Slides
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INVESTOR PRESENTATION April 24, 2025
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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”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “predict”, “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 presentation. These forward-looking statements include, but are not limited to, statements concerning: our strategy and priorities; the potential for Quebrada Blanca to be a top 5 copper mine globally; statements regarding Teck’s capital allocation framework, including statements regarding potential returns to shareholders, potential cash flows and allocation of funds; all expectations regarding QB, including expectations relating to throughput and recovery rates, grades, production, net cash unit costs and cash flow generation; expectations regarding increased copper production and lower copper net cash unit costs; our expectations with respect to future and ongoing project development, including expansions of existing operations, including expectations regarding the timing and occurrence of any sanction decisions and prioritization of capital, expectations related to the submission and receipt of regulatory approvals and the timing for completion of engineering studies and expectations relating to production levels, post-sanction capital costs, payback periods, first production dates and mine life; expectations with respect to expansions, extensions or debottlenecking of our existing operations, including QB, HVC, Red Dog and Antamina, including expectations relating to mine life, production, scope, costs, submission and receipt of regulatory approvals and completion of engineering studies; mineral reserves and resources; anticipated global and regional supply, demand and market outlook for our commodities; all macroeconomic and market expectations; all guidance included in this presentation, including production guidance, net cash unit cost guidance, sustaining capital, capitalized stripping, capital expenditure guidance and sales guidance; and all other statements that are not historic facts. 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. Such statements are based on a number of assumptions that may prove to be incorrect, including, but not limited to, assumptions regarding: general business and economic conditions; interest rates; commodity and power prices; acts of foreign or domestic governments; tariffs, import or export restrictions, or other trade barriers by foreign or domestic governments; the outcome of legal proceedings, the supply and demand for, and the level and volatility of prices of, copper, zinc and our other metals and minerals as well as inputs required for our operations; the timing of receipt of permits and other regulatory and governmental approvals for our development projects and operations, including mine 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; availability of water and power resources for our projects and operations; credit market conditions and conditions in financial markets generally; 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 and services in sufficient quantities 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; the impact of changes in Canadian-U.S. dollar exchange rates, Canadian dollar-Chilean Peso exchange rates and other foreign exchange rates on our costs and results; engineering and construction timetables and capital costs for our expansion 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 tax rates; the outcome of our copper, zinc and lead concentrate treatment and refining charge negotiations with customers, our ability to obtain, comply with and renew permits and other authorizations in a timely manner; our ongoing relations with our employees and with our business and joint venture partners; the impact of climate change and climate change initiatives on markets and operations; and the impact of geopolitical events on mining operations and global markets. Statements concerning future production costs or volumes are based on numerous assumptions of management 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. Assumptions regarding the costs and benefits of our projects include assumptions that the relevant project is constructed, commissioned and operated in accordance with current expectations. Expectations regarding our operations are based on numerous assumptions regarding their operation. Our Guidance tables include disclosure and footnotes with further assumptions relating to our guidance Inherent in forward-looking statements are risks and uncertainties beyond our ability to predict or control, including, without limitation: risks that are generally encountered in the permitting and development of mineral properties such as unusual or unexpected geological formations; associated with unanticipated metallurgical difficulties; relating to delays associated with permit appeals or other regulatory processes, ground control problems, adverse weather conditions or process upsets and equipment malfunctions; risks associated with any damage to our reputation; risks associated with volatility in financial and commodities markets and global uncertainty; risks associated with labour disturbances and availability of skilled labour; risks associated with fluctuations in the market prices of our principal commodities or of our principal inputs; risks associated with the imposition of tariffs, import or export restrictions, or other trade barriers by foreign or domestic governments; associated with changes to the tax and royalty regimes in which we operate; risks posed by fluctuations in exchange rates and interest rates, as well as general economic conditions and inflation; risks associated with climate change, environmental compliance, changes in environmental legislation and regulation, and changes to our reclamation obligations; risks created through competition for mining properties; risks associated with lack of access to capital or to markets; risks associated with mineral reserve and resource estimates; risks associated with changes to our credit ratings; risks associated with our material financing arrangements and our covenants thereunder; risks associated with procurement of goods and services for our business, projects and operations; risks associated with non-performance by contractual counterparties; risks associated with potential disputes with partners and co-owners; risks associated with operations in foreign countries; risks associated with information technology; risks associated with tax reassessments and legal proceedings; and other risk factors detailed in our Annual Information Form. Certain of our 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. 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. Scientific and technical information in this presentation was reviewed and approved by Rodrigo Alves Marinho, P.Geo., a consultant of Teck and a Qualified Person under National Instrument 43-101.
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3 VALUE CREATION THROUGH OUR RESILIENT BUSINESS Macro factors continue to drive demand for our key commodities: Fundamentals for our commodities remain robust Our resilient business is underpinned by: Industrial Policy and National Security Value-accretive copper growth projects Electrification Infrastructure Agile commercial strategy Digital Economy Strong balance sheet Global Manufacturing and Development Growing copper production and improving margins Active share buyback program
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CLOSELY MONITORING POTENTIAL IMPACT OF TARIFFS 4USMCA is the United States-Mexico-Canada Agreement. No material impact on sales from tariffs expected Product Sales Expected Impact Tariffs Applicable Concentrate sales are diversified and to non-US customers1 Finished & Specialty Metals Copper Concentrates Zinc Concentrates No impact No impact US: No sales to US customers China Countervailing: Applies to sales of Red Dog concentrate to China US: Exempt as compliant with USMCA China: No sales to Chinese customers No impact, except sales to China Americas (ex-US) 12% China 32%Asia (ex-China) 36% Europe 20% Copper Americas (ex-US) 31% China 22%Asia (ex-China) 27% Europe 20% Zinc US: No sales to US customers
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RESPONSIBLE GROWTH AND VALUE CREATION Focusing on the metals essential to meet growing demand driven by the energy transition 5 METALS FOR THE ENERGY TRANSITION Industry-leading capabilities, processes and talent to drive us forward CORE EXCELLENCE A rigorous approach to growth focused on value creation VALUE-DRIVEN GROWTH RESILIENCE Ensuring we stay resilient and able to create value throughout market cycles Our strategy is focused around four pillars: Driven by our purpose and values, we will grow to become one of the world’s leading providers of responsibly-produced critical minerals. Balancing growth with cash returns to shareholders
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FOUNDATION OF WORLD-CLASS OPERATIONS 6 Energy transition metal assets in established mining jurisdictions World-Class Copper Operations Integrated Zinc Operations Antamina (22.5% ownership) Highland Valley (100% ownership) Quebrada Blanca (60% ownership) Red Dog (100% ownership) Carmen de Andacollo (90% ownership) Trail (100% ownership) High quality, proven copper-zinc producer Largest copper mine in Canada Potential to be a top 5 copper mine globally One of the largest integrated zinc smelting and refining complexes Large, high-grade zinc mine Low strip, reliable copper producer Tier 1 Tier 1 Tier 1 Top 10 copper producer operating in the Americas Largest net zinc miner globally 70% of EBITDA1 from Tier 1 assets * EBITDA is a non-GAAP financial measure. See “Non-GAAP Financial Measures and Ratios” slide.
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DISCIPLINED CAPITAL ALLOCATION FRAMEWORK 7 * Our capital allocation framework describes how we allocate funds to sustaining and growth capital, maintaining solid invest ment grade credit metrics and returning excess cash to shareholders. This framework reflects our intention to make additional returns to shareholders by supplementing our base dividend with at least an additional 30% of available cash flow after certa in other repayments and expenditures have been made. For this purpose, we define available cash flow (ACF) as cash flow from operating activities after interest and finance charges, lease payments and distributions to non -controlling interests less: (i) sustaining capital and capitalized stripping; (ii) committed growth capital; (iii) any cash required to adjust the capi tal structure to maintain solid investment grade credit metrics; (iv) our base $0.50 per share annual dividend; and (v) any share repurchases executed under our annual buyback authorization. Proceeds from any asset sales may also be used to supplement available cash flow. Any additional cash returns will be made through share repurchases and/or supplemental divide nds depending on market conditions at the relevant time. Commitment to return 30-100% of available cash flow to shareholders* Balancing value accretive growth with cash returns to shareholders and a strong balance sheet Balance for growth and cash returns to shareholders RETURNS GROWTH Capital Structure Committed Growth Capital Sustaining Capital including stripping Base Dividend C$0.50 per share Supplemental Shareholder Distributions minimum 30% available cash flow Share Buybacks additional buybacks will be considered regularly Cash Flow from Operations after interest and finance charges, lease payments and distributions to non-controlling interests
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FOCUS ON OUR VALUE CREATION PRIORITIES Ramp-up QB to steady state, including the molybdenum plant1 Grow copper production, reduce unit costs, and improve margins 2 Continue to execute on the record authorized share buyback3 Progress value-accretive copper growth projects to potential 2025 sanction4 8 Enable resilience through agile commercial strategy and strong balance sheet5 Balancing growth and cash returns to shareholders
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QB Guidance for 20252 230-270kt copper production expected at the lower end of guidance US$1.80-2.15/lb net cash unit costs* expected at the higher end of guidance 9* Net cash unit cost per pound is a non-GAAP ratio. See “Non-GAAP Financial Measures and Ratios” slide. QB PLANT PERFORMANCE CONTINUES TO IMPROVE 2025 guidance unchanged Throughput1 Recovery 72 77 83 84 86 83 ~87 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Avg Q2- Q4 2025E Design recovery: 86-92% 3.0-4.5kt molybdenum production expected at the lower end of guidance 89 108 120 125 131 92 ~143 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Avg Q2- Q4 2025E Design throughput: 143ktpd 136 Adjusted to exclude extended and unplanned shutdowns Grade • Continue to expect full-year average grade of ~0.60%2 • Higher level of transition ores mined, leading to lower recoveries in Q1 2025, as expected • Excluding extended and unplanned shutdowns, average daily throughput increased in Q1 2025 vs. Q4 2024 1
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10* Net cash unit cost per pound and segmented EBITDA margin are non -GAAP ratios. See “Non-GAAP Financial Measures and Ratios” slide. GROWING COPPER PRODUCTION WITH IMPROVING MARGINS Increase in copper production at lower costs in 2025 Copper Production (kt, contained copper) Net Cash Unit Cost* (US$/lb) Copper EBITDA Margin* Expansion (%, from operations) 296 446 490- 565 2023 2024 2025E 1.87 2.20 1.65- 1.95 2023 2024 2025E +10-27% increase 12-25% improvement 33% 2023 42% 2024 51% 2025 Consensus1 Guidance Guidance 2
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11 STRONG TRACK RECORD OF CASH RETURNS TO SHAREHOLDERS Historical Cash Returns to Shareholders ($M) ~$5.4B returned to shareholders since 20201 Additional Cash Returns to Shareholders $1.5B2 in authorized share buybacks remaining from $3.25B program, improving per-share value 30-100% of annual future available cash flow3 & Completed >50% of our $3.25B in authorized share buybacks $106 $106 $532 $515 $514 $63 $207 $1,392 $250 $1,240 $505 2020 2021 2022 2023 2024 2025 YTD to April 23rd Dividends Paid Share Buybacks 3
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12 VALUE-ACCRETIVE GROWTH Significant growth expected in 2025; path to ~800 ktpa before end of the decade Value-Accretive Near-Term Copper Projects Highland Valley Mine Life Extension (HVC MLE) (Cu-Mo | Brownfield | Canada | 100%) Extends a core asset by 17 years Quebrada Blanca Optimization & Debottlenecking (Cu-Mo-Ag | Brownfield | Chile | 60%) Optimizes value from a Tier 1 asset San Nicolás (Cu-Zn Ag-Au | Greenfield | Mexico | 50%) Low capital intensity and strong returns expected Zafranal (Cu-Au | Greenfield | Peru | 80%) Low capital intensity with rapid payback expected 2023A 2024A 2025E Before end of decade (near-term projects) 446 296 ~800 ktpa 490-565 ~45-120 kt increase expected this year Guidance1 4
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Highland Valley Mine Life Extension (Cu-Mo | Brownfield | British Columbia | 100%) • Successful independent review to confirm construction readiness • Environmental assessment process is proceeding 13 WELL-FUNDED NEAR-TERM PROJECTS PROGRESSING AS PLANNED Zafranal (Cu-Au | Greenfield | Arequipa | 80%) • Main permit in place • Project progressing as scheduled • Advanced works permit received on April 10th • Aim to submit construction permit in Q2 2025 San Nicolás (Cu-Zn Ag-Au | Greenfield | Zacatecas | 50%) • Ongoing engagement with government and other stakeholders in support of permits • Progressing feasibility study and execution strategy QB Optimization and Debottlenecking (Cu-Mo-Ag | Brownfield | Tarapacá | 60%) • Optimization progressing • Detailed planning for debottlenecking underway Potential sanction decision in H2 2025 Feasibility study completion and potential receipt of permits expected in H2 2025 Potential sanction decision in late 2025 Planned DIA permit application in H2 2025 Potential sanction decisions in 2025 4
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STRONG BALANCE SHEET PROVIDES RESILIENCE 147 142 180 190 242 167 108 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 QB Project Finance Term Notes * Net cash is a non-GAAP ratio. See “Non-GAAP Financial Measures and Ratios” slide. Debt Repayments1 (US$M) 294/year 14 Outstanding note maturities are long dated Enables continued value creation in current market conditions • Successful achievement of completion testing at QB has resulted in Teck and the other sponsor guarantees of the project finance facility being released US$1.1B Net Cash* Position As at March 31, 2025 Term Notes Outstanding As at March 31, 2025 Solid Liquidity As at April 23, 2025 Strong Credit Ratings As at April 23, 2025 $764M Investment Grade US$1.0B $10.0B 5
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ILLUSTRATIVE ACCRETIVE GROWTH ON PER-SHARE METRICS Compound impact of copper growth and authorized share buybacks QB Ramp Up +54% Stabilized QB and Share Buyback Program +34-51% 2023 2024 2026E Long-Term (Est) Copper Production (kt Cu) 296 446 550-620 800+ Shares Outstanding1 (M Shares) 517 506 ~465 <465 Annual Copper Production/Share (lb Cu) 1.3 1.9 ~2.6-2.9 >3.7 15 Increasing number of shares repurchased at current price
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RESPONSIBLE GROWTH AND VALUE CREATION Focusing on the metals essential to meet growing demand driven by the energy transition 16 METALS FOR THE ENERGY TRANSITION Industry-leading capabilities, processes and talent to drive us forward CORE EXCELLENCE A rigorous approach to growth focused on value creation VALUE-DRIVEN GROWTH RESILIENCE Ensuring we stay resilient and able to create value throughout market cycles Our strategy is focused around four pillars: Driven by our purpose and values, we will grow to become one of the world’s leading providers of responsibly-produced critical minerals. Balancing growth with cash returns to shareholders
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APPENDIX 17
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OPERATIONS AND SAFETY 18
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FOUNDATION OF WORLD-CLASS OPERATIONS AND PROJECTS 19 OperationsProjects Operating Assets Brownfield Projects Quebrada Blanca (QB) QB Future Expansion Antamina Antamina Mine Life Extension Highland Valley Highland Valley Mine Life Extension Carmen de Andacollo (CdA) CdA Mine Life Extension Red Dog Red Dog Aktigiruq Asset Extension Trail Trail Critical Minerals Opportunities Defined Projects Prospective Projects 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 21 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 Aktigiruq Asset Extension Cirque 1 2 Zinc Projects 1 2 3 3
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• Strong safety performance in Q1 2025 ‒ High Potential Incident (HPI) frequency rate remained low at 0.05 • Released our 24th annual Sustainability Report ‒ Aligned with GRI and SASB standards and in conformance with ICMM member requirements and MAC TSM protocols CONTINUED COMMITMENT TO SAFETY AND SUSTAINABILITY 20 Teck-Controlled High Potential Incident (HPI) Performance1 (per 200,000 hours worked) 0.15 0.07 0.06 0.09 0.12 0.05 0.32 0.17 0.16 0.19 0.12 0.05 2020 2021 2022 2023 2024 Q1 2025 Including QB2 Project Excluding QB2 Project Fatalities 0 1 0 1 0 GRI is the Global Reporting Initiative Standards. SASB is the Sustainability Accounting Standards Board. ICMM is the Internat ional Council on Mining and Metals. MAC TSM is the Mining Association of Canada’s Towards Sustainable Mining program. 0
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21* Net cash unit costs per pound is a non-GAAP ratio. See “Non-GAAP Financial Measures and Ratios” slide. COPPER GUIDANCE Expect higher copper production and lower net cash unit costs and capex in 2025 208 102 96 40 2024 2025E 2026E 2027E 2028E Quebrada Blanca Highland Valley Antamina (22.5%) Carmen de Andacollo 1.87 2023 2024 2025E 0.60.9 1.8 2024 2025E 2026E 2027E 2028E Quebrada Blanca Highland Valley Antamina (22.5%) 1.6-2.1 3.0-4.5 1.8-2.4 6.0-7.0 2.7-3.2 7.0-8.0 2.3-2.8 6.4-7.6 5.1-7.4 8.2-10.0 10.6-12.4 9.4-11.4 3.3 0.7-1.0 0.5-0.8 0.4-0.6 0.9-1.2 448 379 2,526 2023 2024 2025E Sustaining Capitalized Stripping Growth Net Cash Unit Costs* ,1,3 (US$/lb) Copper Production1,2 (kt) Capital Expenditures1,4 (C$M) Molybdenum Production1,2 (kt) 1.65-1.95 195-225 740-830 600-670 2,267 3,353 ~1,535-1,725 135-150 230-270 70-90 270-300 120-140 280-310 130-150 280-310 490-565 455-525 530-600550-620 446 95-105 80-90 80-90 85-95 45-55 45-55 35-45 45-55 2.20 290 1,323 654
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0.55 2023 2024 2025E 152 76 70 2023 2024 2025E Sustaining Capitalized Stripping Growth 256 2024 2025E 2026E 2027E 2028E 556 60 2024 2025E 2026E 2027E 2028E Red Dog Antamina (22.5%) 22* Net cash unit costs per pound is a non-GAAP ratio. See “Non-GAAP Financial Measures and Ratios” slide. ZINC GUIDANCE Reflects declining grades at Red Dog – advancing studies for mine life extension Net Cash Unit Costs* ,1,3 (US$/lb) Zinc Production1,2 (kt) Capital Expenditures1 (C$M) Refined Zinc Production1,2 (kt) 0.45-0.55 190-230 260-300260-300260-300 95-105 430-470 45-55 290-320 35-45 365-400 55-65 410-460 525-575 335-375 400-445 465-525 616 ~350-400 298 135-150 150-175 65-75 Red Dog Sales1 (kt) 54 Q2 2024 Q2 2025E 25-35 0.39 345 80 182 83
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COST OF SALES 23 2024 Copper Cost of Sales (C$) Zinc Cost of Sales (C$) Labour 21% Contractors & Consultants 23% Operating Supplies & Parts 16% Repairs & Maintenance Parts 16% Energy 22% Other Costs 2% Total 100% Labour 34% Contractors & Consultants 13% Operating Supplies & Parts 13% Repairs & Maintenance Parts 10% Energy 16% Other Costs 14% Total 100% Transportation 5% Operating Costs 65% Depreciation & Amortization 30% Copper Operating Costs (%) Zinc Operating Costs (%) Transportation 11% Royalties 15% Depreciation & Amortization 10% Operating Costs 38% Raw Material Purchases 26%
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COLLECTIVE AGREEMENTS Operation Expiry Dates1 Carmen de Andacollo September 30, 2025 December 31, 2025 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 24
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LATAM OPERATIONS 25
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QUEBRADA BLANCA 26 Tier 1, low-cost, long-life cornerstone asset Large, long-life deposit capable of supporting multiple expansions QB completion testing achieved – independent verification of design, construction and capacity to operate at design levels Strong cash flow generation expected, due to lower costs, low sustaining capital and low capitalized stripping 2 3 1 24year Current mine life 0.52% Cu reserve grade 230-270kt 2025 Cu production guidance1 280-310kt 2026 Cu production guidance1 QB
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CODELCO INTEREST IN QUEBRADA BLANCA 27 • Chilean state-run miner Codelco purchased Enami’s 10% non-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
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ANTAMINA 28 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 11years Current mine life plus approval to extend to 2036 (+8 years) 0.92% Cu reserve grade 80-90kt 2025 Cu production guidance1 (22.5%) * Gross profit before depreciation and amortization (D&A) is a non -GAAP financial measure. See “Non -GAAP Financial Measures and Ratios” slides. $1.0B 2024 gross profit before D&A* $737M 2024 gross profit
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ANTAMINA MINE LIFE EXTENSION 29 Potential extensions beyond 2036 Received regulatory approval to extend life of mine to 2036 in Q1 2024 • Maintains current production profile of well known, proven asset Enables 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 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 Evaluation of Post-2036 Extension Options Theoretical Timeline Tucush Waste Dump Open Pit Crushing and Material Transport System Tailings Facility East Waste Dump Mine Operation Area
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CARMEN DE ANDACOLLO 30*Gross profit before depreciation and amortization (D&A) is a non -GAAP financial measure. See “Non -GAAP Financial Measures and Ratios” slides. Highly efficient operation One of the Americas lower cost operations (on a $/t milled basis) Operational and cost improvements driving results Cash generative asset 2 1 12years current mine life to 2037 0.31% Cu reserve grade 45-55kt 2025 Cu production guidance1 (100%) $121M 2024 gross profit before D&A* 3 $44M 2024 gross profit
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NORTH AMERICA OPERATIONS 31
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HIGHLAND VALLEY COPPER 32*Gross profit before depreciation and amortization (D&A) is a non -GAAP financial measure. See “Non -GAAP Financial Measures and Ratios” slides. Technology and Innovation underpins efficient, low-cost operations Mine plan drives material increase in 2025 production Attractive, low risk, brownfield mine life extension 3years current mine life to 2028; potential extension to 2045 (+17 years) 0.30% Cu reserve grade 135-150kt 2025 Cu production guidance1 $471M 2024 gross profit before D&A* 3 2 1 $221M 2024 gross profit 32
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OVERVIEW OF HIGHLAND VALLEY MINE LIFE EXTENSION 33 Attractive capital intensity Incremental Metal Production Construction 2025 2026 2027 2028 2029 Permitting & Sanction Pit Expansion / Waste Stripping Illustrative Timeline Overview Scope Permitting Quality brownfield extension • Extends existing HVC copper production with expansion expected to be completed in 2027 • Project includes increased grinding capacity, flotation circuit modifications, expansion of existing tailings facility, and expanded mine fleet Well-understood ore body and proven asset performance • SAG Replacement of AG • C3 Ball Mill (tertiary grinding) • Flotation, Tailings Upgrades • Mine Fleet Additions • Mine Maintenance Shop Expansion On-track with regulatory and Indigenous reviews in progress • British Columbia Environmental Assessment (EA) application submitted in Q4 2023 • Ongoing discussions with several Indigenous nations to support their internal reviews
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HVC MINE LIFE EXTENSION 34A represents actual results and E represents an estimate. Estimated project capital of $1.8-2.0B; avg annual Cu production of 137kt1 to 2045 HVC Ore Feed (% of overall throughput) Ore Mined Tonnes and Forecast Contained Copper Production 0 50 100 150 200 250 0 25 50 75 2022A 2025E 2028E 2031E 2034E 2037E 2040E 2043E Production (ktpa) Ore mined tonnes (Mt) Ore Tonnes (Mt) Production (ktpa) 0% 20% 40% 60% 80% 100% 2022A 2025E 2028E 2031E 2034E 2037E 2040E 2043E Valley Lornex Highmont Bethlehem
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RED DOG OPERATIONS 35 One of the world’s largest zinc mines1, and largest critical minerals mine in the United States Consistent cash flow generation Built on a world-class mining district with potential to extend mine life well beyond current operation 2 3 1 6years current mine life to 2031 11.5% Zn reserve grade 430-470kt 2025 Zn production guidance2 $851M 2024 gross profit before D&A* $620M 2024 gross profit 35*Gross profit before depreciation and amortization (D&A) is a non -GAAP financial measure. See “Non -GAAP Financial Measures and Ratios” slides.
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RED DOG SEASONALITY 36* Net cash unit costs per pound is a non-GAAP ratio. See “Non-GAAP Financial Measures and Ratios” slides. Sales • Operates 12 months • Ships ~4 months • Shipments to inventory in Canada and Europe; direct sales to Asia • ~65% of zinc sales in second half of year • ~99% of lead sales in second half of year • Sales seasonality causes net cash unit cost seasonality Unit Costs • Seasonality of Red Dog net cash unit costs largely due to lead sales during the shipping season Historical Zinc Sales and Lead Sales1 (%) Five-Year Historical Average Red Dog Net Cash Unit Costs* ,2 (US$/lb) 22% 12% 38% 27% Q1 Q2 Q3 Q4 0% 1% 75% 24% Q1 Q2 Q3 Q4 0.53 0.53 0.26 0.44 Q1 Q2 Q3 Q4 Zinc Lead
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RESERVES AND RESOURCES AT RED DOG OPERATIONS 37 Mineral Reserves and Resources1 Category Tonnes Grade Recoverable Metal Mt Zn (%) Pb (%) Ag (g/t) Zn (kt) Pb (kt) Ag (koz) Reserves Proven - - - - - - - Probable 29.1 11.5 3.3 61.8 2,820 500 36,130 Total P&P 29.1 11.5 3.3 61.8 2,820 500 36,130 Resources Contained Metal Measured - - - - - - - Indicated 4.7 7.9 6.4 124.5 370 300 18,750 Total M&I 4.7 7.9 6.4 124.5 370 300 18,750 Inferred 13.2 11.1 4.0 77.9 1,460 530 33,130
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RED DOG MINE LIFE EXTENSION 38Potential quantity and grade of the Anarraaq exploration target is conceptual in nature. There has been insufficient explorat ion to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a miner al 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 DevelopmentExtension Studies Overview Scope Permitting Leveraging existing infrastructure • Surface resource drilling ongoing • Recently completed Scoping Study and entering PFS • Assessing development alternatives • Using existing RDO mill and infrastructure NANA relationship • NEPA permitting requires EIS (expected to be a 4.5-year process beginning in 2026) • State mineral claims owned by Teck • Working on a new agreement for use of Red Dog facilities with the NANA High zinc and lead grades deposits • Anarraaq contains Inferred resources of 16.3 Mt @ 14.3% Zn, 4.0% Pb1 • Aktigiruq contains Indicated resources of 32.7 Mt @ 16.2% Zn, 4.2% Pb and Inferred of 26.6 Mt @ 13.7% Zn 1, 3.5% Pb1 • Expected to have 25+ years mine life, producing >400ktpa of zinc • Relatively shallow underground mine • Specialty metals including germanium
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TRAIL OPERATIONS 39 One of the largest fully integrated polymetallic smelting and refining complexes Produce refined zinc and lead, precious and specialty metals, chemicals and fertilizer products Strong strategic value enabling vertical integration for the zinc segment Decades of experience employing recycling processes & new market opportunities emerging in critical minerals sector Trail 39
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COPPER GROWTH PORTFOLIO 40
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~ 4,000 NEAR-TERM GROWTH PROJECTS HAVE A SMALLER SCOPE 41 Reduced scope and complexity, leading to lower capital intensity Port Mine ~ 2,800m elevation Water supply QB2 – Large Scope Workforce / Port AreaMine Area Linear Works Desalination Plant 165 km Transmission Line 12 km TMF Launder / Water Reclaim 165 km Concentrate Pipeline 1.4 Bt TMF Capacity Port 100 Mtpa Annual Mining Rate 165 km Water Supply Pipeline Desalination Plant Concentrate Pipeline Transmission Line Concentrate Pipeline Water Supply Pipeline Annual Mining Rate 50 Mtpa TMF Launder / Water Reclaim <5 km 96 km Transmission Line TMF Capacity 0.44 Bt In pit water supply <5 km < 25 km Port Port ~ 4,400m elevation Mine ~25 Km ~25 Km Mine Zacatecas ~ 2,100m elevation Pacific Coast ports: ~ 625 Km from the project Gulf of Mexico ports: ~ 700 Km from the project ~25 Km 45 Mtpa Annual Mining Rate TMF Launder / Water Reclaim TMF Capacity Desalination Plant Port Existing 1 Water Supply Pipeline 54 km Zafranal – Medium Scope San Nicolás – Small Scope 27 1S 109 105 277 49 45 54 45 54 144 Construction Workforce Construction Workforce Construction Workforce ~15,000 (peak per shift) ~ 2,000 0.10 Bt New / upgraded access road New access road New access road 5 New New Existing
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42Teck’s estimated funding share for San Nic olás is US$0.3-0.5 billion. Teck’s attributable estimated capital for QB is 66% as Codelco’s 10% interest is non-funding. WELL-FUNDED NEAR-TERM PROJECTS Post-sanction capital guidance unchanged Value-Accretive Near-Term Copper Projects Highland Valley Mine Life Extension (Cu-Mo | Brownfield | Canada | 100%) 100% ownership Quebrada Blanca Optimization & Debottlenecking (Cu-Mo-Ag | Brownfield | Chile | 60%) 60% ownership; 30% SMM/SC; 10% Codelco San Nicolás (Cu-Zn Ag-Au | Greenfield | Mexico | 50%) 50:50 joint venture with Agnico Eagle Zafranal (Cu-Au | Greenfield | Peru | 80%) 80% ownership; 20% Mitsubishi Materials Capital requirement in development – very low capital intensity Total Estimated Post-Sanction Capital Attributable Estimated Post-Sanction Capital Total Attributable Estimated Post-Sanction Capital US$3.2 – 3.9B US$1.3-1.4B1 US$1.3-1.4B1 US$1.9-2.2B2 US$1.5-1.8B2 US$0.3-0.5B3 US$0.1-0.2B4US$0.1-0.3B4
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PORTFOLIO APPROACH TO BALANCING RISKS AND RETURNS 43 Project derisking drives enhanced returns and value creation San Nicolás Zafranal QB Optimization & Debottlenecking Highland Valley Mine Life Extension Size = attributable production Green = Greenfield Brown = Brownfield Lower Return Higher Return Lower Risk Higher Risk Lower risk, lower returns Lower risk, higher returns Higher risk, higher returns Higher risk, lower returns Relative Risk Relative Return
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QB Potential Ramp-Up (Throughput in ktpd) 44 QB DISCIPLINED GROWTH PATHWAY Lowest capital intensity value creation opportunity Optimization • Focused on operating stability at 143 ktpd • Target to drive throughput up to ~154 ktpd in the next two years • Rates achieved to date >143 ktpd 1 Ramp-up Nameplate Optimization Debottlenecking Future Opportunities Debottlenecking • Target 165-180 ktpd in the next three years • Low capital investment to maximize existing plant capacity 2 Future Opportunities • Potential of up to 1.5x – 2.0x nameplate in the next decade • Multiple configurations being studied 3 2023A 2024E 2025E 2026E 2027E 2028E 2029E 2030-2035E2024A 62.8 207.8
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45 • Target stable production of up to ~154 ktpd by end of 2026 − Rate already achieved for short periods of time • No additional permit required • Multiple projects underway Ongoing Projects (2025) • Asset reliability improvements and minor equipment modifications • Continued optimization of ball mills ‒ Fully utilize available power draw in grinding mills • Improve recovery in flotation • Increase efficiency of filters / clarifiers QB OPTIMIZATION TO INCREASE THROUGHPUT Near-term throughput increase of 5-10% Optimization and Stabilization to ~154 ktpd Illustrative Timeline 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035
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46 • Target throughput of ~165-180 ktpd in next 3 years, with minimal investment • Minor permit submission in development to submit in H2 2025 • Ability to utilize more power in SAG mills • Studies to identify debottlenecking opportunities ongoing • Teck's share of funding estimated at US$100-200M1 (66%) QB DEBOTTLENECKING FURTHER INCREASES THROUGHPUT Additional growth to ~165-180 ktpd • Equipment upgrades on conveyor rollers, ball addition system to SAG/Ball mills • Updated stockpile / feed chute designs • Minor improvements to the pebble circuit • Drive recovery through addition of two floatation cells at the end of the circuit Options being Studied (2025-2027) Debottlenecking Studies and DIA Permit Submission and Receipt Staged Debottlenecking Improvements, Based on Study Results, to ~165-180 ktpd 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Illustrative Timeline
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47 QB FUTURE GROWTH OPPORTUNITIES Additional expansion and extension options for the next decade • Current, permitted plan uses <15% of defined reserves and resources − Opportunity for expansions and life extensions − Expanded tailings location identified with advanced studies in progress − Various options for extensions (mine and tailings), and concentrator expansions are being considered − Studies underway to determine staged development sequence o Focus on the most capital efficient and value-adding options based on QB operating performance − Capital investment dependent on improvements − Potential for >500 ktpa of copper production • EIA permit to be developed to support expansion and extension plans • Resource expansion in multiple pushbacks • Expanded tailings facility • Addition of 1 or 2 SAG lines and associated infrastructure • Coarse particle flotation Options being Studied (2030+) Expansion and Extension Studies Expansion and Extension Construction and Continued Studies 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Illustrative Timeline
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QB’S RESERVES AND RESOURCES INCREASED SIGNIFICANTLY 48 Additional potential remains; district is prospective for Cu-Mo porphyry deposits QB’s Historical Reserves and Resources and Grade Mineral Reserves and Resources1 Category Tonnes Grade Recoverable Metal Mt Cu (%) Mo (%) Ag (g/t) Cu (kt) Mo (kt) Ag (koz) Reserves Proven 1,030.5 0.53 0.020 1.4 4,990 160 31,950 Probable 342.3 0.50 0.023 1.2 1,550 60 9,790 Total P&P 1,372.8 0.52 0.021 1.3 6,540 220 41,740 Resources Contained Metal Measured 920.1 0.37 0.014 1.1 3,410 120 31,340 Indicated 3,332.3 0.37 0.018 1.1 12,220 600 121,520 Total M&I 4,252.3 0.37 0.017 1.1 15,630 730 152,860 Inferred 3,958.2 0.34 0.016 1.1 13,610 610 139,780 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)
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Teck Ownership Partner Area Project 80% interest in Compañía Minera Zafranal (CMZ) Mitsubishi Materials Corporation (20%) Arequipa, Southern Peru Cu-Au porphyry ZAFRANAL PROJECT OVERVIEW 49 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 Long Life Asset in Peru • 19-year mine life with 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
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ZAFRANAL SITE LAYOUT 50 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
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RESERVES AND RESOURCES AT ZAFRANAL 51 Strong ore body knowledge to deliver on business plan Mineral Reserves and Resources1 Category Tonnes Grade Recoverable Metal Mt Cu (%) Au (g/t) Cu (kt) Au (koz) Reserves Proven 408.8 0.39 0.07 1,380 530 Probable 32.0 0.21 0.05 60 30 Total P&P 440.7 0.38 0.07 1,440 550 Resources Contained Metal Measured 5.1 0.19 0.04 10 6 Indicated 2.3 0.21 0.05 5 4 Total M&I 7.4 0.20 0.04 15 10 Inferred 62.8 0.24 0.10 150 210 Geological Cross-Section Leached/Oxide/Mixed195 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
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ZAFRANAL PATH TO VALUE REALIZATION 52 Near-term growth option with major permit in place • 30% engineering milestone achieved in Q1 2025 • Advanced works permit received on April 10th • Aiming to submit the construction permit in Q2 2025 Recent Progress Potential sanction decision in late 2025 Upcoming Milestones • Advance detailed engineering to 50% completion • Develop detailed project execution plan • Submit and obtain approval of key permits, including the Beneficiation Concession • Secure land acquisition Sanction Requirements Illustrative Timeline1 2025 2026 2027 2028 2029 Target Sanction Window Target First Production Window Engineering and Permitting Early Works / Construction Production
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1st Quartile 4th Quartile3rd Quartile2nd Quartile ZAFRANAL PROJECT HIGHLIGHTS 53* C1 cash cost net of by-product credits is net cash unit cost per pound, which is a non -GAAP ratio. See “Non-GAAP Financial Measures and Ratios” slide. Advanced high-quality, copper-gold growth project • Rapid project payback expected due to the front-end high-grade profile • Forecast second quartile C1 cash costs over the first 5-years enabling strong cash returns • Clean copper-gold concentrate with substantial gold value over the life of mine • Scarce, high-quality copper growth project that is expected to provide near-term exposure to significant copper-gold production • Teck's share of funding estimated at US$1.5-1.8B4 (80%) Illustrative Economic Inputs (100% basis)1 Production (First 5 Years Avg2) 126 ktpa Cu 42 koz Au Head Grade (First 5 Years Avg2) 0.58 % Cu 0.09 g/t Au ($1.00) $0.00 $1.00 $2.00 $3.00 $4.00 Cost Curve (US$/lb Cu payable)3 Ore Milled (First 5 Years Avg2) 70 ktpd First 5 years2 C1 cash cost (net of by-product credits)* 2nd quartile LOM C1 cash cost (net of by-product credits)* 3rd quartile
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SAN NICOLÁS PROJECT OVERVIEW 54 Unique and high-quality mid-sized base metal development asset with high average copper-zinc grades and low capital intensity Mining Jurisdiction • Well-established mining district in Mexico • Community engagement well established and positive 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
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SAN NICOLÁS - COMPACT SITE LAYOUT 55 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: Water sourced from pit dewatering • 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
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NW Measured Indicated Inferred 2020 Reserves Pit RESERVES AND RESOURCES AT SAN NICOLÁS 56 Mineral Reserves and Resources1Well Defined Orebody Category Tonnes Grade Recoverable Metal Mt Cu (%) Zn (%) Cu (kt) Zn (kt) Reserves Proven 47.7 1.26 1.6 470 620 Probable 57.5 1.01 1.4 460 630 Total P&P 105.2 1.12 1.5 930 1,260 Resources Contained Metal Measured 0.5 1.35 0.4 7 2 Indicated 6.1 1.17 0.7 71 43 Total M&I 6.6 1.18 0.7 78 45 Inferred 4.9 0.94 0.6 50 30 250 m
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Sanction Requirements Feasibility study completion and receipt of permits expected in H2 2025 SAN NICOLÁS PATH TO VALUE REALIZATION 57 • Ongoing engagement with government and other stakeholders in support of permits • Progressing feasibility study and execution strategy • EIA and ETJ submitted in 2024 Recent Progress Upcoming Milestones • Robust business case and Feasibility Study complete • Major permits received • Government and community support Illustrative Timeline1 2025 2026 2027 2028 2029 2030 Engineering and Permitting Early Works / Construction Production Target Sanction Window Target First Production Window
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ATTRACTIVE PROJECT RETURNS FROM SAN NICOLÁS 58 Attributable to the high-grade mineralization • Forecast first quartile life of mine C1 cash costs, allowing for strong margin generation − Significant by-product credits, with co-product Zn and by-product Au and Ag • High zinc production in the first five years • Excellent project returns attributable to the high-grade mineralization • Agnico-Eagle funds initial US$580M through an earn-in then 50-50 funding • Teck's share of funding estimated at US$300-500M3 (50% post AEM contribution) • The partners’ complementary skillsets and funding capabilities are expected to ensure timely and successful development; JV reduces Teck’s near-term funding and enhances returns Prefeasibility Study Summary (US$, 100% basis)1 Production (First 5 Years Avg2) 63 ktpa Cu 147 ktpa Zn Head Grade (First 5 Years Avg2) 1.07% Cu Ore Milled (First 5 Years Avg2) 20 ktpd - 25 50 75 100 125 150 175 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 Cu Contained in CCTs (kt) CuEq Contained in CCTs (kt) 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 Estimated Prefeasibility Study Production Profile1
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NEWRANGE CU-NI-CO-PD-PT DEPOSITS (50%) 59 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 Mesaba projects 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 Mesaba Two large well-defined copper-nickel-PGM projects • At NorthMet, the JV plans to build and operate a 29,000 tonne-per- day mine and processing facility • Mesaba is one of the world’s largest undevelopedcopper-nickel- PGM deposits with potential for multi-generational production Defining a path to production • JV committing up to US$170M to position NorthMet for a timely sanction decision and to advance Mesaba development options • Potential development optimization with existing infrastructure in the area and region Mineral Resources1 Major source of critical metals in North America Grades Contained Metal Resources Tonnes (Mt) Cu (%) Ni (%) Co (%) Pd (g/t) Cu (kt) Ni (Kt) Co (Kt) Pd (000 oz) NORTHMET Measured 280.4 0.26 0.08 0.007 0.24 730 220 20 2,170 Indicated 344.1 0.25 0.07 0.007 0.23 860 250 20 2,550 Total M&I 624.5 0.25 0.08 0.007 0.23 1,590 470 40 4,720 Inferred 391.3 0.26 0.07 0.006 0.25 1,000 280 20 3,120 MESABA Measured 236.1 0.50 0.11 0.006 0.11 1,180 270 15 850 Indicated 1,344.5 0.43 0.10 0.009 0.11 5,820 1,350 120 4,600 Total M&I 1,580.6 0.44 0.10 0.008 0.11 7,000 1,620 130 5,450 Inferred 1,366.3 0.38 0.09 0.007 0.17 5,140 1,270 100 7,590 Using existing infrastructure for processing facilities
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GALORE CREEK CU-AU-AG PORPHYRY (50%) 60 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, equipment and tunnel start to advance early-works to de-risk and shorten development timeline • Long-standing partnership with the Tahltan First Nation including a supportive Participation Agreement Mineral Resources 1 Grades Contained Metal Resources Tonnes (Mt) Cu (%) Au (g/t) Ag (g/t) Cu (kt) Au (000 oz) Ag (000 oz) Measured 425.7 0.44 0.29 4.1 1,870 4,030 55,890 Indicated 771.2 0.47 0.22 4.8 3,650 5,410 118,190 Total M&I 1,196.8 0.46 0.25 4.5 5,520 9,440 174,090 Inferred 237.8 0.26 0.19 2.6 630 1,430 19,870 Exceptional discovery potential in under-explored district
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NUEVAUNIÓN CU-MO-AG AND CU-AU (50%) 61 Strategic studies in progress to optimize asset value 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 • Prefeasibility study completed in 2018 • Strategic studies build on recent technical, social, and environmental studies, to advance the best commercial development strategy • Recent activities focused on optimization and strategic trade-offs and asset reviews, which demonstrated value improvement opportunities and attractive potential alternate development configurations with lower initial capital, underpinned by the large, high quality resource base Mineral Reserves and Resources1 Relincho deposit area. Grades Metal Tonnes (Mt) Cu (%) Mo (%) Au (g/t) Ag (g/t) Cu (kt) Mo (kt) Au (000 oz) Ag (000 oz) RELINCHO Reserves Recoverable Metal Proven 576.4 0.34 0.014 - 1.6 1,710 40 - 19,140 Probable 977.4 0.36 0.017 - 1.5 3,080 80 - 30,840 Total P&P 1,553.8 0.35 0.016 - 1.5 4,790 120 - 49,980 Resources Contained Metal Measured 319.0 0.19 0.006 - 1.0 600 20 - 9,880 Indicated 463.0 0.26 0.009 - 1.2 1,200 40 - 18,310 Total M&I 782.0 0.23 0.008 - 1.1 1,800 60 - 28,190 Inferred 724.7 0.36 0.012 - 1.3 2,610 90 - 30,280 LA FORTUNA Reserves Recoverable Metal Proven 386.8 0.58 - 0.55 0.9 1,970 - 4,470 7,810 Probable 295.4 0.42 - 0.36 0.7 1,060 - 2,290 4,590 Total P&P 682.2 0.51 - 0.47 0.8 3,040 - 6,760 12,390 Resources Contained Metal Measured 9.6 0.42 - 0.47 0.9 40 - 140 270 Indicated 236.7 0.51 - 0.59 1.1 1,200 - 4,520 8,420 Total M&I 246.3 0.51 - 0.59 1.1 1,240 - 4,660 8,700 Inferred 479.7 0.43 - 0.40 1.0 2,080 - 6,110 14,790
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SCHAFT CREEK CU-MO-AU-AG PORPHYRY (75%) 62 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 • A feasibility study completed in 2013 was followed-up with a scoping study in 2020 (subsequently published as a PEA by Copper Fox in 2021) significantly improving the investment case • Compared to the 2013 FS, the 2021 PEA reduced strip ratio and reduced the size and cost of tailings and rock storage facilities • 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 Contained Metal Resources Tonnes (Mt) Cu (%) Mo (%) Au (g/t) Ag (g/t) Cu (kt) Au (000 oz) Measured 166.0 0.32 0.021 0.20 1.5 530 1,080 Indicated 1,127.2 0.25 0.016 0.15 1.2 2,830 5,490 Total M&I 1,293.2 0.26 0.017 0.16 1.2 3,360 6,580 Inferred 316.7 0.19 0.019 0.14 1.1 610 1,460
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ZINC DEVELOPMENT OPTIONS 63
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PORTFOLIO OF ZINC DEVELOPMENT OPTIONS 64 High-quality portfolio of zinc development assets Anarraaq (Zn-Pb), USA Teck 100% ~11 km from Red Dog operation; scoping study complete in 2014; existing study being optimized Inferred Resources of 16.3 Mt @ 14.3% Zn, 4.0% Pb1 Aktigiruq (Zn-Pb), USA Teck 100% ~14 km from Red Dog operation; scoping study in progress Mineral Resources1 • Indicated Resources of 32.7 Mt @ 16.2% Zn, 4.2% Pb. • Inferred Resources of 26.6 Mt @ 13.7% Zn, 3.5% 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 District1 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 MineTrail 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 Resource of 58 Mt @ 11.1% Zn, 1.6% Pb2 3
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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 65 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 Deposits 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
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MACROECONOMIC AND METALS OUTLOOK 66
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IMPOSITION OF US TARIFFS HAS A GLOBAL IMPACT 67 Near-term dislocations and uncertainty, but markets will adjust • We are closely monitoring the potential impact of tariffs and retaliatory trade measures between the countries we trade with and the risks of wider macroeconomic uncertainty • The scale of tariffs is still uncertain, but we do know trade routes will have to adjust (becoming less efficient) and higher prices typically result in lower consumer demand; note tariffs only apply to goods, not services • We expect to see supply dislocations persist for the next six months, with inflationary impacts already being felt in logistics chains NY Fed Global Supply Chain Pressure Index1Industrial Production Growth1 (% change Y/Y)
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CHINA CONTINUES TO LEAD THE WAY IN ENERGY TRANSITION 68 Energy transition metrics still strong, property weak, exports uncertain • The tariff implications on China are significant, and while China has steadily pivoted trade away from the US over the past decade as a major exporter a slowdown in global growth will be a significant economic headwind • We expect further policy support from China over the course of Q2, and while this is likely to be consumer focused, there will be a knock-on benefit to metals • While the world is focused on China’s critical mineral export restrictions, China also has supply chain vulnerability in raw materials. We expect zinc and copper concentrate imports to remain strong • There is some risk China depreciates the RMB to maintain export competitiveness. However, the relative weakness in the USD in recent times is partly performing this task Selected March China Metrics1 (% change Y/Y) China Electricity Grid Investment1 (RMB bn)
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SHORT-TERM COPPER MARKET FUNDAMENTALS 69 Concentrate tightness putting financial pressure on smelters • Demand for concentrate from both traders and copper smelters is exceptionally strong • Some supply growth is likely this year,but smelting capacity additions are set to markedly exceed this − Some new smelters are linked to concentrate export mines, shrinking custom supply • This is reflected in extremely negative treatment and refining charges, which have continued to fall despite economic uncertainty • Slowing global economic growth poses a headwind for 2025 copper demand − Expect some softness in Q2 copper demand • Global inventory shifts and tariff expectations continue to drive price volatility Global Smelter Capacity Growth1 (kt) Spot Treatment Charges Now Extremely Negative2 (US$/dmt) -$75 -$50 -$25 $0 $25 $50 $75 $100 2017 2018 2019 2020 2021 2022 2023 2024 2025 Spot Annual Terms 0 100 200 300 400 500 600 2022- 2024 2,200kt 2025-2027 3,700kt Possible projects 2,300kt
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LONG-TERM COPPER MARKET FUNDAMENTALS 70 Supply remains constrained; electrification still drives global growth • Copper is the linchpin of global electrification, as the most effective way to move electrons around • Expect a more electricity-intensive phase of global growth in the coming years − Investment in grid infrastructure to support the digital economy, energy transition and rapid urbanization • Investment in copper concentrate supply hasn’t matched demand; without permanent closures, smelter utilisation rates likely to remain low • A capital stock of copper is required to make progress on climate targets and reshoring of manufacturing and processing capacity Long Term Demand Growth, Copper vs. Electricity1 (kt copper) -2500 -2000 -1500 -1000 -500 0 500 2024 2025 2026 2027 2028 2029 Teck CRU (Adj) WoodMac (Adj) Global Concentrate Balance, excl. Uncommitted2 (kt contained)
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SHORT-TERM ZINC MARKET FUNDAMENTALS 71 Not enough concentrate available to meet smelter needs • Global zinc inventories (concentrate and metal) are extremely low relative to historical norms − Spot treatment charges also indicate a lack of concentrate availability • Concerns over automotive industry demand are currently rising • Some mine supply growth is expected this year, which should see a recovery in Chinese concentrate imports vs. 2024's sharp decline • Raw material shortages and weak economics will pressure smelter capacity, with any closures likely to feed quickly into the refined market Annual Treatment Charges Settle at Historic Low2 (US$/t) ($100) $0 $100 $200 $300 $400 2017 2018 2019 2020 2021 2022 2023 2024 2025 Annual Settlement Spot TC
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LONG-TERM ZINC MARKET FUNDAMENTALS 72 An improving demand story, with a lack of new supply options • Global mine production flat since 2012 • Uncommitted projects list thinnest since 2007 − Most projects <100kt/yr with <13yr mine life − 9 of the largest projects were on the list in 2007 − Zinc exploration hit a 15-year low in 2024 • Zinc projects struggle to compete for capital • Developing market zinc intensity (including China and India) has a long way to rise to match developed world levels • Zinc should benefit from infrastructure spending related to the nascent industrial policy renaissance in the developed world Zinc Mine Production Growth Stagnant for a Decade (kt) Longer-term shortages expected 0 3,000 6,000 9,000 12,000 -1500 -1000 -500 0 500 2024 2025 2026 2027 2028 2029 Teck CRU (Adj) WoodMac (Adj) Global Concentrate Balance, excl. Uncommitted2 (kt contained)
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COPPER MARKET 73
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74 COPPER OUTLOOK • Concentrate market is expected to remain in substantial deficit moving forward until significant new mine production ramps-up • Mine production expected to peak in 2028, later and lower than previously forecast • Mine disruptions expected to be above average in 2025, after lower disruption levels in 2024 • Operating costs, capex rising • New project investment slow to materialize • Growth of primary smelter capacity pushed 2025 TC/RC benchmark to record low level • Smelter capacity increases from commissioning in China, India, Indonesia and Africa • New smelter delays increased available conc to the market by over 500kt so far this year • Despite delays, smelter production expected to grow 7.5% YoY , while mine production is expected to increase only 2.3% • Scrap usage growing, global supply chain expected to tighten as new recycling facilities set to open in the US • Global cathode inventories 7.3 days of consumption, well below long- term average of 13.8 days • Copper demand forecast to increase in 2025, but escalating trade and geopolitical risk putting downward pressure on outlook • China’s real estate market continues to struggle, impacting demand, but more than offset by growth in NEVs, wind/solar, HVAC, with potential upside from stimulus • Uncertainty around US trade policy and retaliation increasing chance of global recession • Increasing nationalism, slowing energy transition, or further weakening of Chinese property sector could negatively impact copper demand • Despite near-term forecast softening, decarbonization growth continues to accelerate • Energy transition expected to account for ~80% of copper demand growth out to 2050 • Trade tensions and changing government policy may negatively impact near-term energy transition • Chinese government stimulus focused on GET, with increased wind capacity installation, EV production and grid construction • Thrifting and substitution could negatively impact copper demand growth in the Green Energy transition Raw material supply constrained as smelter capacity growing; Consumer demand supportive as energy transition pushes ahead
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COPPER MINE PRODUCTION REMAINS CHALLENGED 75 Mine disruptions expected to be above average in 2025 • Closure of Cobre Panama and cuts to corporate guidance cumulatively lowered mine production by over 1.2Mt in 2025 ‒ Concentrate supply now expected to peak in 2028 • Mine disruptions were lower than normal in 2024, no major events, miners capable of hitting lower guidance targets ‒ 2025 mine production disruptions expected to be above average this year after multiple Q1 cuts to guidance • Mine supply growth centered on small number of large mines ‒ 11 mines account for over 60% of growth out to 2028 peak production • Concentrate market is forecast to remain in deficit moving forward, unless significant new investment in primary copper production • Mine production grew 7Mt in the last 20 years, need to repeat that amount in the next 10 years Copper Mine Production and Demand1 (kt) Global Copper Mine Production2 (kt contained) 10,000 15,000 20,000 25,000 30,000 35,000 2014 2019 2024 2029 2034 2039 16,000 18,000 20,000 22,000 24,000 26,000 2024 2025 2026 2027 2028 2029 2030 2024-2028 +2,917 kt 2028-2029 (865) kt Oyu Tolgoi Kamoa-Kakula Malmyzh Centinela Tenke Fungurume Almalyk Kamoto Glogow Kansanshi QB2 Los Bronces 12.2 Mt mine supply gap by 2040 projected
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COPPER MINE OUTLOOK 76 Multiple fundamentals negatively impacting future mine production 76 • 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 40% 50% 60% 70% 80% Ore Grade Forecast Annual Capital Escalation2 (YoY Change)
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SMELTER PRODUCTION GROWTH OUTPACES MINE SUPPLY 77 Continuing to increase despite tight concentrate market • Ramp-up of new smelter capacity began exceeding mine supply in 2024 ‒ Custom seaborne supply shrinking as new integrated ex-China smelters draw feed from seaborne market • Delayed smelter ramp-ups and closure of PASAR has decreased concentrate demand in 2025 − Concentrate market remain in sever deficit, historically low TC/RCs persist • Chinese smelters expected to add another ~2.3Mt between 2025-2027 ‒ Permitted smelter projects expected to be constructed, not wanting to risk losing permitting • Ramp-up of new smelter capacity is expected to keep concentrate market in deficit ongoing, until significant primary new mine production starts up Chinese smelter expansion to remain high1 (ktpa) Chinese smelter capacity growth causing concs tightness2 (kt) (1,000) (600) (200) 200 600 1,000 1,400 Cu Growth from Concs Cu Growth from Scraps Smelter Capacity Growth Refinery Capacity Growth Average smelter capacity growth in 2023-2027 is 660kt 0 100 200 300 400 500 600 2024 1,108kt 2026-2028 1,555kt 2025 735kt Possible projects 1,100kt
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COPPER CONCENTRATE MARKET OUTLOOK 78 Deficits pushed down TC/RCs, putting financial pressure on smelters -3000 -2000 -1000 0 1000 2024 2025 2026 2027 2028 2029 CRU (Adj) WoodMac (Adj) S&P 0 20 40 60 80 100 120 • Spot terms remained low since early 2024, despite smelter cuts ‒ Smelter terms fell into negative territory for the first time in February 2025 ‒ Ramp-up of new smelters expected to put further downward pressure on spot terms • Annual terms in China set at $21.25/t and 2.13¢/lb, lowest annual terms on record • Tenders are being signed at negative levels into 2026 • Further cuts to smelter production required, as mine production has failed to sufficiently respond ‒ Includes ramp-up delays of new smelter projects, increased maintenance, lower utilization rates, and smelter closures Annual treatment charges settle at historic low1 Concentrate Balance, excl. Uncommitted Projects2 (kt)
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COPPER SCRAP IS PART OF THE LONG-TERM SOLUTION 79 Scrap supplementing tight concentrate marketing Tight Concentrate Supply, Increasing Chinese Scrap Use1 China Copper Scrap Imports vs. New Capacity2 New Secondary CapacityChina Imports ROW 26% Taiwan 3% Korea 4% Thailand 8% USA 20% Japan 12% Malaysia 9% Europe 18% China 82% Rest of Asia 1% Europe 11% USA 6% 2.3 Mt Total 1.7 Mt Total 0% 20% 40% 60% 80% 100% Scraps Used by Smelters Scraps Used by Fabricators • Demand for scrap will escalate over the next decade ‒ End users increasingly require higher recycled content • Copper scrap makes up 35% of total copper demand, expected to rise to 40% by 2035 ‒ Trade flows likely to change due to growth in secondary projects in NA, Europe, India, South Korea and Japan • Chinese smelters dependency on scrap increasing to make up for insufficient concentrate feed ‒ Chinese scrap imports up 13% in 2024 ‒ Imports of scrap from the US in March 2025 were half of what they were in December 2024. ‒ Still, imports are up 3% YTD March 2025 • Support from governments is crucial to accelerate copper recycling ‒ 2% improvement in global recycling rates could provide up to 1.0Mt of additional global supply
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TRADITIONAL DEMAND EXPECTED TO CONTINUE TO GROW 80 Growth of traditional demand from urbanization and expansion of mid class • Traditional end-use consumption represent 87% of copper demand in 2024 • Forecast to grow ~4% over the next five years ‒ China, India, rest of Asia and ROW account for 154% of expected growth out to 2029 ‒ Demand expected to be driven by urbanization and growth of middle class • China’s demand forecast to benefit from growth in consumer durables, large-scale domestic equipment and infrastructure investment, more than offsetting the decline in residential construction ‒ Increasing trade tensions, especially from the US, 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 Traditional Copper Demand1 (kt) 10 15 20 25 30 2024 2025 2026 2027 2028 2029 China ROW North America Europe India Rest of Asia Latin America 7% 6% 32% 3% -21% -9% -4% +4%
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NEW DEMAND EXPECTED TO CONTINUE TO GROW 81 Driven by green energy transition • New energy transition still forecast to be the largest contributor to future copper demand growth rates ‒ Consumption to surge from 26Mt in 2023 to 42Mt in Economic Transition Scenario • Despite softening demand in the near term, electric vehicles remain a large driver of copper demand growth by 2050 • Power grids are the second largest contributor to actual growth, adding ~10Mt to copper consumption by 2050 ‒ Digitalization, grid efficiency, and demand flexibility expected to reduce sector growth beyond 2030 • Chinese green energy demand outpaces ROW in the near term until the country reaches technology saturation by end of 2030s • Global demand continues to climb as other regions catch up ‒ By mid-2030s, Southeast Asia demand will surge as they become fastest growing region in the world ‒ Europe could also see a sizable jump, climbing 26%, from 2023 to 2050 New Energy Copper Demand1 (kt) Energy Transition Metal Demand by Region2 0 20,000 40,000 2023 2030 2040 2050 2030 2040 2050 Electric vehicles Grid Energy storage Power Other demand 105% Economic Transition Scenario (ETS) Net Zero Scenario (NZS) 62% 100 150 200 250 300 350 400 450 500 550Index Values, 2020=100 US China Japan and S Korea Global ROW SE Asia Europe
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COPPER METAL SHORT-TERM METAL OUTLOOK 82 Market uncertainty likely to negatively impact demand • Total exchange stocks have increased ~30kt so far this year ‒ Days of consumption sit at only 7.3 days, well below long- term average of 13.8 days • US government running a 232 investigation into copper imports which are expected to result in a tariff ‒ Elevated demand for metal to import into the US caused prices and premiums to escalate, but have come off after initial tariffs announced on Liberation Day • Global demand expected to increase 2.9% in 2025 ‒ Chinese demand driven by Green Energy Transfer, grid investment and durable goods ‒ European and North American demand is expected to increase 1.1% and 3.2% respectively, due to infrastructure construction • Significant downside risk to copper demand outlook due to uncertainty around US tariff policy and retaliatory response from large developed countries ‒ Concern over potential global recession increasing 0 2 4 6 8 10 12 14 16 0 200 400 600 800 1,000 Jan-21 Apr-21 Jul-21 Oct-21 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 LME Stocks Comex Stocks SHFE Stocks Bonded Estimate Copper Metal Premiums1 (US$ per pound) Global Copper Stocks2 (Mt & Days of Consumption) -50 0 50 100 150 200 250 300 USA Mid-West Delivered Shanghai Grade A CIF Germany Grade A - Delivered Codelco Benchmark Europe
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COPPER MARKET SUMMARY 83 Supply remains constrained, risk to demand limiting refined deficits • Continued downward risk to mine production ‒ Multiple large miners have decreased guidance for 2025 ‒ Market heavily reliant on new mine production • Smelter growth expected to outpace mine production ‒ Concentrate deficit forecast to increase in 2025 despite some ramp-up delays and a smelter closure • Low benchmark terms will impact smelter profitability, lead to further delays in smelter ramp-ups, temporary closures, decreasing utilization rates and increased scrap use • Global cathode demand expected to grow 2.9% in 2025, driven by Chinese demand and energy transition • Significant downside risk to global copper demand due to escalating geopolitical and trade tensions ‒ Potential global recession due to escalating tariff war stalling economic growth, a shift away from green energy, insufficient Chinese stimulus, increasing substitution of copper ‒ Short term demand decrease would only exacerbate long term raw material supply shortages -4500 -4000 -3500 -3000 -2500 -2000 -1500 -1000 -500 0 500 1000 2024 2025 2026 2027 2028 2029 Teck (Adjusted) CRU (Adjusted) WM (Adjusted) Refined Global Cathode Balance, excl. Uncommitted1 (kt)
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ZINC MARKET 84
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85 ZINC OUTLOOK • Mine production has been stagnant for over a decade with >600 kt of closures in 2023 at US $1.10/lb • Mine production set to rise in 2025 and 2026 but below pace of smelter capacity increases • Concentrate tightness adds a floor to LME prices • Most idled mine capacity will remain offline through 2025 • New projects are delayed despite market tightness • Smelters challenged by raw material availability; many operating below capacity • After plateauing in H1 2024, refined zinc inventories began falling in Q4 • All exchange stocks stranded in Asian warehouses, keeping western metal markets tight • US Premiums US were moving higher on tariff concerns and strong steel demand • Concerns over US economy giving pause to investment and infrastructure spending • European consumer and real estate market remain weak, with improvements in defense and infrastructure • US inflation/tariffs dampen housing market and consumer spending, while strong steel books supported by infrastructure projects • EVs growth in the US and Europe on pause zinc demand relatively indifferent • Chinese demand impacted by housing slowdown but zinc consumption remains resilient amid infrastructure investment and manufacturing • 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 375kt of zinc demand from renewables by 2030 • Global economic slowdown could see stock rebuild and downward pressure on price. High cost mines and new projects still at risk Raw material supply at risk and smelters cutting outlook; Consumer demand pauses as tariffs cloud outlooks
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ZINC MINE DISRUPTIONS APPROACH CRITICAL LEVEL 86 Mine output cuts expected to be felt in refined market • Global mine production has not grown since 2012 and is not expected to exceed 13.0 Mt until 2026 • 2023 price drop below $1.10/lb saw >600 kt/y in mine capacity disruptions • Mine supply in 2024 was the lowest in 13 years • Growth in Chinese mine supply is expected to be marginal in the medium term • Zinc concentrate growth in 2025 tied heavily to variable production at Antamina • Global smelter capacity has been increasing since 2020 with over 1.7 Mt added to the end of 2025 • ~500 kt/y in new mine capacity is expected to come online in near term (<2 years) but they are not enough to close gap and face repeated delays Mine production growth stagnant for a decade1 (kt) 0 3,000 6,000 9,000 12,000 15,000 Global Zinc Smelter Growth2 (kt, average increase) 0 50 100 150 200 250 300 350 Ex-China China 2020 2021 2022 2023 2024 2025
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ZINC CONCENTRATE MARKET OUTLOOK 87 Tightness pushes market to record lows • Long-term supply is expected to lag demand • Existing mines face declining production, higher costs and lower grades • Exploration under investment is expected to continue at lower zinc prices, new mines face higher capex ‒ Project pipeline only covers 1/3 of the 7.0 Mt supply gap by 2040 • Costs rising as consumables and labour increase ‒ Historical support level at 75th percentile has risen +63% over 10 years (2015-2024) • Recent incremental production has come from higher cost/lower grade extensions, increasing C1 and C1+ cash unit costs by 31% since 2015 0 25 50 75 100 125 150 175 200 225 2000 2003 2006 2009 2012 2015 2018 2021 2024 2027 25th 50th 75th 90th Zinc Price Zinc Mine Production and Demand1 (kt) Zinc Prices and Costs2 (US$/lb) 0 5 10 15 2020 2025 2030 2035 2040 7.0 Mt mine supply gap by 2040 projected
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LONG TERM MINE SUPPLY EXPECTED TO PEAK IN 2025-2027 88 Without additional primary investment • Mine production projected to remain flat to 2030 ‒ Potential 1.5 Mt shortfall to smelter capacity • Zinc concentrate market tight, as smelters return and mine supply shows limited YOY growth ‒ ROW mines expected to deplete by 1.4 MT by 2030, losing 17% of current output levels ‒ New mines barely replacing current capacity • Concentrate tightness expected to last as new mines face repeated delays • Most recent (2022) record prices failed to move significant mine production forward ‒ <0.5 Mt from <10 new projects committed 0 50 100 150 200 250 300 Asmara Aripuana Hermosa Zhairem Shalkiya Buenavista Zhugongtang Huoshaoyun Gamsberg Kipushi Ozernoye Expansion Greenfield Global Zinc Mine Production1 (kt contained) Significant mine increases to 20282 (kt contained) 88 0 5,000 10,000 15,000 2022 2023 2024 2025 2026 2027 2028 2029 2030 ROW Others China Gamsberg Hermosa Ozernoye Kipushi 2022-2024 (-363 kt) 2024-2027 +755 kt 2027-2030 (-460 kt)
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SPOT ZINC TC’S FELL SIGNIFICANTLY THROUGH 2024 89 Record low spot terms in H2 2024 ushered record low annual terms for 2025 • Spot TCs remain low after falling through 2024 • Amid tight market for feed, ex-China smelters settled for record low TCs in 2025 • Chinese smelter profits falling since Q4 2022 ‒ Profits on imported feeds mostly negative through all H2 2024, domestic feeds negative since May • Chinese imports of concentrates up +36% YOY in Q1 2025 • Chinese mine output flat, while smelter capacity is up ~7% (+500kt) since 2018 ‒ Supply increases from domestic and international mines quickly taken up by Chinese smelters Zinc Treatment Charges1 (US$/t) Chinese Concentrate Import Profitability2 (RMB) 89 -100 -50 0 50 100 150 200 250 300 350 Jan-12 Aug-12 Mar-13 Oct-13 May-14 Dec-14 Jul-15 Feb-16 Sep-16 Apr-17 Nov-17 Jun-18 Jan-19 Aug-19 Mar-20 Oct-20 May-21 Dec-21 Jul-22 Feb-23 Sep-23 Apr-24 Nov-24 Spot TC Annual TC TCs bottomed in Q3 2024; Tight market for feed brought annual terms to all time low in 2025 (2,000) 0 2,000 4,000 6,000 Smelter Profit Using Imported Concs Smelter Profit Using Domestic Concs
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CHINESE ZINC MINE GROWTH CONTINUES TO BE LIMITED 90 • Delayed projects and decreasing ore grades continue to impact Chinese zinc mines • Chinese zinc mine production flat since 2018 • New projects show limited growth as low ore grades average only ~3% ‒ One exception (Huoshaoyun), large high-grade project moving slowly, faces infrastructure and processing challenges; own smelter currently ramping up, diminishing its impact to concentrate tightness • Safety inspections and consolidation also impacting growth ‒ Consolidation previously expected to bring supply growth but has contributed to closures Chinese Zinc Mine Growth Estimates1 (kmt contained) Zinc Ore Grades at Chinese Mines2 (ore grade, zinc %) 281 357 461 335 390 326 207 392 495 258 219 80 169 181 360 200 -630 83 -38 -153 40 -50 50 0 30 30 -800 -300 200 2013 2015 2017 2019 2021 2023 2025E Wood Mackenzie Estimate Adjusted estimate 2.0 4.0 6.0 8.0 10.0 12.0 14.0 Operating zinc mines Zinc mine projects
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Tech upgrading New/Expansion 0 50 100 150 200 250 300 2025 After 20252023 - 2024 CHINA REQUIRES ADDITIONAL CONCENTRATE IMPORTS • China continues to increase smelter capacity to decrease reliance on metal imports ‒ Smelter capacity ~1 Mt added since 2018, and no growth in mine output in the period ‒ Record high concentrate imports in 2023 only hampered by falling mine output and record low TCs in 2024 • Zinc demand still strong due to: ‒ Infrastructure investment (new energy) ‒ Record auto production due to high NEV growth and exports • Despite slowdown in 2022, Chinese refined imports strong in 2023 and 2024. Continuing to trend upward, +4% in Q1 2025 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 2017 2018 2019 2020 2021 2022 2023 2024 2025E 2026E 2027E 0 2,000 4,000 6,000 8,000 Chinese Mine Production Additional Concs Required Reliance on Imports 2025 zinc growth - base case 2025 zinc growth - upper case 0 100 200 300 400 500 Increasing rates Primary projects 91
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GLOBAL ZINC METAL OUTLOOK 92 Rising LME stocks cap price rise in 2024; mine output cuts keep market tight • Demand slowdown due to inflation causing inventories to rebuild ‒ Ex-China refined supply expected to rise nearly 200 kt in 2024 ‒ Raw material deficit poses risk to global refined output • <200 kt of LME inventories but limited to Singapore / Malaysia • Rising stocks a reflection of 2023 surplus ‒ Tighter 2024 forcing drawdowns in Q4 and YTD 2025 • Near-balanced market expected through 2026-27 • New mines coming online will be insufficient to offset current mine closures forcing the refined market back into deficit LME warehouses stocks fall, all stock in Asia1 (refined stocks, kt) Stocks and new mines to hold balance for several years2 (Mt) 0 100 200 300 400 500Refined stock (kt) LME USA LME Europe LME Middle East LME Asia SHFE 13 14 15 16 17 -2,200 -1,700 -1,200 -700 -200 300 2022 2023 2024 2025 2026 2027 2028 2029 2030 Supply/Demand (Mt) Balance (kt) Zone of Balance Zinc Balance Zinc Supply Zinc Demand
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ZINC CONCENTRATE MARKET OUTLOOK 93 Upcoming deficits will require new mine supply • Smelters idled in 2022 on high energy costs were returned in 2023...and more expected in 2024 as mines have been impacted by low prices • Lack of investment and low metals stocks will require additional zinc units post 2024 • Zinc-focused exploration investment has only been 26% of copper-focused exploration investment over the past 5 years2 • 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) -1200 -1000 -800 -600 -400 -200 0 200 400 2022 2023 2024 2025 2026 2027 2028 2029 Teck WM (adj) CRU (adj)
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94 ZINC PROJECTS WILL STAY STALLED AMID LOW EXPLORATION 0 2 4 6 8 10 12 0 100 200 300 400 500 600 700 800 900 1,000 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Zinc share of Total (%) Exploration Budget (US$M) Exploration Budget Zinc Share of Total Exploration investment has favoured other targets, falling to a 20-year low • Zinc exploration fell to 15-year low in 2024 − $362 million, down 46% since last 2018 high − Copper budgets ~9X higher • Returning to all time low, zinc accounted for just 2.9% of all nonferrous exploration • Exploration focusing on identifying new projects sitting at all time low of just 15% of zinc total − This compares to copper (25%), gold (19%), lithium (29%) and nickel (22%) Zinc Exploration Investments1
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ZINC METAL SHORT-TERM OUTLOOK 95 U.S. market reflective of tight supply for metal • US produces <25% of its zinc metal requirement • North America meets only ~80% of US demand • Over the past decade, an annual shortfall of 150-275kt existed beyond N.A. metal capacity • Over the two decades the US has destocked over 1.2 Mt of LME zinc built after the global financial crisis • Today, reported US LME inventories are zero − Less than 10 kt in off-warrant US stock, equivalent to 4 days of consumption • Meeting the annual shortfall will require metal to be shipped from overseas imports, outside North America US Net Short Position in Zinc1 (kt) Zinc Metal Premiums2 (US$ 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
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LONG-TERM ZINC DEMAND GROWTH 96 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 1.0Mt today to 4.7 Mt by 20504 • The IZA estimates that zinc use in wind applications could rise to 66kt by 2030 and in solar to 166kt • The use of zinc in energy storage batteries could rise to 150kt 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 (2023)Zinc First Use (2023) 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%
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REFERENCE 97
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SHARE STRUCTURE AND PRINCIPAL SHAREHOLDERS 98 Teck Resources Limited as at March 31, 20251 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 27,245,974 5.5% Other 462,426,993 93.9% 492,718,066 100.0% Total Shareholdings Temagami Mining Company Limited 4,300,000 0.9% 34.3% SMM Resources Inc (Sumitomo) 4,514,099 0.9% 12.0% China Investment Corporation (Fullbloom)3 27,245,974 5.4% 2.2% Other 464,257,525 92.8% 51.5% 500,317,598 100.0% 100.0%
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SENSITIVITIES 99* Adjusted profit (loss) attributable to shareholders and adjusted EBITDA are non -GAAP financial measures. See “Non -GAAP Financial Measures and Ratios” slides. Estimated Effect of Changes on our Annualized Profitability1 ($M) 2025 Mid-Range Production Estimates2 (kt) Changes Estimated Effect on Adjusted Profit (Loss) Attributable to Shareholders3 ($M) Estimated Effect on Adjusted EBITDA* , 3 ($M) US$ exchange C$0.01 $ 21 $ 48 Copper 527.5 US$0.01/lb 8 15 Zinc4 760.0 US$0.01/lb 8 11
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ENDNOTES 100 SLIDE 4: CLOSELY MONITORING POTENTIAL IMPACT OF TARIFFS 1. Based on tonnes delivered in 2024. SLIDE 6: FOUNDATION OF WORLD-CLASS OPERATIONS 1. Based on consensus numbers for 2025. SLIDE 9: QB PLANT PERFORMANCE CONTINUES TO IMPROVE 1. Defined as quarterly milled tonnes/calendar days. 2. As at April 23, 2025. SLIDE 10: GROWING COPPER PRODUCTION WITH IMPROVING MARGINS 1. 2025 consensus EBITDA margin calculated from 16 analyst models, as of March 2025. Margin calculated as consensus copper EBITDA/copper revenues. SLIDE 11: STRONG TRACK RECORD OF CASH RETURNS TO SHAREHOLDERS 1. January 1, 2020 to April 23, 2025. 2. As at April 23, 2025. 3. For the purpose of our Capital Allocation Framework, we define available cash flow (ACF) as cash flow from operating activities after interest and finance charges, lease payments and distributions to non-controlling interests less: (i) sustaining capital and capitalized stripping; (ii) committed growth capital; (iii) any cash required to adjust the capital structure to maintain solid investment grade credit metrics; (iv) our base $0.50 per share annual dividend; and (v) any share repurchases executed under our annual buyback authorization. Proceeds from any asset sales may also be used to supplement available cash flow. SLIDE 12: VALUE-ACCRETIVE GROWTH 1. As at April 23, 2025. SLIDE 14: STRONG BALANCE SHEET PROVIDES RESILIENCE 1. As at March 31, 2025. SLIDE 15: ILLUSTRATIVE ACCRETIVE GROWTH ON PER-SHARE METRICS 1. Illustrative calculation showing shares outstanding at the end of the period for December 31, 2024. Shares outstanding in 2026 shown at March 31, 2025 shares outstanding pro-forma completion of the remaining C$1.5B authorized share buyback program at April 17, 2025 closing share prices of $45.60/share. 2026 production is reflective of our current copper production guidance. SLIDE 20: CONTINUED COMMITMENT TO SAFETY AND SUSTAINABILITY 1. Includes all of our Teck-controlled sites. Excludes non-controlled sites and steelmaking coal. Antamina, a non -controlled site, recorded one fatality in 2021 and one fatality in 2024. SLIDE 21: COPPER GUIDANCE 1. As April 23, 2025. See Teck’s Q1 2025 press release for further details. 2. We include 100% of production from our Quebrada Blanca and Carmen de Andacollo mines in our production volumes, even though we do not own 100% of these operations, because we fully consolidate their results in our financial statements. We include 22.5% of production from Antamina, representing our proportionate ownership interest. Our production guidance ranges exclude production associated with the unsanctioned near-term growth projects, and guidance will be updated at the time a sanction decision is made. 3. Copper unit costs are reported in US 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. 2023 excludes QB2 production. Guidance for 2025 assumes a zinc price of US$1.25 per pound, a molybdenum price of US$20 per pound, a silver price of US$30 per ounce, a gold price of US$2,400 per ounce, a Canadian/U.S. dollar exchange rate of $1.40 and a Chilean Peso/U.S. dollar exchange rate of 950. Cash margin for by-products is a non-GAAP ratio. See “Non-GAAP Financial Measures” slides. 4. Copper growth capital guidance includes feasibility studies, advancing detailed engineering work, project execution planning, and progressing permitting for Highland Valley Copper MLE, San Nicolás and Zafranal. Our guidance ranges for capital expenditures do not include post-sanction capital expenditures for the unsanctioned near-term growth projects. We also expect to continue to progress our medium to long-term portfolio options with prudent investments to advance the path to value including for NewRange, Galore Creek, Schaft Creek and NuevaUnión. 2024 growth capital includes QB2 project capital costs of $970 million. SLIDE 22: ZINC GUIDANCE 1. As April 23, 2025. See Teck’s Q1 2025 press release for further details. 2. We include 22.5% of production from Antamina, representing our proportionate ownership interest. Total zinc includes co-product zinc production from our 22.5% proportionate interest in Antamina. 3. 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$0.95 per pound, a silver price of US$30 per ounce and a Canadian/U.S. dollar exchange rate of $1.40. By-products include both by-products and co-products. Cash margin for by-products is a non-GAAP ratio. See “Non-GAAP Financial Measures” slides. SLIDE 24: COLLECTIVE AGREEMENTS 1. As at April 23, 2025. SLIDE 26: QUEBRADA BLANCA 1. Guidance as at April 23, 2025. Production shown as contained metal. SLIDE 28: ANTAMINA 1. Guidance as at April 23, 2025. Production shown as contained metal. SLIDE 30: CARMEN DE ANDACOLLO 1. Guidance as at April 23, 2025. Production shown as contained metal. SLIDE 32: HIGHLAND VALLEY COPPER 1. Guidance as at April 23, 2025. Production shown as contained metal. SLIDE 34: HVC MINE LIFE EXTENSION 1. Average annual copper production (contained metal) from 2025 to 2045.
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ENDNOTES 101 SLIDE 35: RED DOG OPERATIONS 1. Source: Wood Mackenzie. Top zinc producing mine 4 of the last 5 years. 2. Guidance as at April 23, 2025. Production shown as contained metal. SLIDE 36: RED DOG SEASONALITY 1. Average sales from 2019 to 2023. 2. Average quarterly net cash unit costs in 2019 to 2023, before royalties. SLIDE 37: RESERVES AND RESOURCES AT RED DOG OPERATIONS 1. See Teck Annual Information Form dated February 19, 2025 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 38: RED DOG MINE LIFE EXTENSION 1. See Teck Annual Information Form dated February 19, 2025 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 42: WELL FUNDED NEAR-TERM PROJECTS 1. Highland Valley Mine Life Extension latest trend growth capital estimate from September 2024 but does not include further inflation or engineering assumptions. Total and attributable post-sanction capital of C$ 1.8-2.0 billion converted to US$ using a Canadian/U.S. dollar exchange rate of $1.39. 2. Zafranal growth capital estimate from July 2024 updated feasibility study (bridging phase) shown in nominal 2024 dollars, does not include escalation, inflation, or further engineering assumptions. 3. Teck’s estimated funding share for San Nicolás is US$0.3-0.5 billion. 4. Illustrative range of growth capital shown for QB optimization and debottlenecking, shown in nominal 2024 dollars. Teck’s attributable estimated capital for QB is 66% as Codelco’s 10% interest is non-funding. SLIDE 46: QB DEBOTTLENECKING FURTHER INCREASES THROUGHPUT 1. Indicative range of growth capital shown for QB optimization and debottlenecking, shown in nominal 2024 dollars. SLIDE 48: QB’S RESERVES AND RESOURCES INCREASED SIGNIFICANTLY 1. See Teck Annual Information Form dated February 19, 2025 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 51: RESERVES AND RESOURCES AT ZAFRANAL 1. See Teck Annual Information Form dated February 19, 2025 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 52: ZAFRANAL PATH TO VALUE REALIZATION 1. All calendar dates and timelines are preliminary potential estimates. SLIDE 53: ZAFRANAL PROJECT HIGHLIGHTS 1. The initial capex estimate range is currently being finalized as part of the feasibility study update. Ore milled, head grade and production are also part of the 2023 feasibility study update. 2. First five full years of production. 3. Consensus pricing as at October 2024. Long-term US$4.48/lb Cu and US$1.24/lb Zn. 4. Zafranal growth capital estimate from July 2024 updated feasibility study (bridging phase) shown in nominal 2024 dollars, does not include escalation, inflation, or further engineering assumptions. SLIDE 55: SAN NICOLÁS - COMPACT SITE LAYOUT 1. Based on 2021 pre-feasibility study. SLIDE 56: RESERVES AND RESOURCES AT SAN NICOLÁS 1. See Teck Annual Information Form dated February 19, 2025 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 57: SAN NICOLÁS PATH TO VALUE REALIZATION 1. The target sanction and production windows could vary based on the timing of the receipt of the regulatory approval process. SLIDE 58: ATTRACTIVE PROJECT RETURNS FROM SAN NICOLÁS 1. Financial summary based on at-sanction economic assessment using: US$3.60/lb Cu, US$1.20/lb Zn, US$1,550/oz Au and US$20/oz Ag. Go-forward costs of studies, detailed engineering, permitting and project set-up costs not included. All calendar dates and timelines are preliminary potential estimates. Based on the Prefeasibility Study completed in May 2016 and the updated development capital estimate included in Teck’s September 16, 2022 news release. 2. First five full years of production. 3. Teck’s estimated funding share for San Nicolás is US$0.3-0.5 billion.
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ENDNOTES 102 SLIDE 59: NEWRANGE CU-NI-CO-PD-PT DEPOSITS (50%) 1. Teck has a 50% interest in NewRange Copper Nickel. See Teck Annual Information Form dated February 19, 2025 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. • 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 Mesaba 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 60 GALORE CREEK CU-AU-AG PORPHYRY (50%) 1. Teck has a 50% interest in Galore Creek. See Teck Annual Information Form dated February 19, 2025 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. • 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 61: NUEVAUNIÓN CU-MO-AG AND CU-AU (50%) 1. Teck has a 50% interest in NuevaUnión. See Teck Annual Information Form dated February 19, 2025 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. • 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 62: SCHAFT CREEK CU-MO-AU-AG PORPHYRY (75%) 1. See Teck Annual Information Form dated February 19, 2025 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. • 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. • Mine life estimates from 2021 Preliminary Economic Assessment (PEA).
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ENDNOTES 103 SLIDE 64: PORTFOLIO OF ZINC DEVELOPMENT OPTIONS 1. See Teck Annual Information Form dated February 19, 2025 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. 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 65: 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 Annual Information Form dated February 19, 2025 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 67: IMPOSITION OF US TARIFFS HAS A GLOBAL IMPACT 1. Source: Bloomberg. SLIDE 68: CHINA CONTINUES TO LEAD THE WAY IN ENERGY TRANSITION 1. Source: NBS. SLIDE 69: SHORT-TERM COPPER MARKET FUNDAMENTALS 1. Source: Wood Mackenzie, company reports. 2. Source: Fastmarkets, CRU. SLIDE 70: LONG-TERM COPPER MARKET FUNDAMENTALS 1. Source: INSG, Energy Institute. 2. Source: CRU, Wood Mackenzie, Teck. SLIDE 71: SHORT-TERM ZINC MARKET FUNDAMENTALS 1. Source: Wood Mackenzie. SLIDE 72: LONG-TERM ZINC MARKET FUNDAMENTALS 1. Source: ILZSG, CRU. 2. Source: CRU, Wood Mackenzie, Teck. SLIDE 75: COPPER MINE PRODUCTION REMAINS CHALLENGED 1. Source: Wood Mackenzie, CRU, BGRIMM, SMM, company reports, Teck. 2. Source: Cochilco, Ministero de Energia y Minas (Peru). SLIDE 76: COPPER MINE OUTLOOK 1. Source: Wood Mackenzie, CRU, BGRIMM, SMM, Teck. 2. Source: Wood Mackenzie, LME, Teck. SLIDE 77: SMELTER PRODUCTION GROWWTH OUTPACES MINE SUPPLY 1. Source: SMM, Wood Mackenzie, CRU. 2. Source: CRU, BGRIMM, SMM, Teck. SLIDE 78: COPPER CONCENTRATE MARKET OUTLOOK 1. Source: Wood Mackenzie, CRU, S&P Capital IQ, Teck. 2. Source: CRU, S&P Global, Wood Mackenzie, Teck. SLIDE 79: COPPER SCRAP IS PART OF THE LONG-TERM SOLUTION 1. Source: Wood Mackenzie. 2. Source: IHS Global Trade, Wood Mackenzie, CRU. SLIDE 80: TRADITIONAL DEMAND EXPECTED TO CONTINUE TO GROW 1. Source: Wood Mackenzie, Minespans, CRU, Teck. SLIDE 81: NEW DEMAND EXPECTED TO CONTINUE TO GROW 1. Source: Wood Mackenzie, CRU, BNEF , ICA, IdTechEx, Teck. 2. Source: Wood Mackenzie, Bloomberg BNEF , Teck. SLIDE 82: COPPER METAL SHORT-TERM METAL OUTLOOK 1. Source: Fastmarkets. 2. Source: LME, SMM, Comex, SHFE, Wood Mackenzie, Teck. SLIDE 83: COPPER MARKET SUMMARY 1. Source: Wood Mackenzie, CRU, Teck. SLIDE 86: ZINC MINE DISRUPTIONS APPROACH CRITICAL LEVEL 1. Source: Wood Mackenzie, SMM, Teck. 2. Source: Wood Mackenzie. SLIDE 87: 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 88: LONG TERM ZINC MINE SUPPLY EXPECTED TO PEAK IN 2025 -2027 1. Source: Wood Mackenzie, CRU, BGRIMM, SMM, Company Reports, Teck (post-disruption). 2. Source: Wood Mackenzie, CRU, BGRIMM, SMM, Company Reports, Teck. SLIDE 89: SPOT ZINC TC’S CONSISTENTLY FELL THROUGH 2024 1. Source: Fastmarkets (monthly average of range). 2. Source: Shanghai Metal Market (SMM).
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ENDNOTES 104 SLIDE 90: CHINESE ZINC MINE GROWTH CONTINUES TO BE LIMITED 1. Source: SMM, Teck. 2. Source: BGRIMM, SMM, Teck. SLIDE 91: CHINA REQUIRES ADDITIONAL CONCENTRATE IMPORTS 1. Source: China Customs, SMM, BGRIMM, Teck. 2. Source: CRU, CAAM. SLIDE 92: GLOBAL ZINC METAL OUTLOOK 1. Source: LME, Bloomberg, SHFE, SMM. 2. Source: Wood Mackenzie, CRU, Teck. SLIDE 93: ZINC CONCENTRATE MARKET OUTLOOK 1. Source: Wood Mackenzie, CRU, Teck. 2. Source: S&P Global Market Intelligence. SLIDE 94: ZINC PROJECTS STALLED AMID LOW EXPLORATION 1. Source: S&P Global Connect. SLIDE 95: ZINC METAL SHORT-TERM OUTLOOK 1. Source: Wood Mackenzie, CRU, Teck. 2. Source: Fastmarkets SLIDE 96: LONG-TERM ZINC DEMAND GROWTH 1. Source: Wood Mackenzie, IZA, CRU, Teck. 2. Source: Wood Mackenzie. 3. Source: IEA. 4. Source: IZA. SLIDE 98: SHARE STRUCTURE AND PRINCIPAL SHAREHOLDERS 1. Based on public filings as of March 31, 2025. 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 99: SENSITIVITIES 1. As at April 23, 2025. The sensitivity of our annualized adjusted profit (loss) from continuing operations attributable to shareholders and adjusted EBITDA to changes in the Canadian/U.S. dollar exchange rate and commodity prices, before pricing adjustments, based on our current balance sheet, our 2025 mid-range production estimates, current commodity prices and a Canadian/U.S. dollar exchange rate of $1.40. Our US$ exchange sensitivity excludes foreign exchange gain/losses on our US$ cash and debt balances as these amounts are excluded from our adjusted profit from continuing operations attributable to shareholders and adjusted EBITDA calculations. See Teck’s Q1 2025 press release for further details. 2. All production estimates are subject to change based on market and operating conditions. 3. The effect on our adjusted profit (loss) from continuing operations attributable to shareholders and on adjusted EBITDA of commodity price and exchange rate movements will vary from quarter to quarter depending on sales volumes. Our estimate of the sensitivity of adjusted profit (loss) from continuing operations attributable to shareholders and adjusted EBITDA to changes in the U.S. dollar exchange rate is sensitive to commodity price assumptions. 4. Zinc includes 210,000 tonnes of refined zinc and 550,000 tonnes of zinc contained in concentrate.
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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 EBITDA margin is a non-GAAP ratio calculated by EBITDA divided by revenue for each respective reportable segment. Net cash unit costs per pound is a non-GAAP ratio 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. Net debt (cash) – Net debt (cash) is total debt, less cash and cash equivalents. Net cash is the amount by which our cash balance exceeds our total debt balance. 105
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COPPER EBITDA MARGIN RECONCILIATION 106 Reconciliation between copper segmented profit, revenues and EBITDA margin C$M, copper segment 2023 2024 Profit (Loss) Before Taxes from Continuing Operations 524 303 Net finance expense 56 664 Depreciation and amortization 553 1,356 EBITDA 1,133 2,323 EBITDA 1,133 2,323 Revenue 3,425 5,542 EBITDA Margin 33% 42%