Ladies and gentlemen, thank you for standing by. Welcome to the Anglo American and Teck Resources Fraser Phillips Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. To join the question queue, please press star then one on your touch-tone phone. Should anyone need assistance during the conference call, they may signal an operator by pressing star then zero on their telephone. This conference call is being recorded on Tuesday, September 9th, 2025. I would now like to turn the conference over to Duncan Wanblad, CEO of Anglo American, and Jonathan Price, President and CEO of Teck Resources. Please go ahead. Thank you, Chuck, and good afternoon, good morning to everybody, and thanks for joining us at such short notice. Jonathan and I are delighted to be here together today in Vancouver. Good day, everyone. Please do refer to the cautionary statement and disclaimer with respect to certain non-GAAP measures that we will refer to, and further details are clearly available on our press release and on our websites. Today's announcement marks a truly monumental day for our mining sector. The merger between Anglo American and Teck Resources will create a world-leading copper and critical minerals producer that will create many billions of dollars of value for both sets of our shareholders. This is the most exciting corporate transaction that I have ever been part of, and I certainly couldn't be more excited for our new joint future as AngloTech. This merger will allow us to continue the over 100-year legacy of both of our companies, and importantly, create a base that will allow us together to continue adding material value for our investors and stakeholders for decades to come. This transaction has been designed to be a true merger of equals, and it is this unique partnership that will allow for optimal value in synergies and adjacencies to be realized from our portfolios for both sets of shareholders. The AngloTech portfolio will have more than 1.2 million tons of annual copper production, anchored by six world-class copper assets with more than 70% copper exposure, making this one of the world's leading investable copper opportunities with scale. By bringing together two of the world's leading miners, we will have an enhanced ability to deliver strong operational performance. It's not just about what we have today. This portfolio holds tremendous growth optionality for our disciplined approach and proven capabilities that will enable adaptive expansion in the right way and at the right time. We have identified over $800 million in pre-tax recurring annual synergies. This is a substantial amount when compared to the size of the combined company. The recent simplification in our respective companies means that we are in an optimal position to leverage the best in both of our companies. AngloTech will deliver substantial operational efficiencies, will allow for commercial and functional excellence, and will also benefit from economies of scale. This will create billions of dollars of tangible value. We have shown combining mining assets with industrial synergies is one of the most value-maximizing activities that you can deliver in the industry. The industrial logic of combining Quebrada Blanca and Quebrada Blanca (Koyawasi) is undeniable. By running higher grade and softer Quebrada Blanca (Koyawasi) ore through the Quebrada Blanca plants, we will generate at least $1.4 billion uplift in annual average underlying EBITDA by delivering an incremental 175,000 tons of annual copper production on a 100% basis. This will come at very low capital intensity of around $11,000 a ton. Today's announcement is a massive step forward to unlocking substantial value creation for both sets of shareholders and our other partners. AngloTech will benefit from a strong balance sheet underpinned by a larger, more diversified asset base with increased cash generation potential. Combining these dynamics with a continued focus on capital discipline and operational resilience, we will create a framework that enables us to make the right long-term decisions through the cycle. We will also have an increased global capital markets presence with our LSE listing, as well as listings on the Johannesburg Stock Exchange, the Toronto and New York Stock Exchanges. We are also pleased to confirm that AngloTech's head office is to be based here in Vancouver. This makes logical sense. Our assets are mainly based in the Western Hemisphere, which means that our senior management will be in the right time zones. Canada is, of course, a country with deep mining expertise and a very rich history in the industry. Under AngloTech, we look forward to helping unlock Canada's vast natural resources and further accelerate Canada's economic ambitions. We will preserve and build on the proud heritage and strengths of both companies in Canada and South Africa. AngloTech will continue to play a key role in the mining ecosystems of both countries, drawing on our technical and sustainability expertise to support growth and investment ambitions, and we will leverage London's role as a global center for mining finance. With that, let me pass now to Jonathan, who will run us through some of the transaction details. Thanks, Duncan. Bringing our two companies together is fundamentally about driving value and creating a stronger, more resilient company. AngloTech will have a premier critical minerals portfolio and a diversified asset base that can better deliver the metals and minerals needed for the energy transition, as well as wider economic development for decades to come. We believe that this combination is a perfect fit, rooted in shared values and culture, with an unwavering commitment to deliver long-term value for our shareholders, employees, and the communities in which we operate. This merger creates a leading portfolio of copper assets. The combined business will be a top five copper producer with the incredible endowments offering significant scope to grow responsibly in a value-focused and disciplined manner. We see that as a clear advantage while the broader industry faces challenges from increasing capital intensity and declining grades. Benefits from this transaction are differentiated and, as we will unpack in the presentation, amount to significant value creation with capitalists in the near, medium, and long term. As Duncan mentioned, both of our companies have been undergoing significant portfolio transformations and are now well placed to further maximize value through this combination. The timing also allows us to take a definitive step forward in creating what will be one of the world's largest copper mining complexes with Quebrada Blanca (Koyawasi) and Quebrada Blanca. I'm delighted with the work our teams have undertaken to deliver what we believe is a great transaction for both sets of shareholders and wider stakeholders. This creates one of the world's leading copper exposed mining companies, with its headquarters here in Canada, drawing on a wealth of technical and management expertise from this country's strong mining and industrial background. Now turning to the mechanics of the transaction. This is a merger of equals that will be implemented via a plan of arrangement. Anglo American will issue 1.3301 new shares to Teck Resources shareholders in exchange for each outstanding Class A and B share. Anglo American shareholders will receive a special dividend of $4.5 billion, or $4.19 per ordinary share ahead of closing, creating an efficient opening balance sheet and allowing more balanced participation for both Anglo American and Teck Resources shareholders in future value delivery. An exchangeable share structure will be implemented for the benefit of Teck Resources' Canadian shareholders. Following the dividend, Anglo American and Teck Resources shareholders will have approximately 62.4% and 37.6% ownership, respectively, in the combined entity. From a governance and leadership standpoint, AngloTech will be a U.K. corporation with equal board representation from Teck Resources and Anglo American, including Canadian and South African representation. The combination of our two companies' long histories and deep bench of technical skills, combined with very similar purposes and missions, gives us confidence that we will have the right team to drive these assets forward. As this is a true merger of equals, representation on the board will be split evenly. Vancouver, Canada, will be the global headquarters for the business, with corporate offices to support the group in London and Johannesburg. AngloTech will thereby contribute to and draw on three key centers of mining finance and technical expertise to support its growth and investment ambitions. Country offices, for example, in Brazil, Chile, and Peru, will be retained to ensure appropriate direct support for operations and stakeholder engagement in each country. In terms of process from here to closing, we are working to get shareholder approvals later this year. The Teck Resources vote requires two-thirds approval by both A and B shareholders. Assuming shareholder approval, the plan of arrangement will also require customary court approval in Canada. The issuance of new Anglo American shares will also be subject to the approval of more than 50% of Anglo American shareholders. This shareholder approval is expected to take place in parallel with the Teck Resources shareholder approval. Importantly, we've already secured agreements covering approximately 80% of Teck Class A shares that agree to vote in favor of the merger and against any competing acquisition proposals. Once the approvals have been secured, the transaction will then be subject to customary closing conditions, including approval under the Investment Canada Act, competition and antitrust approvals, and other applicable regulatory approvals in various jurisdictions globally. The merger is expected to close within 12 months- 18 months. With that, back to you, Duncan. Thank you, Jonathan. AngloTech will be a true global critical minerals champion. The combined portfolio offers a leading exposure to copper representing over 70% of the business, supported by strong cash generation from premium iron ore and zinc. We will discuss the quality of the copper assets and the growth potential shortly, but this transaction delivers one of the most significant copper exposures amongst the large cap metals and mining universe, positioning AngloTech as a global leader in copper and aligning the portfolio and investment thesis far more closely with the top U.S. and LSE copper peers rather than the diversifieds. We are very confident in copper's future. Medium-term demand dynamics remain robust, driven by decarbonization, rising living standards, and increasingly accelerating demand from AI data centers and the power grid. On the supply side, the wider industry faces grade decline, with material investment required just to maintain output. Capital intensity of growth projects has also risen quite significantly since COVID, seeing returns on capital employed staying marginal. For new supply to meet this demand, prices will inevitably need to rise. We are well positioned for the next phase of growth as compared with peers, as we have growth options with very low capital intensity. Our combined skill set and large resource base will allow us to monetize the long-term copper opportunity with a greater degree of flexibility. As you can see on this slide, AngloTech would rank fifth in terms of all copper producers worldwide, with a path to improve this position through our growth options. However, amongst the primary copper exposed companies worldwide, we will rank second in terms of true attributable production. This increased scale will also result in AngloTech being the largest primary copper producing company on the London Stock Exchange by a long way, while also allowing for global capital to access our unique scale and sector leadership through our other listings in Johannesburg, Toronto, and New York. Together, we bring six world-class copper assets into one portfolio. These are high-quality mines in established jurisdictions, with large resources and long mine lives and optionality for growth that highlight their significant value. While much of the industry invests heavily into offsetting declining grades, we are differentiated through requiring limited near-term capital investment, and this positions us well to generate strong free cash flow. There is near-term growth from the current portfolio as well. We expect that there will be around 10% copper production growth coming through by 2027, driven by the ongoing ramp-up at Quebrada Blanca, a return to higher grade production at Koyawasi, and an increase in production coming from Los Bronces as we move back into the softer and higher grade ores there. I would like to take this opportunity to emphasize our confidence in the long-term value and world-class nature of Quebrada Blanca, and that there is a path to resolve these short-term issues. Our portfolio of high-quality assets has a competitive cost profile with a combined second-quartile cost position. Our assets include world-class long-life assets in the bottom half of the cost curve, anchored by ownership in Antamina, Koyawasi, Quebrada Blanca, and Quebrada Code. Adding on to that, our joint mine plan with Codelco is expected to drive further adjacency potential from Los Bronces and Andina, which will continue to move us down the cost curve. As Jonathan will outline shortly, we will also have optionality to move down the cost curve with the Koyawasi and Quebrada Blanca opportunity. Our copper portfolio is complemented by great assets in premium iron ore and zinc, two important commodities with attractive fundamentals. Premium iron ore shares a key attribute with copper. They are both critical means by which the mining industry can support decarbonization and economic development. The zinc business provides another essential product for the global steel industry, extending the longevity and resilience of infrastructure. In premium iron ore, our strong market position should deliver enhanced structural profitability into the short and medium term as steelmaking margins normalize and as steelmaking inputs shift towards more demand for higher grade and premium inputs. The Serpentina resource at Ministerio provides a scalable and high-quality opportunity to grow in what we believe is a very attractive premium iron ore niche. The premium profile will be augmented by the under construction ultra-high density media separation, or UHDMS, project at Kumba. Finally, these assets are generating meaningful cash flow, something we believe will become a further point of differentiation in the coming years, especially as surpluses have the potential to impact legacy iron ores more meaningfully. Turning to zinc, the Red Dog mine in Alaska is one of the world's largest zinc mines. Operating in a world-class mining district, Red Dog has the potential to extend its mine life well beyond current operations and continue its track record of strong cash flow generation. Zinc is set to benefit from rising global infrastructure spend in a market with limited new supply, and this fits well into the group's enhanced marketing capabilities. There are no changes to Anglo American's announced portfolio simplification plans, which, based on current expected timelines and subject to market conditions, should be complete by the time the plan of arrangement has been executed. Now I'll hand back to Jonathan. Thanks, Duncan. It's undeniable that integrating the neighboring Quebrada Blanca and Koyawasi assets could unlock substantial incremental value by sharing our resources and infrastructure and create potentially the largest copper complex in the world. These are the most compelling industrial synergies in the industry right now. Consistent with the action plan that we communicated to the market, we are currently working through the short-term issues at QB to unlock its full value. That work does not hinder us from driving significant longer-term value from this world-class asset. The combined complex will comprise two extraordinary ore bodies, Koyawasi and QB. Part of the strong industrial logic comes from scaling mining of higher grade ores from Koyawasi. Processing Koyawasi ore through one line of the QB plant would enable incremental annual output of approximately 175,000 tons of copper on a 100% basis from 2030- 2049, and we expect the benefits to continue for many years thereafter. There is also further upside if more tons are mined from Koyawasi during the life of mine. This option carries much lower capital intensity of only around $11,000 per ton and lower execution risk than building additional plant capacity at either Koyawasi or QB. In addition, we could see meaningful cost savings from sharing other assets and infrastructure, including optimizing portage, port utilization, and support services. Based primarily on the production uplift, though, and before factoring in these other optimization initiatives, we expect that coordinated operations could deliver an average annual EBITDA uplift of $1.4 billion. Beyond the operational benefits, integrating these two assets enhances our ability to plan and develop within the region. It strengthens our long-term mine planning, improves environmental management, and supports better coordinated community engagement. We believe that the economic and industrial rationale for this combination is compelling, and we will continue to work collaboratively with the other owners of both assets to deliver this substantial value opportunity. A compelling aspect of this merger is the value that will be generated from a broader, more diverse project pipeline. In pursuing these value opportunities, we will remain highly disciplined with our capital allocation. The greater flexibility offered by the combination will allow us to take a portfolio-wide view, allocating capital into the highest risk-adjusted returns. By prioritizing development where we see the greatest value creation potential, we can maximize returns from the project pipeline. As we look forward, whether it's near-term production opportunities, brownfield expansion, adjacencies with neighboring assets, or longer-term growth assets, we're focused on disciplined investment. We will also leverage our shared infrastructure, proven project development capabilities, and joint technical expertise to reduce capital intensity across the portfolio. That means a focus on lower upfront costs, all without compromising safety or sustainability. We will continue to build on both companies' long-standing success in and commitment to global mineral exploration and discovery. Ultimately, this merger strengthens our ability to make smarter, more strategic decisions within a bigger opportunity set to grow margins and deliver value. By integrating our organizations and leveraging our combined scale, we can realize meaningful value from procurement synergies by securing better terms, standardizing sourcing, and cutting input costs across our operations. We can streamline overheads by reducing duplication across corporate functions, consolidating systems, and aligning leadership structures to improve efficiency and decision-making. We also see clear opportunities in marketing and trading. A broader portfolio and stronger brand presence will improve positioning in key markets, enhance customer engagement and offerings, and support more strategic sales and off-take agreements. When you put these three categories of opportunity together, the result is annual pre-tax recurring savings of $800 million. Strong cultural affinity and values alignment underpin our confidence in realizing these synergies, with approximately 80% implementation expected by the end of the second year following completion. We should also be clear that a lot of work has been done between the two teams in order to define this path. These savings are not simply loose targets. They are identified, measurable, actionable, and will be built into our integration plans. They will strengthen our cost base, improve our margins, and support disciplined growth. We're confident that this combination will deliver real and substantial value to our shareholders, and we will execute with focus and accountability. Underpinned by the high-quality asset base across the portfolios, the merger will enhance the financial and operational resilience of both organizations. The combined portfolio and balance sheets will benefit from a diversified cash flow base and increased financial flexibility, allowing for sustained investment through commodity cycles, funding high-returning projects, and maintaining capital discipline. The combined entity's balance sheet will start from a strong position, and we expect the underlying portfolio to generate stable and attractive cash flow, even before factoring in any impact from stronger copper fundamentals. We expect the transaction to support an investment-grade credit rating, benefiting from focused scale, attractive diversification, significant synergies, and capital discipline. Operationally, the integration of our teams and assets creates a more robust platform while also diversifying our production base. This positions us to navigate volatility with confidence, invest strategically, and deliver sustainable value over the long term. Finally, while the exact details of the shareholder returns policy will be developed in the period between now and closing, AngloTech will be committed to disciplined capital allocation that is balanced between cash returns to shareholders and investing in value-accretive growth. Both companies have a strong heritage. I'll say a few words on Canada's contribution to the merger, and Duncan will talk to the contribution from South Africa and the U.K. This merger will play an enhanced role in the Canadian mining ecosystem and will boost Canada's impact and influence on the global mining stage. We are establishing a new major global critical minerals champion and top five copper producer headquartered in Canada, with meaningful representation in Canada at the executive and board levels. Canada has long been the cornerstone of Teck's business, with world-class assets and talented teams. It's a country with a strong mining heritage, a stable and constructive regulatory environment, and a deep pool of mining expertise and talent. The creation of AngloTech as a Canadian-based company will bring significant benefits, with commitments to invest in new growth, innovation, and the Canadian economy, as well as exploring new opportunities to accelerate Canada towards realizing its natural resource advantage. We're committed to providing wide-ranging benefits to Canada, working with Indigenous peoples and local communities, supporting jobs and economic growth, while maintaining the highest standards of safety, sustainability, and transparency. That commitment is reinforced by the clear and strong undertakings we are making today to generate net benefit for Canada. Canada is part of our identity, and with our global headquarters proudly based in this country, that will continue long into the future. I really couldn't agree more with what Jonathan has just said. Canada is one of the world's greatest mining jurisdictions, with a deep history in the industry, and it makes enormous sense for AngloTech to have our head office here in Vancouver. Looking at Anglo American's history, South Africa and the United Kingdom have played and will continue to play an integral role in our long story. South Africa is home to world-class assets, a skilled workforce, and deep mining expertise. AngloTech will continue to play its role in the fabric of South Africa as a strong, highly valued mining company. We will continue to play our societal role in the communities around our operations in terms of health, education, and broader economic development, while also supporting the country's national priorities. Kumba remains a major part of our global business, particularly with the significant investment that we are making in the UHDMS plant to make Kumba's products even more competitive. Our Johannesburg Corporate office will continue to support AngloTech's global operational footprint and will also serve as the hub for growth and investment opportunities across Southern Africa. We remain fully committed to our operations, people, partnerships, and communities across the country. Of course, our management team and board will continue to include meaningful South African representation. The United Kingdom will also continue to play a key role within our corporate strategy. With strong governance frameworks, access to global capital, and a deep investor base that understands the mining sector, we are pleased to confirm that the combined company will maintain its U.K. incorporation and primary listing on the London Stock Exchange. AngloTech will also continue to progress the development of the Whitsworth project in Yorkshire, with its ongoing potential to be a multigenerational asset in crop nutrients, subject to the three criteria around balance sheet, syndication, and critical studies that we have previously outlined. We're proud of our roots in Canada, South Africa, and more recently, the U.K., and we're excited to continue building our future from these strong foundations. Our respected companies are committed to shareholder and stakeholder value delivery through responsible mining. Both companies have built exceptional sustainability and technical capabilities that underpin our respective track records on social and environmental stewardship, Indigenous and community relations, and responsible resource development. Together, AngloTech will continue to prioritize long-term value creation that focuses on safety and health as our first priority, is inclusive and responsible, and supports environmental protection. We're also focused on transparency and accountability. Together, we'll continue to invest in technologies and practices that improve our environmental footprint while maintaining the rigorous sustainability standards across our operations. This merger strengthens our ability to deliver on these priorities. We can scale best practices, share innovation, and drive measurable impact across our combined portfolio. We're proud of the progress we've made individually and even more excited about what we can achieve together. I would like to finish by saying how thrilled we are to be announcing this merger of equals that we believe unlocks and creates substantial shareholder value. Together, we will become a leading critical mineral producer with a top five global copper portfolio backed by premium iron ore and zinc assets, and with outstanding margin-enhancing growth optionality in both the near and long term. By combining complementary portfolios and capturing real material synergies, we will deliver tangible value of $800 million per year, with a roadmap to unlock an additional $1.4 billion of annual underlying EBITDA uplift at the QB and Koyawasi complex. We will have the resilience and enhanced financial capacity to balance shareholder returns with valuable investment opportunities from this incredible suite of assets. This transaction strengthens our position in key markets and enhances our ability to respond to commodity cycles with greater agility and resilience. This further enhances and creates meaningful additional value for all our combined shareholders. Thank you, and now we will be pleased to take your questions. Certainly. To join the question queue, please press star, then one on your touch-tone telephone. You will hear a tone acknowledging your request. We ask that you please limit yourself to one question and one follow-up. If you are using a speaker phone, please ensure you lift the handset before pressing any keys. If you wish to remove yourself from the queue, please press star, then two. The first question will come from Matt Greene with Goldman Sachs. Please go ahead. Hey, good morning, Jonathan. Duncan, congratulations to you both. I got one question, but I guess in two parts. Just on Koyawasi and QB, what is the proposed agreement with the JV partners that you need to present to unlock these synergies? In your discussions to date, has there been a willingness for them to proceed with this? On the $1.4 billion target synergies, you suggest that's risk-adjusted. From a technical and, I guess, operational perspective, more so than an economic, macroeconomic factor, where do you see the greatest risk to achieving this target? Are there any specific areas that you have presented particular concern around in your estimates? Thanks. Thanks, Matt. Let me talk to the establishment of the JV. Clearly, this is something that is fundamentally driven by the industrial logic of it. I think the market's been talking about this for a very long time. All of us have seen the potential that this offers for value creation. The key materiality of all of this is the combination of Koyawasi's high-grade ore body and then processing that through what is today must be one of the state-of-the-art concentrators at QB. With the infrastructure that's available, water, land, et cetera, this is a really, really compelling value proposition. I think one that all the shareholders on that asset are desirous of. Certainly, it has been spoken about by all of the shareholders in the last few years. I'm sure that there's going to be a bit of work to do to agree terms and make this all happen. Given the nature of this, I'm quite positive that we should be successful in getting that done. Sorry, Duncan, if I could just follow up, are you pressing for AngloTech operatorship of the complex? Is that what you're proposing to all the partners? No, no, absolutely not. Today, Koyawasi is operated with an independent management team. It's very much going to be the same here, I think. We will put a structure around this where there's an independent management team, and then the shareholders will manage that through the board of the combined entity. Got it. Thank you. The next question will come from Orest Wowkodaw with Scotiabank. Please go ahead. Hi, good morning. The industrial logic of the transaction makes a lot of strategic sense, but my question for you, Jonathan, is why now from a Teck perspective? I mean, it's been a very tough year for Teck. Obviously, if we look at your share price, it's largely driven by the challenges you've had at QB. I guess, why look at a transaction today, especially not just the challenges, but the operational review that you just announced a few weeks ago? Clearly, this opportunity, or at least I would think this opportunity would still be here down the road, but I'd love to hear your thoughts on the timing of this. Yeah, hi, Orest. Thank you for that question. Look, the transaction that we're announcing today is very consistent with our strategy. As you know, we've been working for many years on a path to portfolio simplification with a particular focus on copper. What this transaction offers our shareholders, of course, is a scaled and very high-quality premium copper-focused company with associated high-quality assets in premium iron ore and zinc. The consistency with strategy is clear. We believe as well, through this transaction, as Duncan's just been outlining, we can gain earlier access to QB and Koyawasi synergies than might otherwise be the case. We do see these synergies as the most compelling industrial synergies available in the industry today. With respect to QB, I think we spoke last week about the comprehensive operations review and, of course, the QB TMF challenges that we've been encountering. There is still work to be done there. We believe and continue to believe, and I think Duncan would say the same, that QB is very much a world-class asset. We will move through these challenges in the relatively short term, and there's no structural impediment here to value and ultimately the creation of these synergies in the medium term. I think from an investor perspective on the Teck side, I mean, twofold. One, of course, is the access to this incredible scaled and high-quality portfolio of assets that we're putting together here. Secondly, it's access directly to both the synergies at QB and Koyawasi, but also the synergies of $800 million annually that we believe can be achieved through the combination of these two companies. Okay. Just as a quick follow-up, does your existing remaining buyback that you announced, about $1 billion left, will that continue through the next year or so, or is that on hold given the announcement of the transaction? We'll place that on hold. We're very focused now, of course, on starting the new company, AngloTech, with the very best balance sheet that we can. Therefore, we will continue, of course, with our normal distributions through our dividend, but we will suspend that buyback for the time being. Okay, thank you very much. Thanks, Oris. The next question will come from lain Gabriel with Morgan Stanley. Please go ahead. Thank you for taking my question. It's, again, on the QB Koyawasi tie-up. Can you talk through the path to lifting the output to 175,000 tons per annum? The milestones and the permits that are needed along the journey, are any capital investments other than the conveyor belt needed to get there? What does it mean for your stage four expansion at Koyawasi? That's my first question. Thanks. Thanks, Alain. Hi. Yeah, just from top level, of course, what we'll have to do is get together with the other shareholders. We'll have to do the detailed design of the combined operations, and then we will have to obviously come to an agreement with them. I suspect that that could be done in relatively short order. Following that, we will have to then obviously apply for permits against the new design and then be able to start the construction. If you sort of roll that through, it's probably knocking on the door of the end of the decade. Actually, in terms of what happens to your question in terms of the capital, really fundamentally, what we probably need to do is repurpose some of the QB plant. There is a bit of capital that goes into QB plant to accommodate the different types of ore. One construct here is you would run one stream on the high grade, the other stream on the QB ore. Alternatively, we would potentially look at options of restarting Rosario up at Koyawasi and bringing some of that ore into the plant too. There is plant capex that we've allowed for here. That's in the order of around about $700 million. The rest, about $1.2 billion, is for the connection of the two mines under that construct, which will largely be in the form of conveyors. That's it. Thank you. What does that mean for the stage four expansion at Koyawasi? Yeah, look, obviously, this is a much more higher value accretion than stage four. If we're able to pull this off, you then indefinitely defer stage four. That would be the outcome of this. Thank you. That's very clear. My second question is on capital allocation. How should we think about the financial leverage versus dividends and buybacks on a forward basis? Do you think the combined entity would inherit Anglo American's own frameworks? This will be a new company, so we will design the capital allocation frameworks to suit the new company, but I think they will be very consistent with the capital allocation frameworks that both companies have today, which is to ensure that we maintain a strong balance sheet, and then we are balancing the allocation of returns to new growth and high returning new growth. We will have the opportunity to optimize that through a broader project portfolio against ongoing capital returns to shareholders. I think we both have very strong track records of returning cash to shareholders. We will look to continue that through the new company. Balance sheet strength is fundamental to what we're setting out to achieve here. This is going to be a quality company in terms of the assets. We also need this to be a quality company in terms of the balance sheet and the optionality that that will give us. Thank you very much. Thank you. Thanks, Alain. The next question will come from Liam Fitzpatrick with Deutsche Bank. Please go ahead. Good morning, Duncan and Jonathan. Look, it's really coming down to the, my question is on the value of the deal. I think we can all see the logic, but the surprise in the market is the lack of premium for Teck. So that's firstly for Jonathan. If you could just comment on the QB issues and whether it's fair to infer that it's going to take quite a bit longer to get around these tailings and other issues than the current guidance that you have in the market. Then a question for Duncan is just around the level of diligence that you've done on the QB asset and the comfort that it can actually get to those designed capacity levels and even higher longer term. Thank you. Yeah, thanks, Leon. Just on the first point, we've structured this as an at-market merger of equals, and you see that reflected beyond the ownership ratios into aspects, for example, the 50/50 appointment of directors to the board from both Teck and Anglo American. You see that from the sharing of management as well across the top of the company, and we expect that to be the case throughout the senior management ranks. With respect to QB, of course, we commented on that last week in terms of the action plan that we have in place there. We noted that the work we have to do on tailings will likely carry through into 2026 as we work to improve sand drainage times, which ultimately will allow us to accelerate construction of the sand dam. In the meantime, we continue to build rock benches to ensure that we can raise the height of the crest so we can continue to operate the mine and the plant. We're very confident that we'll make our way through the challenges that we're having at the plant right now. As discussed last week, it's going to take us a little bit longer than we previously identified. It's important that we take the time now to do that work really well to ensure that we preserve the value of what is a world-class asset and, of course, then enable the capturing of the synergies that Duncan's just been talking to. Liam let me pick up on your question related to the diligence. Of course, you can imagine we've done extensive diligence on this particular matter. That, of course, included a number of technical site visits. We've had our technical experts, both tailings and process, engage with the team at Quebrada Blanca. On top of that, we've had a number of sessions with the independent professionals, engineers of record, et cetera, at Quebrada Blanca. As Jonathan sort of alluded to, I am very confident that Quebrada Blanca is a great asset. We have seen what Quebrada Blanca is going through before ourselves. We have experienced it in a similar sort of way during the Quebrada ramp-up. I completely recognize the challenges that are being experienced here on the ground at QB. The reality is that these major operations do just sometimes take time, particularly in the early phases of setting up a tailings dam. The early years of building a tailings dam are absolutely critical to the structural integrity and the safety, and therefore the longevity of that dam. Therefore, it is important to go at the right pace and set things up the right way for the long term. Done right, the benefits are there for decades to come. As I say, at Quebrada, we had a very similar problem in the context of a very high deportment of fines to the sands fraction, which is what you use to build the tailings dam wall. Until you get on top of that, your rate of production is limited. The work that the team at QB are doing right now, the approach that they are taking to it is very similar to that that we took at Quebrada. For sure, it will impact production in the first couple of years, but it's absolutely the right approach to take to deliver the very significant and inherent value of that asset. In summary, I completely share Teck Resources' excitement about the full potential of Quebrada Blanca and the opportunity that we have to take the combined Koyawasi Quebrada Blanca assets to the next level. That's helpful. Thank you both. Thanks, Liam. The next question will come from Anita Soni with CIBC World Markets. Please go ahead. Good morning, Jonathan and Duncan. A couple of questions. Firstly, just following up on the questions a little bit on the tailings dam, could you talk about Duncan, Anglo American's experience with sand tailings dams and any of the experiences that you could bring to bear? I'm assuming that the tailings from Quebrada Blanca (Koyawasi) will be deposited in Quebrada Blanca (QB), but is that not, you're assuming that it'll be fixed by the time you actually get these permits to get the ore transported over. Is that correct? Hi, Anita. No. We'll have the two operations separated by quite some distance in elevation. Up at the Quebrada Blanca (Koyawasi) mine, there is a plant, and there is a tailings dam associated with that plant. Down at Quebrada Blanca, there is a plant, and there's a tailings dam associated with that plant. In the combined operations, we are going to be running all of the plants and all of the tailings dams. That means the ore that is processed through the plant down at Quebrada Blanca will be the source of the material that is used to build the Quebrada Blanca tailings dam. That's kind of how it works technically. The reality of those concentrates or tailings will determine the rate at which it goes. We understand those very well. By the time we get there, it really does feel like the ramp-up will be done. 2027 looks pretty solid. Okay. Yeah, I had assumed that the ore that gets processed through QB is going to be deposited in QB. Thanks for that clarification. I'm just wondering also, is there any time commitments in keeping the head office in Canada and the key management roles as they are, i.e., yourself as Deputy CEO and Duncan as CEO? Are there any commitments that you've made or expect to make in order to get through this Investment Canada review? Anita, yes, there are. We, as you highlight, have committed to have the global headquarters for this company in Vancouver. We've also committed to have the majority of Senior Executive roles based here in Canada. As you say, that includes the CEO, Deputy CEO, and CFO, among other roles. Those commitments are expected to remain in place in perpetuity. Okay. Thanks. In terms of the index implications, have you spoken to anybody, or do you have any expectation how the primary listing being in London will impact the S&P, sorry, the TSX index listings? I have some guidance on that from our guys internally, but I'm just wondering if you have any further color to add on that. I think, as we've said, the primary listing of the new company, AngloTech, will be in London, and that's where the index inclusion will be. I mean, typically, it's unlikely to get index inclusion on other exchanges because that's usually connected to primary listing and domicile. Okay. One final question just on the revenue EBITDA. I'm just unsure exactly if that includes the transport cost. When you're talking about $1.4 billion on a 100% basis, does that include transport costs or not? Because it said revenue EBITDA, and I'm not sure what that phrase means. Yeah, it means we're generating this from increased production rather than generating it from cost reduction, for example. It's that 175,000 tons of additional production that we will get from processing the higher-grade, softer Quebrada Blanca (Koyawasi) ores that translate into those revenue uplifts. Yeah, I guess my question was, was that also netting off the transportation costs, though, as well? You mean the movement of the ore from Quebrada Blanca (Koyawasi) to Quebrada Blanca? The answer is yes. Yeah, okay, so that includes that. Okay, thank you very much. That's it for my questions. Thank you. The next question will come from Chris LaFemina with Jefferies. Please go ahead. Hi Jonathan, hi Duncan. Thanks for taking my question and congratulations on creating a structure where one plus one clearly equals more than two. I'm just wondering about different options that you might have had and just really first curious as to how long you've been in discussions and whether you also thought about potentially selling your respective companies. I mean, Duncan, obviously you were in discussions with BHP last year. Jonathan, you've been in discussions with Glencore. You've got a deal done on the coal side. You both have increasingly highly coveted assets trading at relatively low valuations. I get it that this deal is better than doing nothing, but I would think if you ran an auction for the business, you could potentially get very high synergies. Wondering how that was kind of included in the thought process around this and how long have the discussions been going on and what other options do you maybe consider? Hey Chris, hi. Yeah, look, so fundamentally, what we do is always, I speak for myself, but I'm sure this would be similar for Jonathan too, but we always look at all of the options that we have all of the time to ensure that we are creating the best value for our shareholders. Certainly, in terms of where we were and how we looked at the option set presented to the company, this by far in a way was the most attractive outcome for us. That's why we've moved down this path. Just in the context of how long we've been doing this thing, you know, I mean, as I say, I have been a very big fan of trying to daylight value out of these adjacencies that exist, whether they are directly from the ore body or whether they are from the types of industrial synergies that we're talking about here, leverage of infrastructure, common use of plants, but generally the idea of lowering the capital intensity of what is an extremely capital-intensive industry. Having done Serpentina and Minas Rios and being in very advanced talks with Codelco on Andina and Los Bronces, this became a very obvious next driver for us. I think it's probably fair to say that Jonathan and I have been speaking for quite some time around how we make the asset synergies work and whether that at all would be possible. Those have been sort of on and off conversations for the last year or so, but in the last few months, it became increasingly clear to us that actually there was an enormous amount of value in the combination of the two businesses per se, in addition to the value that can be won from the asset synergies. I suppose in all instances, the last few months is where we've been working on putting this deal together. Yeah, that's right. Chris, if I can just add from a Teck perspective here, of course, myself on the board, we always test any proposed transaction or proposed corporate action against the available alternatives. We start with our strategy, then we understand what options exist consistent with our strategy to maximize value for our shareholders. Part of that, of course, is the options we look at have to be capable of execution. As we said at the top of the call here, we think there are a range of reasons that this provides great value for both sets of shareholders, including this highly scaled and high-quality portfolio of assets that we're going to bring together and the attractiveness we see for that in capital markets. Both the $800 million of synergies and the $1.4 billion of EBITDA uplift at QB Koyawasi are truly compelling and, to many extents, unique in terms of the value creation that we can deliver together. Thanks for that. Just secondly, quickly on regulatory review and approval, you said this has to get approved by China as well, right? I'm just wondering if there's a risk around MOFCOM. Back when Glencore bought Xstrata, MOFCOM tried to block that, and that was before copper was a critical mineral. The fact that copper has become so important to governments around the world, do you see any challenges in getting regulatory approvals to get this across the finish line? Thanks for that. Yeah, thanks, Chris. I mean, we have to go through the normal course regulatory approvals here, sort of antitrust and competition related. To your point, yes, China will be one of those jurisdictions. It's impossible to speculate at this point in time how that process will unfold. Ultimately, we expect to get this transaction over the line. It starts with the shareholder approvals, which we'll want to get done by the end of this year. The big one in Canada is the Investment Canada Act. Then it's the other approvals, as you've referenced, across a range of jurisdictions. That's helpful. Thanks, guys. Good luck. Thanks, Chris. The next question will come from Dominic OKane with JP Morgan. Please go ahead. Hi guys. A question for Duncan. The completion of the transaction is contingent upon a number of things, including the Anglo American $4.5 billion special dividend. Arguably, the transaction carries some market risk, i.e., commodity price risk. Could you just maybe talk to us about whether you have additional funding arranged on the Anglo American side to help you navigate that special dividend? Is there any linkage at all to that special dividend with the coal and the De Beers disposal? Thanks, Tom. Look, we looked at this very carefully and stress-tested quite materially what we expected to do, you know, the markets to bring forward in the next couple of years. As we did this, you know, we had absolutely the opening balance sheet of the new organization in mind. Very clearly, you know, what has changed in terms of what we were doing with the Anglo American portfolio on a standalone basis is the fact that this combination creates a materially new and strong balance sheet. The consequence of that is that we will be able to return to the Anglo American shareholders now some of the proceeds from the ongoing portfolio transformation. That is reasonably consistent with what Teck did with their shareholders when they did the EBR transaction. In looking through all of this, you know, we still have proceeds from De Beers to come. We still have proceeds from steelmaking coal to come. As you saw last week, we had some really, really good proceeds coming in from the Volterra ABO. In setting this all up, we're absolutely targeting a strong balance sheet with a solid investment grade rating. On that basis, we came up with the dividend. To be clear, there's no conditionality on the $4.5 billion with regards to further proceeds from coal or De Beers. They are mutually exclusive. Yeah, there's no conditionality related to the sale of those assets. Thank you. The next question will come from Myles Allsop with UBS. Please go ahead. Great. Thank you and congratulations. Maybe firstly, just on that regulatory risk, could you just confirm what discussions you've had? We are out of time for further questions. I would now like to hand the call back over to Mr. Duncan Wanblad and Jonathan Price for any closing remarks. Please go ahead, gentlemen. Thank you, Chuck. This is a monumental day, and I am incredibly excited about this combination and the future of AngloTech, which I am absolutely certain is going to drive outstanding value creation for the benefit of both of our shareholders here. Jonathan? Yeah, just to echo that sentiment from Duncan, this is a unique and compelling opportunity to drive real value, and I'm excited at what we can achieve together as AngloTech. Thank you. Thanks, everybody. This concludes today's conference call. You may now disconnect your lines. Thank you for your participation and have a pleasant day.