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Merger of equals to create a leading global critical minerals champion
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2 Anglo American cautionary statement Disclaimer This document has been prepared by Anglo American plc (“Anglo American”) in connection with its combination with Teck Resources Limited (“Teck”) to form the Anglo Teck group (the “Merger”) and comprises the written materials/slides for a presentation concerning Anglo American and Teck. By attending this presentation and/or reviewing this document you agree to be bound by the following conditions. The release, presentation, publication or distribution of this document, in whole or in part, in certain jurisdictions may be restricted by law or regulation and persons into whose possession the document comes should inform themselves about, and observe, any such restrictions. This document is not a circular or equivalent document and prospective investors should not make any investment decision on the basis of its contents. This document is for information purposes only and does not constitute, nor is to be construed as, an offer to sell or the recommendation, solicitation, inducement or offer to buy, subscribe for or sell shares in Anglo American, Teck or any other securities by Anglo American, Teck or any other party. No reliance may or should be placed by any person for any purpose whatsoever on the information contained in this document or on its completeness, accuracy or fairness. Recipients of this document should conduct their own investigation, evaluation and analysis of the business, data and property described in this document. This document does not constitute a recommendation concerning any investor's decision or options with respect to the Merger. The information in this document is subject to change. Further, it should not be treated as giving investment, legal, accounting, regulatory, taxation or other advice and has no regard to the specific investment or other objectives, financial situation or particular needs of any recipient. No person has been authorized to give any information or to make any representations other than those contained in this document and, if given or made, such information or representations must not be relied on as having been authorized by Anglo American. Subject to the Listing Rules and the Disclosure Guidance and Transparency Rules of the FCA, the issue of this document shall not, in any circumstances, create any implication that there has been no change in the affairs of Anglo American since the date of this document or that the information in itis correct as at any subsequent date. Forward-looking statements and third party information This document includes forward-looking statements. All statements other than statements of historical facts included in this document, including, without limitation, those regarding Anglo American’s and Teck’s respective financial position, business, acquisition and divestment strategy, dividend policy, plans and objectives of management for future operations, prospects and projects (including development plans and objectives relating to Anglo American’s and Teck’s products, production forecasts and Ore Reserve and Mineral Resource positions) and sustainability performance related (including environmental, social and governance) goals, ambitions, targets, visions, milestones and aspirations, are forward- looking statements. By their nature, such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Anglo American and Teck or industry results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. We intend all forward-looking statements that are within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 to the fullest extent provided by such Act. Such forward-looking statements are based on numerous assumptions regarding Anglo American’s and Teck’s present and future business strategies and the environment in which Anglo American and Teck will operate in the future. Important factors that could cause Anglo American’s and Teck’s actual results, performance or achievements to differ materially from those in the forward-looking statements include, among others, levels of actual production during any period, levels of global demand and product prices, unanticipated downturns in business relationships with customers or their purchases from Anglo American and Teck, mineral resource exploration and project development capabilities and delivery, recovery rates and other operational capabilities, safety, health or environmental incidents, the effects of global pandemics and outbreaks of infectious diseases, the impact of attacks from third parties on our information systems, natural catastrophes or adverse geological conditions, climate change and extreme weather events, the outcome of litigation or regulatory proceedings, the availability of mining and processing equipment, the ability to obtain key inputs in a timely manner, the ability to produce and transport products profitably, the availability of necessary infrastructure (including transportation) services, the development, efficacy and adoption of new or competing technology, challenges in realising resource estimates or discovering new economic mineralisation, the impact of foreign currency exchange rates on market prices and operating costs, the availability of sufficient credit, liquidity and counterparty risks, the effects of inflation, terrorism, war, conflict, political or civil unrest, uncertainty, tensions and disputes and economic and financial conditions around the world, evolving societal and stakeholder requirements and expectations, shortages of skilled employees, unexpected difficulties relating to acquisitions or divestitures, competitive pressures and the actions of competitors, activities by courts, regulators and governmental authorities such as in relation to permitting or forcing closure of mines and ceasing of operations or maintenance of Anglo American’s and Teck’s assets and changes in taxation or safety, health, environmental or other types of regulation in the countries where Anglo American and Teck operate, conflicts over land and resource ownership rights and such other risk factors identified in Anglo American’s most recent Annual Report and Teck’s most recent Annual Information Form and subsequent filings on SEDAR+ and EDGAR. Forward-looking statements should, therefore, be construed in light of such risk factors and undue reliance should not be placed on forward-looking statements. These forward-looking statements speak only as of the date of this document. Anglo American expressly disclaims any obligation or undertaking (except as required by applicable law, the City Code on Takeovers and Mergers, the UK Listing Rules, the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority, the Listings Requirements of the securities exchange of the JSE Limited in South Africa, the SIX Swiss Exchange, the Botswana Stock Exchange and the Namibian Stock Exchange and any other applicable regulations) to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in Anglo American’s and Teck’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Nothing in this document should be interpreted to mean that future earnings per share of Anglo American and Teck will necessarily match or exceed their historical published earnings per share. Certain statistical and other information included in this document is sourced from third party sources (including, but not limited to, externally conducted studies and trials). As such it has not been independently verified and presents the views of those third parties, but may not necessarily correspond to the views held by Anglo American and Anglo American expressly disclaims any responsibility for, or liability in respect of, such information. No investment advice This document has been prepared without reference to your particular investment objectives, financial situation, taxation position and particular needs. It is important that you view this document in its entirety. If you are in any doubt in relation to these matters, you should consult your stockbroker, bank manager, solicitor, accountant, taxation adviser or other independent financial adviser (where applicable, as authorised under the Financial Services and Markets Act 2000 in the UK, or in South Africa, under the Financial Advisory and Intermediary Services Act 37 of 2002 or under any other applicable legislation). Alternative Performance Measures Throughout this document a range of financial and non-financial measures are used, including a number of financial measures that are not defined or specified under IFRS (International Financial Reporting Standards), which are termed ‘Alternative Performance Measures’ (APMs) or non-GAAP measures. Management uses these measures to monitor the Group’s financial performance alongside IFRS measures to improve the comparability of information between reporting periods and the businesses. These APMs should be considered in addition to, and not as a substitute for, or as superior to, measures of financial performance, financial position or cash flows reported in accordance with IFRS. APMs are not uniformly defined by all companies, including those in the Group’s industry. Accordingly, it may not be comparable with similarly titled measures and disclosures by other companies. Group terminology In this document, references to “Anglo American”, the “Anglo American Group”, the “Group”, “we”, “us”, and “our” are to refer to either Anglo American plc and its subsidiaries and/or those who work for them generally, or where it is not necessary to refer to a particular entity, entities or persons. The use of those generic terms herein is for convenience only, and is in no way indicative of how the Anglo American Group or any entity within it is structured, managed or controlled. Anglo American subsidiaries, and their management, are responsible for their own day-to-day operations, including but not limited to securing and maintaining all relevant licences and permits, operational adaptation and implementation of Group policies, management, training and any applicable local grievance mechanisms. Anglo American produces group-wide policies and procedures to ensure best uniform practices and standardisation across the Anglo American Group but is not responsible for the day to day implementation of such policies. Such policies and procedures constitute prescribed minimum standards only. Group operating subsidiaries are responsible for adapting those policies and procedures to reflect local conditions where appropriate, and for implementation, oversight and monitoring within their specific businesses. ©Anglo American Services (UK) Ltd 2025. TM and TM are trademarks of Anglo American Services (UK) Ltd.
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3 Teck cautionary statement Cautionary Statement on Forward-Looking Statements This news release contains certain forward-looking information and forward-looking statements as defined in applicable securities laws (collectively referred to as forward-looking statements). These statements relate to future events or future performance. All statements other than statements of historical fact are forward-looking statements. The use of any of the words “anticipate”, “can”, “could”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “would”, “project”, “predict”, “likely”, “potential”, “should”, “believe” and similar expressions is intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. These statements speak only as of the date of this news release. These forward-looking statements include, but are not limited to, statements concerning the anticipated benefits and synergies from the proposed Merger, the expected effects of the Merger on Anglo American and Teck, future production levels, the expected timing of completion of the Merger, and other statements that are not historical facts. These statements are based on a number of assumptions, including, but not limited to, assumptions regarding general business and economic conditions, future outlook and anticipated events, such as the ability of Anglo American and Teck to complete the Merger, the ability of Teck and Anglo American to obtain all required regulatory approvals, the ability of Teck and Anglo American to obtain respective shareholder approval for the Merger, the ability of Teck and Anglo American to obtain all other necessary approvals, the strategic vision of the merger between Teck and Anglo American following the closing of the Merger, expectations regarding exploration, production and operation potential, expectations with respect to production capabilities and future financial or operating performance of Teck and Anglo American following the Merger, expectations with respect to Teck’s current production and cost guidance and previously disclosed updates, the potential valuation of the merger of Teck and Anglo American, the expected synergies between Teck and Anglo American, the expected revenue from the synergies between Teck and Anglo American, the accuracy of the pro forma financial position and outlook of Teck and Anglo American following the closing of the Merger, the success of the new board and management team, the satisfaction of the conditions precedent to the Merger, the future financial or operating performance of the merged Teck and Anglo American, the expected EBITDA uplift, the ability for Teck and Anglo American to maintain a strong balance sheet, the ability for the combined entity to be listed on the TSX and the NYSE (to be implemented as a listing of American Depositary Receipts), the expectations around stock exchange approval or clearance, the ability for the combined company to continue its listings on the LSE and JSE, the expectations around the headquarters of the combined entity being in Vancouver, the expectations of the results and success of the ICA commitments, the expectations with respect to receiving ICA approval, the assumptions surrounding the proposed ICA commitments, the expectations with respect to the proposed investments by the combined company in Canada, the potential of Teck and Anglo American following the merger to meet industry target, public profile expectations, future plans, projections, objectives, estimates and forecasts and the timing related thereto, the expectations surrounding the combined companies long-term strategy, and the expectations with respect to the combined company’s commitments to South Africa following completion of the Merger. The foregoing list of assumptions is not exhaustive. Events or circumstances could cause actual results to vary materially. Forward-looking information is based on the information available at the time those statements are made and are of good father belief of the officers and directors of Teck and Anglo American as of the time with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the Forward-looking information. Factors that may cause actual results to vary materially include, but are not limited to, the possibility that the Merger will not be completed on the terms and conditions, or on the timing, currently contemplated, and that it may not be completed at all, due to a failure to obtain or satisfy, in a timely manner or otherwise, required regulatory, shareholder and court approvals and other conditions to the closing of the Merger or for other reasons, the risk that competing offers or acquisition proposals will be made, public perception of the Merger, market reaction to the Merger, the negative impact that the failure to complete the Merger for any reason could have on the business of Anglo American or Teck, general economic and market conditions, including interest and foreign exchange rates, global financial markets, the impact of pandemics or epidemics, changes in government regulations or in tax laws, industry competition, technological developments and other factors described or discussed in Anglo American’s or Teck’s disclosure materials filed with applicable securities regulatory authorities from time to time. Anglo American and Teck assume no obligation to update forward-looking statements except as required under securities laws. Further information concerning risks, assumptions and uncertainties associated with these forward-looking statements and Teck’s business can be found in Teck’s Annual Information Form for the year ended December 31, 2024 filed under our profile on SEDAR+ (www.sedarplus.ca) and on EDGAR (www.sec.gov) under cover of Form 40-F, as well as subsequent filings that can also be found under Teck’s profile.
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Creation of a leading global critical minerals champion 4 $1.4bn annual EBITDA* uplift from +c.175kt potential at the adjacent Collahuasi & Quebrada Blanca (100% basis) 34 $800m in pre-tax recurring annual synergies from the combination23 Headquartered in Canada & committed to the Canadian and South African heritages of both companies6 Strong balance sheet underpinned by a larger, more diverse asset base, including premium iron ore & zinc5 Outstanding value creation through an at market merger of equals1 More than 70% copper exposure1 & outstanding further growth optionality embedded2 *Underlying EBITDA is a non-GAAP measure with no standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. See "Non-GAAP Measures“.
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Transaction summary 5 Transaction structure • At market merger of equals implemented by a plan of arrangement • Anglo American to issue 1.3301 new shares, including exchangeable shares issued Canadian tax residents, in exchange for each outstanding Class A and Class B Teck share • Special dividend to Anglo American shareholders of US$4.5bn, US$4.19/sh ahead of closing4 Post-dividend ownership • Anglo American shareholders: c.62.4%5 • Teck shareholders: c.37.6%5 Location • Global headquarters in Vancouver with corporate offices in London and Johannesburg • Regional offices in North America, Latin America, Europe and Asia to support combined business • Anglo Teck will inherit Anglo American’s UK incorporation Listing • Primary listing on the LSE • Listings on JSE and, subject to relevant exchange approvals, TSX and NYSE6 Key closing conditions • 66⅔% of holders of Teck Class A and Class B shares, voting as separate classes, required to approve plan of arrangement • Majority of Anglo American shareholders required to approve share issuance in connection with the merger • Customary voting agreements covering 79.7% of Teck Class A shares that agree to vote in favour of the merger and against any competing acquisition proposals • Customary closing conditions including approval under the Investment Canada Act and regulatory approvals in various jurisdictions • Merger is expected to complete within 12-18 months Leadership • Chair: Sheila Murray; CEO: Duncan Wanblad; Deputy CEO: Jonathan Price; CFO: John Heasley • Board composition 50% Teck and 50% Anglo American, with both Canadian and South African representation • All standing committees to have representation from both Teck and Anglo American • Executive leadership team to reflect the depth, experience and leadership of both companies
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Copper Other Commodities77 Creation of a premier critical minerals equity 6 Copper 72% Premium iron ore 22% Zinc 6% Expected 2027 production mix1 Anglo Teck: A differentiated investment opportunity – focused, large scale, copper exposure
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One of the world’s largest copper producers 7 Future growth optionality Tonnes Top 5 copper producer 8 Second largest listed copper-focused producer 9 Future growth optionality Tonnes
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Copper portfolio expected to deliver ~10% capital-efficient production growth through 202710 with further significant growth potential Outstanding critical minerals portfolio with six world-class copper assets 8 Established mining jurisdiction Highland Valley (100% ownership) Canada’s largest copper mine, life extension under way to 2046 Quebrada Blanca (60% ownership) Collahuasi (44% ownership) Multi-generational assets with potential to unlock annual EBITDA* uplift of $1.4bn3 Antamina (22.5% ownership) Top 6 global copper mine with first quartile cash cost Quellaveco (60% ownership) World class asset with growth potential Long-life with significant brownfield opportunities Los Bronces (50.1% ownership) 2024A 2027F ~1.35Mt ~1.2Mt ~+10% *Underlying EBITDA is a non-GAAP measure with no standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. See "Non-GAAP Measures“.
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Competitively positioned copper assets 9 Antamina (22.5%) Quellaveco (60%) Los Bronces (50.1%) Los Bronces post-Andina Highland Valley (100%) El Soldado (50.1%) Carmen de Andacollo (90%) Collahuasi + Quebrada Blanca Collahuasi (44%) Quebrada Blanca (60%) 2027F C1 cash costs by mine11 and Anglo Teck ownership % Combined second quartile cost position with expected improvement driven by asset adjacencies
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Zinc to benefit from infrastructure spend, with limited new supply Strong premium iron ore demand expected as global steel industry decarbonizes Kumba (~53% interest)12 Premium iron ore with margin enhancing UHDMS project 10 Committed to Anglo American’s portfolio simplification Minas-Rio (85% ownership) High quality DR-grade pellet feed with expansion potential from Serpentina adjacency Manganese assets: Carmen de Andacollo Trail Operations El Soldado Chagres Premium iron ore Zinc Other complementary assets Other copper assets: High-quality premium iron ore & zinc assets provide attractive diversification Red Dog (100% ownership) One of the world’s largest zinc mines with high grades and extension optionality Integrated smelters: Mamatwan/Wessels GEMCO
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Unlocking the full potential of Collahuasi and Quebrada Blanca 11 Value-accretive additional production from one of the largest copper complexes globally Additional production Underlying EBITDA* uplift Capital efficient ~175kt Incremental annual copper production potential from processing softer, higher-grade Collahuasi ore through Quebrada Blanca plant (100% basis)3 ~$11,000/t Cost-effective growth with lower capital investment requirements than standalone extension or expansion options $1.4bn Average annual basis from 2030-2049 but expected to continue beyond this period (100% basis)3 Quebrada Blanca plant Collahuasi Ore Reserve grade 0.96% TCu14 44% Anglo AmericanQuebrada Blanca Mineral Reserve grade 0.52%13 60% Teck *Underlying EBITDA is a non-GAAP measure with no standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. See "Non-GAAP Measures“.
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Outstanding organic growth pathway underpinned by capital discipline 12 Near-term priorities Future value Near-term, low capital-intensity growth Capital efficient adjacencies Disciplined approach to future optionality Collahuasi + Quebrada Blanca Los Bronces + Andina Minas-Rio + Serpentina QB debottlenecking Increase throughput to 165-180ktpd Los Bronces plant restart Throughput increase from reopening the Los Bronces plant Collahuasi debottlenecking Increase throughput to 210ktpd Quellaveco stage 1 expansion Increase throughput to 142ktpd Highland Valley Copper MLE Life extension underway to extend mine life to 2046 Kumba UHDMS Increasing premium product mix, option to extend mine life to 2044 ~175ktpa of incremental copper production from 2030-2049 but expected to continue beyond this period (100% basis)3 ~120ktpa of incremental copper production (21 years, from 2030, 100% basis) Signing expected H2 2025 Los Bronces Underground Zafranal San Nicolás Sakatti NuevaUnión NewRange Woodsmith (Crop nutrients) Galore Creek Schaft Creek + Expansion and life extension options within portfolio Potential additional high grade, friable iron ore resource accessible at Minas-Rio Adjacency secured & studies ongoing Northwestern B.C.
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13 Corporate, business overheads & other ~$210m Marketing revenue ~$100m Procurement ~$490m Synergies incremental to existing cost savings targets Management track records of portfolio simplification & cost savings delivery ~$800m annual, recurring, pre-tax synergies2 Additional one-off ~$200m cash synergy from improved working capital management Compelling near-term value creation through synergies
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14 Strengthened financial position targeting investment grade credit profile strong combined balance sheet and larger, more diversified cash flow base Leverage proven capabilities in technical and operational excellence to deliver enhanced operational resilience and significant, value-accretive growth Disciplined capital allocation balance between cash returns to shareholders & value-enhancing growth Combination strengthens financial and operational resilience
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Global headquarters in Vancouver CEO, Deputy CEO, CFO & significant majority of executive management based in Canada Investments of at least C$4.5bn over five years Listed on the TSX, subject to relevant exchange approvals Meaningful representation from South Africa on the board and executive team Committed to workforce and host communities, with continued support of national priorities Corporate office in Johannesburg Maintain JSE listing Primary listing on the LSE Continued UK incorporation Corporate office in London Continue to progress the development of the Woodsmith crop nutrients project 15 Canada South Africa UK Commitment to our heritage
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Safety is always our first priority 16 Industry-leading sustainability track records within the global mining industry Proven capabilities support license to operate and grow Shared commitment to shareholder and stakeholder value delivery through responsible mining CC CCC B BB BBB A AA AAA MSCI15 Anglo American Teck Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6
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Copper 72% Premium iron ore 22% Zinc 6% Merger of equals to create a leading critical minerals champion 17 High quality, low-cost assets with strong cash flow generation Resilient balance sheet targeting investment grade credit profile Disciplined capital allocation to highest-returning opportunities including shareholder returns Outstanding copper growth pipeline with near-term optionality and future value Top 5 copper producer Significant value creation Premier copper growth portfolio Unlocking $800 million of pre-tax recurring annual synergies2 Potential to unlock $1.4 billion annual EBITDA* uplift at Collahuasi & Quebrada Blanca3 (100% basis) Expected 2027 production mix1 A truly compelling combination – furthering complementary strategies and enhancing value creation *Underlying EBITDA is a non-GAAP measure with no standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. See "Non-GAAP Measures“.
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Merger of equals to create a leading global critical minerals champion Q&A
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Footnotes 19 1. Production mix is based on assumed copper production of 1,355kt, iron ore production of 61Mt and zinc production of 423kt converted to copper equivalent basis at long-term consensus prices, with iron ore CFR basis adjusted to FOB at spot freight rates. As announced on 2 September 2025, Teck is undertaking a Comprehensive Operations Review, including detailed assessments of operating plans, input from third-party experts and rigorous execution tracking. This review is expected to conclude by October 2025, with resulting updates to Teck’s previously disclosed guidance communicated no later than the Company’s Q3 results. 2. Synergies include $110m of recurring capex synergies and are expected to be realised by the end of the fourth year following completion of the transaction (with approximately $775 million expected to be realised by the end of the third year following completion). The realisation of these recurring synergies will require estimated one-off cash costs of approximately $700 million incurred in the first three years following completion of the transaction. 3. For the purposes of quantification, synergies have been estimated for the period 2030-2049, but are expected to continue beyond this period. Expected synergies and one-off costs are presented on a consolidated 100% basis, pre-attribution to non-controlling interests or Collahuasi and Quebrada Blanca joint venture partners. 4. Anglo American pays dividends to all shares ranking for dividend including Epoch Investment Holdings (RF) Proprietary Limited, Epoch Two Investment Holdings (RF) Proprietary Limited and Tarl Investment Holdings (RF) Proprietary Limited (together, the “Investment Companies”), which collectively held Anglo American shares totalling 98,906,534 shares as of 5 September 2025. The Investment Companies are each owned by independent charitable trusts whose trustees are independent of the Group and were established to purchase Anglo American shares as part of Anglo American’s 2006 share buyback programme. Pursuant to certain arrangements with an indirect subsidiary of Anglo American, the Investment Companies are entitled to receive dividends on their Anglo American shares but have waived their right to vote in respect of all of the Anglo American shares they hold or will hold in Anglo Teck plc. Consistent with its customary practice, the Anglo American Special Dividend of US$4.5 billion is presented on a net basis, excluding the value payable to the Investment Companies and any own shares for which rights to the dividend have been waived. The calculation of the Special Dividend on a per share basis will be subject to the number of Anglo American shares ranking for dividend excluding the Investment Companies and any own shares for which rights to the dividend have been waived as at the relevant record date. As of 5 September 2025 this was 1,074,288,648 shares. 5. The pro forma ownership in Anglo Teck plc is based on Anglo American’s issued share capital of 1,079,143,738 as of 5 September 2025 (i.e. excluding Anglo American shares held by Investment Companies), Teck shares outstanding of 488,869,975, fully diluted on a net share settled basis as of 5 September 2025 (comprising 7,599,532 class A common shares outstanding and 481,270,443 class B subordinate voting shares inclusive of estimated dilutive impact of Teck share options) and the agreement between Anglo American and Teck whereby Anglo American will declare the US$4.5 billion Anglo American Special Dividend ahead of completion of the Merger and Anglo American plc will issue 1.3301 ordinary shares to the existing Teck shareholders in exchange for each outstanding Teck class A common share and class B subordinate voting share at completion of the Merger. 6. Listings are subject to the approval or clearance from each applicable exchange. NYSE listing to be implemented as a listing of American Depositary Receipts. 7. Peers shown using 2027 Bloomberg consensus production, as at 7 September 2025 converted to a copper equivalent basis at long-term consensus prices, with iron ore CFR basis adjusted to FOB at spot freight rates. Anglo Teck shown based on assumed copper production of 1,355kt, iron ore production of 61Mt and zinc production of 423kt converted to copper equivalent basis at long-term consensus prices, with iron ore CFR basis adjusted to FOB at spot freight rates. As announced on 2 September 2025, Teck is undertaking a Comprehensive Operations Review, including detailed assessments of operating plans, input from third-party experts and rigorous execution tracking. This review is expected to conclude by October 2025, with resulting updates to Teck’s previously disclosed guidance communicated no later than the Company’s Q3 results. 8. Source: Wood Mackenzie. Attributable 2027F production. All producers. 9. Source: Wood Mackenzie. Attributable 2027F production. Listed, majority copper-focused producers only. 10. Based on combined 2024 reported copper production for Anglo American and Teck, and 2027F shown based on combined assumed copper production of 1,355kt. As announced on 2 September 2025, Teck is undertaking a Comprehensive Operations Review, including detailed assessments of operating plans, input from third-party experts and rigorous execution tracking. This review is expected to conclude by October 2025, with resulting updates to Teck’s previously disclosed guidance communicated no later than the Company’s Q3 results. 11. Source: Wood Mackenzie. 12. 70% interest in Kumba Iron Ore Limited; 76.3% interest in Kumba Iron Ore’s principal operating subsidiary, Sishen Iron Ore Company Proprietary Limited (SIOC). Resulting in effective interest in SIOC of 53.4%. 13. Please refer to Mineral Reserves table within Teck’s 2024 Additional Information Form for more information. 14. Please refer to Anglo American Ore Reserves and Mineral Resources Report 2024 for more information. Ore Reserve grade shown pertains to sulphide flotation (direct feed). TCu is total copper %. 15. Chart reflects latest MSCI ratings as at 5 September 2025. Source of image used on slide 11 is United States Geographic Survey, Landsat/Sentinel-2.
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20 Non-GAAP Financial Measures and Ratios Non-GAAP Measures Certain financial performance measures used in this presentation, namely underlying EBITDA, are not prescribed by IFRS. These non-GAAP financial measures are intended to provide additional information only and do not have any standardized meaning under IFRS and may not be comparable to similar measures presented by other companies. These non-GAAP financial measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Underlying EBITDA Within Anglo American’s 2024 Integrated Annual Report, Anglo American underlying EBITDA is a non-GAAP measure defined as underlying EBIT before depreciation and amortisation and includes the Anglo American Group’s attributable share of associates’ and joint ventures’ underlying EBIT before depreciation and amortisation. Underlying EBIT is Operating profit/(loss) from continuing operations presented before special items and remeasurements and includes the Anglo American Group’s attributable share of associates’ and joint ventures’ underlying EBIT. Underlying EBIT of associates and joint ventures is the Anglo American Group’s attributable share of associates’ and joint ventures’ revenue less operating costs before special items and remeasurements of associates and joint ventures. Special items and remeasurements include revenue remeasurements, operating special items, operating remeasurements, non-operating special items, financing special items and remeasurements, and tax associated with special items and remeasurements.