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Teck Resources (TECK) investor relations material

Teck Resources Investor Update summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Investor Update summary8 Oct, 2025

Comprehensive operational review and governance

  • Completed a detailed operational review and action plan for all operating plans, with input from third-party experts, independent advisors, and board oversight.

  • Enhanced monitoring, tracking, and executive oversight, with SVPs of Operations reporting directly to the CEO and increased board sub-committee oversight.

  • Embedded more conservative assumptions and risk adjustments into operational guidance, reflecting demonstrated performance and updated risk profiles.

  • Guidance and performance are now reconciled and adjusted to reflect updated risk-adjusted operational plans.

QB tailings management facility (TMF) development and operational impact

  • TMF development has constrained mill utilization and production at QB, leading to lower recoveries and additional downtime in 2025 and 2026.

  • Mechanical construction, sand drainage improvements, and removal of ultra-fines are ongoing, with positive test results and facility modifications in progress.

  • TMF-related downtime is expected to decrease in Q4 2025, with steady-state operations and removal of constraints targeted for 2027.

  • Capital expenditures for TMF at QB are expected to be $420 million in 2026, with normalization from 2027.

  • Near-term TMF objectives include upstream beaching, rock bench construction, paddock redesign, and installation of permanent infrastructure, with key milestones by late 2025 and early 2026.

Revised operational and production guidance

  • 2025 QB copper production guidance reduced to 170,000–190,000 tonnes (from 210,000–230,000); 2026 guidance lowered to 200,000–235,000 tonnes (from 280,000–310,000).

  • Net cash unit costs for QB in 2025 raised to $2.65–$3.00/lb, improving to $2.25–$2.70/lb in 2026.

  • 2027 QB copper production guidance revised to 240,000–275,000 tonnes; 2028 to 220,000–255,000 tonnes, with further upside from optimization and debottlenecking not included in current guidance.

  • Total copper production guidance for 2025–2028 lowered across key assets, with QB and Highland Valley Copper seeing the largest reductions.

  • Unit cost guidance reflects higher costs in 2025, with improvements expected in 2026 as operational constraints ease.

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Frequently asked questions

Teck Resources Ltd is a Canadian mining company involved in the exploration, development, and production of natural resources. Its operations span copper, zinc, steelmaking coal, and energy products. The company operates mines and processing facilities across the Americas and is involved in environmental and sustainability initiatives. Teck Resources Ltd is headquartered in Vancouver, Canada, and its shares are listed on the TSX.

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