Teck Resources : (Q1 2026 Conference Call Appendix)
TECK
Published on 04/23/2026 at 01:26 pm EDT
FIRST QUARTER 2026 CONFERENCE CALL APPENDIX
April 23, 2026
TABLE OF CONTENTS
Merger of Equals
Operations
Copper Growth Options
Zinc Development Options
Macro and Metals Outlook
Reference
3
MERGER OF EQUALS WITH ANGLO AMERICAN
4
VALUE CREATION THROUGH MERGER OF EQUALS
Opportunity to participate in
future value creation
World-class portfolio and improved growth prospects
Compelling value creation
through synergies
Top 5 global copper producer, with significant re-rating potential
Maintain full investment and exposure to future upside
The Anglo special dividend increases Teck shareholder participation to 37.6%
Near-term debottlenecking at QB, Collahuasi, Quellaveco and Kumba UHDMS
Medium-term synergy capture including at QB and Collahuasi and at Los Bronces, Andina, Zafranal and San Nicolás
Long-term brownfield and greenfield expansions optionality
US$800M1 annual recurring pre-tax synergies
Highly capital efficient
QB-Collahuasi adjacencies
US$1.4B2 annual underlying EBITDA* uplift from ~175kpta incremental copper production
Highly attractive portfolio to capitalize upon compelling copper fundamentals
Increased scale and market position is expected to expand access to a deeper pool of investors
Merger subject to customary closing and regulatory conditions.
UNLOCKING THE FULL POTENTIAL OF QB-COLLAHUASI
Value accretive additional production from one of the largest copper complexes
QB plant
QB
Mineral Reserve grade 0.52%1 60% Teck
Collahuasi
Ore Reserve grade 0.96% TCu2
44% Anglo American
Additional Production
~175kt
Incremental annual copper production potential from processing softer, higher-grade
Collahuasi ore through ǪB plant (100% basis)3
Underlying EBITDA* Uplift
US$1.4B
Average annual basis from 2030-204S but expected to continue beyond this period (100% basis)3
Capital Efficient
~US$11,000/t
Cost-effective growth with lower capital investment requirements than standalone extension or expansion options
UNPACKING QB-COLLAHUASI INCREMENTAL PRODUCTION
Value-accretive, capital efficient additional production
Illustrative QB Production
Grade
1
Collahuasi reserve grade at 0.96%1, higher than QB reserve grade at 0.52%2
2
Throughput
One line of the plant will be fed with ore from Collahuasi with the second continuing to process QB ore
Processing softer Collahuasi ore through modern QB plant allows for increase in throughput
Results in a 50% increase in throughput for the line processing Collahuasi ore
3
Recoveries
Lower recoveries due to larger grind size and mineralogy of Collahuasi ore
4
Operating Cost
Increased mining costs to reflect higher strip ratio at Collahuasi
Fixed cost economies of scale expected to result in marginal reduction in unit costs
5
Capital
Limited additional infrastructure required - additional floatation tanks, ancillary equipment
~15km overland conveyor plus enlarged mine fleet
~US$1.9B preliminary capex estimate or capital intensity of US$11,000/t copper production
6
Timeline
Synergies expected to be delivered as early as 2030
~+175kt3
Debottlenecked QB production
Grade Throughput Recoveries QB-Collahuasi
1
2
3
upside
Expect 2-3 years for studies and permitting and up to two years for construction
CREATING ONE OF THE LARGEST GLOBAL COPPER COMPLEXES
QB-Collahuasi could be a leading global producer for decades
2030 Copper Production1
~QB-Collahuasi incremental production2
Copper Resources4
3
4
Measured and Indicated Inferred
~Los Bronces-Andina
adjacency3
MERGER OF EQUALS HAS MULTIPLE VALUE DRIVERS
From synergies and near-term asset optimization to future growth optionality
Corporate synergies
Near-term growth through asset optimization2
Medium-term capital efficient adjacencies
Future growth optionality
Corporate, Business
Overheads s Other
~US$210M
~US$800M
annual, recurring, pre-tax synergies1
Procurement
~US$490M
Marketing
~US$100M
QB Debottlenecking
Increase throughput to 165-185ktpd
Los Bronces Plant Restart Throughput increase from reopening the Los Bronces plant
Collahuasi Debottlenecking
Increase throughput to 210ktpd
Quellaveco Stage 1 Expansion
Increase throughput to 142ktpd
Highland Valley Copper MLE Life extension underway to extend mine life to 2046
Kumba UHDMS Increasing premium product mix, option to extend mine life to 2044
QB + Collahuasi
~175ktpa Cu - US$1.4B3 annual underlying EBITDA* uplift
of incremental copper production from 2030-2049 but expected to continue beyond this period (100% basis)2
Los Bronces + Andina
~120ktpa Cu - US$5B2 pre-tax NPV
of incremental copper production (21 years from 2030, 100% basis)
Minas-Rio + Serpentina
Potential additional high grade, friable iron ore resource accessible at Minas-Rio Adjacency secured C studies ongoing
Medium Term Developments
San Nicolás Zafranal
Brownfield Expansions / Mine Life Extensions
QB-Collahuasi Quelleveco Antamina
Los Bronces Integrado
Selected Greenfield Developments
Galore Creek Schaft Creek NuevaUnión NewRange Sakatti Woodsmith
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
optimization
Adjacencies incl. QB/Collahuasi and LB/Andina
Future Growth Optionality Anglo Teck Potential
Near-term Priorities
Future Value
11
FOUNDATION OF WORLD-CLASS OPERATIONS
Critical minerals assets in established mining jurisdictions
1
1 2
Copper Operations
1
2
3
4
Highland Valley Antamina Quebrada Blanca
Carmen de Andacollo
2
3
Zinc Operations
1 Red Dog
2 Trail Operations
4
Top 10 copper producer operating in the Americas
Tier 1
Tier 1
Quebrada Blanca 60% ownership Potential to be a top 5 copper mine globally
Highland Valley
100% ownership
Canada's largest copper mine, life extension project under way to 2046
Antamina
22.5% ownership Currently 6th largest global copper mine1 with 1st quartile cost position
Carmen de Andacollo
G0% ownership
Low strip ratio, reliable copper producer
Largest net zinc miner globally
Tier 1
Red Dog
100% ownership
Large, high-grade
zinc mine with mine life extension potential
Trail
100% ownership
One of the largest integrated zinc smelting and refining complexes
ATTRACTIVE PORTFOLIO OF OPERATIONS AND PROJECTS
1 2
4
3
Copper Operations
3
1 2
1
2
3
4
Highland Valley Antamina Quebrada Blanca
Carmen de Andacollo
5
Copper Projects
1
2
3
4
5
6
Zafranal
San Nicolás Galore Creek Schaft Creek NewRange NuevaUnión
2
1
2
1
3
Zinc Operations
1
2
Red Dog
Trail Operations
6
4
Zinc Projects
1
2
3
Teena
Red Dog Mine Life Extension Cirque
Operations
Operating Assets
Brownfield Projects
Quebrada Blanca (QB)
QB Future Expansion
Antamina
Antamina Mine Life Extension
Highland Valley
Highland Valley Mine Life Extension (Sanctioned)
Carmen de Andacollo (CdA)
CdA Mine Life Extension
Red Dog
Red Dog Mine Life Extension
Trail
Trail Critical Minerals Opportunities
Projects
San Nicolás
NuevaUnión
Zafranal
Teena
Galore Creek
Cirque
NewRange
Schaft Creek
COST OF SALES
2025
Copper Cost of Sales1 (C$) Zinc Cost of Sales1 (C$)
Royalties
5%
Transportation 1%
Depreciation C Amortization 29%
Operating Costs 65%
Depreciation C Amortization 10%
Transportation 11%
Royalties 15%
Raw Material Purchases
26%
Operating Costs 38%
Copper Operating Costs1 (%) Zinc Operating Costs1 (%)
Labour
22%
Contractors C Consultants
24%
Operating Supplies C Parts
17%
Repairs C Maintenance Parts
17%
Energy and Others
20%
Total
100%
Labour 35%
Contractors C Consultants
11%
Operating Supplies C Parts
14%
Repairs C Maintenance Parts
10%
Energy
16%
Other Costs
14%
Total
100%
COLLECTIVE AGREEMENTS
Operation
Expiry Dates1
Highland Valley
September 30, 2026
Trail Operations
May 31, 2027
Antamina
July 31, 2027
Quebrada Blanca
January 31, 2028
March 31, 2028
November 30, 2028
Carmen de Andacollo
September 30, 2028
December 31, 2028
15
LATAM
OPERATIONS
16
Iquique
Santiago
Collahuasi
QB
QUEBRADA BLANCA
Tier 1, low-cost, long-life cornerstone asset
Large deposit capable of supporting multiple expansions
2
High reserve grade and low strip ratio, significant resource expansion over previous years, with further district-scale potential
3
At full capacity, QB is expected to generate strong cash flow, due to lower costs, low sustaining capital and capitalized stripping
Current mine life to 2050
Copper reserve grade1
202c copper production guidance2
$280M
2025 gross profit before D&A*
$120M
2025 gross profit
CODELCO INTEREST IN QUEBRADA BLANCA
Chilean state-run miner Codelco purchased Enami's 10% --funding interest in Compañía Minera Teck Quebrada Blanca S.A. (CMTQB) on September 5, 2024
Codelco is not required to fund QB development costs
Organizational Chart
Teck
100%
83.33%
1c.c7%
SMM
SC
Project equity funding in form of 25% Series A Shares and 75% Shareholder Loans
Until shareholder loans are fully repaid, Codelco is entitled to a minimum dividend, based on net income, that approximates 2.0-2.5% of free cash flow
- Thereafter, Codelco receives 10% of dividends / free cash flow
Codelco
TRCL
66.67%
10%
(Series B)
33.33%
JVCo
S0%
(Series A)
CMTQB
100%
Chile HoldCo
QB
ANTAMINA
One of the largest copper and zinc mines in the world by production
Antamina
1
Tier 1, high-grade copper-zinc deposit producing copper, zinc,
molybdenum, and lead concentrates
Low C1 costs due to high grade and zinc credits
Significant land position with both near and long-term expansion potential
Current mine life to 203c
Copper reserve grade1
202c copper production guidance2 (22.5%)
$370M
2025 gross profit before D&A*
$2G7M
2025 gross profit
* Gross profit before depreciation and amortization (D&A) is a non-GAAP financial measure. See "Non-GAAP Financial Measures and Ratios" slides. 19
Crushing and Material Transport System
East Waste Dump
Mine Operation Area
Tailings Facility
Open Pit
Tucush Waste Dump
ANTAMINA MINE LIFE EXTENSION
Extension to 2036, with potential beyond
Received regulatory approval to extend life of mine to 2036 in Q1 2024
Maintains current production profile of well known, proven asset
Extension is a low-risk US$2B investment (Teck's share: US$450M) over 8 years
to optimize and expand the existing facilities including:
A pit expansion with in-pit waste crushing and conveying systems to reduce haulage demands as the pit deepens
A 30m raise of the existing tailings dam to create additional tailings management facility capacity
New mining equipment and expanded truck shop
Opportunities to extend the mine life beyond 2036 are being studied
LE (LOM) Plan
Evaluation of Post-2036 Extension Options
Illustrative Timeline
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
CARMEN DE ANDACOLLO
CdA
Efficient operations
One of the Americas lower cost operations (on a $/t milled basis)
Operational and cost improvements driving results
Cash generative asset
current mine life to 2038
Copper reserve grade1
202c copper production guidance2 (100%)
$142M
2025 gross profit before D&A*
$106M
2025 gross profit
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 17:25 UTC.