86 slides from Teck Resources Limited Class A's earnings presentation, Feb 19, 2026
Slide 1: Fourth Quarter 2025 Conference Call Appendix
FOURTH QUARTER 2025 CONFERENCE CALL APPENDIX 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: Table of Contents
TABLE OF CONTENTS Merger of Equals Operations Copper Growth Options Zinc Development Options Macro and Metals Outlook Reference 3
Slide 4: Merger of Equals with Anglo American
MERGER OF EQUALS WITH ANGLO AMERICAN 4
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: Value Creation Through Merger of Equals
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 • Near-term de
Slide 7: 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 8: 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 9: 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 10: 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 optimization2 efficient adjacencies optionality Corporate, Business QB Debottlenecking QB + Co
Slide 11: Merger of Equals Will Drive Significant Value
MERGER OF EQUALS WILL DRIVE SIGNIFICANT VALUE Strong EBITDA* growth from combined Anglo Teck Highly capital efficient incremental copper tonnes Anglo Teck Anglo Teck EBITDA* Corporate Synergies Low capital growth through Adjacencies incl. Future Growth Optionality Anglo Teck Potential optimization Q
Slide 12: Operations
OPERATIONS 12
Slide 13: 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 14: Attractive Portfolio of Operations and Projects
ATTRACTIVE PORTFOLIO OF 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 Highla
Slide 15: Cost of Sales
COST OF SALES 2025 Copper Cost of Sales1 (C$) Zinc Cost of Sales1 (C$) Royalties Transportation 1% Depreciation & Amortization 5% 10% Operating Costs Transportation 38% Depreciation & Amortization Operating Costs 11% 29% 65% Royalties 15% Raw Material Purchases 26% Copper Operating Costs1 (%) Zinc O
Slide 16: 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 16
Slide 17: LatAm Operations
LATAM OPERATIONS 17
Slide 18: Quebrada Blanca
QUEBRADA BLANCA Iquique Tier 1, low-cost, long-life cornerstone asset 1 Large deposit capable of supporting multiple expansions Collahuasi QB Santiago High reserve grade and low strip ratio, significant resource expansion 2 over previous years, with further district-scale potential At full capacity,
Slide 19: 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 20: 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, Antamina 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 expansio
Slide 21: 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 22: Carmen de Andacollo
CARMEN DE ANDACOLLO Efficient operations 1 One of the Americas lower cost operations (on a $/t milled basis) 2 Operational and cost improvements driving results CdA 3 Cash generative asset 12 years 0.30% 45-55kt $ 142M current mine life Copper 2026 copper 2025 gross profit to 2038 reserve grade1 pro
Slide 23: North America Operations
NORTH AMERICA OPERATIONS Teck
Slide 24: Highland Valley Copper
HIGHLAND VALLEY COPPER Canada’s largest copper mine 1 Technology and Innovation underpins efficient, low-cost operations 2 Multiple pits and tailored flowsheet offers flexibility HVC Vancouver 3 Attractive, low risk, brownfield mine life extension 20 years 0.28% 115-135kt $ 286M Including sanctioned
Slide 25: Red Dog Operations Is a Tier One Asset
RED DOG OPERATIONS IS A TIER ONE ASSET The largest zinc critical minerals mine in the US Red Dog 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 beyond current operation 5 years 11.2% 375-415kt $ 2
Slide 26: Red Dog Seasonality
RED DOG SEASONALITY Sales Historical Zinc Sales and Lead Sales1 (%) • Operates 12 months Zinc 44% Lead 82% • Ships ~4 months 27% • Shipments to inventory in Canada and Europe; 19% direct sales to Asia 9% 18% 0% 0% • ~65% of zinc sales in second half of year Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 • ~99% of lead sal
Slide 27: Red Dog Mine Life Extension
RED DOG MINE LIFE EXTENSION High grade, large-scale underground mine leverages existing mill & infrastructure Overview Scope Permitting Zinc and lead grades deposits Leveraging existing infrastructure NANA relationship • Anarraaq contains Inferred resources1 of • Surface resource drilling ongoing •
Slide 28: Trail Operations
TRAIL OPERATIONS Focus on generation of EBITDA and free cash flow Produce refined zinc and lead, precious and specialty metals, chemicals 1 and fertilizer products 2 Strong strategic value enabling vertical integration for the zinc segment Trail Vancouver Decades of experience employing recycling pr
Slide 29: Copper Growth Options
COPPER GROWTH OPTIONS ~v. = — ae — 29
Slide 30: 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 31: 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 32: QB's R&R Increased Significantly (60% Ownership)
QB’S R&R INCREASED SIGNIFICANTLY (60% OWNERSHIP) 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 Category 12,000 0.
Slide 33: Zafranal Project Overview
ZAFRANAL PROJECT OVERVIEW1 Mid-sized copper-gold asset with robust economics and permit in place Long Life Asset in Peru • Mine life extension opportunities through pit expansion and district resource development Quality Investment • Attractive front-end grade profile for rapid payback • Mid cost cu
Slide 34: 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 35: Reserves and Resources at Zafranal (80%)
RESERVES AND RESOURCES AT ZAFRANAL (80%) 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 195 Leached/Oxide/Mixed Category Mt Cu (%) A
Slide 36: 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 37: 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 ~ El 2,234 m • Mill: Nominal 20ktpd1 ~ El 2,110 m
Slide 38: Reserves and Resources at San Nicolás (50%)
RESERVES AND RESOURCES AT SAN NICOLÁS (50%) Well Defined Orebody1 Mineral Reserves and Resources1 NW Tonnes Grade Category Mt Cu (%) Zn (%) Reserves Proven 47.7 1.26 1.6 Probable 57.5 1.01 1.4 Total P&P 105.2 1.12 1.5 Resources 2020 Measured 0.5 1.35 0.4 Measured Reserves Pit Indicated 6.1 1.17 0.7
Slide 39: 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 an
Slide 40: 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 Resources1 Grades • The project is owned by the Galore Creek Partnership Tonnes Cu Au Ag (Teck:Newmont 50:50) and managed by Galore Creek Mining Resou
Slide 41: NuevaUnión Cu-Mo-Ag and Cu-Au (50%)
NUEVAUNIÓN CU-MO-AG AND CU-AU (50%) Significant long-term opportunity in an expanding district Leveraging synergies and expertise in a stable jurisdiction Mineral Reserves and Resources1 Grades • NuevaUnión is a 50:50 partnership between Teck and Newmont Tonnes Cu Mo Au Ag that combines the Relincho
Slide 42: 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 • Schaft Creek is a joint venture between Teck (75%) and Copper Fox Tonnes Cu Mo Au Ag Metals Inc. (25%), with Teck as operator Resou
Slide 43: Zinc Development Options
ZINC DEVELOPMENT OPTIONS 43
Slide 44: Portfolio of Zinc Development Options
PORTFOLIO OF ZINC DEVELOPMENT OPTIONS High-quality portfolio of zinc development assets 1 Red Dog District North America Prefeasibility study in progress for the following two deposits: Anarraaq (Zn-Pb), USA Teck 100% ~11 km from operation 1 Inferred Resources1,2 of 17.0 Mt @ 14.0% Zn, 4.0% Pb Aktig
Slide 45: Zinc Outperforms Market Expectations
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 und
Slide 46: Macro and Metals Outlook
MACRO AND METALS / OUTLOOK A | |: aoe, Ge Peake. a = wy
Slide 47: The Global Economy Outperformed Expectations in 2025
THE GLOBAL ECONOMY OUTPERFORMED EXPECTATIONS IN 2025 Tariffs have had minimal impact on the key drivers of global growth Citi Economic Surprise Index1 US Real Consumer Spending2 China International Trade Balance3 (US$B) (Nominal US$B) US Asia Pacific 17,000 1,200 75 Eurozone World 60 1,000 16,000 45
Slide 48: Speculative Money Flows to Amplify Price Moves in 2026
SPECULATIVE MONEY FLOWS TO AMPLIFY PRICE MOVES IN 2026 Macro allocators favour physical commodities as an inflation and dollar hedge Dollar Spot Index1 BCOM Open Interest2 (contracts) Substantial monetary and fiscal easing, as well as accelerating reserve diversification, are weighing 240,000 115 on
Slide 49: 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 Fuel EV Sales by Region in 20253 (Bn CNY) In 20252 (% y/y) (% y/y) China’s State Grid plans to increase gr
Slide 50: 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 51: 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 52: 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 China- Growing, but increasing ma
Slide 53: Short-Term Copper Market Fundamentals
SHORT-TERM COPPER MARKET FUNDAMENTALS Concentrate tightness putting financial pressure on smelters • Demand for concentrate and scrap by smelters is Global Smelter Capacity Growth1 (kt) exceptionally strong • Smelter capacity growth to rise by 3.3 Mt between 2024 and 2028 • Raw material supply growt
Slide 54: 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 55: 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 Treatment Charges Remain Low in Historical Terms1 extremely low relative to historical norms (US$/t) Annual Settlement Spot TC − Falling spot treatment cha
Slide 56: Long-Term Zinc Market Fundamentals
LONG-TERM ZINC MARKET FUNDAMENTALS Zinc concentrate constrained by supply growth • Mined supply growing just +1.5% by 2030 Mine production growth is essentially stagnant1 (kt) 15,000 • Smelter capacity still outpacing that increase 12,000 ─ Expected to grow +15% by 2030 9,000 ─ 1 Mt shortfall in con
Slide 57: Copper Market
CONCENTRM cone = ste: ne
Slide 58: Copper Outlook
COPPER OUTLOOK Limited mine production paired with sizeable smelter capacity growth; escalating trade tensions increasing risks in coming years • Concentrate market is expected to • Smelter capacity increases from • Demand expected to remain at 2.8% • Despite near-term forecast remain in substantial
Slide 59: Concentrate Deficits Set Very Tight Short-Term Market
CONCENTRATE DEFICITS SET VERY TIGHT SHORT-TERM MARKET Inventories below historical norms, with a portion of stocks ‘locked’ in the US Global Concentrate Balance1, excl. Uncommitted (kt) • Concentrates tight, smelter production now not Benchmark CRU (Adj) WoodMac (Adj) 1,000 keeping pace 0 -1,000 • L
Slide 60: Amid a Lack of Concentrate, Smelter Utilization Drops
AMID A LACK OF CONCENTRATE, SMELTER UTILIZATION DROPS Large deficits, lower utilizations peak 2026E, below historical norms to 2030E • Theoretical concentrate deficit (between smelter target Concentrate Deficit and Smelter Capacity Utilization and available concentrate) set to increase to 1.9 Mt in
Slide 61: Limited New Copper Mine Production
LIMITED NEW COPPER MINE PRODUCTION Copper mine supply peak pushed out to 2028 • Limited growth expected to 2030 Global Copper Mine Production (kt) ─ Many of mined concentrate production increases are Current Committed Probable Possible integrated with smelters • Lower grades, water restrictions, pow
Slide 62: Copper Mine Project Outlook
COPPER MINE PROJECT 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 1.00% Ore Grade Forecast Hundreds new mine production, prolongi
Slide 63: Incentive Price Increases
INCENTIVE PRICE INCREASES Incentive price would need to maintain high level to generate ‘acceptable’ returns CRU Historical Incentive Price Forecast1 (US$/t, $2025) Forecast Incentive Price Scenarios2 (US$/t, $2025) 1,000 12% IRR 15% IRR 20% IRR 900 800 Risk-Adjusted PIP (c/lb Cu) 700 600 500 400 30
Slide 64: Chinese Copper De-Stocking Accelerating
CHINESE COPPER DE-STOCKING ACCELERATING Chinese copper demand expected to keep growing ~2-3% from 2026-2028 Copper Demand Growing ~2-3%, 2026-20301 (kt) • In 2025, Chinese demand grew 3.3% due to strong Transport AC Refrigeration Construction Machinery growth in NEV production, export demand and pow
Slide 65: India Copper Market
INDIA COPPER MARKET Indian Copper Market Outlook1 (kt) Indian Copper Concentrate Indian Copper Cathode Domestic Mine Supply Domestic Refined Supply + Secondary Imports2 Imports3 Refined Consumption FY2024: 1,166 kt FY2024: 292 kt 5,000 Canada Others South Africa Rest of Africa Avg Annual Growth Rate
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 represented 87% of Traditional Copper Demand1 (kt) copper demand in 2024 China ROW North America Europe India Rest of Asia Latin America • Forecast to
Slide 68: New Economy Demand Taking Up the Growth Mantle
NEW ECONOMY DEMAND TAKING UP THE GROWTH MANTLE Electrification, urbanization and expansion of mid class spur growth • Forecast to grow ~3% over the next five years Total Annual Cathode Demand (kt) Africa Europe China ─ Although a low base, Indian consumption grew at 10% Latin America North America A
Slide 69: Copper Market Summary
COPPER MARKET SUMMARY Supply remains constrained; risk to demand limiting refined deficits • Continued downward risk to mine production Refined Global Cathode Balance, excl. Uncommitted (kt) ─ Many large miners have decreased guidance for 2026 ─ Few new projects coming online in short term ─ Market
Slide 70: Zinc Market
ZINC MARKET Teck ore 10
Slide 71: Zinc Outlook
ZINC OUTLOOK As smelters ramp back up, raw material availability is already re-tightening; 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 w
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, Mine production growth has been stagnant1 (kt) hovering around 13 Mt 15,000 • Zinc concentrate growth in 2025 tied heavily to va
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 8.5 Mt and lower grades 15 mine supply gap projected • Exploration under i
Slide 74: Spot Zinc Treatment Charges Low by Historical Terms
SPOT ZINC TREATMENT CHARGES LOW BY HISTORICAL TERMS This reflects changing value chain economics and stagnant mine supply • Spot TCs turned quickly in Q4 2025, having climbed for Zinc Treatment Charges1 (US$/t) much of the year Spot TC Annual TC TCs rising through 2025 350 Market tightened quickly i
Slide 75: 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 76: Global Zinc Metal Outlook
GLOBAL ZINC METAL OUTLOOK • 2023-2024 stock build a reflection of 2023 surplus LME warehouses stocks fall, all stock in Asia (refined stocks, kt) ‒ Tighter 2024 forced drawdowns in 2025 LME USA LME Europe LME Middle East LME Asia SHFE 500 ‒ Arbitrage opened between LME and SHFE to move 400 Refined s
Slide 77: 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 78: Zinc Metal Short-Term Outlook
ZINC METAL SHORT-TERM OUTLOOK U.S. market reflective of low levels of metal inventory • US produces <25% of its zinc metal requirement US Net Short Position in Zinc1 (kt) LME inventories filled U.S. Production Zinc from Canada shortfall since 2012 • Even including Canada and Mexico, North America Zi
Slide 79: 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 80: Reference
REFERENCE 80
Slide 81: Share Structure and Principal Shareholders
SHARE STRUCTURE AND PRINCIPAL SHAREHOLDERS Teck Resources Limited as at December 31, 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 Shareholding
Slide 82: Endnotes
ENDNOTES SLIDE 5: SIGNIFICANT TRANSFORMATION SINCE 2022 SLIDE 10: MERGER OF EQUALS HAS MULTIPLE VALUE DRIVERS 1. Production mix is based on consolidated copper production of 256kt, zinc production of 651kt, steelmaking coal production of 1. Synergies include US$110M of recurring capex synergies and
Slide 83: Endnotes
ENDNOTES SLIDE 25: RED DOG OPERATIONS IS A TIER ONE ASSET SLIDE 39: NEWRANGE CU-NI-CO-PD-PT DEPOSITS (50%) 1. Source: Wood Mackenzie. Top zinc producing mine 4 of the last 5 years. 1. Teck has a 50% interest in NewRange Copper Nickel. See Teck’s Q4 2025 press release, Q4 2025 MD&A, and 2025 Annual 2
Slide 84: Endnotes
ENDNOTES SLIDE 41: NUEVAUNIÓN CU-MO-AG AND CU-AU (50%) SLIDE 44: PORTFOLIO OF ZINC DEVELOPMENT OPTIONS 1. Teck has a 50% interest in NuevaUnión. See Teck’s Q4 2025 press release, Q4 2025 MD&A, and 2025 Annual Information Form 1. See Teck’s Q4 2025 press release, Q4 2025 MD&A, and latest Annual Infor
Slide 85: Endnotes
ENDNOTES SLIDE 52: CHINA’S LONG HELD COMMODITY BUSINESS MODEL WILL ADJUST SLIDE 67: TRADITIONAL DEMAND STILL TRENDING UPWARDS 1. Source: China Customs. 1. Source: Wood Mackenzie, Minespans, CRU, Teck. 2. Source: Wood Mackenzie. SLIDE 68: NEW ECONOMY DEMAND TAKING UP THE GROWTH MANTLE 3. Source: Chin
Slide 86: Non-GAAP Financial Measures
NON-GAAP Our financial results are prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board. This presentation includes reference to certain non-GAAP financial measures and non-GAAP ratios, which are not FINANCIAL measur