cash Unit Costs*,1,3 (US$/lb) Quebrada Blanca Highland Valley Antamina (22.5%) Carmen de Andacollo 550-620 530-600 2.20 470-525 45-55 475-545 1.87 1.90-2.05 45-55 446 45-55 95-105 85-9
Slide 19: Zinc Guidance
ZINC GUIDANCE Reflects declining grades at Red Dog – advancing studies for mine life extension Zinc Production1,2 (kt) Net Cash Unit Costs*,1,3 (US$/lb) Red Dog Sales1 (kt) Red Dog Antamina (22.5%) 200-250 616 0.55 525-575 0.45-0.55 60 465-525 95-105 400-445 0.39 55-65 335-375 35-45 45-55 556 430-47
Slide 20: Electrification Remains Crucial for Copper
ELECTRICIFICATION REMAINS CRUCIAL FOR COPPER Expect a more electricity-intensive phase of growth Electricity Intensity1 Solar Capacity Additions2 Electricity Demand 20233 (kt copper; TWh) (GW) (TWh) Electricity (RHS) Copper (LHS) China Ex-China 9000 18000 1000 China Many ex-China additions will USA
Slide 21: China's Economy Showing Relative Resilience
CHINA’S ECONOMY SHOWING RELATIVE RESILIENCE Manufacturing still outperforming, exports robust, property a drag Selected May China Metrics1 (% change Y/Y) China Exports2 (% change Y/Y) New Home Industrial Retail Manufacturing Infrastructure Prices PPI CPI Exports Production Sales Investment Investmen
Slide 22: China Continues to Lead the Energy Transition
CHINA CONTINUES TO LEAD THE ENERGY TRANSITION 2025 on pace to be another year of positive momentum China Cumulative Solar Production1 Electricity Share of Energy Supply2 Global Electrification Scenarios3 (Billion KwH) (%) (Exajoules) 450 2024 23 China Accelerated electrification scenario 400 42 (30%
Slide 23: Copper Market Fundamentals
COPPER MARKET FUNDAMENTALS Short-Term Long-Term • Copper treatment and refining charges stabilized at • Copper is the linchpin of global electrification, as record lows the most effective way to move electrons around • Smelting capacity additions continue to outpace • Expect a more electricity-inten
Slide 24: Zinc Market Fundamentals
ZINC MARKET FUNDAMENTALS Short-Term Long-Term • Spot treatment charges are rising but remain • Zinc projects struggle to compete for capital; with exceptionally low relative to historical norms exploration hitting a 20-year low last year the future pipeline is not being adequately built • Thus far,
Slide 25: Endnotes
ENDNOTES SLIDE 5: FOUNDATION OF WORLD-CLASS OPERATIONS SLIDE 17: UPDATED GUIDANCE 1. Based on Visible Alpha consensus numbers for 2025 as at July 15, 2025. See Teck’s Q2 2025 press release and Q2 2025 1. As at July 23, 2025. See Teck’s Q2 2025 press release and Q2 2025 MD&A for further details. Mana
Slide 26: Endnotes
ENDNOTES SLIDE 20: ELECTRICIFICATION REMAINS CRUCIAL FOR COPPER 1. Source: ICSG, Energy Institute. 2. Source: NBS, Teck. 3. Source: IEA. SLIDE 21: CHINA’S ECONOMY SHOWING RELATIVE RESILIENCE 1. Source: NBS. 2. Source: China Customs. SLIDE 22: CHINA CONTINUES TO LEAD THE ENERGY TRANSITION 1. Source:
Slide 27: 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 28: Copper EBITDA Margin Reconciliation
COPPER EBITDA MARGIN RECONCILIATION Reconciliation between copper segmented profit, revenues and EBITDA margin C$M, copper segment 2023 2024 Profit (loss) before taxes from continuing operations 524 303 Net finance expense 56 664 Depreciation and amortization 553 1,356 EBITDA 1,133 2,323 EBITDA 1,13