Teck Resources : Q1 2026 Appendix (Q1 2026 Conference Call Appendix)

Published: 2026-04-23 12:09:29 ET TECK

Published on 04/23/2026 at 12:09 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

MERGER OF EQUALS WITH ANGLO AMERICAN

‌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

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

Collahuasi reserve grade at 0.96%1, higher than QB reserve grade at 0.52%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

Recoveries

Lower recoveries due to larger grind size and mineralogy of Collahuasi ore

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

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

Timeline

Synergies expected to be delivered as early as 2030

~+175kt3

Debottlenecked QB production

Grade Throughput Recoveries QB-Collahuasi

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

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

FOUNDATION OF WORLD-CLASS OPERATIONS

Critical minerals assets in established mining jurisdictions

1 2

Copper Operations

Highland Valley Antamina Quebrada Blanca

Carmen de Andacollo

Zinc Operations

1 Red Dog

2 Trail Operations

Top 10 copper producer operating in the Americas

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

Copper Operations

1 2

Highland Valley Antamina Quebrada Blanca

Carmen de Andacollo

Copper Projects

Zafranal

San Nicolás Galore Creek Schaft Creek NewRange NuevaUnión

Zinc Operations

Red Dog

Trail Operations

Zinc Projects

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

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

LATAM

OPERATIONS

Iquique

Santiago

Collahuasi

QUEBRADA BLANCA

Tier 1, low-cost, long-life cornerstone asset

Large deposit capable of supporting multiple expansions

High reserve grade and low strip ratio, significant resource expansion over previous years, with further district-scale potential

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

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

ANTAMINA

One of the largest copper and zinc mines in the world by production

Antamina

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

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 16:07 UTC.