Slides
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October 8, 2025 UPDATE ON COMPREHENSIVE OPERATIONAL REVIEW AND OUTLOOK
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CAUTION REGARDING FORWARD-LOOKING STATEMENTS 2 Both these slides and the accompanying oral presentation contains 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”, “can”, “could”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “would”, “project”, “predict”, “likely”, “potential”, “should”, “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 news release. These forward-looking statements include, but are not limited to, statements concerning: our expectations with respect to the c omprehensive operations review and QB action plan, including the timing, outcome, and effectiveness thereof and any updates t o guidance arising out of such review; our updates to production guidance at QB, HVC, Antamina, Carmen de Andacollo, Red Dog and Trail; our business, a ssets, and strategy going forward, including with respect to future and ongoing project development; our ability to accelerate a nd advance QB TMF development, drive operational performance, and achieve steady -state operations and ramp-up targets at QB; our expectations with respect to potential underlying synergies between QB and the adjacent Collahuasi operation; our expectations with respect to the potential of QB, including design, construction and operational capacity; our expectations with respect to ore grades; our expectations that g rades will increase in years following 2028 to levels more consistent with the expected average; our ability to identify and imp lement solutions to enable ramp- up, accelerate and improve sand drainage, strengthen execution, and resolve other constraints on QB production, including the timeline for implementing such solutions; our ability to construct and implement solutions to assist with ultra -fines removal and refine sand placement techniques; our expectations regarding cost, timing and completion of TMF development at our QB operations; our expectations that the TMF development will not be a constraint on throughput levels from 2027 onwards; our expectations with respect to de -bottlenecking matters at QB; our expectations with respect to any downtime of the concentrator at QB; our ability to improve our planning, forecasting and reconciliation processes to support operational readiness and enable informed decision -making and risk management; our expectations with respect to the occurrence, timing and length of required maintenance shutdowns and equipment replacement; our expectations with respect our previously issued guidance, including with respect to production, sales, cost, unit cost, capital expenditure, capitalized stripping, operating outlook, and other guidance; our expectations with respect to future 2026 and 2027 production guidance updates; our expectations regar ding recovery; and our expectations regarding inflationary pressures and increased key input costs. These statements are based on a number of assumptions, including, but not limited to, assumptions regarding general business and economic conditions; the outcome of our comprehensive operations review and our ability to implement the QB action plan, in cluding the timing and effectiveness thereof; the operation of QB and our other operations in accordance with our expectations; our ability to advan ce QB TMF development initiatives as expected and the timing, occurrence and length of any potential maintenance downtime; expec tations with respect to the restart of the ship loader at QB and with respect to continued availability of alternative port arrangements; the possibi lity 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 o ther petroleum products; our costs of production and our production and productivity levels; our ability to procure equipment an d development and operating supplies in sufficient quantities and on a timely basis; the availability of qualified employees and contractors for our oper ations; engineering and construction timetables and capital costs for our initiatives; the accuracy of our mineral reserve and r esource estimates (including with respect to size, grade and recoverability) and the geological, operational and price assumptions on which these are based; th e outcome of the planning, forecasting and reconciliation processes underway; and that operating, development, 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. The foregoing list of assumptions is not exhaustive. Events or circumstances could cause actual results to vary materially. Factors that may cause actual results to vary materially include, but are not limited to, the outcome of our comprehensive op erations review; risks related to implementing the QB action plan, including the timing and effectiveness thereof; risks related to the operation of QB and our other operations in accordance with our expectations; risks related to our ability to advance QB TMF development initiatives as expected and the timing, occurrence and length of any potential maintenance downtime; the outcome of the planning, forecasting and reconciliation processes underway, including potential impacts on our guidance; TMF development will affect throughput levels in the future; the ability to meet the conditions of closing for our proposed merger with Anglo American plc; the ability to achieve expected synergies between QB and the adjacent Collahuasi operation; the accuracy of geo-metallurgical testing; recovery performance; actual sand drainage; risks related to construction ; unexpected risks related to potential downtime; risks related to the restart of the ship loader at QB and with respect to c ontinued availability of alternative port arrangements; risks related to business performance as expected or in a manner consistent wi th historical performance; inaccurate geological and metallurgical assumptions (including with respect to the size, grade and re coverability of mineral reserves and resources); the actual grades of materials; 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 ); unplanned or extended operational shutdowns; adverse weather conditions; unanticipated risks related to ongoing TMF development activities; risks r elated to general business, economic and market conditions; and unanticipated events related to health, safety and environmental matters. We assume no obligation to update forward-looking statements except as required under securities laws. Further information conce rning risks, assumptions and uncertainties associated with these forward-looking statements and our business can be found in our Annual Information Form for the year ended December 31, 2024 filed 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.
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COMPREHENSIVE OPERATIONAL REVIEW COMPLETED 3 Detailed assessment of operating plans, with external experts Plans are reasonable and achievable based on demonstrated performance Enhanced Planning Governance Monitoring & Guidance • Enhanced monitoring and reconciliation of performance to plan • Guidance adjusted to reflect updated risk-adjusted operational plans • Completed detailed assessment of all operating plans • Review and input from third-party technical experts and independent advisors • Redefined ranges of outcomes for key inputs and value drivers and reassessed and quantified risks based on demonstrated performance • Direct oversight of operations by CEO - SVPs of Operations for LATAM and North America report directly to CEO • Independent Specialist Advisors inform and validate business plans • Safety, Operations and Projects Committee, a sub-committee of the Board, continues to maintain oversight with increased frequency
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QB ACTION PLAN Dale Webb Senior Vice President, Operations, Latin America
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2025 QB PRODUCTION PERFORMANCE 5 Production constrained by pace of TMF development 2025A1 Mill Availability and Throughput Recoveries 87% 70% Mill Availability Actual Utilization TMF Constraint 92% Design Availability2 • Mill availability in 2025 has been close to design. • Utilization has been constrained by TMF development related stoppages • Future guidance based on improving mill availability and utilization reflective of historical unconstrained performance • TMF development has impacted consistency of mill online time leading to lower than design recovery rates • Historical performance has been embedded in forward guidance • Additional geo-metallurgical testing and more consistent online time could see upside in recoveries to design rates of 86-92% 77% 83% 84% 85% 83% 82% 82% Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Impacted by TMF development – lower plant operational run time
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QB TAILINGS MANAGEMENT FACILITY 6 Sand drainage solution and mechanical raising of dam wall underway 1 2 3 TMF Development Sand dam construction and paddock re-design1 Upstream beaching2 3 Crest growth and rock bench construction Installation of new cyclone technologies4
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QB TAILINGS MANAGEMENT FACILITY CONSTRUCTION PHOTOS 7 Initiatives underway to mechanically raise dam wall and improve sand drainage 2 Upstream beaching 1 Paddock re-design and sand dam construction
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QB TAILINGS MANAGEMENT FACILITY CONSTRUCTION PHOTOS 8 Initiatives underway to mechanically raise dam wall and improve sand drainage 4 New cyclone technologies to be implemented 3 Rock bench construction
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ADVANCING TMF DEVELOPMENT PLANS Near-term and 2026 TMF development objectives in focus Near-term Objective Status Expected Completion Initial upstream beaching (remains an ongoing work stream) Complete Q3 2025 Mechanical rock bench construction In progress 2025 program: Q4 2025 2026 program: Q1 2026 Paddock redesign Redesign complete – implementation in October Q4 2025 New cyclone technologies installed Installation to start in October Q4 2025 Catch up on sand dam construction, based on current sand drainage solutions In progress To be confirmed early 2026 Secondary sand cleaning system installed Under evaluation To be confirmed early 2026 Installation of permanent infrastructure Under evaluation in Q2 2026 To be confirmed late 2026 9
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GUIDANCE OUTLOOK Jonathan Price President and Chief Executive Officer
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CONTEXT TO OUR 2026 QB GUIDANCE 11 Factoring in additional TMF development and conservative recoveries 200 217.5 235 +17.5 +17.5 2026 Production (kt, contained copper) Low End of Guidance • 80% mill availability, including additional downtime for TMF development • Partially constrained throughput of 115ktpd (82% of design1) • Average grade of 0.59% • Conservative recovery assumption of 81% 1 Midpoint • 83% mill availability, including additional downtime for TMF development • Partially constrained throughput of 124ktpd (88% of design1) • Average grade of 0.59% • No change to 2025 YTD recoveries of 82% 2 Top End of Guidance • 86% mill availability, with plant ramp up in Q1 2026 and normal shutdown cadence • Partially constrained throughput of 132ktpd (95% of design1) • Average grade of 0.59% • Slight increase to 2025 YTD recoveries to 82.5% 3 1 2 3 • Net cash unit cost* guidance of US$2.25-$2.70/lb2 • Expect capital expenditures related to TMF of $420 million in 2026 Unit Costs and Capital Expenditures Low End Midpoint Top End * Net cash unit costs per pound is a non-GAAP ratio. See “Non-GAAP Financial Measures and Ratios” slide.
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CONTEXT TO OUR 2027-2028 QB GUIDANCE 12 Throughput levels no longer constrained by TMF development 280 240 310 275 Previous Guidance Current Guidance 270 220 300 255 Previous Guidance Current Guidance 2027 Production 2028 Production Grades: 2027 head grade assumption of 0.64%, after resequencing Mill Availability: Improving availability of 86-90% assumes TMF issues are resolved Throughput1: Phased in optimization results in improving throughput of 126-141ktpd Recovery: Conservative recovery assumptions of 82-83.5% Grades: Decrease to 2028 head grade assumption of 0.56%, after resequencing Mill Availability: Improving availability of 86-91% assumes optimization is partially realized Throughput1: Partial realization of optimization results in improving throughput of 130-147ktpd Recovery: Conservative recovery assumptions of 83-85% QB debottlenecking could increase throughput to 165-180ktpd, offering additional potential production upside QB optimization phase-in drives increase in mill throughput Debottlenecking Opportunity
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HVC AND RED DOG 13 Change in guidance driven by enhanced planning HVC Production Guidance (kt, contained copper) Red Dog Production Guidance (kt, contained zinc) Previous Current Previous Current Previous Current Previous Current 2025 2026 2027 2028 430-470 Higher end of guidance 410-460 375-415 365-400 330-370 290-320 230-270 • Updated production guidance reflects mine plans adjusted for recent and historical performance of mill availability and utilization • 2025 guidance reflects updated block model and mining through the Lornex fault area, resulting in lower recoveries. Fault area expected to be mined through by Q1 2026 • Resequencing of the mine plans results in lower grades in 2026, with higher grade material shifting in 2027 and 2028 • Expect to come in at the higher end of 2025 guidance due to strong performance YTD • Mine plan reflects lower grade, as Qanaiyaq pit is depleted in 2026 • Risk embedded into operational plans to reflect mine advancing to end of life in 2032. We continue to advance study work on the Red Dog mine life extension project Previous Current Previous Current Previous Current Previous Current 2025 2026 2027 2028 135-150 120-130 130-150 115-135 120-140 135-155 90-110 100-120
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~240 ~300 +40 +10 +10 2028 Throughput (Incl Debottlenecking to 165ktpd) Grade Recoveries Target LT Production QB – A WORLD CLASS TIER 1 ASSET 14*EBITDA is a non-GAAP measure. See “Non-GAAP Financial Measures and Ratios” slide. Will support future value creation with potential for QB / Collahuasi adjacencies QB targeting design rates longer-term with additional debottlenecking upside to 165ktpd Expected US$1.4B/yr2 of annual EBITDA* uplift over first 10 years (100% basis) ~175ktpa2 of incremental additional annual copper production by processing softer, higher grade Collahuasi ore through QB plant Low capital intensity of ~US$11,000/t2 Optimization and debottlenecking offers potential for capital- efficient, near-term throughput uplift to165kt-180ktpd Potential for recoveries to improve to within design rates of 86-92% Average annual grade improves 2029-2034; 2028 is expected to be impacted by transition ores QB QB / Collahuasi Adjacencies 1 1 1 Illustrative Long-Term Production (kt, contained copper)
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DEFINED AND MEASURABLE PATH FORWARD Comprehensive Operational Review completed – reasonable & achievable plans based on demonstrated performance TMF Development work ongoing – expect to complete by the end of 2026 and no longer a constraint in 2027 Outlook revised – more conservative assumptions embedded into guidance QB remains a Tier-1 asset with significant future value creation Proposed merger of equals with Anglo American - QB / Collahuasi set to drive significant value uplift Focus on execution – direct CEO and Board oversight of operational execution 15
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APPENDIX
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UPDATED GUIDANCE Based on comprehensive operational review 2025 Previous 2025 Change 2025 Revised 2026 Previous 2026 Change 2026 Revised 2027 Previous 2027 Change 2027 Revised 2028 Previous 2028 Change 2028 Revised Copper2 (000’s tonnes) Quebrada Blanca 210 -230 (40-40) 170-190 280-310 (80)-(75) 200-235 280-310 (40)-(35) 240-275 270-300 (50)-(45) 220-255 HVC 135-150 (15-20) 120-130 130-150 (15)-(15) 115-135 120-140 +15-15 135-155 90-110 +10-10 100-120 Total 470-525 (55)-(60) 415-465 550-620 (95)-(90) 455-530 530-600 (25)-(20) 505-580 475-545 (40)-(35) 435-510 Zinc3 (000’s tonnes) Red Dog 430-470 - 430-470 410-460 (35)-(45) 375-415 365-400 (35)-(30) 330-370 290-320 (60)-(50) 230-270 Total3 525-575 - 525-575 465-525 (35)-(45) 430-480 400-445 (35)-(30) 365-415 335-375 (60)-(70) 275-325 Molybdenum2 (000’s tonnes) Quebrada Blanca 1.7-2.5 - 1.7-2.5 6.4-7.6 (3.6)-(4.2) 2.8-3.4 7.0-8.0 (2.3)-(2.4) 4.7-5.6 6.0-7.0 (0.7)-(0.7) 5.3-6.3 HVC 1.6-2.1 (0.3)-(0.6) 1.3-1.5 2.3-2.8 (0.8)-(1.0) 1.5-1.8 2.7-3.2 (0.9)-(1.2) 1.8-2.0 2.9-3.5 +0.1-(0.1) 3.0-3.4 Total 3.8-5.4 (0.3)-(0.6) 3.5-4.8 9.4-11.4 (4.4)-(5.2) 5.0-6.2 10.6-12.4 (3.2)–(3.6) 7.4-8.8 9.3-11.1 (0.6)-(0.8) 8.7-10.3 Production1 2025 Previous 2025 Change 2025 Revised Copper* 4,6,7(US$/lb) Quebrada Blanca $2.25-2.45 +$0.40-0.55 $2.65-3.00 Copper $1.90-2.05 +$0.15-0.25 $2.05-2.30 Net Cash Unit Costs1 17 * Net cash unit costs per pound is a non-GAAP ratio. See “Non-GAAP Financial Measures and Ratios” slide. 2026 Copper* 4,6,7(US$/lb) Quebrada Blanca $2.25-2.70 Copper $1.85-2.25 Zinc* 5,6,7(US$/lb) Red Dog $0.65-0.75 Zinc $0.65-0.75 17
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ENDNOTES 18 SLIDE 5: 2025 QB Production Performance 1. 2025 actual mill availability and utilization at QB Operations, through to September 30, 2025. 2. Design availability of 92% reflected in design throughput of 140ktpd. SLIDE 11: Context to Our 2026 QB Guidance 1. Design throughput indicated at 140ktpd, at availability/utilization of 92%. Indicative throughput rates shown reflective of asset utilization. 2. Copper net cash unit costs reported in US dollars per payable pound. Refer to Teck Guidance Update News Release for further details. SLIDE 14: QB – A World Class Tier 1 Asset 1. Illustrative calculation represents the potential increase in copper production from increasing grade of ~0.57%, illustrative throughput from QB optimization and debottlenecking of 165ktpd, and recoveries of 87%. 2. For the purposes of quantification, synergies have been estimated for the period 2030-2049, but are expected 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 17: Updated Guidance 1. As at October 8, 2025. Refer to Teck Guidance Update News Release for further details. 2. Metal contained in concentrate. We include 100% of production from our Quebrada Blanca in our production volumes, even though we do not own 100% of these operations, because we fully consolidate their results in our financial statements. 3. Total zinc includes co-product zinc production from our 22.5% proportionate interest in Antamina. 4. Copper unit costs are reported in U.S. dollars per payable pound of metal contained in concentrate. Copper net cash unit costs include adjusted cash cost of sales and smelter processing charges, less cash margins for by-products including co-products. Guidance for 2025 assumes a zinc price of US$1.27 per pound, a molybdenum price of US$22.50 per pound, a silver price of US$38 per ounce, a gold price of US$3,350 per ounce, a Canadian/U.S. dollar exchange rate of $1.39 and a Chilean peso/U.S. dollar exchange rate of 950. 5. Zinc unit costs are reported in U.S. dollars per payable pound of metal contained in concentrate. Zinc net cash unit costs are mine costs including adjusted cash cost of sales and smelter processing charges, less cash margins for by-products. Guidance for 2025 assumes a lead price of US$0.90 per pound, a silver price of US$38 per ounce and a Canadian/U.S. dollar exchange rate of $1.39. By-products include both by-products and co-products. 6. After co-product and by-product margins. 7. This is a non-GAAP financial measure or ratio. See “Use of Non-GAAP Financial Measures and Ratios” for further information.
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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 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. Adjusted cash cost of sales for our copper and zinc operations is defined as the cost of the product delivered to the port of shipment, excluding depreciation and amortization charges, any one-time collective agreement charges or inventory write-down provisions and by-product cost of sales. It is common practice in the industry to exclude depreciation and amortization, as these costs are non-cash, and discounted cash flow valuation models used in the industry substitute expectations of future capital spending for these amounts. EBITDA is profit before net finance expense, provision for income taxes, and depreciation and amortization. 19
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October 8, 2025 UPDATE ON COMPREHENSIVE OPERATIONAL REVIEW AND OUTLOOK