Teck Resources (TECK) 35th BMO Global Metals, Mining & Critical Minerals Conference summary

Strategic transformation and merger progress

• Announced a transformational merger of equals with Anglo American, positioning as a top five global copper producer and leading critical minerals company, with over 1.2 million tons of annual copper production and six world-class assets.

• Regulatory approvals for the merger have been secured in Canada, Chile, Australia, Japan, the EU, and the US, with only two approvals remaining; timeline for completion remains 12–18 months from announcement.

• Shareholders overwhelmingly approved the merger, and a key approval under the Investment Canada Act was obtained in record time.

• Merger expected to unlock $800 million in annual pre-tax synergies, with 80% realized within two years post-completion, and potentially $1.4 billion annual EBITDA uplift at QB & Collahuasi.

• Exited oil sands and steelmaking coal businesses, refocusing the portfolio on critical minerals and growing copper production by approximately 67% since 2022.

Operational and financial performance

• Achieved strong operational performance in 2025, meeting revised guidance and delivering a 48% increase in Adjusted EBITDA to $4.8 billion, driven by higher copper prices and by-product revenue.

• Adjusted EBITDA margin reached approximately 50% in Q4, with a return to a net cash position and $1.3 billion returned to shareholders via buybacks and dividends.

• Net cash unit costs decreased by 8% for copper and 16% for zinc, with reaffirmed annual production and cost guidance for copper and zinc segments through 2028.

• Announced a 20,000-ton reduction in 2026 zinc concentrate production at Antamina due to an updated mine plan.

• Disciplined capital allocation and robust balance sheet, with $5.7 billion in cash returns to shareholders since 2022.

Asset and project development

• QB (Quebrada Blanca) achieved its strongest quarterly copper production in Q4 2025 at 55,000 tons, with steady-state operations targeted by year-end 2026.

• Significant progress made on TMF (Tailings Management Facility) development at QB, including installation of alternative cyclone technology and paddock design improvements, with Rock Bench 4 construction underway.

• Highland Valley Mine Life Extension (HVC MLE) sanctioned, extending mine life to 2046 and targeting average annual copper production of 132,000 tons.

• QB has operated on 100% renewable power since October 2025.

• Plans to unlock 175,000 tons per annum of additional copper production by processing Quellaveco ore at QB, with a capital investment of $1.9 billion.