Teck Resources (TECK) 34th Annual BMO Global Metals, Mining & Critical Minerals Conference summary

Strategic overview and portfolio positioning

• Focused on copper and zinc assets, benefiting from rising medium- and long-term demand, with sustainability central to operations.

• Completed sale of steelmaking coal business, using $8.6B proceeds for record shareholder returns and debt reduction.

• Achieved record copper production in 2024, up 50% year-over-year to 446,000 tons, and doubled Adjusted EBITDA to $2.9B.

• Three of six operations are Tier 1 assets, expected to generate 70% of group EBITDA in 2025.

• Resilient to U.S. tariffs due to diversified sales, with less than 15% of revenue exposed to U.S. markets.

2025 priorities and operational performance

• Main focus is ramping up QB to steady state, targeting 230,000–270,000 tons copper production at lower unit costs.

• Copper production expected to rise to 490,000–565,000 tons in 2025, with EBITDA margin improving to 53%.

• Net cash unit costs for copper projected to fall to $1.65–$1.95/lb, aided by higher molybdenum output and cost discipline.

• Corporate costs reduced by 21% in 2024, with further reductions planned.

• Ongoing share buyback and annual base dividend maintained, with $1.8B returned to shareholders in 2024.

Growth projects and capital allocation

• Advancing Highland Valley extension, Zafranal (Peru), and San Nicolás (Mexico), all on track for sanction decisions in H2 2025.

• Optimization and debottlenecking at QB could boost throughput by 15–25%.

• Targeting copper production of ~800,000 tons per year before 2030.

• Liquidity stands at $11.3B, with $7.1B in cash and net cash position of $2.1B as of year-end.

• Committed to returning 30–100% of future available cash flows to shareholders.