Teck Resources : Q4 2025 Presentation

Published: 2026-04-23 10:04:13 ET TECK

Published on 04/23/2026 at 10:04 am EDT

FIRST QUARTER 2026

April 23, 2026

Jonathan Price

President and Chief Executive Officer

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.

Announcement of the Merger

Record Date for Meeting

Circular Publication G Mailing

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

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

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

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)

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

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 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

Reflects operational strength and favorable commodity prices

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

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

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

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

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

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

2.8

2.7

2.5

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

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

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

Top 5

copper producer

Zinc

Premium iron ore 23%

Copper

71%

2027E

Production Mix1

>70% Copper

Significant value creation

Unlocking US$800 million of pre-tax recurring annual synergies2

Potential to unlock an expected US$1.4 billion annual underlying EBITDA* uplift at

ǪB C Collahuasi3 (100% basis)

Potential for significant multiple re-rating for Anglo Teck

Premier copper growth portfolio

High quality, low-cost assets with strong cash flow generation

Resilient balance sheet targeting investment grade credit profile

Disciplined capital allocation to highest-returning opportunities, including shareholder returns

Outstanding copper growth pipeline with near-term optionality and future value

Ǫ1 2026

Completed Rock Bench 4 construction and

advanced construction of Rock Bench 5

Made improvements in sand placement

Advanced the design for secondary sand cyclones, and initiated construction

Complete Rock Bench 5

Accelerate sand dam construction and move to steady state development

No further constraint on production due to TMF development

Expected by Year End 2026

Copper Production1,2 (kt)

446

102

454

127

455-530

45-55 95-105

115-135

45-55

85-95

135-155

435-510

35-45

80-90

100-120

208

190

200-235

240-275

220-255

505-580

Net Cash Unit Costs*,1,3 (US$/lb)

2.20

2.03

1.85-2.20

2024 2025 2026E 2027E 2028E

Molybdenum Production1,2 (kt)

2024 2025 2026E

Capital Expenditures1,4,5,6 (C$M)

3.3

1.8 0.6

3.9

5.0-6.2

7.4-8.8

0.9

4.7-5.6

5.3-6.3

1.8-2.0

1.9

0.6

1.4

2.8-3.4

0.7-1.0

1.5-1.8

0.4-0.6

3.0-3.4

0.9-1.2

8.7-10.3

338

1,150-1,300

176

895

654

290

450-560

330

370-430

1,323

900-1,200

2,267

1,739

2,870-3,4G0

2024 2025 2026E 2027E 2028E 2024 2025 2026E

Zinc Production1,2 (kt)

Net Cash Unit Costs*,1,3 (US$/lb)

Red Dog Sales1 (kt)

616

565

556

463

35-45

375-415

35-45

330-370

45-55

230-270

102

410-460

365-415

275-325

30-40

0.65-0.75

0.39

0.33

2024 2025 2026E 2027E 2028E

Refined Zinc Production1,2 (kt)

2024 2025 2026E

Capital Expenditures1 (C$M)

Ǫ1 2026 Ǫ2 2026E

230

1G0-230

256

260-300

355-460

150-200

200-250

5-10

182

126

133

345

307

2024 2025 2026E 2027E 2028E 2024 2025 2026E

Estimated Effect of Changes on our Annualized Profitability1 ($M)

2026 Mid-Range

Production Estimates2

(kt)

Changes

Estimated Effect on Profit Attributable to Shareholders3

($M)

Estimated Effect on Adjusted EBITDA*, 3

($M)

US$ exchange

C$0.01

$ 31

$ 60

Copper

492.5

US$0.01/lb

Zinc4

665.0

US$0.01/lb

WTI5

US$1/bbl

WTI is the West Texas Intermediate oil benchmark price.

* Adjusted EBITDA is a non-GAAP financial measure. See "Non-GAAP Financial Measures and Ratios" slides. 26

Simplified Settlement Pricing Adjustment Model (Pre-tax settlement pricing adjustment in C$M)

Q1 2026

300

230

160

-50

-120

-190

-260

-330

-$2.00 -$1.40 -$0.80 -$0.20 $0.40 $1.00 $1.60

Change in Copper G Zinc Price (C$/lbs)

Total Reported Settlement Pricing Adjustments (Pre-tax settlement pricing adjustment in C$M)

Outstanding at Outstanding at Ǫuarterly Pricing March 31, 2026 December 31, 2025 Adjustments

Mlbs | US$/lb Mlbs | US$/lb C$M

Copper

329

5.59

214

5.64

$ 19

Zinc

104

1.47

189

1.41

Other

Total

$ 38

China State Grid Cumulative Grid Investment1 (Bn CNY)

China's State Grid plans to increase grid

India 2025 Electricity Generation by Fuel2 (% y/y)

India's coal-powered generation fell for

800

investment by 40% over 2026-2030; Average annual spending will jump to RMB 800Bn

30 only the second time in 50 years in 2025

State Grid investment

rose 37% y/y in Ǫ1

2026

2025

600 2024 20

2023

2022

400 10

200 0

-3

Mar Jun Sep Dec

-10

Coal Solar Wind

Selected China Metrics1 (% change Y/Y)

Property Investment

Fixed Asset Investment excl Rural

Electricity Production

Manufacturing Investment

Electricity Consumption (Feb YTD)

Industrial Production

Infrastructure

Investment Exports USD Industrial Robots

33.2

State Grid Investment

37.0

1.7 3.4

4.1 6.1 6.1 8.9

14.7

-11.2

China's GDP expanded 5% y/y in Ǫ1 2026, accelerating from 4.5% in Ǫ4 2025 and ahead of expectations, as strong industrial activity and exports again prove resilient to global headwinds

Fixed-asset investment has recovered, supported by a 17% y/y increase in infrastructure bond issuance, as strength in infrastructure and manufacturing offsets property sector weakness, although the latter appears to be easing as home price declines moderate

Priorities under the 15th Five-Year Plan are centered around new economy sectors, clean energy and industrial upgrading, reinforcing strong support for high-tech manufacturing, electrification and grid investment and underpinning a strong copper growth trajectory

Selected India Metrics1 (% change Y/Y) Total Copper Consumption per Capita2 (kg)

Industrial Production

2025 2050 Modelled

20.3

5.1

5.2

5.3

6.0

11.2

5.1

2.3

26.6 27.4

Manufacturing Output

Infrastructure Output

Electricity Output

14.6

11.9

5.6

6.5

6.2

1.0

1.3

3.0

India Indonesia Vietnam Malaysia Thailand

Total Zinc Consumption per Capita2 (kg)

6.0

India's central government budget for financial year 2026-27 focuses on infrastructure and manufacturing investment, with total expenditure of ~$583B. Metal-intensive infrastructure

2.5

0.6

0.4

1.7

1.6

1.3

2.8 2.9

1.7

capex should expand 11% to $133B

India Indonesia Vietnam Malaysia Thailand

Long-term Copper Market Fundamentals

Global Economic Growth Ongoing urbanisation and population growth, coupled with rising living standards, underpin demand growth

Electrification

Rising global power demand and associated grid expansions and upgrades are copper-intensive

Growth in the Digital Economy

Rapid development of artificial intelligence and data centre infrastructure supports future growth

Mine Supply Bottleneck

Smelter needs are significantly higher than current mine output, making future supply growth critical

Strong copper prices1 (US$/lb)

7.00

Ǫ1 2026 Average2

US$5.83/lb

6.00

5.00

4.00

3.00

2.00

1.00

2020

2021

2022

2023

2024

2025

2026

Short Term

Both spot and annual benchmark copper treatment and refining charges are at record lows, with supply of concentrate to the custom market well below smelter needs

Financial flows have had a material influence in 2026 YTD.

Mined production was roughly flat in 2025, and downgrades mean expectations are trending towards zero growth for 2026.

Smelting capacity additions continue to outpace mine supply growth, forcing adjustments to planned smelter output

Exchange inventory has risen sharply over recent months, but March-April have seen rapid Chinese stock draws.

Long Term

Copper is the linchpin of global electrification, as the most effective way to move electrons around

Expect a more electricity-intensive phase of global growth

in the coming years

Investment in grid infrastructure to support the digital economy, energy transition and rapid urbanization

Investment in copper concentrate supply hasn't matched demand - without permanent closures, smelter utilisation rates likely to remain low

Capital stock of copper required to make progress on climate targets and reshoring of manufacturing and processing capacity

ZINC MARKET FUNDAMENTALS

Short-Term Long-Term

Spot treatment charges changed trajectory in late 2025, falling sharply as competition for feed ramped up

Thus far, auto industry demand has remained resilient, but concerns over tariff impacts persist

2025 saw mine supply growth after several lean years, but 2026 expected to stall amid declines at key operations

Zinc prices have broadly tracked copper, also benefitting from macro asset allocation flows

China's shift to refined zinc exporter in Ǫ4 2025 has reversed thus far in 2026, halting LME inventory gains

With exploration hitting a 20-year low last year the future pipeline is not being adequately built

Three major established mines are nearing end of life

Unlike many peer metals, zinc scrap recovery rates are likely to remain relatively low owing to the sacrificial nature of use in galvanizing

Developing market zinc intensity has a long way to rise to match developed world levels

Zinc should benefit from infrastructure spending related to the nascent industrial policy renaissance in the developed world

SLIDE 4: Ǫ1 202G HIGHLIGHTS

Comparisons are Ǫ1 2026 to Ǫ1 2025.

As at March 31, 2026.

SLIDE G: STRONG SAFETY PERFORMANCE IN Ǫ1 202G

Includes all of our Teck-controlled sites. Excludes non-controlled sites and steelmaking coal. Antamina, a non-controlled site, recorded one fatality in each of 2021 and 2024, and two fatalities in 2025.

SLIDE 10: HVC MINE LIFE EXTENSION

Average over life of mine, 2028-2046. See Teck's Ǫ1 2026 press release, Ǫ1 2026 MDCA, and most recent Annual Information Form for further details available on sedarplus.ca for information on the key assumptions, parameters and methods used to estimate mineral resources and mineral reserves and risks that could affect the potential development of the mineral resources and mineral reserves.

SLIDE 14: COPPER SEGMENT

As at April 22, 2026. See Teck's Ǫ1 2026 press release, Ǫ1 2026 MDCA, and most recent Annual Information Form for further details.

Metal contained in concentrate. We include 100% of production from our Ǫuebrada Blanca and Carmen de Andacollo mines in our production volumes, even though we do not own 100% of these operations, because we fully consolidate their results in our financial statements. We include 22.5% of production from Antamina, representing our proportionate ownership interest.

Copper unit costs are reported in U.S. dollars per payable pound of metal contained in concentrate. Copper net cash unit costs include adjusted cash cost of sales and smelter processing charges, less cash margins for by-products including co-products. Guidance for 2026 assumes a zinc price of US$1.25 per pound, a molybdenum price of US$20 per pound, a silver price of US$36 per ounce, a gold price of US$3,375 per ounce, a Canadian/U.S. dollar exchange rate of $1.38 and a Chilean peso/U.S. dollar exchange rate of 925. Cash margin for by-products is a non-GAAP ratio. See "Non-GAAP Financial Measures" slides.

SLIDE 15: ZINC SEGMENT

As at April 22, 2026. See Teck's Ǫ1 2026 press release, Ǫ1 2026 MDCA, and most recent Annual Information Form for further details.

We include 22.5% of production from Antamina, representing our proportionate ownership interest. Total zinc includes co-product zinc production from our 22.5% proportionate interest in Antamina.

Zinc unit costs are reported in U.S. dollars per payable pound of metal contained in concentrate. Zinc net cash unit costs are mine costs including adjusted cash cost of sales and smelter processing charges, less cash margins for by-products. Guidance for 2026 assumes a lead price of US$0.90 per pound, a silver price of US$36 per ounce and a Canadian/U.S. dollar exchange rate of $1.38. By-products include both by-products and co-products. Cash margin for by-products is a non-GAAP ratio. See "Non-GAAP Financial Measures" slides.

SLIDE 1G: MEANINGFUL REDUCTION IN NET CASH UNIT COSTS IN Ǫ1 202G

Cash unit cost sensitivity shows the indicative impact of the change in commodity prices on cash units costs over a calendar year.

SLIDE 17: OPERATING CASH FLOW OUTLOOK

Illustrative EBITDA and operating cash flows using midpoint of current production guidance for 2026. Copper price assumptions are variable as shown. Zinc shown at an indicative US$1.25/lb. FX assumes 1.36 CAD:USD FX. Copper price sensitivities are applied to the 9 months remaining of the year.

Operating cash flow per asset includes impact of corporate costs spread proportionally. Also includes impact from cash taxes and working capital cash flow impacts.

SLIDE 18: STRENGTHENING THE BALANCE SHEET

As at March 31, 2026.

SLIDE 22: MERGER OF EǪUALS TO CREATE A LEADING CRITICAL MINERALS CHAMPION

Production mix is based on assumed copper production of 1,323kt, iron ore production of 61Mt and zinc production of 390kt converted to copper equivalent basis at long-term consensus prices, with iron ore CFR basis adjusted to FOB at spot freight rates.

Synergies include US$110M of recurring capex synergies and are expected to be realized by the end of the fourth year following completion of the transaction (with approximately US$775M expected to be realized by the end of the third year following completion). The realization of these recurring synergies will require estimated one-off cash costs of approximately US$700M incurred in the first three years following completion of the transaction.

For the purposes of quantification, synergies have been estimated for the period 2030-2049 but have the potential to continue beyond this period. Expected synergies and one-off costs are presented on a consolidated 100% basis, pre-attribution to non-controlling interests or Collahuasi and Ǫuebrada Blanca joint venture partners.

SLIDE 24: COPPER GUIDANCE

As at April 22, 2026. See Teck's Ǫ1 2026 press release, Ǫ1 2026 MDCA, and most recent Annual Information Form for further details.

Copper growth capital guidance includes feasibility studies, advancing detailed engineering work, project execution planning, and progressing permitting for San Nicolás and Zafranal. We also expect to continue to progress our medium- to long-term portfolio options with prudent investments to advance the path to value including for NewRange, Galore Creek, Schaft Creek and NuevaUnión.

The 2026 copper sustaining capital guidance includes $390-460 million for ǪB TMF development work, which is unchanged from our previous disclosures.

Copper growth capital guidance includes feasibility studies, advancing detailed engineering work, and progressing permitting for San Nicolás and Zafranal and project execution planning for San Nicolás. We also expect to continue to progress our medium- to long-term portfolio options with prudent investments to advance the path to value including for NewRange, Galore Creek, Schaft Creek and NuevaUnión.

SLIDE 25: ZINC GUIDANCE

As at April 22, 2026. See Teck's Ǫ1 2026 press release, Ǫ1 2026 MDCA, and most recent Annual Information Form for further details.

We include 22.5% of production from Antamina, representing our proportionate ownership interest. Total zinc includes co-product zinc production from our 22.5% proportionate interest in Antamina.

SLIDE 2G: SENSITIVITIES

As at April 22, 2026. The sensitivity of our annualized adjusted profit (loss) attributable to shareholders and adjusted EBITDA to changes in the Canadian/U.S. dollar exchange rate and commodity prices, before pricing adjustments, based on our current balance sheet, our 2026 mid-range production estimates, current commodity prices and a Canadian/U.S. dollar exchange rate of

$1.40. Our US$ exchange sensitivity excludes foreign exchange gain/losses on our US$ cash and debt balances as these amounts are excluded from our adjusted profit attributable to shareholders and adjusted EBITDA calculations. See Teck's Ǫ1 2026 press release and Ǫ1 2026 MDCA for further details.

All production estimates are subject to change based on market and operating conditions.

The effect on our adjusted profit attributable to shareholders and on adjusted EBITDA of commodity price and exchange rate movements will vary from quarter to quarter depending on sales volumes. Our estimate of the sensitivity of adjusted profit (loss) from continuing operations attributable to shareholders and adjusted EBITDA to changes in the U.S. dollar exchange rate is sensitive to commodity price assumptions.

Zinc includes 210,000 tonnes of refined zinc and 455,000 tonnes of zinc contained in concentrate.

Our WTI oil price sensitivity takes into account the change in operating costs across our business units, as our operations use a significant amount of diesel fuel.

SLIDE 28: CHINA IS LEADING THE GLOBAL ENERGY TRANSITION

Source: NBS.

Source: NITI Aayog ICED.

SLIDE 2C: CHINA'S ECONOMIC GROWTH SURPRISED TO THE UPSIDE IN Ǫ1

Source: NBS.

SLIDE 30: LED BY INDIA, EMERGING ASIA HAS HUGE GROWTH POTENTIAL

Source: Central Statistics Office India.

Source: Wood Mackenzie, UN.

SLIDE 31: ROBUST LONG-TERM COPPER MARKET DRIVERS

Source: Bloomberg.

Average quarterly LME Cash copper prices as at April 22, 2026.

NON-GAAP FINANCIAL MEASURES AND RATIOS

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 measures recognized under IFRS, do not have a standardized meaning prescribed by IFRS and may not be comparable to similar financial measures or ratios disclosed by other issuers. These financial measures and ratios have been derived from our financial statements and applied on a consistent basis as appropriate. We disclose these financial measures and ratios because we believe they assist readers in understanding the results of our operations and financial position and provide further information about our financial results to investors. These measures should not be considered in isolation or used in substitute for other measures of performance prepared in accordance with IFRS. For more information on our use of non-GAAP financial measures and ratios, see the section titled "Use of Non-GAAP Financial Measures and Ratios" in our most recent Management Discussion C Analysis, which is incorporated by reference herein and is available on SEDAR+ at https://www.sedarplus.ca. Additional information on certain non-GAAP ratios is below.

NON-GAAP RATIOS

Gross profit margins before depreciation and amortization are gross profit before depreciation and amortization, divided by revenue for each respective reportable segment. We believe this measure assists us and readers to compare margins on a percentage basis among our reportable segments.

Adjusted EBITDA margin is adjusted EBITDA, divided by revenue.

Net cash unit costs per pound is adjusted cash cost of sales plus smelter processing charges less cash margin for by-products, divided by payable pounds sold. There is no similar financial measure in our consolidated financial statements with which to compare. Adjusted cash cost of sales is a non-GAAP financial measure.

Cash margins for by-products per pound is cash margins for by-products divided by payable pounds sold.

Adjusted diluted earnings (loss) per share is adjusted profit attributable to shareholders divided by average number of fully diluted shares in a period.

Ǫ1 2026

Ǫ1 2025

Adjusted EBITDA ($M)

(A)

2,088

927

Revenue ($M)

(B)

3,G43

2,290

Adjusted EBITDA Margin (%) (A)/(B) 53% 40%

FIRST QUARTER 2026

April 23, 2026

Disclaimer

Teck Resources Limited published this content on April 22, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 23, 2026 at 14:03 UTC.