Teck Resources (TECK) Status Update summary

Strategic Focus and Portfolio Transformation

• Transitioned to a pure-play energy transition metals company, exiting oil sands and steelmaking coal, and focusing on copper and zinc assets in stable jurisdictions to meet global decarbonization and electrification demand.

• Positioned as a top 10 copper producer in the Americas and globally, with three Tier One assets and a robust copper growth pipeline targeting 800,000 tonnes annual production before 2030.

• Strategy centers on disciplined growth, strong shareholder returns, operational excellence, and resilience through market cycles, underpinned by sustainability and a strong balance sheet.

• Portfolio now consists of world-class copper and zinc assets in established jurisdictions, with 70% of EBITDA from Tier 1 assets.

• Significant modernization of share structure and substantial cash returns to shareholders, with $5.3 billion returned since 2019 and $2.3 billion authorized for further buybacks.

Operational Excellence and Sustainability

• Achieved a 41% reduction in recordable injury frequency and implemented a refreshed High Potential Risk Control program, emphasizing a strong safety culture.

• Operational improvements include autonomous haulage, digital analytics, and standardized management systems, driving higher asset utilization and reduced downtime.

• Sustainability leadership with targets for net zero Scope 1 & 2 emissions by 2050, 100% renewable energy at QB, and nature positive goals with a 3:1 conservation-to-impact ratio.

• Deep engagement with Indigenous Peoples and communities, resulting in zero significant social disputes and strong local employment and procurement.

• Trail Operations recognized for low-carbon, super high-grade zinc production and recycling initiatives, supporting vertical integration and green premiums.

Growth Projects and Capital Discipline

• Near-term copper growth pipeline includes QB optimization/debottlenecking, Zafranal, San Nicolás, and Highland Valley mine life extension, targeting 800,000 tonnes annual copper production before decade's end.

• QB optimization aims for a 15%-25% throughput increase at low capital intensity ($100-$200 million), with further expansion potential.

• Zafranal and San Nicolás are lower-risk, capital-competitive projects with strong local support and rapid payback profiles; sanction decisions expected in H2 2025.

• Highland Valley Copper Mine life extension to mid-2040s, with estimated 137 ktpa copper post-2024.

• Total attributable capital for near-term projects estimated at $3.2-$3.9 billion, with capital intensity well below recent copper sector acquisitions.