Teck Resources : Q4 2025 Presentation (Teck Q1 2026 Presentation)

Published: 2026-04-23 12:14:18 ET TECK

Published on 04/23/2026 at 12:14 pm EDT

FIRST QUARTER 2026

April 23, 2026

Jonathan Price

President and Chief Executive Officer

Delivering on our key near-term priorities

More than doubled adjusted EBITDA

$2.1B (+125%) $1.3B (+1S7%)

Adjusted EBITDA*, 1 Profit before taxes1

Generated strong cash flow

$1.0B (+1.5B)

Cash flow from operations1

$488M (+:338M)

Net cash*, 1, 2

Near-term Priorities

Ǫ1 2026 Progress

Outstanding value creation through merger of equals with Anglo American

Continued progress on merger approvals - South Korea approval obtained

Focusing on safe, stable operational performance

Strong Ǫ1 performance across all operations - no change to previously disclosed annual guidance

Realizing the full value of ǪB

Achieved strong ǪB production, record quarterly sales, and TMF progress - Rock Bench 4 completed

Progressing the HVC Mine Life Extension Project

Advancing detailed engineering - >90% complete and procurement nearing completion

TMF is tailings management facility.

Shareholders of both companies

voted in support of the merger

Special Meetings

Current Status

Progressing integration planning and readiness to close

Advancing final regulatory approvals

Regulatory Approvals

Received:

Australia

Canada

Chile

European Union

Japan

Mexico

South Korea

United States

Ongoing:

China

Continue to expect closing 12-18 months from announcement

Announcement of the Merger

Record Date for Meeting

Circular Publication G Mailing

2025 8

20 10

9 2026

May 2026+

September

October

November

December

January

February

March

April

Regulatory Approvals

Received regulatory approval from

the Government of Canada under the Investment Canada Act

Closing Date

Expected 12-18 months from announcement

Subject to regulatory approval and customary closing conditions

Closing Date

HPI frequency rate continues to improve

Teck-Controlled High Potential Incident (HPI) Performance1 (per 200,000 hours worked)

Including ǪB2 Project Excluding ǪB2 Project

0.17

0.16

0.19

0.12 0.12

0.07

0.06

0.09

0.06

0.05 0.05

2021 2022 2023 2024 2025 Ǫ1 2026

Fatalities 1 0 0 0

Operational stability drives strong cash flow generation

97.8%

93.4%

92.0%

88.9%

81.4%

Mill Availability (%) Asset Utilization (%)

2026 Guidance

High: 86.0%

87.2%

Low: 80.0%

64.8%

61.9%

89.1%

82.9%

Ǫ1 25 Ǫ2 25 Ǫ3 25 Ǫ4 25 Ǫ1 26

Throughput (ktpd) Recovery (%)

83.3%

82.1%

81.6%

82.2%

83.1%

2026 Guidance

High: 132ktpd

Low: 115ktpd

2026 Guidance

High: 82.5%

Low: 81.0%

93 114 89

125

126

Ǫ1 25 Ǫ2 25 Ǫ3 25 Ǫ4 25 Ǫ1 26

Mill Availability (%) x Utilization (%) = Asset Utilization (%) Daily Throughput (tpd) x Days = Ore Milled (t)

Ore Milled (t) x Grade (%) x Recovery (%) = Production (t)

Rock Bench 4 completed, sand deposition rates improved

November 2025 - ǪB Site Visit

April 2026

Legend

Rock Bench 4 (completed in Ǫ1 2026)

Rock Bench 5 (expected completion in Ǫ2 2026)

Dam crest widened (April 2026)

Sand dam construction

On track to achieve all near-term objectives

Near-term Objective

Status

Expected Completion

Initial upstream beaching

(remains an ongoing work stream)

Completed Ǫ3 2025

Paddock redesign

Completed Ǫ4 2025

New cyclone technologies installed

Completed Ǫ4 2025

Mechanical rock bench construction

2025 program: Rock Bench 4 completed Ǫ1 2026

In progress: 2026 program: Rock Bench 5 to be completed Ǫ2 2026

Accelerate sand dam construction, based on current sand drainage solutions

In progress

Ǫ4 2026

Secondary sand cyclone system installed

In progress

H2 2026

Installation of permanent infrastructure

Under evaluation in Ǫ2 2026

To be confirmed late 2026

Construction ramping up and progressing to plan

Construction activities continue to ramp up - supported by strong early productivity indicators

Commencement of new truck shop

Piling installation for new tertiary mill

Detailed engineering >G0% complete

Procurement awards >G5% by value with focus shifting to expediting fabrication and ensuring delivery timelines

$188M capital expenditures in Ǫ1 2026 -

2026 guidance unchanged at $G00-1,200M

Illustrative Project Profile

Project Scope

New and Enhanced Infrastructure

Mill upgrades

Upgraded flotation circuit

Upgraded power and water systems

Mobile Equipment Fleet Expansion

Additional mobile equipment

New maintenance shop

$2.1-2.4B

Project capital

~132 kt

Avg Cu production1;

~50 Mtpa ore mined1

2046

Mine life extension from 2028

2026

2027

2028

2029

2030

2031

2032

2033

2034

2035

2036

2037

2038

Ore Source

Current Valley and Lornex pits

Completion of Valley pit pushback

Production from satellite ore bodies, i.e. Bethlehem, Highmont

Low grade Valley ore

High quality Valley pit ore

Additional Capitalized Stripping

Stripping

~110 Mtpa • ~150 Mtpa • ~50 Mtpa

FIRST QUARTER 2026

Crystal Prystai

Executive Vice President and Chief Financial Officer

Q1 2026 FINANCIAL PERFORMANCE

125% increase in adjusted EBITDA* to $2.1B, driven by higher commodity prices and sales

Record copper sales volumes combined with record high copper prices, averaging US$5.83/lb

By-products, especially silver, contributed meaningfully to profitability

Continued focus on cash flow generation through our optimized feed strategy at Trail Operations

Generated a strong adjusted EBITDA margin* of 53%

Ǫ1 2026

vs. Ǫ1 2025

Gross profit before DCA* $2.2B

+137%

Gross profit $1.7B

+220%

Adjusted EBITDA* $2.1B

+125%

Adjusted EBITDA margin* 53%

was 40%

Profit before taxes $1.3B

+137%

Adjusted diluted earnings per share* $1.75

+132%

Diluted earnings per share $1.67

+123%

* Gross profit before depreciation and amortization (D&A) and adjusted EBITDA are non-GAAP financial measures. Adjusted EBITDA margin and adjusted

diluted earnings per share are non-GAAP ratios. See "Non-GAAP Financial Measures and Ratios" slide. 12

More than doubled adjusted EBITDA

Profitability ($M)

Net Finance Expense

Non-Controllable Controllable

Higher operating costs

Higher volumes

412

129

Other

Adjusted EBITDA Ǫ1 2026

Lower smelter Weaker currency processing charges

Higher co-product and by-product pricing

Adjusted EBITDA Increase in prices Ǫ1 2025

-64

Includes impact of primary product pricing and pricing adjustments

Sales volumes supported by higher copper production and sale of excess inventory

Benefitting from higher commodity prices, particularly silver

Adjusted EBITDA*

$G27M

(101)

707

(43)

Adjusted EBITDA*

$2,088M

(5)

313

232

480

1336

172

508

Strong performance across all operations and record sales

Ǫ1 2026 Performance1

Copper Realized Price

Copper Production

Copper Sales

Revenue

Net Cash Unit Cost*

Gross Profit Before DGA*

Gross Profit

Margin Before DGA*

Ǫ1 2026A

US$5.78/lb

140 kt

155 kt

$2,903M

US$1.74/lb

$1,814M

$1,356M

62%

vs. Ǫ1 2025

+3C%

+32%

+4C%

+32%

(13%)

+158%

+235%

was 47%

Overview

Gross profit before DCA more than doubled to $1.8B with margins substantially higher at 62% driven by higher sales volumes and copper prices

Record quarterly sales at ǪB with strong production and sale of inventory built in Ǫ4 2025

HVC production increased due to higher throughput and grades, partially offset by lower recoveries

Antamina benefitted from higher grade copper-only ore, as expected in the mine plan

Unit costs significantly lower than last year with higher production and by-product credits

Outlook1

Annual copper production guidance for 2026-2028 is unchanged across operations

Copper

Production1,2 (kt)

Net Cash Unit

Costs*,1,3 (US$/lb)

2.03

454

455-530

1.85-2.20

2025

2026E

2025

2026E

Trail Operations drives improvement in profitability and margins

Ǫ1 2026 Performance1

Zinc Realized Price

Red Dog Zinc Production

Red Dog Zinc Sales

Refined Zinc Production

Refined Zinc Sales

Revenue

Net Cash Unit Cost*

Gross Profit Before DGA*

Gross Profit

Margin Before DGA*

Ǫ1 2026A

US$1.48/lb

106 kt

52 kt

74 kt

65 kt

$1,040M

US$0.41/lb

$387M

$359M

37%

vs. Ǫ1 2025

+1C%

(3%)

(43%)

+27%

+13%

+33%

(31%)

+72%

+8C%

was 23%

Overview

Gross profit before DCA increased 72% to $387M at a margin of 37% driven by the strong performance at Trail Operations

Strong refined zinc production at Trail Operations reflects our efforts to maximize by-product streams at current prices

Significant improvement in profitability at Trail Operations with gross profit before DCA* of $258M from $80M in Ǫ1 2025

Lower grades and recoveries at Red Dog as expected in the mine plan

Red Dog sales were above our guidance range

Reduced net cash unit costs despite lower production

- Due to low smelter processing charges and higher by-product revenues

Outlook1

Expect Red Dog zinc sales of 30-40 kt in Ǫ2 2026, consistent with normal seasonality

Annual zinc production guidance for 2026-2028 is unchanged across operations

Zinc

Production1,2 (kt)

565

410-460

Refined Zinc

Production1,2 (kt)

230

Net Cash Unit

Costs*,1,3 (US$/lb)

0.65-0.75

1G0-230

0.33

2025

2026E

2025

2026E

2025

2026E

Benefitting from higher production and by-product pricing

Copper Cash Unit Costs1 (US$/lb) Zinc Cash Unit Costs2 (US$/lb)

0.02

0.41

0.59

0.20

0.61 0.61

2.45

2.01

1.74

0.54

0.44

2.28

Ǫ1 2025 Ǫ1 2026 Ǫ1 2025 Ǫ1 2026

Driver

Change in Price

Cash Unit Cost Sensitivity3

Silver

US$10/oz

US$0.02/lb

Molybdenum

US$1.00/lb

US$0.01/lb

Zinc

US$0.20/lb

US$0.01/lb

Gold

US$100/oz

US$0.01/lb

WTI

US$10/bbl

US$0.03/bbl

Driver

Change in Price

Cash Unit Cost Sensitivity3

Silver

US$10/oz

US$0.05/lb

Lead

US$0.05/lb

US$0.01/lb

WTI

US$10/bbl

US$0.01/bbl

Strong operating cash flow conversion, particularly at QB

2.8

2.7

2.5

Illustrative 2026 EBITDA* from Operations1 (C$B) Illustrative 2026 Operating Cash Flow1,2 (C$B)

3.5

3.2

2.9

Copper price

(US:/lb)

$6.00

Copper ex-ǪB ǪB Zinc

$7.1B

Copper price

(US:/lb)

$6.00

Copper ex-ǪB ǪB Zinc

0.7

2.4

$5.GB

1.0

2.6

$5.50

$5.00

$6.6B

1.0

2.1

1.0

2.4

$6.0B

$5.50

$5.00

$5.5B

0.7

1.9

0.7

2.1

$5.1B

Robust cash flow supports capital investments and net cash growth

Operational Cash Flow

Ǫ1 2026

C$1.0B

Strong Liquidity

As at April 22, 2026

C$G.8B

Debt Repayments1 (US$M)

US$2B debt reduction since 2024; ongoing de-levering via ǪB loan amortization

US$1.6B in

non-recourse ǪB loan

US$1.0B in long-dated outstanding note maturities

294/year

142

243

179

190

147

167

108

Net Cash*

As at March 31, 2026

C$488M

C$276M increase in cash from March 31, 2026

Credit Ratings

As at April 22, 2026

Investment Grade

2026

2027

2028

2029

2030

2031

2032

2033

2034

2035

2036

2037

2038

2039

2040

2041

2042

2043

CLOSING

Jonathan Price

President and Chief Executive Officer

Focused on driving value for shareholders

Outstanding value creation through merger of equals with Anglo American

Focusing on safe, stable operational performance

Realizing the full value of ǪB

Progressing the Highland Valley Mine Life Extension Project

Disclaimer

Teck Resources Limited published this content on April 23, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 23, 2026 at 16:13 UTC.