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Teck Resources — Q3 2026 Presentation Appendix (company IR deck)
Teck Resources (TECK) · 84 slides · Filed Oct 30, 2026
Every slide of this earnings presentation, with the text as published. Open the original deck ↗ · All TECK deck slides
Slide 1 — THIRD QUARTER 2026
THIRD QUARTER 2026 CONFERENCE CALL APPENDIX October 29, 2026
Slide 2 — CAUTION REGARDING FORWARD-LOOKING STATEMENTS
CAUTION REGARDING FORWARD-LOOKING STATEMENTS 2 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 to future events or our future performance. All statements other than statements of historical fact are forward-looking statements. The use of any of the words “anticipate”, “plan”, “likely”, “can”, “could”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “predict”, “potential”, “should”, “would”, “can”, “could”, “believe” and similar expressions is intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. These statements speak only as of the date of this presentation. These forward-looking statements include, but are not limited to, statements concerning: our focus and strategy, including being a pure-play energy transition metals company; anticipated global and regional supply, demand and market outlook for our commodities; our business, assets, and strategy going forward, including with respect to future and ongoing project development; our expectations with respect to a disciplined execution of our business plans and integration across mine and plant activities; our ability to complete the Merger with Anglo American, including timing of completion, the ability to meet customary closing conditions and our ability to receive applicable approvals; our expectations with respect to the Merger with Anglo American and integration planning, including readiness, maintaining safe and reliable operations, and business continuity; our ability to achieve operational resilience and corporate synergies with Anglo American, including the potential synergies between QB and Collahuasi, and other projects and operations; our expectations with respect to the Strategic Investment Agreement with Canada Growth Fund Inc. and Natural Resources Canada, including the ability to negotiate and execute definitive agreements, and the satisfaction of applicable approvals; our expectations regarding cost, timing and completion of HVC MLE; our expectations with respect to our ability to continue operations as currently expected, including any potential changes to our guidance or production; our expectations regarding cost, timing and achievement of the QB Action Plan, including completion of TMF development initiatives, Rock Bench 6 and installation of remaining permanent tailings infrastructure and water management at QB to support steady state operations; our expectations with respect to improved recoveries at QB and achieve design rates in the mine, concentrator and molybdenum plant; the continued consistent production and future optimization of our QB operations; the occurrence and length of any potential downtime at our operations; our expectations with respect to operations at Carmen de Andacollo; our expectations with respect to the impact from the severe winter storms and adverse weather conditions affecting Chile and HVC, including impacts on Teck's operations and guidance; our expectations with respect to the timing and format of any cash returns to shareholders; our expectations with respect to the resumption of full operations at Carmen de Andacollo; our expectations with respect to Teck's updated operating strategy and production at Trail; our expectations with respect to the production and sales volume at Red Dog; our expectations with respect to shipping at our operations, including future transportation and freight costs; potential raw material constraints on our business; our expectations with respect to the occurrence, timing and length of maintenance shutdowns and equipment replacement; expectations regarding inflationary pressures and our ability to manage controllable operating expenditures, including potential government intervention; the uncertainty surrounding the status of various worldwide tariffs and the impact on the mining industry; expectations with respect to the potential impact of any tariffs, countervailing duties or other trade restrictions, including the impact on trade flows, demand for our products and general economic conditions and our ability to manage our sale arrangements to minimize any impacts or maintain compliance with any exemptions provided; our expectations with respect to geopolitical risk and the impact on trade, commodities and the financial market, including the conflict in the Middle East, the closure of the Strait of Hormuz, supply chain disruptions, government interventions and oil and diesel cost increases and supply disruptions; our expectations with respect to the impact of the WTI crude oil prices and Teck's fuel consumption; our expectations with respect to execution of our copper growth strategy, including the timing and occurrence of any sanction decisions and prioritization and amount of planned growth capital expenditures; expectations regarding advancement of our copper growth portfolio projects, including advancement of studies, permitting, land access, execution planning, detailed engineering and design, risk mitigation, and advanced early works, community and Indigenous engagement, completion of updated cost estimates, tendering processes, and timing for receipt of permits related to QB optimization, QB Asset Expansion, the Red Dog MLE, the HVC MLE, San Nicolás, and Zafranal projects, as applicable; our expectations with respect to the timing of completion and cost of the HVC MLE; the ability of our partners to participate in the funding of the Zafranal project; our expectations and results with respect to the royalties on our operations; expectations with respect to timing and outcome of the regulatory approvals process for our copper growth projects; expectations for copper growth capital expenditures to progress our medium- to long-term projects, including Galore Creek, Schaft Creek, NewRange, and NuevaUnion; our expectations regarding safety at our Teck- controlled operations; expectations regarding our effective tax rate and potential tax payments; expectations regarding after-tax impairments or reversals; liquidity and availability of borrowings under our credit facilities; requirements to post and our ability to obtain additional credit for posting security for reclamation at our sites; expectations for our general and administration and research and innovation costs and costs related to the enterprise resource planning system; profit and loss expectations; our expectations with respect to potential results of any litigation, arbitration or regulatory action; copper price market trends and expectations; our expectations with respect to foreign demand for our materials; our ability to continue to declare dividends; mineral grades; all guidance appearing in this document including but not limited to the production, sales, cost, unit cost, capital expenditure, capitalized stripping, operating outlook, and other guidance under the headings “Guidance” and "Outlook" and as discussed elsewhere in the various reportable segment sections; and expectations regarding the adoption of new accounting standards and the impact of new accounting developments. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this presentation. These statements are based the information available at the time those statements are made and are of good faith belief of the officers and directors of Teck as of the time with respect to future events and are subject to a number of assumptions, including, but not limited to, assumptions disclosed elsewhere in this document and assumptions regarding general business and economic conditions, interest rates, commodity and power prices; the completion of the merger with Anglo American and integration planning; the potential corporate synergies between Anglo American and Teck; acts of foreign or domestic governments and the outcome of legal proceedings; the imposition of tariffs, import or export restrictions, or other trade barriers or retaliatory measures by foreign or domestic governments; the continued operation of QB in accordance with our expectations; our ability to advance TMF development initiatives as expected and the occurrence and length of any potential maintenance downtime; expectations and assumptions with respect to HVC MLE capital cost estimate and expected project economics; expectations with respect to the timing and completion of the HVC MLE; the possibility that our business may not perform as expected or in a manner consistent with historical performance; the supply and demand for, deliveries of, and the level and volatility of prices of copper and zinc and our other metals and minerals, as well as steel, crude oil, natural gas and other petroleum products; future WTI crude oil prices; fuel consumption; the timing of the receipt of permits and other regulatory and governmental approvals for our development projects and other operations, including mine life extensions; positive results from the studies on our expansion and development projects; our ability to secure adequate transportation, including rail and port services, for our products; our costs of production and our production and productivity levels, as well as those of our competitors; continuing availability of water and power resources for our operations; changes in credit market conditions and conditions in financial markets generally; the availability of funding to refinance our borrowings as they become due or to finance our development projects on reasonable terms; availability of letters of credit and other forms of financial assurance acceptable to regulators for reclamation and other bonding requirements; our ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; the availability of qualified employees and contractors for our operations, including our new developments and our ability to attract and retain skilled employees; the satisfactory negotiation of collective agreements with unionized employees; our ability to maintain our relationship with respect to our collective agreements and unionized employees; our ability to improve or maintain the HPI frequency rate at Teck-controlled operations; the impact of changes in Canadian-U.S. dollar, Canadian dollar-Chilean Peso and other foreign exchange rates on our costs and results; engineering and construction timetables and capital costs for our development and expansion projects; operating costs and capital expenditure estimates for our operations; our ability to develop technology and obtain the benefits of technology for our operations and development projects; closure costs; environmental compliance costs; market competition; the accuracy of our mineral reserve and resource estimates (including with respect to size, grade and recoverability) and the geological, operational and price assumptions on which these are based; tax benefits and statutory and effective tax rates; the outcome of our copper, zinc and lead concentrate treatment and refining charge negotiations with customers; favourable weather conditions for shipment and operations; China’s market demand for critical minerals; India’s growth and market demand for critical minerals; the resolution of environmental and other proceedings or disputes; our ability to obtain, comply with and renew permits, licenses and leases in a timely manner; and our ongoing relations with our employees and with our business and joint venture partners. Our Guidance tables include disclosure and footnotes with further assumptions relating to our guidance, and assumptions for certain other forward-looking statements accompany those statements within the presentation. Statements concerning future production costs or volumes are based on numerous assumptions regarding operating matters and on assumptions that demand for products develops as anticipated, that customers and other counterparties perform their contractual obligations, that operating and capital plans will not be disrupted by issues such as mechanical failure, unavailability of parts and supplies, labour disturbances, interruption in transportation or utilities, or adverse weather conditions, and that there are no material unanticipated variations in the cost of energy or supplies. The foregoing list of assumptions is not exhaustive. Events or circumstances could cause actual results to vary materiality. Factors that may cause actual results to vary materially include, but are not limited to: changes in commodity and power prices; changes in market demand for our products; changes in interest and currency exchange rates; acts of governments and the outcome of legal proceedings, including indemnification claims; ability for Teck to satisfy all conditions precedent for closing of the merger; ability for Teck to receive necessary approvals to complete the merger; costs related to the merger; the imposition of tariffs, import or export restrictions, or other trade barriers or retaliatory measures by foreign or domestic governments; geopolitical uncertainty and conflict; industry growth uncertainty; supply chain disruptions, including the closure of certain trade routes; commodity supply and supply chain volatility; inaccurate geological and metallurgical assumptions (including with respect to the size, grade and recoverability of mineral reserves and resources); operational difficulties (including failure of plant, equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of labour, materials and equipment); government action or delays in the receipt of government approvals; changes in royalty or tax rates; industrial disturbances or other job action; adverse weather conditions; unanticipated events related to health, safety and environmental matters; union labour disputes or strikes; political risk; social unrest; failure of customers or counterparties (including logistics suppliers) to perform their contractual obligations; changes in our credit ratings; unanticipated increases in costs to construct our development projects; difficulty in obtaining permits; inability to address concerns regarding permits or environmental impact assessments; changes in laws and mining regulations; potential changes to CUSMA; changes in Canadian property law and ownership title; and changes or further deterioration in general economic conditions. The amount and timing of capital expenditures is dependent upon, among other matters, being able to secure permits, equipment, supplies, materials and labour on a timely basis and at expected costs. Certain operations and projects are not controlled by us; schedules and costs may be adjusted by our partners, and timing of spending and operation of the operation or project is not in our control. Certain of our other operations and projects are operated through joint arrangements where we may not have control over all decisions, which may cause outcomes to differ from current expectations. Ongoing monitoring may reveal unexpected environmental conditions at our operations and projects that could require additional remedial measures. Production at our QB and Red Dog operations may also be impacted by water levels at site. Sales to China may be impacted by general and specific port restrictions, Chinese regulation and policies, and normal production and operating risks. We assume no obligation to update the forgoing list and Teck cautions that the foregoing list of important factors and assumptions is not exhaustive. Other events or circumstances could cause our actual results to differ materially from those estimated or projected and expressed in, or implied by, our forward-looking statements. See also the risks and assumptions discussed under “Risk Factors” in our most recent Annual Information Form and in subsequent filings, which can be found under our profile on SEDAR+ (www.sedarplus.ca) and on EDGAR (www.sec.gov) under cover of Form 40-F, as well as subsequent filings that can also be found under our profile. The forward-looking statements contained in these slides and accompanying presentation describe Teck’s expectations at the date hereof and are subject to change after such date. Except as required by law, we undertake no obligation to update publicly or otherwise revise any forward-looking statements or the foregoing list of assumptions, risks or other factors, whether as a result of new information, future events or otherwise. Technical Information The scientific and technical information in this presentation relating to Teck’s assets was reviewed and approved by Jason Sangha, P.Eng., Vice President, Technical & Planning, an officer of Teck and a Qualified Person as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Unless otherwise stated, scientific and technical information concerning Teck’s assets is summarized, derived or extracted from Teck’s annual information form dated February 18, 2026 available on sedarplus.ca which contains information on the key assumptions, parameters, and methods used to estimate the mineral resources and mineral reserves and risks that could affect the potential development of the mineral resources or mineral reserves.
Slide 3 — TABLE OF CONTENTS
TABLE OF CONTENTS 3 Merger of Equals Operations Copper Growth Options Zinc Development Options Macro and Metals Outlook Reference
Slide 4 — EQUALS WITH
4 MERGER OF EQUALS WITH ANGLO AMERICAN
Slide 5 — VALUE CREATION THROUGH MERGER OF EQUALS
5 Merger subject to customary closing and regulatory conditions. * EBITDA and underlying EBITDA are non-GAAP financial measures. See “Non-GAAP Financial Measures and Ratios” slide. 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
Slide 6 — ~175kt
UNLOCKING THE FULL POTENTIAL OF QB-COLLAHUASI 6 * Underlying EBITDA is a non-GAAP financial measure. See “Non-GAAP Financial Measures and Ratios” slide. Additional Production ~175kt Incremental annual copper production potential from processing softer, higher-grade Collahuasi ore through QB plant (100% basis)3 Capital Efficient ~US$11,000/t Cost-effective growth with lower capital investment requirements than standalone extension or expansion options Underlying EBITDA* Uplift US$1.4B Average annual basis from 2030-2049 but expected to continue beyond this period (100% basis)3 QB plant Collahuasi Ore Reserve grade 0.96% TCu2 44% Anglo American QB Mineral Reserve grade 0.52%1 60% Teck Value accretive additional production from one of the largest copper complexes
Slide 7 — UNPACKING QB–COLLAHUASI INCREMENTAL PRODUCTION
UNPACKING QB–COLLAHUASI INCREMENTAL PRODUCTION 7 Value-accretive, capital efficient additional 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 • Expect 2-3 years for studies and permitting and up to two years for construction Illustrative QB Production Debottlenecked QB production Grade Throughput Recoveries QB-Collahuasi upside 1 2 1 2 ~+175kt3 3 3 4 5 6
Slide 8 — CREATING ONE OF THE LARGEST GLOBAL COPPER COMPLEXES
CREATING ONE OF THE LARGEST GLOBAL COPPER COMPLEXES 8 Resource grade and tonnages are inclusive of reserves. QB-Collahuasi could be a leading global producer for decades 3 4 2030 Copper Production1 ~QB-Collahuasi incremental production2 Copper Resources4 Measured and Indicated Inferred ~Los Bronces-Andina adjacency3
Slide 9 — ~US$800M
MERGER OF EQUALS HAS MULTIPLE VALUE DRIVERS 9 Merger subject to customary closing and regulatory conditions. * EBITDA and underlying EBITDA are non-GAAP financial measures. See “Non-GAAP Financial Measures and Ratios” slide. From synergies and near-term asset optimization to future growth optionality 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 Near-term growth through asset optimization2 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 & studies ongoing Medium-term capital efficient adjacencies Corporate synergies Corporate, Business Overheads & Other ~US$210M Marketing ~US$100M Procurement ~US$490M ~US$800M annual, recurring, pre-tax synergies1 Future growth optionality 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
Slide 10 — MERGER OF EQUALS WILL DRIVE SIGNIFICANT VALUE
Anglo Teck EBITDA Corporate Synergies Low capital growth through optimization Adjacencies incl. QB/Collahuasi and LB/Andina Future Growth Optionality Anglo Teck Potential MERGER OF EQUALS WILL DRIVE SIGNIFICANT VALUE 10 Merger subject to customary closing and regulatory conditions. * EBITDA is a non-GAAP financial measure. See “Non-GAAP Financial Measures and Ratios” slide, illustrative bars not indicative of actual financial data Strong EBITDA* growth from combined Anglo Teck Teck Anglo Near-term Priorities Future Value * Highly capital efficient incremental copper tonnes
Slide 11 — OPERATIONS
11 OPERATIONS
Slide 12 — FOUNDATION OF WORLD-CLASS OPERATIONS
FOUNDATION OF WORLD-CLASS OPERATIONS 12 Highland Valley Antamina Quebrada Blanca Carmen de Andacollo 1 2 3 4 Copper Operations Red Dog Trail Operations 1 2 Zinc Operations 1 2 1 2 3 4 Critical minerals assets in established mining jurisdictions Quebrada Blanca 60% ownership Potential to be a top 5 copper mine globally Highland Valley 100% ownership Canada’s largest copper mine, project underway to extend mine life to 2046 Antamina 22.5% ownership Top 10 global copper mine1 with 1st quartile cost position Carmen de Andacollo 90% ownership Low strip ratio, reliable copper producer Red Dog 100% ownership Large, high-grade zinc mine with mine life extension potential Trail 100% ownership One of the largest integrated polymetallic smelting and refining complexes Tier 1 Tier 1 Tier 1 Largest net zinc miner globally Top 10 copper producer operating in the Americas1
Slide 13 — ATTRACTIVE PORTFOLIO OF OPERATIONS AND PROJECTS
ATTRACTIVE PORTFOLIO OF OPERATIONS AND PROJECTS 13 Operations Projects 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 San Nicolás NuevaUnión Zafranal Teena Galore Creek Cirque NewRange Schaft Creek Highland Valley Antamina Quebrada Blanca Carmen de Andacollo 1 2 3 4 Copper Operations Red Dog Trail Operations 1 2 Zinc Operations 1 2 1 2 3 4 Zafranal San Nicolás Galore Creek Schaft Creek NewRange NuevaUnión 1 2 3 4 Copper Projects 5 6 1 2 3 4 5 6 Teena Red Dog Mine Life Extension Cirque 1 2 Zinc Projects 1 2 3 3
Slide 14 — COST OF SALES
COST OF SALES 14 2025 Copper Cost of Sales1 (C$) Zinc Cost of Sales1 (C$) Labour 22% Contractors & Consultants 24% Operating Supplies & Parts 17% Repairs & Maintenance Parts 17% Energy and Others 20% Total 100% Labour 35% Contractors & Consultants 11% Operating Supplies & Parts 14% Repairs & Maintenance Parts 10% Energy 16% Other Costs 14% Total 100% Transportation 5% Operating Costs 65% Depreciation & Amortization 29% Copper Operating Costs1 (%) Zinc Operating Costs1 (%) Transportation 11% Royalties 15% Depreciation & Amortization 10% Operating Costs 38% Raw Material Purchases 26% Royalties 1%
Slide 15 — COLLECTIVE AGREEMENTS
15 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
Slide 16 — LATAM
LATAM OPERATIONS 16
Slide 17 — $120M
QUEBRADA BLANCA 17 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 2 3 1 24years Current mine life to 2050 200-235kt 2026 copper production guidance2 0.53% Copper reserve grade1 $280M 2025 gross profit before D&A* $120M 2025 gross profit QB Santiago Iquique Collahuasi * Gross profit before depreciation and amortization (D&A) is a non-GAAP financial measure. See “Non-GAAP Financial Measures and Ratios” slides.
Slide 18 — CODELCO INTEREST IN QUEBRADA BLANCA
CODELCO INTEREST IN QUEBRADA BLANCA 18 • 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 • 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 CMTQB TRCL Codelco Teck 10% (Series B) 100% 90% (Series A) JVCo SMM 66.67% 100% 33.33% SC 83.33% 16.67% Chile HoldCo QB1 / QB2 / QBME Organizational Chart QB
Slide 19 — 10years
ANTAMINA 19 One of the largest copper and zinc mines in the world by production 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 2 3 1 10years Current mine life to 2036 0.91% Copper reserve grade1 95-105kt 2026 copper production guidance2 (22.5%) * Gross profit before depreciation and amortization (D&A) is a non-GAAP financial measure. See “Non-GAAP Financial Measures and Ratios” slides. $370M 2025 gross profit before D&A* $297M 2025 gross profit Antamina
Slide 20 — ANTAMINA MINE LIFE EXTENSION
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 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 Evaluation of Post-2036 Extension Options Illustrative Timeline Tucush Waste Dump Open Pit Tailings Facility East Waste Dump Mine Operation Area Crushing and Material Transport System 20
Slide 21 — 12years
CARMEN DE ANDACOLLO 21 * Gross profit before depreciation and amortization (D&A) is a non-GAAP financial measure. See “Non-GAAP Financial Measures and Ratios” slides. Efficient operations Stable production profile, reliable operation Operational and cost improvements driving results Cash generative asset 2 1 12years current mine life to 2038 0.30% Copper reserve grade1 45-55kt 2026 copper production guidance2 (100%) $142M 2025 gross profit before D&A* 3 $106M 2025 gross profit CdA
Slide 22 — NORTH
NORTH AMERICA OPERATIONS 22
Slide 23 — 20years
HIGHLAND VALLEY COPPER 23 * Gross profit before depreciation and amortization (D&A) is a non-GAAP financial measure. See “Non-GAAP Financial Measures and Ratios” slides. Canada’s largest copper mine Technology and Innovation underpins efficient, low-cost operations Multiple pits and tailored flowsheet offers flexibility Attractive, low risk, brownfield mine life extension 20years Including sanctioned mine life extension to 2046 0.28% Copper reserve grade including sanctioned mine life extension1 115-135kt 2026 copper production guidance2 $286M 2025 gross profit before D&A* $223M 2025 gross profit 23 HVC Vancouver 2 1 3
Slide 24 — 5years
RED DOG OPERATIONS IS A TIER ONE ASSET 24 * Gross profit before depreciation and amortization (D&A) is a non-GAAP financial measure. See “Non-GAAP Financial Measures and Ratios” slides. The largest zinc critical minerals mine in the US One of the world’s largest zinc mines Built on a world-class mining district Potential to extend mine life beyond current operation 2 3 1 5years current mine life to 2031 11.2% Zinc reserve grade2 375-415kt 2026 zinc production guidance3 $200M 2025 gross profit before D&A* $138M 2025 gross profit 24 Red Dog
Slide 25 — RED DOG SEASONALITY
RED DOG SEASONALITY 25 * Net cash unit costs per pound is a non-GAAP ratio. See “Non-GAAP Financial Measures and Ratios” slides. Sales • Operates 12 months • Ships ~4 months • ~65% of zinc sales in second half of year • ~99% of lead sales in second half of year • Sales seasonality causes net cash unit cost seasonality Unit Costs • Seasonality of Red Dog net cash unit costs largely due to lead sales during the shipping season Historical Zinc Sales and Lead Sales1 (%) Five-Year Historical Average Red Dog Net Cash Unit Costs*,2 (US$/lb) Zinc Lead 19% 9% 44% 27% Q1 Q2 Q3 Q4 0% 0% 82% 18% Q1 Q2 Q3 Q4 $0.60 $0.58 $0.27 $0.44 Q1 Q2 Q3 Q4
Slide 26 — RED DOG MINE LIFE EXTENSION
RED DOG MINE LIFE EXTENSION 26 Potential quantity and grade of the Anarraaq exploration target is conceptual in nature. There has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource. High grade, large-scale underground mine leverages existing mill & infrastructure Illustrative Timeline 2025 2026 2027 2028 2029 2030 2031 2032 Engineering and Permitting Construction Production UG Production Commences Twin Decline Development NEPA Process incl. Permitting Mine Development Extension Studies Overview Scope Permitting Leveraging existing infrastructure • Using existing Red Dog mill and infrastructure • Surface resource drilling ongoing • Prefeasibility study currently underway • Assessing development alternatives Advancing the process • Section 404 Permit application submitted Aug. 2026 ─ Requires NEPA review and EIS ─ Expect timeline to completion to be ~2.5 years under FAST-41 • Teck-owned state mineral claims converted to two Upland Mining Leases in Jan. 2026 • Working with NANA on a new operating arrangement Attractive high-grade deposits • Anarraaq contains Inferred resources1 of 17.0 Mt @ 14.0% Zn, 4.0% Pb • Aktigiruq contains Indicated resources1 of 42.2 Mt @ 15.8% Zn, 4.1% Pb and Inferred of 18.8 Mt @ 11.8% Zn, 3.1% Pb • Expected to have 25+ years mine life, producing >400ktpa1 of zinc • Relatively shallow underground mine • Specialty metals including high-grade germanium
Slide 27 — TRAIL OPERATIONS
TRAIL OPERATIONS 27 Focus on generation of EBITDA and free cash flow Produces refined zinc and lead, precious and specialty metals including germanium and indium, chemicals and fertilizer products; potential expansion of germanium production Strong strategic value, enabling vertical integration for the zinc segment Decades of experience employing recycling processes and new market opportunities emerging in critical minerals sector Trail 27 Vancouver 2 3 1
Slide 28 — GROWTH
COPPER GROWTH OPTIONS 28
Slide 29 — PORTFOLIO OF VALUE-ACCRETIVE COPPER PROJECTS
PORTFOLIO OF VALUE-ACCRETIVE COPPER PROJECTS 29 Growth optionality focused in the Americas North America Latin America Galore Creek Cu-Au-Ag | Greenfield | British Columbia | 50% ownership Large, high-quality open-pit Cu-Au-Ag deposit Schaft Creek Cu-Mo-Au-Ag | Greenfield | British Columbia | 75% ownership Large-scale, open-pit opportunity with infrastructure synergies with Galore Creek NewRange Cu-Ni-Co-Pd-Pt | Greenfield | Minnesota | 50% ownership Two copper-nickel-PGM deposits with the potential to become a large scale, multi-generational asset QB Optimization, Debottlenecking & Future Growth Opportunities Cu-Mo-Ag | Brownfield | Chile | 60% ownership Tier 1 asset with multiple growth options in the near- , medium-, and long-term NuevaUnión Cu-Mo-Ag and Cu-Au-Ag | Greenfield | Chile | 50% ownership Large-scale open-pit opportunities with extensive copper resource base Zafranal Cu-Au | Greenfield | Peru | ~84.5% ownership Permitted, medium-sized project with elevated up-front production San Nicolás Cu-Zn Ag-Au | Greenfield | Mexico | 50% ownership Permitted, low capital intensity and strong returns expected
Slide 30 — QB HAS POTENTIAL FOR MULTIPLE EXPANSIONS
30 Optimization • Target stable production of up to ~154 ktpd1 from 2029 • Implementation through 2028 • No additional permit required Debottlenecking • Target throughput of ~165-185 ktpd1 • Studies ongoing to identify opportunities, as well as post-merger approach • DIA permit submission 2027 Future Growth Opportunities • Current, permitted plan uses <15% of defined reserves and resources2 • Multiple configurations possible QB/Collahuasi Adjacency • Most value accretive expansion opportunity • Capital efficient growth - US$11,000/t Cu capital intensity QB HAS POTENTIAL FOR MULTIPLE EXPANSIONS Staged copper growth opportunities unlock significant incremental value
Slide 31 — QB’S R&R INCREASED SIGNIFICANTLY (60% OWNERSHIP)
QB’S R&R INCREASED SIGNIFICANTLY (60% OWNERSHIP) 31 Additional potential remains; district is prospective for Cu-Mo porphyry deposits 0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 0.60% 0 2,000 4,000 6,000 8,000 10,000 12,000 Resource (Mt) Reserve (Mt) Reserve (CuT) Resource (CuT) QB’s Historical Reserves and Resources and Grade1 Mineral Reserves and Resources1 Category Tonnes Grade Mt Cu (%) Mo (%) Ag (g/t) Reserves Proven 990.7 0.53 0.021 1.4 Probable 339.9 0.50 0.024 1.2 Total P&P 1,330.6 0.53 0.022 1.3 Resources Measured 951.5 0.37 0.013 1.1 Indicated 3,580.9 0.38 0.018 1.2 Total M&I 4,532.4 0.38 0.016 1.2 Inferred 3,731.4 0.34 0.016 1.1
Slide 32 — ZAFRANAL PROJECT OVERVIEW1
Teck Ownership Partner Area Project ~84.5% interest in Compañía Minera Zafranal (CMZ) Mitsubishi Materials Corporation (~15.5%) Arequipa, Southern Peru Cu-Au porphyry ZAFRANAL PROJECT OVERVIEW1 32 Mid-sized copper-gold asset with robust economics and permit in place Mining Jurisdiction • Strong support from Peruvian regulators • Engaged with all communities • Building on >10 years of positive stakeholder engagement Potential 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 curve forecast LOM C1 cash costs • Competitive capital intensity
Slide 33 — ZAFRANAL SITE LAYOUT
ZAFRANAL SITE LAYOUT 33 Good access to well-developed infrastructure at moderate altitude Existing roads Main access road & water pipeline Planned power line Mine Mill Power line Water pipeline Port Substation • Mine: Copper-gold porphyry open pit mine in Zafranal and Victoria zones • Mill: Nominal 65ktpd capacity mill, concentrator and plant facilities; conveyor tunnel 3.5km from mine • Sustainable Water Source: Majes El Pedregal brackish aquifer wellfield (50km from mine), powered by 66kV power line • Power: 96km, 220kV power line from substation near Arequipa to Zafranal site • Port: Port of Matarani, which services major base metal mines in the region Port Water Mill + Mine 220kV Power Line Substation TMF Tailings facility 20km View to West
Slide 34 — RESERVES AND RESOURCES AT ZAFRANAL (~84.5%)
RESERVES AND RESOURCES AT ZAFRANAL (~84.5%) 34 Strong ore body knowledge to deliver on business plan Mineral Reserves and Resources1 Category Tonnes Grade Mt Cu (%) Au (g/t) Reserves Proven 408.8 0.39 0.07 Probable 32.0 0.21 0.05 Total P&P 440.7 0.38 0.07 Resources Measured 5.1 0.19 0.04 Indicated 2.3 0.21 0.05 Total M&I 7.4 0.20 0.04 Inferred 62.8 0.24 0.10 Geological Cross-Section1 Leached/Oxide/Mixed 195 Cu% Zafranal Main Zone – Central Long Section 12m @ 0.69% Cu, 0.19g/t Au from 410m 28m @ 0.60% Cu, 0.17g/t Au from 304m 195 150m wide section, looking 357 deg (North) 500m Zafranal Main Zone Plan Map A A’ Selected Production Metrics Y1 Y2 Y3 Y4 Y5 5Yrs Avg. LOM Avg. Cu Grade (%) 0.71 0.89 0.55 0.55 0.42 0.58 0.36
Slide 35 — SAN NICOLÁS PROJECT OVERVIEW
SAN NICOLÁS PROJECT OVERVIEW 35 Unique and high-quality mid-sized base metal development asset with high copper-zinc grades and low capital intensity Mining Jurisdiction • Well-established mining district in Mexico • Community engagement well established and positive Potential Long Life Asset in Mexico • Initial 15-year mine plan with multiple targets for mine life extension • Excellent access and logistics for construction and operations Quality Investment • LOM C1 cash costs in the 1st quartile • Highly competitive capital intensity • Co-product Zn and by-product Au and Ag credits Teck Ownership Joint Venture Partner Area Project 50% Agnico Eagle (AEM) (50%) Zacatecas, Mexico Cu-Zn, Ag-Au VHMS
Slide 36 — SAN NICOLÁS - COMPACT SITE LAYOUT1
SAN NICOLÁS - COMPACT SITE LAYOUT1 36 At moderate elevation in an established mining region; adjacent to infrastructure • Mine: Conventional open-pit mine and concentrator operation; strip ratio of 6:1 (waste:ore) expected • Mill: Nominal 20ktpd1 plant producing copper and zinc concentrate • Water: Repurposed grey water from Zacatecas City, ~56km away • Power: Evaluating power supply options • Community: Strong support from communities 1 Km ~ El 2,234 m ~ El 2,110 m General Site Layout and Access
Slide 37 — RESERVES AND RESOURCES AT SAN NICOLÁS (50%)
NW Measured Indicated Inferred 2020 Reserves Pit RESERVES AND RESOURCES AT SAN NICOLÁS (50%) 37 Mineral Reserves and Resources1 Well Defined Orebody1 Category Tonnes Grade 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 Measured 0.5 1.35 0.4 Indicated 6.1 1.17 0.7 Total M&I 6.6 1.18 0.7 Inferred 4.9 0.94 0.6 250 m
Slide 38 — NEWRANGE CU-NI-CO-PD-PT DEPOSITS (50%)
NEWRANGE CU-NI-CO-PD-PT DEPOSITS (50%) 38 Responsible delivery of critical metals to support the energy transition JV provides enhanced asset development path • Our 50:50 joint venture (JV) with Glencore combines the NorthMet and Sunrise (Mesaba) deposits in the established Iron Range region of Minnesota under one management team and approach • The partners complementary skillsets and relationships expected to contribute to timely and successful development of NorthMet and Sunrise Two large copper-nickel-PGM assets • At NorthMet, the JV plans to build and operate a 36,000 tonne-per-day mine and processing facility • Sunrise is one of the world’s largest undeveloped copper-nickel- PGM deposits with potential for multi-generational production Defining a path to production • Potential development optimization with existing infrastructure in the area and region Mineral Resources1 Major source of critical metals in North America Grades Resources Tonnes (Mt) Cu (%) Ni (%) Co (%) Pd (g/t) NORTHMET Measured 287.6 0.26 0.08 0.007 0.24 Indicated 353.4 0.25 0.07 0.007 0.23 Total M&I 641.0 0.25 0.08 0.007 0.23 Inferred 406.5 0.26 0.07 0.006 0.24 SUNRISE Measured 459.6 0.39 0.09 0.009 0.11 Indicated 1,892.4 0.32 0.07 0.009 0.11 Total M&I 2,352.0 0.36 0.08 0.009 0.11 Inferred 2,316.8 0.27 0.07 0.008 0.15 Repurpose existing infrastructure for processing facilities
Slide 39 — GALORE CREEK CU-AU-AG PORPHYRY (50%)
GALORE CREEK CU-AU-AG PORPHYRY (50%) 39 Advancing a large, high-quality undeveloped Cu-Au-Ag deposit in NW BC Quality investment and partnership • The project is owned by the Galore Creek Partnership (Teck:Newmont 50:50) and managed by Galore Creek Mining Corporation (GCMC); located in Tahltan Territory ~370km NW of Smithers, British Columbia • Strong technical, commercial, and community expertise in GCMC is enhanced with contributions from the Partners Long-life asset • Among the highest-grade undeveloped copper-gold porphyry deposits in the world; significant resource expansion and exploration upside potential Clear path to value realization • Prefeasibility study in progress • Leverage existing camps and equipment to de-risk and shorten development timeline • Long-standing partnership with the Tahltan First Nation including a supportive Participation Agreement Mineral Resources1 Grades Resources Tonnes (Mt) Cu (%) Au (g/t) Ag (g/t) Measured 425.7 0.44 0.29 4.1 Indicated 771.2 0.47 0.22 4.8 Total M&I 1,196.8 0.46 0.25 4.5 Inferred 237.8 0.26 0.19 2.6 Exceptional discovery potential in under-explored district
Slide 40 — NUEVAUNIÓN CU-MO-AG AND CU-AU (50%)
NUEVAUNIÓN CU-MO-AG AND CU-AU (50%) 40 Significant long-term opportunity in an expanding district Leveraging synergies and expertise in a stable jurisdiction • NuevaUnión is a 50:50 partnership between Teck and Newmont that combines the Relincho Cu-Mo-Ag deposit the La Fortuna Cu- Au-Ag deposit, located ~40km apart in the established mining jurisdiction of Huasco Province, Atacama region Chile • Synergies include reduced environmental footprint, shared infrastructure, lower relative costs, improved capital efficiency, optimized mine plan, and enhanced community benefits Long-life asset • Strategic studies build on recent technical, social, and environmental studies, to advance the best commercial development strategy and phasing to preserve optionality • Recent activities focused on optimization of alternate development configurations to lower initial capital, underpinned by the large, high quality resource base to provide long-term optionality and possible extension • Kicked off a Prefeasibility Study in Q4 2026 focused on Relincho Mineral Reserves and Resources1 Relincho deposit area. Grades Tonnes (Mt) Cu (%) Mo (%) Au (g/t) Ag (g/t) RELINCHO Reserves Proven 576.4 0.34 0.014 - 1.6 Probable 977.4 0.36 0.017 - 1.5 Total P&P 1,553.8 0.35 0.016 - 1.5 Resources Measured 319.0 0.19 0.006 - 1.0 Indicated 463.0 0.26 0.009 - 1.2 Total M&I 782.0 0.23 0.008 - 1.1 Inferred 724.7 0.36 0.012 - 1.3 LA FORTUNA Reserves Proven 386.8 0.58 - 0.55 0.9 Probable 295.4 0.42 - 0.36 0.7 Total P&P 682.2 0.51 - 0.47 0.8 Resources Measured 9.6 0.42 - 0.47 0.9 Indicated 236.7 0.51 - 0.59 1.1 Total M&I 246.3 0.51 - 0.59 1.1 Inferred 479.7 0.43 - 0.40 1.0
Slide 41 — SCHAFT CREEK CU-MO-AU-AG PORPHYRY (75%)
SCHAFT CREEK CU-MO-AU-AG PORPHYRY (75%) 41 Large-scale, open-pit development opportunity Large-scale resource in a mining-friendly jurisdiction • Schaft Creek is a joint venture between Teck (75%) and Copper Fox Metals Inc. (25%), with Teck as operator • Located in Tahltan Territory ~61km south of Telegraph Creek and 37 km northeast of Galore Creek Long-life asset • 1,293 Mt measured and indicated resources supports long mine life (>20 years) with the potential for expansion and improved development economics2 Condensed footprint and cost-effective development • Teck led scoping study completed in 2020 (subsequently published as a PEA by Copper Fox in 2021); stronger investment case than previous studies with reduced strip ratio and optimized infrastructure layout • Planned field work includes expanded environmental baseline, focused geotechnical investigations, and facilities siting work Mineral Resources1 Cu-Mo-Au-Ag porphyry deposit of scale in Tahltan Territory Grades Resources Tonnes (Mt) Cu (%) Mo (%) Au (g/t) Ag (g/t) Measured 166.0 0.32 0.021 0.20 1.5 Indicated 1,127.2 0.25 0.016 0.15 1.2 Total M&I 1,293.2 0.26 0.017 0.16 1.2 Inferred 316.7 0.19 0.019 0.14 1.1
Slide 42 — DEVELOPMENT
ZINC DEVELOPMENT OPTIONS 42
Slide 43 — PORTFOLIO OF ZINC DEVELOPMENT OPTIONS
PORTFOLIO OF ZINC DEVELOPMENT OPTIONS 43 High-quality portfolio of zinc development assets Prefeasibility study in progress for the following two deposits: Anarraaq (Zn-Pb), USA Teck 100% ~11 km from operation Inferred Resources1,2 of 17.0 Mt @ 14.0% Zn, 4.0% Pb Aktigiruq (Zn-Pb), USA Teck 100% ~14 km from Red Dog operation Mineral Resources1,2 • Indicated Resources of 42.2 Mt @ 15.8% Zn, 4.1% Pb • Inferred Resources of 18.8 Mt @ 11.8% Zn, 3.1% Pb Su-Lik (Zn-Pb), USA Su: Teck 100%, Lik: Teck 50% | Solitario Zinc Corporation 50% ~17 km from Red Dog operation; leveraging historical work Red Dog District 1 Cirque District Cirque (Zn-Pb), Canada Teck 50% | Korea Zinc 50% In north-eastern British Columbia and proximal to existing infrastructure Drilling program underway to confirm historical data 2 North America 1 2 Sullivan Mine Trail Australia McArthur River Mine 3 Zinc belt McArthur District – Teena District Teena (Zn-Pb), Australia Teck 100% ~7 km from Glencore’s McArthur River operation; conceptual study in progress Inferred Resource1,3 of 58 Mt @ 11.1% Zn, 1.6% Pb 3
Slide 44 — ZINC DEVELOPMENT OPTIONS
0% 5% 10% 15% 20% 25% 30% 35% 0 5 10 15 20 25 30 35 Contained Zn + Pb (Mt) Grade Zn + Pb (%) ZINC DEVELOPMENT OPTIONS 44 Adding value to our high-quality portfolio of zinc development assets Zinc outperforms market expectations • Declining production from existing primary zinc mines; underinvestment in global exploration for primary zinc deposits • Long-term demand outlook for zinc is strong, driven by decarbonization which is galvanized steel intensive Teck’s world-class zinc business • Teck is the largest net zinc miner in the world, with a large scale, low-cost, integrated business and attractive portfolio of development opportunities • Long, sustained history of exploration in premier zinc districts Path to value • Leveraging copper growth experience to surface value from high quality portfolio of zinc opportunities over the next decade • Prudent investment to further expand our understanding of each assets' potential and associated development options • Define commercial path to value for each project, either as a standalone investment, partnership or through monetization Largest Undeveloped Zinc Deposits1 Bar height = Size of the deposit = Estimated grade, Teck | Other projects = >10% Zn+Pb Teck has several high-grade zinc assets in favourable low-risk jurisdictions1,2
Slide 45 — METALS
MACRO AND METALS OUTLOOK 45
Slide 46 — ECONOMIC ACTIVITY REMAINS RESILIENT AND EXPANSIONARY
ECONOMIC ACTIVITY REMAINS RESILIENT AND EXPANSIONARY 46 Global economic growth has outperformed expectations for almost two years OECD Composite Leading Indicator2 -50 0 50 100 01/01/2025 01/07/2025 01/01/2026 01/07/2026 US Asia Pacific World Emerging Markets Citi Economic Surprise Index1 01/01/2023 01/01/2024 01/01/2025 01/01/2026 01/01/2027 99 102 100 101 G7 India Above 0 indicates actual economic data is, on balance, exceeding market expectations. 100 = long-term trend in economic activity; above/below indicates relative position to trend.
Slide 47 — THE MACRO BACKDROP REMAINS SUPPORTIVE FOR COMMODITIES
THE MACRO BACKDROP REMAINS SUPPORTIVE FOR COMMODITIES 47 Accelerating physical demand is converging with the rotation into real assets BCOM Open Interest2 (contracts) S&P Global Manufacturing PMIs1 01/04/2024 01/11/2024 01/06/2025 01/01/2026 01/08/2026 52 48 56 44 60 0 US China India Germany Japan 50 0 60,000 120,000 180,000 240,000 06/01/2015 15/09/2020 29/09/2026 100 = long-term trend in economic activity; above/below indicates relative position to trend. A reading above 50 signals expanding manufacturing activity.
Slide 48 — INDUSTRIAL ACTIVITY IS DRIVING CHINA’S ECONOMIC GROWTH
INDUSTRIAL ACTIVITY IS DRIVING CHINA’S ECONOMIC GROWTH 48 Electrification and manufacturing are bright spots for metal demand • Energy infrastructure and manufacturing continue to offset property weakness, with commodity demand supported through resilient exports, global AI investment and continued policy support for high-tech sectors and advanced manufacturing • China’s RMB 7 trillion Six Networks programme aims to strengthen infrastructure and support economic growth, with investment in power grids helping to meet rising electricity demand and expand transmission capacity, providing further upside for copper demand • Longer term, 15th Five-Year Plan priorities centered around clean energy, electrification and industrial upgrading reinforce support for high-tech manufacturing, electrification and grid investment, underpinning a strong structural outlook for copper demand -20.6 -7.2 2.2 5.3 4.3 12.0 12.9 21.3 15.7 23.2 29.1 Property Investment Fixed Asset Investment Electricity Production Industrial Production Electricity Consumption Solar Power Output Exports (USD terms) Industrial Profits (Aug YTD) Integrated Circuits Production Industrial Robots Production New Energy Autos Production Selected China Metrics1 (% change September YTD year-over-year)
Slide 49 — GLOBAL ELECTRIFICATION IS ACCELERATING, LED BY CHINA
GLOBAL ELECTRIFICATION IS ACCELERATING, LED BY CHINA 49 Global solar generation saw record growth in 2025, while coal declined Global Electricity Generation by Fuel1 (Annual change, TWh) Electricity Share of Energy Supply1 (%) 2000 2005 2010 2015 2020 2025 0 16 20 24 World United States China India Germany An additional 7,150 TWh of electricity generation is needed for the world just to match China’s current mix • The global energy transition is accelerating as emerging economies increasingly adopt an electrostate model; China added 488.4 TWh of electricity generation in 2025, more than the rest of the world combined, and now accounts for one-third of global generation • Global renewable generation grew 9% in 2025 as solar output surged 30%, while global coal generation declined 0.3%; China contributed 35.6% of global renewable supply and low carbon sources now account for over 40% of China’s electricity mix 861 51 2024 Renewables 30 Nuclear 6 Hydro Fossil 8 Other 32,202 2025 31,347
Slide 50 — ECONOMIC GROWTH IS DECOUPLING FROM FOSSIL FUELS
ECONOMIC GROWTH IS DECOUPLING FROM FOSSIL FUELS 50 Emerging markets are following a less coal-intensive growth path India & China Wind & Solar Capacity1 India & China Coal Capacity1 0 500 1,000 1,500 2,000 0 10,000 20,000 30,000 GDP per capita (PPP, current prices) kWh per capita India 2025 China 2025 0 1,000 2,000 3,000 4,000 5,000 0 10,000 20,000 30,000 GDP per capita (PPP, current prices) kWh per capita India 2025 China 2025 -3 23 27 -10 0 10 20 30 Coal Solar Wind India Electricity Generation by Fuel 20252 (% change Y/Y)
Slide 51 — LED BY INDIA, EMERGING ASIA HAS HUGE GROWTH POTENTIAL
LED BY INDIA, EMERGING ASIA HAS HUGE GROWTH POTENTIAL 51 Infrastructure and manufacturing growth will be highly metal-intensive Total Copper Consumption per Capita2 (kg) • India’s central government budget for financial year 2026-27 focuses on infrastructure and manufacturing investment, with total expenditure of ~$583B. Metal-intensive infrastructure capex should expand 11% to $133B Selected India Metrics1 (% change Y/Y) 5.1 5.3 14.6 5.1 5.2 6.0 11.2 2.3 Industrial Production Manufacturing Output Infrastructure Output Electricity Output Jan-26 Feb-26 1.0 1.3 3.0 11.9 6.2 5.6 6.5 20.3 26.6 27.4 India Indonesia Vietnam Malaysia Thailand 2025 2050 Modelled 0.6 0.4 1.6 1.3 1.7 2.5 1.7 6.0 2.8 2.9 India Indonesia Vietnam Malaysia Thailand Total Zinc Consumption per Capita2 (kg)
Slide 52 — SHORT-TERM COPPER MARKET FUNDAMENTALS
SHORT-TERM COPPER MARKET FUNDAMENTALS 52 Concentrate tightness changing miner-smelter economics • The global copper concentrate market is experiencing a period of acute tightness • Smelter capacity growth is set to outpace mined production growth in 2027, a fifth consecutive year −With few major concentrate projects in the pipeline, the concentrate deficit is anticipated to take several years to normalize −Some new smelters are linked to incumbent concentrate export mines, reducing supply to the custom market • Tightness is reflected in extremely negative treatment and refining charges, which have continued to trend lower • This change in economics necessitates a change to traditional pricing drivers, and a shift towards greater sophistication in concentrate terms Global Conc Production and Smelter Capacity Growth1 (growth %) Spot Treatment Charges Now Extremely Negative2 (US$/dmt) -200 -150 -100 -50 0 50 100 150 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Jan-24 Jul-24 Jan-25 Jul-25 Jan-26 Spot Benchmark -2% 0% 2% 4% 6% 8% 10% 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Mined Growth Smelter Capacity Growth
Slide 53 — LONG-TERM COPPER MARKET FUNDAMENTALS
LONG-TERM COPPER MARKET FUNDAMENTALS 53 Supply remains constrained; electrification still drives global growth • Copper is the linchpin of global electrification, as the most effective way to move electrons around −Energy shock has underscored economic and security resilience imperative of green buildout • 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 utilization rates likely to remain low • A capital stock of copper is required to make progress on climate targets and reshoring of manufacturing and processing capacity Long Term Demand Growth, Copper vs. Electricity1 (kt copper) Global Concentrate Balance2 (kt Cu) -3,000 -2,500 -2,000 -1,500 -1,000 -500 0 500 2025 2026 2027 2028 2029 2030 Benchmark CRU 0 5000 10000 15000 20000 0 2000 4000 6000 8000 10000 1950s 1960s 1970s 1980s 1990s 2000s 2010s 2020s 2030s TWh Electricity (RHS) Copper (LHS)
Slide 54 — SHORT-TERM ZINC MARKET FUNDAMENTALS
SHORT-TERM ZINC MARKET FUNDAMENTALS 54 Not enough concentrate available to meet smelter needs • Global zinc inventories (concentrate and metal) are extremely low relative to historical norms −Falling spot treatment charges highlight the lack of concentrate availability • 2026 is being characterized by falling supply from large Western mines; expect little to no global mine supply growth in 2026 −Multiple downgrades to mine supply since start of 2026 adds further downward pressure to concentrate market • Despite low TC backdrop, smelter economics remain supported by rising metal prices and by-product credits, discouraging shutdown Treatment Charges Remain Low in Historical Terms1 (US$/t) ($200) ($100) $0 $100 $200 $300 $400 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Annual Settlement Spot TC
Slide 55 — LONG-TERM ZINC MARKET FUNDAMENTALS
• Mine supply growing just +2.6% by 2030 ─Ex-China growth lagging, just +1.6% by 2030 ─China’s smelters will continue to compete for imported feeds • Smelter capacity still outpacing that increase ─Expected to grow +15% by 2030 ─1 Mt shortfall in concentrate • Zinc concentrate market tight, as smelters return and mine supply growth remains low ─ To 2030: 3.0 Mt of growth is offset by 2.0 Mt of depletion; smelter capacity rising by 2.5 Mt • Concentrate tightness expected to persist with new mines facing delays • Latest price spike and low-TC environment has not materially brought new zinc projects forward LONG-TERM ZINC MARKET FUNDAMENTALS Zinc concentrate constrained by supply growth 0 50 100 150 200 250 300 350 Ex-China China 2023 2024 2025 2026 Global Zinc Smelter Growth2 (kt, average increase) Mine production growth is essentially stagnant1 (kt) - 3,000 6,000 9,000 12,000 15,000 55
Slide 56 — COPPER
COPPER MARKET 56
Slide 57 — COPPER OUTLOOK
57 COPPER OUTLOOK • Concentrate market is expected to remain undersupplied moving forward until significant new mine production ramps-up • Mine production has the potential to peak in 2029, later and lower than previously forecast • Slower post-disruption production at major assets in DRC and Indonesia removes near-term tonnage • Operating costs and capital spending expected to rise in 2026 • Growth of primary smelter capacity pushed 2026 TC/RC benchmark to all-time low • Smelter capacity increases from commissioning in China, India, Indonesia and Africa • Ramp up of new integrated smelters in locations like DRC and Indonesia is reducing concentrate volume available to the custom market • Smelter production significantly outpaced mined concentrate growth in recent years, and is expected to outpace again in 2027 • Scrap usage growing, with smelters looking to boost scrap ratio • Demand growth expected to remain at 1.5-2.0% in 2026, increasing downside risk due to geopolitical issues and trade wars • Chinese purchasing has resumed, despite historically higher prices, spurred by domestic grid spending and higher exports • Substantial uncertainty around US trade policy and retaliation • Increasing nationalism, slowing energy transition, and collapse of Chinese property sector could seriously impact future copper demand • Despite much-publicized policy headwinds, decarbonization-related growth continues to accelerate • Energy transition expected to account for most copper demand growth out to 2050 • China’s electrostate model, with increased wind capacity installation, EV production and grid construction, is expected to be rolled out to other Global South countries • Thrifting and substitution could negatively impact copper demand growth in the fuel to materials transition, but recent concerns over security of aluminum supply chains are lowering this risk Limited mine production paired with sizeable smelter capacity growth; escalating trade tensions increasing risks in coming years
Slide 58 — CONCENTRATE TIGHT, CATHODE MARKET IN SLIGHT SURPLUS
CONCENTRATE TIGHT, CATHODE MARKET IN SLIGHT SURPLUS 58 High exchange inventories, but most COMEX/LME stocks ‘locked’ in US • Lack of concentrate availability continues to constrain smelter output • US stockpiling continues, with 83% of exchange stocks in US warehouses −SHFE stocks are at multi-year lows at end of Q3 • Cathode supply is in slight surplus, but much of this cathode is unavailable to marginal buyers Global Exchange Refined Cathode Stocks3 (kt) Refined Global Cathode Balance2 (kt Cu) Global Concentrate Balance1 (kt Cu) -3,000 -2,500 -2,000 -1,500 -1,000 -500 0 500 -500 0 500 1,000 1,500 2025 2026 2027 2028 2029 2030 2025 2026 2027 2028 2029 2030 Benchmark CRU Benchmark CRU 0 200 400 600 800 1,000 1,200 1,400 Jan 2023 Mar 2023 May 2023 Jul 2023 Sep 2023 Nov 2023 Jan 2024 Mar 2024 May 2024 Jul 2024 Sep 2024 Nov 2024 Jan 2025 Mar 2025 May 2025 Jul 2025 Sep 2025 Nov 2025 Jan 2026 Mar 2026 May 2026 Jul 2026 Sep 2026 SHFE COMEX USA LME Ex-USA LME
Slide 59 — THE COPPER CONCENTRATE MARKET HAS CHANGED MARKEDLY
THE COPPER CONCENTRATE MARKET HAS CHANGED MARKEDLY Some of the past year’s changes are transient, others are more secular Trade related cathode market distortions impacting availability of cathode to marginal buyer Annualized smelter capacity additions expected to outpace mined concentrate growth in 2027, for a 5th consecutive year Global smelter utilization <75%; projected to remain low Entry of new merchant traders seeking copper concentrate Many copper by-products trading at or close to record highs, supporting smelter revenues Government interest in copper rising, as it is added to critical mineral lists Spot TCs have hit record lows, dropping below US$220/t, and very far away from US$0/t benchmark Fastest mined copper growth in DRC, but mainly in SXEW cathode rather than concentrate Clear divergence between spot TCs to smelters and traders, both continuing to trend lower 59
Slide 60 — AMID A LACK OF CONCENTRATE, SMELTER UTILIZATION DROPS
AMID A LACK OF CONCENTRATE, SMELTER UTILIZATION DROPS 60 Large deficits peak in 2029, lower utilizations below historical norms to 2030E • Benchmark reports the theoretical concentrate deficit (between smelter target and available concentrate) has grown to 1.1 Mt Cu in 2026 ─Deficit expected to expand out to 2029, and remain substantial into early 2030s • Following major drop in 2025, smelter utilization hit record lows in 2026; benchmark expects nadir in 2027 ─Higher byproduct prices have increased smelter revenue per tonne of feed. This increased revenue per tonne, alongside the growing concentrate deficit, could result in sustained low-capacity utilization ─Improving smelter economics with rising by-product prices means no economic incentive to close ─No quick fix with smelters hard to close, limited concentrate coming online Smelter Capacity Utilization2 (%) Global Concentrate Balance1 (kt Cu) -3,000 -2,500 -2,000 -1,500 -1,000 -500 0 500 2025 2026 2027 2028 2029 2030 Benchmark CRU 60% 65% 70% 75% 80% 85% 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Benchmark WoodMac
Slide 61 — COPPER MINE PROJECT OUTLOOK
COPPER MINE PROJECT OUTLOOK 61 Multiple fundamentals negatively impacting future mine production • Declining ore grades, escalating costs, slow permitting, and underinvestment continues to negatively impact new mine production, prolonging the concentrate market deficit • Copper ore grades have been declining for years, with the trend not expected to reverse — lower grades require higher quantity of ore to maintain production levels, increasing costs • Investment focused on optimizing existing mines and M&A to secure/expand copper portfolio, as opposed to focusing on new additional mine production — investors remain cautious about building new mines • Rising costs have pushed long-term incentive prices higher, current prices not incentivizing projects • Average capital intensity expected to be ~30% higher for projects slated for development between 2030-2040, compared to 2010-2023 levels Weighted Average Ore Grades1 (%) 0.40% 0.50% 0.60% 0.70% 0.80% 0.90% 1.00% Ore Grade Forecast Benchmark Unconstrained Supply Outlook (kt Cu)2 0 5,000 10,000 15,000 20,000 25,000 30,000 2025 2026 2027 2028 2029 2030 Operating Projects (unadjusted)
Slide 62 — CHINESE SULPHUR MARKET REMAINS TIGHT, ACID PRICES HIGH
CHINESE SULPHUR MARKET REMAINS TIGHT, ACID PRICES HIGH 62 Hormuz crossings below pre-war levels, providing revenue boost to smelters 0 200 400 600 800 1,000 1,200 Other India Japan/Korea UAE Oman Inside Gulf (Saudi, Kuwait, Qatar, Iran, Iraq, Bahrain) 0 500 1,000 1,500 2,000 0 100 200 300 400 500 600 700 800 900 Jan Feb March April May June July Aug Sept Smelter Acid Revenue2 (RMB/t Cu) Hormuz Crossings3 (vessels/month) Chinese Sulphur Imports1 (kt)
Slide 63 — CHINA COPPER DEMAND DRIVEN BY UTILITIES AND EV’S
CHINA COPPER DEMAND DRIVEN BY UTILITIES AND EV’S Chinese copper demand expected to keep growing ~4% in 2027 • Chinese copper demand growth has averaged 3.0% CAGR since 2023, spurred by NEV production, export demand and power grid investment • Copper demand growing 2% this year, despite higher prices, and set to grow 4% next year, driven by: −Grid buildout, with 5 trillion RMB committed during the 15th Five Year Plan (2026-2030) −Green energy infrastructure through investment in renewable power, charging station and EV production −National push into expanding high tech manufacturing sector and technological export driven growth • Risk of potential economic slowdown due to escalating trade tensions, continuing decline of real estate sector, increasing copper prices limiting downstream purchases and increasing chances of substitution Chinese Copper Demand by Sector1 (kt) 63 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20,000 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Transport Machinery Utility Construction Other
Slide 64 — INDIA COPPER MARKET
64 • Indian copper demand expected to grow 6.2% in 2026 and a further 6.5% in 2027 • Copper usage is expected to be driven by infrastructure development and green energy transition, through renewable energy and EV adoption • Policy initiatives such as industrial corridors, the 'Housing for All' program, national highway development projects, and the energy transition are key drivers of this growth Indian Copper Market Outlook1 (kt) 2025 Total: 1,436 kt 2025 Total: 238 kt Indian Copper Concentrate Imports2 Indian Copper Cathode Imports3 0 100 200 300 400 500 600 700 800 900 1,000 1,100 1,200 1,300 1,400 1,500 1,600 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 +6.5% Consumption Total Refined Supply Mined Production INDIA COPPER MARKET 84.8% 8.1% 3.4% 3.7% Japan Tanzania South Africa Other 42.8% 16.1% 13.1% 7.0% 16.9% 4.2% Chile Peru Australia Indonesia Canada Other By 2050, India is projected to be the world’s third-largest economy
Slide 65 — COPPER SCRAP IS PART OF THE LONG-TERM SOLUTION
COPPER SCRAP IS PART OF THE LONG-TERM SOLUTION 65 Scrap supplementing tight concentrate market Tight Concentrate Supply Increasing Chinese Scrap Use1 0% 20% 40% 60% 80% 100% Scraps Used by Smelters Scraps Used by Fabricators 60% 40% 55% • Demand for scrap will escalate over the next decade ‒ End users increasingly want higher recycled content • Copper scrap makes up 35% of total copper supply, expected to rise to 40% by 2035 ‒ Trade flows likely to change due to growth in secondary projects in North America, Europe, India, South Korea and Japan • Chinese smelters’ dependency on scrap increasing in short term to make up for insufficient concentrate feed ‒ Support from governments is crucial to accelerate copper recycling, but national criticality is impacting trade flows ‒ Chinese refineries also increasing scrap usage to boost anode production 45% 0 1,000 2,000 3,000 4,000 5,000 6,000 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Blister Anode Blister and Anode Production from Scrap 2 (kt Cu)
Slide 66 — TOTAL COPPER DEMAND TO GROW ON ECONOMIC DEVELOPMENT
TOTAL COPPER DEMAND TO GROW ON ECONOMIC DEVELOPMENT 66 Growth of traditional demand from urbanization and expansion of mid class • CRU expects total copper demand to grow 3.2% CAGR over to 2030 ‒ Demand expected to be driven by urbanization and growth of middle class • China’s demand forecast to benefit from growth in electrification investment, large-scale domestic equipment and infrastructure investment, more than offsetting the decline in residential construction ‒ Increasing trade tensions and further decline of the real estate sector could negatively impact consumption • Rest of Asia demand is expected to benefit from industrial migration, with companies diversifying outside of China • India set to grow at 6.9% CAGR to end of decade Copper Demand by Region1 (kt Cu) 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20,000 22,000 24,000 26,000 28,000 30,000 32,000 2025 2026 2027 2028 2029 2030 3.2% China Europe Ex China/India Asia India North America Other
Slide 67 — NEW ECONOMY DEMAND TAKING UP THE GROWTH MANTLE
NEW ECONOMY DEMAND TAKING UP THE GROWTH MANTLE 67 Electrification, urbanization and expansion of mid class spur growth • Sustained investment in grid, electric vehicles, and renewables to drive demand growth to end of decade ─Although a low base, Indian consumption from green energy growing at 21% in 2026 on renewable buildout ─Despite sluggish economic growth, European copper demand from green energy growing at 11% in 2026 • Widespread adoption of green energy policies, including electrical grid expansion, solar installation and EV rollout, will provide 10% CAGR growth to end of decade • China’s demand forecast to benefit from growth in exports and national electrification efforts (grid, EV), more than offsetting the decline in residential construction, as the Six Networks spend emerges ─Annual Chinese copper consumption from grid buildout expected to double to 800 ktpa by 2030 Geographic Demand from Green Energy1 (kt Cu) 0 2,000 4,000 6,000 8,000 2025 2026 2027 2028 2029 2030 Electric Vehicles Renewables Grid Cathode Demand from Green Energy2 (kt Cu) 0 2,000 4,000 6,000 8,000 2025 2026 2027 2028 2029 2030 China North America Europe North East Asia Rest of World
Slide 68 — COPPER MARKET SUMMARY
COPPER MARKET SUMMARY 68 US Stockpiling tightens ex-US market; risk to demand limiting refined deficits • >1.5 Mt (and rising) estimated to be stockpiled in the United States, incentivized by trade policy expectations ─ Stockpiling has prompted cathode tightness in ex-US markets, such as China, Europe and ex-China Asia • Continued downward risk to mine production ─ Concentrate supply in second straight year of sub-1% growth ─ Few new projects coming online in short term ─ Market historically over-estimates production growth • Smelter growth expected to outpace mine production ─ Concentrate remains the key market constraint in 2026 • Global cathode demand expected to grow 1.8% in 2026, with bright spots being South Asian demand and energy transition • Risks remain to copper demand due to escalating geopolitical and trade tensions ─ Potential economic slowdown, escalating tariff wars stalling economic growth, shift away from green energy, insufficient Chinese stimulus, and increasing substitution of copper ─ Positive offset for this could be potential government stockpiling and strategic increases to supply chain inventories Refined Global Cathode Balance1 (kt Cu) -500 -400 -300 -200 -100 0 100 200 300 400 500 600 700 2025 2026 2027 2028 2029 2030 Benchmark CRU
Slide 69 — ZINC
ZINC MARKET 69
Slide 70 — ZINC OUTLOOK
70 ZINC OUTLOOK • Mine production has been stagnant for over a decade while mines have been closed due to thin margins • Mine output expected to stagnate in 2026, after rebounding off a 5-year decline in 2025 • Limited slate of new projects to supply continued growth in smelter capacity • Concentrate trade increasingly destined for China, further tightening the global west • Concentrate tightness adds a floor to LME prices • Smelters remain challenged by raw material availability; many have been operating below capacity • Spot treatment charges have collapsed again as concentrate supply stalls • Smelter margins supported by elevated prices for free metals and sulfuric acid • Chinese began exporting refined zinc in Q3 to supply LME and ROW customers • Nearly all exchange stocks stranded in Asian warehouses, keeping US & Europe metal markets tight • European consumer and real estate market remain weak, offset by investment in defense and infrastructure • US demand mixed, but infrastructure demand expectations on the rise • Zinc demand indifferent to pause in US electric vehicle roll-out • Chinese demand impacted by property slowdown but zinc consumption in infrastructure and manufacturing remains resilient • We see zinc as central to future climate change mitigation strategies • Critical to support and protect infrastructure, zinc added to US critical minerals list in 2022 due to low domestic refined capacity • Wind, solar energy, and EVs all supported by galvanized steel • IZA suggests additional 375 kt of zinc demand from renewables by 2030 • Replacement of transmission towers to accommodate 5G rollout • Zinc projects continue to be overlooked as growth capital flows towards other metals with better- defined strategic story Market direction supported by tight supply; End demand remains steady amid fiscal spending, despite weakened consumer sentiment
Slide 71 — FLAT MINE OUTPUT CANNOT KEEP PACE WITH SMELTER GROWTH
FLAT MINE OUTPUT CANNOT KEEP PACE WITH SMELTER GROWTH 71 Mine output has not materially grown despite new smelter capacity • Global mine production has not grown since 2012, hovering around 13 Mt • Zinc concentrate growth in 2025 was tied heavily to a ‘high-zinc’ year at Antamina, though new capacity did come online in Russia and the DRC • Global smelter capacity has been increasing since 2020 with ~2 Mt added thus far, and more in the pipeline • Up to 500 kt/y in new mine capacity is expected to come online in near term (2-3 years) but this is not enough to close the gap between concentrate needs and concentrate availability −Most growth only captive to Chinese consumers (Chinese, Russian, Iranian mines) and not accessible to Western smelters −Growth is also offset by depleting mines, capping net increases Mine production growth has been stagnant1 (kt) 0 3,000 6,000 9,000 12,000 15,000 Global Zinc Smelter Growth2 (kt, average increase) 0 50 100 150 200 250 300 350 Ex-China China 2020-2024 1,380 kt/y 2025-2029 1,300 kt/y
Slide 72 — ZINC CONCENTRATE MARKET OUTLOOK
ZINC CONCENTRATE MARKET OUTLOOK 72 A historically tight concentrate market could persist • Long-term supply is expected to lag demand −Existing mines face declining production, higher costs, and lower grades • Exploration under investment is expected to continue at lower zinc prices, new mines face higher capex −Project pipeline covers less than half of the 6 Mt supply gap by 2040 −Assumes higher utilization of secondary feeds due to concentrate tightness • Costs rising as consumables and labour increase −Average costs risen 33% from decade-ago −Operating costs of projects in development expected to be 18% higher than operating mines • Recent incremental production has come from higher cost/lower grade extensions, increasing C1 and C1+ cash unit costs by 31% since 2015 -25 25 75 125 2010-14 2020-24 PROJECTS C1+Sustaining Costs (c/lb) By Product Credits Freight Minesite Costs Realisation Costs Sustaining Capex 54.6¢/lb 72.5¢/lb 85.5¢/lb Zinc Mine Production and Demand1 (kt) Zinc Prices and Costs2 (US¢/lb) 0 5 10 15 2020 2025 2030 2035 2040 6 Mt supply gap projected by 2040
Slide 73 — ZINC CONCENTRATE MARKET OUTLOOK
ZINC CONCENTRATE MARKET OUTLOOK 73 Upcoming, growing deficits points to the need for new mine supply • Market players are facing swings in production cuts as each side battles cost pressures −Smelters impacted by high energy prices in 2022 −Resulting surplus pushed TCs higher in 2023 −Margin pressure forced mine cuts in 2023 −New and returning mined supply coming online in 2025 and 2026, but still outpaced by smelter capacity growth −Mine supply growth has regularly faced delays • Limited new concentrate supply coming online through 2030 while smelters continue ramp-up • Few quality greenfield or advanced zinc exploration opportunities have surfaced in the last 10 years Concentrate Balances, excl. Uncommitted Projects1 (adjusted to normalize annual disruption estimates, kt) (500) (400) (300) (200) (100) 0 100 200 300 2023 2024 2025 2026 2027 2028 2029 2030 WM (adj) CRU (adj)
Slide 74 — SPOT ZINC TREATMENT CHARGES LOW BY HISTORICAL TERMS
SPOT ZINC TREATMENT CHARGES LOW BY HISTORICAL TERMS 74 This reflects changing value chain economics and stagnant mine supply • Spot TCs turned quickly in Q4 2025, having climbed for much of the year • This downward trend has continued through mid-2026 • Amid tight market for feed, ex-China smelters settled record low TCs in 2025 • Chinese imports of concentrates rose 30% Y/Y in 2025 after Chinese buyers have ensured secure supply after missing out in 2024 −This has continued in 2026 at +3.1% Y/Y (Jan-Aug) −Pace of imports has slowed since April • Chinese mine output flat, while smelter consumption is up 20% (+1.1 Mt) since 2018 −Supply uplift from new Chinese projects is offset by falling grades and government inspections Zinc Treatment Charges1 (US$/t) Zinc Smelter Revenues Hold Despite TC Decline2 (US$/t) 74 -200 -100 0 100 200 300 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Apr-26 Jul-26 Spot TC Annual TC Market tightness evidenced by deeply negative TCs 464 425 -250 -50 150 350 550 750 June 2025 June 2026 Sulfuric Acid Other Metals Free Zn Arbitrage TC
Slide 75 — CHINA REQUIRES ADDITIONAL CONCENTRATE IMPORTS
Tech upgrading New/Expansion 0 50 100 150 200 250 300 2025 After 2025 2023 - 2024 CHINA REQUIRES ADDITIONAL CONCENTRATE IMPORTS 75 • China continues to increase smelter capacity to decrease reliance on metal imports −Recent years have seen a differential between domestic smelter capacity and domestic mine capacity added >1 Mtpa −Low TCs having limited impact on concentrate imports • Zinc demand still strong due to: −Infrastructure investment (new energy and climate change mitigation) −Record auto production due to high NEV growth and exports • Limited ongoing imports of refined zinc −Opportunistic exports of late-2025 resumed in Q3 2026 −Potential for more structural export opportunity going forward as western smelters continue to struggle Chinese Concentrate Imports1 (kt) Smelter Projects in China Through 20272 (kt) Flat mine production growth ensures growing reliance on concentrate imports 0% 10% 20% 30% 40% 2016 2018 2020 2022 2024 2026E 2028E 2030E 0 2,000 4,000 6,000 8,000 10,000 Chinese Mine Production Additional Concs Required Reliance on Imports However, rising smelter output means lower net refined imports
Slide 76 — ZINC METAL SHORT-TERM OUTLOOK
ZINC METAL SHORT-TERM OUTLOOK 76 US market reflective of low levels of metal inventory • US produces <25% of its zinc metal requirement −Even including Canada and Mexico, North America meets only ~80% of US demand • Over the past decade, an annual shortfall of 150-275 kt existed beyond North American metal capacity • Over the two decades the US has destocked over 1.2 Mt of LME zinc built after the global financial crisis −Today, reported US LME inventories are zero, necessitating increased supply from non-North American sources • Meeting the annual shortfall will require metal to be shipped from overseas imports, outside North America • This would necessitate a higher zinc premium, at least until further regional smelter capacity comes online US Net Short Position in Zinc1 (kt) Zinc Metal Premiums2 (US$ per tonne) 0 200 400 600 800 1,000 1,200 U.S. Production Zinc from Canada Zinc from Mexico Overseas Imports LME & Non-Exchange Stocks U.S. Zinc Demand 0 500 1,000 1,500 Europe USA LME inventories filled shortfall since 2012 but now depleted
Slide 77 — LONG-TERM ZINC DEMAND GROWTH
LONG-TERM ZINC DEMAND GROWTH 77 Tied to protection of steel for infrastructure and energy transition • 60% of zinc demand from galvanizing steel, used to extend steel service life and makes infrastructure more sustainable • Decarbonization will be steel intensive • Under an accelerated IEA 1.5˚C scenario renewables will need to account for close to 10% of end use demand, rising to 25% by 20503 • Demand for zinc in the energy transition could go from 1.0 Mt today to 4.7 Mt by 20504 • The IZA estimates that zinc use in wind applications could rise to 66 kt by 2030 and in solar to 166 kt • The use of zinc in energy storage batteries could rise to 150 kt by 20304 92% 75% 0.0 10.0 20.0 30.0 2020 2025 2030 2035 2040 2045 2050 Non-Energy Transition Specific Electric Vehicles Solar Wind Storage Zinc Demand1 (Mt) Zinc First Use and End Use Demand2 Zinc End Use Zinc First Use 14.1 Mt Total 14.1 Mt Total Construction 50% Grid Related 24% Infrastructure 16% Brass & Semi-Cast 11% Semi- Manufactured 5% Other 2% Cast Alloys 13% Galvanizing 59% Oxides & Chemicals 9% Consumer Products 6% Industrial Machinery 7%
Slide 78 — REFERENCE
REFERENCE 78
Slide 79 — SHARE STRUCTURE AND PRINCIPAL SHAREHOLDERS
SHARE STRUCTURE AND PRINCIPAL SHAREHOLDERS 79 Teck Resources Limited as at June 30, 20261 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 Shareholdings SMM Resources Inc (Sumitomo) 3,045,099 0.6% China Investment Corporation (Fullbloom)3 19,616,974 4.1% Other 460,311,569 95.3% 482,973,642 100.0% Total Shareholdings Temagami Mining Company Limited 4,300,000 0.9% 34.6% SMM Resources Inc (Sumitomo) 4,514,099 0.9% 12.1% China Investment Corporation (Fullbloom)3 19,616,974 4.0% 1.6% Other 462,142,101 94.2% 51.8% 490,573,174 100.0% 100.0%
Slide 80 — ENDNOTES
ENDNOTES 80 SLIDE 5: VALUE CREATION THROUGH MERGER OF EQUALS 1. 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. 2. 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 Quebrada Blanca joint venture partners. SLIDE 6: UNLOCKING THE FULL POTENTIAL OF QB-COLLAHUASI 1. Please refer to Mineral Reserves table within Teck’s 2024 Additional Information Form for more information. 2. Please refer to Anglo American Ore Reserves and Mineral Resources Report 2024 for more information. Ore Reserve grade shown pertains to sulphide flotation (direct feed). TCu is total copper %. 3. 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 Quebrada Blanca joint venture partners. SLIDE 7: UNPACKING QB–COLLAHUASI INCREMENTAL PRODUCTION 1. Please refer to Anglo American Ore Reserves and Mineral Resources Report 2024 for more information. Ore Reserve grade shown pertains to sulphide flotation (direct feed). TCu is total copper %. 2. Please refer to Mineral Reserves table within Teck’s 2024 Additional Information Form for more information. 3. Refers to potential additional copper production uplift over the period form 2030-2049, as the uplift varies greatly over the period. SLIDE 8: CREATING ONE OF THE LARGEST GLOBAL COPPER COMPLEXES 1. Source: Wood Mackenzie. 2030 copper production by mine dataset. 2. 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 Quebrada Blanca joint venture partners. 3. Based on expected 120 ktpa of incremental copper production (21 years, from 2030, 100% basis). See Anglo American’s Integrated Annual Report 2025 and Teck’s Q3 press release dated October 21, 2025. For the purposes of quantification, synergies have been estimated for the period 2030-2049 but have the potential to continue beyond this period. 4. Compiled from various public company filings. SLIDE 9: MERGER OF EQUALS HAS MULTIPLE VALUE DRIVERS 1. 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. 2. See Anglo American’s Integrated Annual Report 2025 and Teck’s Q3 press release dated October 21, 2025. For the purposes of quantification, synergies have been estimated for the period 2030-2049 but have the potential to continue beyond this period. 3. 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 Quebrada Blanca joint venture partners. SLIDE 12: FOUNDATION OF WORLD-CLASS OPERATIONS 1. Top 10 largest global copper mine according to S&P Global paid copper dataset as at Q2 2026, for 2025. SLIDE 14: COST OF SALES 1. See Teck’s Q3 2026 press release and Q3 2026 Management’s Discussion and Analysis (MD&A) for further details. SLIDE 15: COLLECTIVE AGREEMENTS 1. As at October 28, 2026. SLIDE 17: QUEBRADA BLANCA 1. See Teck’s Q3 2026 press release, Q3 2026 MD&A, and 2025 Annual Information Form 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. 2. As at October 28, 2026. See Teck’s Q3 2026 press release, Q3 2026 MD&A , and 2025 Annual Information Form for further details. SLIDE 19: ANTAMINA 1. See Teck’s Q3 2026 press release, Q3 2026 MD&A, and 2025 Annual Information Form 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. 2. As at October 28, 2026. See Teck’s Q3 2026 press release, Q3 2026 MD&A , and 2025 Annual Information Form for further details. SLIDE 21: CARMEN DE ANDACOLLO 1. See Teck’s Q3 2026 press release, Q3 2026 MD&A, and 2025 Annual Information Form 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. 2. As at October 28, 2026. See Teck’s Q3 2026 press release, Q3 2026 MD&A , and 2025 Annual Information Form for further details. SLIDE 23: HIGHLAND VALLEY COPPER 1. See Teck’s Q3 2026 press release, Q3 2026 MD&A, and 2025 Annual Information Form 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. 2. As at October 28, 2026. See Teck’s Q3 2026 press release, Q3 2026 MD&A , and 2025 Annual Information Form for further details. SLIDE 24: RED DOG OPERATIONS IS A TIER ONE ASSET 1. See Teck’s Q3 2026 press release, Q3 2026 MD&A, and 2025 Annual Information Form 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. 2. As at October 28, 2026. See Teck’s Q3 2026 press release, Q3 2026 MD&A , and 2025 Annual Information Form for further details. SLIDE 25: RED DOG SEASONALITY 1. Average sales from 2021 to 2025. 2. Average quarterly net cash unit costs in 2021 to 2025, before royalties. SLIDE 26: RED DOG MINE LIFE EXTENSION 1. See Teck’s Q3 2026 press release, Q3 2026 MD&A, and 2025 Annual Information Form 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 81 — ENDNOTES
ENDNOTES 81 SLIDE 30: QB HAS POTENTIAL FOR MULTIPLE EXPANSIONS 1. See Teck’s Q3 2026 press release and Q3 2026 Management’s Discussion and Analysis (MD&A) for further details. 2. See Teck’s 2025 Annual Information Form available on sedarplus.ca for information on the key assumptions, parameters, and methods used to estimate the mineral resources and mineral reserves and risks that could affect the potential development of the mineral resources or mineral reserves. SLIDE 31: QB’S R&R INCREASED SIGNIFICANTLY (60% OWNERSHIP) 1. See Teck Q3 2026 press release, Q3 2026 MD&A, and 2025 Annual Information Form available on sedarplus.ca for information on the key assumptions, parameters, and methods used to estimate the mineral resources and mineral reserves and risks that could affect the potential development of the mineral resources or mineral reserves. Mineral Resources and Mineral Reserves are presented on a 100% basis unless otherwise noted and may not reflect Teck’s attributable interest. SLIDE 32: ZAFRANAL PROJECT OVERVIEW 1. See Teck’s Q3 2026 MD&A and 2025 Annual Information Form available on sedarplus.ca for further details. SLIDE 34: RESERVES AND RESOURCES AT ZAFRANAL (~84.5%) 1. See Teck Q3 2026 press release, Q3 2026 MD&A, and 2025 Annual Information Form available on sedarplus.ca for information on the key assumptions, parameters, and methods used to estimate the mineral resources and mineral reserves and risks that could affect the potential development of the mineral resources or mineral reserves. Mineral Resources and Mineral Reserves are presented on a 100% basis unless otherwise noted and may not reflect Teck’s attributable interest. SLIDE 36: SAN NICOLÁS - COMPACT SITE LAYOUT 1. Based on 2021 pre-feasibility study. See Teck Q3 2026 press release, Q3 2026 MD&A, and 2025 Annual Information Form available on sedarplus.ca for information on the key assumptions, parameters, and methods used to estimate the mineral resources and mineral reserves and risks that could affect the potential development of the mineral resources or mineral reserves. SLIDE 37: RESERVES AND RESOURCES AT SAN NICOLÁS (50%) 1. See Teck’s 2025 Annual Information Form available on sedarplus.ca for information on the key assumptions, parameters, and methods used to estimate the mineral resources and mineral reserves and risks that could affect the potential development of the mineral resources or mineral reserves. See Teck’s Q3 2026 press release and Q3 2026 MD&A for further details. Mineral Resources and Mineral Reserves are presented on a 100% basis unless otherwise noted and may not reflect Teck’s attributable interest. SLIDE 38: NEWRANGE CU-NI-CO-PD-PT DEPOSITS (50%) 1. Teck has a 50% interest in NewRange Copper Nickel. See Teck’s Q3 2026 press release, Q3 2026 MD&A, and 2025 Annual Information Form available on sedarplus.ca for information on the key assumptions, parameters, and methods used to estimate the mineral resources and mineral reserves and risks that could affect the potential development of the mineral resources or mineral reserves. Mineral Resources and Mineral Reserves are presented on a 100% basis unless otherwise noted and may not reflect Teck’s attributable interest. • NorthMet Mineral Resources are reported at a US $8.17 NSR cut-off using metal price assumptions of US$ 3.25/lb copper, US$ 7.90/lb nickel, US$1,500/oz gold, US$20.00/oz silver, $24.30/lb cobalt, $1,240/oz palladium, and $1,440/oz platinum. The 2023 Mineral Resource estimate is effective as of December 31, 2023. The QP for the estimate is Richard Schwering P.G., RM-SME, of Hard Rock Consulting, LLC. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. • Measured and Indicated Resources at NorthMet are 624 million tonnes at 0.25% copper, 0.08% nickel, 0.007% cobalt and 0.24 g/t palladium. Mineral Resources are reported within a constraining Lerchs-Grossman pit shell. Mining costs for the optimization were estimated at $1.20/t mined at surface and increasing $0.025/t for every 50 feet of depth. Pit slope angles vary between 53º and 56º depending on the geotechnical zone. • Mineral Resources are reported at a cut-off of 0.2% copper, using metal price assumptions of US$ 3.15/lb copper, US$ 6.90/lb nickel, US$1,400/oz gold, US$18.00/oz silver, $21.00/lb cobalt, $1,300/oz palladium, and $1,200/oz platinum. • Measured and Indicated Resources at Sunrise are 1,581 million tonnes at 0.44% copper, 0.10% nickel, 0.008% cobalt and 0.11 g/t palladium. Mineral Resources are reported within a constraining pit shell developed using Whittle software. Inputs to the pit optimization include the following assumptions: metal prices; inter-ramp pit slope angles of 37º, 50.5º, and 50.5º for overburden, sedimentary, and intrusive lithologies respectively. • Rounding as required by reporting guidelines may result in apparent summation differences between tonnes, grade, and contained metal content. SLIDE 39: GALORE CREEK CU-AU-AG PORPHYRY (50%) 1. Teck has a 50% interest in Galore Creek. See Teck’s Q3 2026 press release, Q3 2026 MD&A, and 2025 Annual Information Form available on sedarplus.ca for information on the key assumptions, parameters, and methods used to estimate the mineral resources and mineral reserves and risks that could affect the potential development of the mineral resources or mineral reserves. Mineral Resources and Mineral Reserves are presented on a 100% basis unless otherwise noted and may not reflect Teck’s attributable interest. • The Mineral Resource statement is based upon 345,941m of drilling and supporting updated geological mineralization models. Mineral Resources are exclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. • Mineral Resources are contained within a conceptual Measured, Indicated, and Inferred optimized pit shell using Whittle software. Inputs to the shell included long-term consensus metal prices of US$3.15/lbs for Cu, US$1,600/oz for Au, and US$20/oz for Ag; direct mining costs of US$1.60/t mined; general mining costs of US$1.74 per tonne processed; process costs of US$4.83 per tonne processed; variable concentrate metallurgical recovery equations by element (average of 92.8% for Cu, 75.5% for Au, and 73.1% for Ag, MI+I); and pit slope inter-ramp angles of 40-54º. • Mineral resources are reported assuming open pit mining methods. The Resource has been constrained by a Whittle Revenue Factor 1 (RF1) pit shell supported by Measured, Indicated and Inferred material. The pit optimization is based upon a nets NSR cut-off of US$0 and is based on operation expenditures. Blocks with a net NSR greater than 0 are considered economic. • Rounding as required by reporting guidelines may result in apparent summation differences between tonnes, grade and recoverable metal content. • Tonnages are reported in metric tons (tonnes). Grades are reported either as percentages (%) or grams per tonne (g/t). Contained metal is reported in thousands of tonnes (Kt) for Cu, and in thousands of troy ounces (000 oz) for Au and Ag.
Slide 82 — ENDNOTES
ENDNOTES 82 SLIDE 40: NUEVAUNIÓN CU-MO-AG AND CU-AU (50%) 1. Teck has a 50% interest in NuevaUnión. See Teck’s Q3 2026 press release, Q3 2026 MD&A, and 2025 Annual Information Form available on sedarplus.ca for information on the key assumptions, parameters, and methods used to estimate the mineral resources and mineral reserves and risks that could affect the potential development of the mineral resources or mineral reserves. Mineral Resources and Mineral Reserves are presented on a 100% basis unless otherwise noted and may not reflect Teck’s attributable interest. • Reserves and resources for NuevaUnión are contained within two deposits, Relincho and La Fortuna. Reserves at the deposits consider a bulk open-pit mining operation developed in three production phases that will alternate mining operations between the two deposits. • Mineral resources are exclusive of reserves. • Relincho mineral reserves and mineral resources are reported using an average net smelter return cut-off of US$11.00/tonne and US$6.72/tonne, respectively, and assuming metal prices of US$3.00/lb copper and US$10.00/lb molybdenum and US$18.00/oz/silver. • For the La Fortuna deposit, mineral reserves and open pit mineral resources are reported at an average net smelter return cut- off of US$10.55/tonne and US$9.12/tonne, respectively, using metal prices assumptions of US$3.00/lb copper and US$1,200/oz gold. • Mineral resources outside of the mineral reserve pit are defined using a conceptual underground mining envelope. This approach assumes the same recoveries, metal prices, processing and general & administration costs as used for the open pits but with mining costs and dilution assumptions that are more appropriate to bulk underground mining. The resource model was updated in 2020 to include nine holes targeting the deep portion of La Fortuna, improved geological boundaries, and updated grade estimation. • Rounding as required by reporting guidelines may result in apparent summation differences between tonnes, grade, and contained metal content. SLIDE 41: SCHAFT CREEK CU-MO-AU-AG PORPHYRY (75%) 1. See Teck’s Q3 2026 press release, Q3 2026 MD&A, and 2025 Annual Information Form available on sedarplus.ca for information on the key assumptions, parameters, and methods used to estimate the mineral resources and mineral reserves and risks that could affect the potential development of the mineral resources or mineral reserves. Mineral Resources and Mineral Reserves are presented on a 100% basis unless otherwise noted and may not reflect Teck’s attributable interest. • Open pit mineral resources are reported at a net smelter return cut-off of US$4.31/tonne and constrained by a conceptual open pit shape. • Tonnages are reported in metric tons (tonnes). Grades are reported either as percentages (%) or grams per tonne (g/t). Contained metal is reported in thousands of tonnes (Kt) for Cu, and in thousands of troy ounces (000 oz) for Au • Rounding as required by reporting guidelines may result in apparent summation differences between tonnes, grade, and contained metal content. 2. Mine life estimates from 2021 Preliminary Economic Assessment (PEA). SLIDE 43: PORTFOLIO OF ZINC DEVELOPMENT OPTIONS 1. See Teck’s Q3 2026 press release, Q3 2026 MD&A, and 2025 Annual Information Form available on sedarplus.ca for information on the key assumptions, parameters, and methods used to estimate the mineral resources and mineral reserves and risks that could affect the potential development of the mineral resources or mineral reserves. See NI 43-101 Technical Report for the Red Dog Mine, February 21, 2017. 2. Source: Teck’s 2025 Annual Information Form (Mineral Resources and Reserves section), Teck’s 2025 Red Dog operations Reserve and Resource Status Report. 3. Teena: Inferred resource of 58 Mt @ 11.1% Zn and 1.6% Pb, at a 6% Zn + Pb cut off, estimated in compliance with the Joint Ore Reserves Committee (JORC) Code. Excludes Myrtle. SLIDE 44: ZINC DEVELOPMENT OPTIONS 1. Sources: S&P Global Market Intelligence, SNL Metals & Mining database. For the Aktigiruq, Anarraaq and Teena deposits the sources are as follows: • See Teck’s Q3 2026 press release, Q3 2026 MD&A, and 2025 Annual Information Form available on sedarplus.ca for information on the key assumptions, parameters, and methods used to estimate the mineral resources and mineral reserves and risks that could affect the potential development of the mineral resources or mineral reserves. • See NI 43-101 Technical Report for the Red Dog Mine, February 21, 2017. Aktigiruq and Anarraaq Deposits are reported as mineral resource estimates in Teck Annual Information Form, February 19, 2025. Teena: Inferred resource of 58 Mt @ 11.1% Zn and 1.6% Pb, at a 6% Zn + Pb cut off, estimated in compliance with the Joint Ore Reserves Committee (JORC) Code. Excludes Myrtle. 2. MacMillan Pass is owned by Fireweed Zinc Ltd. and includes the Tom and Jason deposits. Teck currently has a 9% equity interest in Fireweed Zinc Ltd. SLIDE 46: ECONOMIC ACTIVITY REMAINS RESILIENT AND EXPANDING 1. Source: Citigroup. 2. Source: OECD. SLIDE 47: THE MACRO BACKDROP REMAINS SUPPORTIVE FOR COMMODITIES 1. Source: S&P Global, RatingDog, HSBC. 2. Source: LME/CME. SLIDE 48: INDUSTRIAL ACTIVITY IS DRIVING CHINA’S ECONOMIC GROWTH 1. Source: NBS. SLIDE 49: GLOBAL ELECTRIFICATION IS ACCELERATING, LED BY CHINA 1. Energy Institute. SLIDE 50: ECONOMIC GROWTH IS DECOUPLING FROM FOSSIL FUELS 1. Source: Ember, IMF. 2. Source: NITI Aayog ICED. SLIDE 51: LED BY INDIA, EMERGING ASIA HAS HUGE GROWTH POTENTIAL 1. Source: Central Statistics Office India. 2. Source: Wood Mackenzie, UN.
Slide 83 — ENDNOTES
ENDNOTES 83 SLIDE 52: SHORT-TERM COPPER MARKET FUNDAMENTALS 1. Source: Benchmark. 2. Source: Wood Mackenzie. SLIDE 53: LONG-TERM COPPER MARKET FUNDAMENTALS 1. Source: ICSG, Energy Institute. 2. Source: CRU, Benchmark. SLIDE 54: SHORT-TERM ZINC MARKET FUNDAMENTALS 1. Source: Wood Mackenzie. SLIDE 55: LONG-TERM ZINC MARKET FUNDAMENTALS 1. Source: Wood Mackenzie, CRU. 2. Source: CRU, Wood Mackenzie, Teck. SLIDE 58: CONCENTRATE TIGHT, CATHODE MARKET IN SLIGHT SURPLUS 1. Source: CRU, Benchmark. 2. Source: Wood Mackenzie, CRU, Benchmark. 3. Source: CRU. SLIDE 60: AMID A LACK OF CONCENTRATE, SMELTER UTILIZATION DROPS 1. Source: CRU, Benchmark. 2. Source: Benchmark, Wood Mackenzie. SLIDE 61: COPPER MINE PROJECT OUTLOOK 1. Source: Wood Mackenzie. 2. Source: Benchmark. SLIDE 62: CHINESE SULPHUR MARKET REMAINS TIGHT, ACID PRICES HIGH 1. Source: Kpler. 2. Source: Shanghai Metals Market. 3. Source: Kpler. SLIDE 63: CHINA COPPER DEMAND DRIVEN BY UTILITIES AND EV’S 1. Source: CRU. SLIDE 64: INDIA COPPER MARKET 1. Source: CRU. 2. Source: S&P Global Trade Atlas. 3. Source: S&P Global Trade Atlas. SLIDE 65: COPPER SCRAP IS PART OF THE LONG-TERM SOLUTION 1. Source: Wood Mackenzie. 2. Source: Benchmark. SLIDE 66: TOTAL COPPER DEMAND TO GROW ON ECONOMIC DEVELOPMENT 1. Source: CRU. SLIDE 67: NEW ECONOMY DEMAND TAKING UP THE GROWTH MANTLE 1. Source: CRU. SLIDE 68: COPPER MARKET SUMMARY 1. Source: Wood Mackenzie, CRU, Benchmark. SLIDE 71: FLAT MINE OUTPUT CANNOT KEEP PACE WITH SMELTER GROWTH 1. Source: Wood Mackenzie, SMM, Teck. 2. Source: Wood Mackenzie, CRU, BGRIMM, SMM, Teck. SLIDE 72: ZINC CONCENTRATE MARKET OUTLOOK 1. Source: Wood Mackenzie, CRU, BGRIMM, SMM, Teck. 2. Source: Wood Mackenzie, Consensus Economics, Teck (2023-2025 flexed using consensus forecast pricing). SLIDE 73: ZINC CONCENTRATE MARKET OUTLOOK 1. Source: Wood Mackenzie, CRU. SLIDE 74: SPOT ZINC TREATMENT CHARGES LOW BY HISTORICAL TERMS 1. Source: Fastmarkets (monthly average of range). 2. Source: Wood Mackenzie. SLIDE 75: CHINA REQUIRES ADDITIONAL CONCENTRATE IMPORTS 1. Source: China Customs, SMM, BGRIMM, Teck. 2. Source: CRU, CAAM. SLIDE 76: ZINC METAL SHORT-TERM OUTLOOK 1. Source: Wood Mackenzie, CRU, Teck. 2. Source: Fastmarkets. SLIDE 77: LONG-TERM ZINC DEMAND GROWTH 1. Source: Wood Mackenzie, IZA, CRU, Teck. 2. Source: Wood Mackenzie. 3. Source: IEA. 4. Source: IZA. SLIDE 79: SHARE STRUCTURE AND PRINCIPAL SHAREHOLDERS 1. Based on public filings as of July 22, 2026. 2. On May 12, 2029, the Class A common shares will automatically convert into Class B subordinate voting shares, which will then be renamed common shares. 3. Shares held by China Investment Corporation (Fullbloom) are based on most recent publicly reported shareholdings and may not be current.
Slide 84 — NON-GAAP
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 & Analysis, which is incorporated by reference herein and is available on SEDAR+ at www.sedarplus.ca. Additional information on certain non-GAAP ratios is below. NON-GAAP RATIOS Net cash unit costs per pound is comprised of (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 revenue from by- and co-products, less any associated cost of sales of the by- and co-product. In addition, for our copper operations, by-product cost of sales also includes cost recoveries associated with our streaming transactions. 84