Teck Resources Limited Class A · TSX:TECK.A
Teck Resources Limited Class A — Q3 2026 Earnings Presentation
38 slides from Teck Resources Limited Class A's earnings presentation, Oct 29, 2026
Slide 1: Third Quarter 2026 Conference Call
THIRD QUARTER 2026 CONFERENCE CALL October 29, 2026
Slide 2: Caution Regarding Forward-Looking Statements
CAUTION REGARDING FORWARD-LOOKING STATEMENTS Both these slides and the accompanying oral presentation contain certain forward-looking information and forward-looking statements as defined in applicable securities laws (collectively referred to as forward-looking statements). These statements relate
Slide 3: Overview
OVERVIEW Jonathan Price President and Chief Executive Officer 3
Slide 4: Strong Financial Results and Cash Generation in Q3 2026
STRONG FINANCIAL RESULTS AND CASH GENERATION IN Q3 2026 Showcases the underlying strength of our business Strong financial performance vs. Q3 2025 Significant earnings growth Robust cash generation Lowered our 2026 annual Adjusted EBITDA*,1 doubled Cash flow from operations1 cash unit cost guidance
Slide 5: Continue to Expect Merger to Close 12-18 Months from Announcement
CONTINUE TO EXPECT MERGER TO CLOSE 12-18 MONTHS FROM ANNOUNCEMENT Focus on final regulatory approvals and integration planning Current Status Announcement Record Date Circular Special Shareholders of both companies Future Anglo Teck Regulatory of the Merger for Meeting Publication & Mailing Meetings
Slide 6: Continued Strong Safety Performance in Q3 2026
CONTINUED STRONG SAFETY PERFORMANCE IN Q3 2026 HPI frequency to Q3 2026 matches Teck’s best annual performance Teck-Controlled High Potential Incident Performance1 (per 200,000 hours worked) Including QB2 Project Excluding QB2 Project 0.19 0.17 0.16 0.12 0.12 0.09 0.07 0.06 0.06 0.06 0.06 0.06 2021
Slide 7: Operations Demonstrated Resilience in Q3 2026
OPERATIONS DEMONSTRATED RESILIENCE IN Q3 2026 Delivering copper growth and cost discipline despite severe weather Copper Zinc Production1,2 increased 11% to 116 kt despite severe weather Refined zinc production1,3 at Trail increased 18% to 62 kt kt, Teck share kt, Teck share Weather Impact 47 122 40
Slide 8: Unchanged QB Guidance Despite Severe Weather
UNCHANGED QB GUIDANCE DESPITE SEVERE WEATHER Operational flexibility to improve as mine plan advances Mill Availability1 (%) Asset Utilization1 (%) 2026 Guidance High: 86.0% Low: 80.0% 97.8% 88.9% 92.0% 92.4% 91.8% 89.1% 87.2% 86.1% 79.2% 61.9% Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q3 25 Q4 25 Q1 26 Q2 26 Q
Slide 9: Commenced Construction of Rock Bench 6 at QB
COMMENCED CONSTRUCTION OF ROCK BENCH 6 AT QB 4th consecutive quarter without TMF-related downtime July 2026 October 2026 1 4 2 6 1 4 2 3 5 5 Legend and Status 1 Rock Bench 4 2 Rock Bench 5 3 Rock Bench 6 4 Dam Crest 5 Sand Dam Construction 6 Permanent Infrastructure Completed in Q1 2026 Completed in
Slide 10: Expect to Complete Near-Term QB TMF Objectives by Q1 2027
EXPECT TO COMPLETE NEAR-TERM QB TMF OBJECTIVES BY Q1 2027 Supports more efficient and optimized TMF performance Completed Near-Term Objective Status Completion Date Q3 2025 Initial upstream beaching Remains an ongoing workstream Paddock redesign Q4 2025 New cyclone technologies installed Q4 2025 Mec
Slide 11: Advancing Construction of HVC MLE Project
ADVANCING CONSTRUCTION OF HVC MLE PROJECT Construction is >25% complete1 Q3 2026 Performance1 $2.1-2.4B ~132 kt 2046 • >1.5 million hours worked without a HPI or LTI Project capital Avg Cu production3; Mine life extension 2025-2028 ~50 Mtpa ore mined3 from 2028 • Commenced planned temporary shutdown
Slide 12: Third Quarter 2026 Results
THIRD QUARTER 2026 RESULTS Crystal Prystai Executive Vice President and Chief Financial Officer 12
Slide 13: Strong Financial Performance in Q3 2026
STRONG FINANCIAL PERFORMANCE IN Q3 2026 Q3 2026 Increased production, disciplined execution, vs. Q3 2025 and record copper prices • Doubled adjusted EBITDA* to $2.3B, driven by: Gross profit before D&A* $2.2B +86% − Significantly higher copper and zinc prices, Gross profit $1.7B higher by-product re
Slide 14: Significant Earnings Growth in Q3 2026
SIGNIFICANT EARNINGS GROWTH IN Q3 2026 Driven by strong commodity prices and lower smelter processing charges Profitability ($M) Profit before Taxes Net Finance Expense D&A Adjustments Non-Controllable Controllable Includes impact of Benefitting from higher Lower zinc production primary product comm
Slide 15: Significant Profits in Copper Despite Severe Weather
SIGNIFICANT PROFITS IN COPPER DESPITE SEVERE WEATHER Reflects record copper prices and operational resilience Q3 2026 Performance1 Gross Profit Copper Copper Copper Net Cash Gross Profit Gross Margin Before Realized Price Production Sales Revenue Unit Cost*,3 Before D&A* Profit D&A* Q3 2026 US$6.41/
Slide 16: Zinc Continuing to Contribute Meaningful Cash Flows
ZINC CONTINUING TO CONTRIBUTE MEANINGFUL CASH FLOWS Another quarter of strong profitability at Trail Operations Q3 2026 Performance1 Gross Profit Zinc Red Dog Zinc Red Dog Zinc Refined Zinc Refined Zinc Net Cash Gross Profit Gross Margin Before Realized Price Production Sales Production Sales Revenu
Slide 17: Substantial Expansion of EBITDA Margins in Q3 2026
SUBSTANTIAL EXPANSION OF EBITDA MARGINS* IN Q3 2026 Driven by higher production and commodity prices Segmented EBITDA* (C$M) Copper Zinc 67% 30% EBITDA Margin* EBITDA Margin* 28% EBITDA Margin* 42% EBITDA Margin* 1,629 611 480 705 Q3 2025 Q3 2026 Q3 2025 Q3 2026 Increase in our copper EBITDA* primar
Slide 18: Strong Copper Cash Unit Cost Performance
STRONG COPPER CASH UNIT COST PERFORMANCE Benefitting from cost discipline and lower treatment charges Copper Cash Unit Costs1 (US$/lb) Zinc Cash Unit Costs2 (US$/lb) Total Cash Unit Costs* Net Cash Unit Costs * 0.11 0.27 2.09 (0.01) Net Cash Unit Costs* Total Cash Unit Costs* (0.26) 0.08 1.77 0.17 (
Slide 19: Strong Balance Sheet
STRONG BALANCE SHEET Provides a strong foundation as we advance towards Anglo Teck Operational Cash Flow Liquidity Debt Repayments1 (US$M) Q3 2026 As at September 30, 2026 US$2B debt reduction since 2024; ongoing de-levering via QB loan amortization C$1.6B C$10.9B including C$6.7B of cash US$1.5B US
Slide 20: Closing Remarks
CLOSING REMARKS Jonathan Price President and Chief Executive Officer 20
Slide 21: Our Key Near-Term Priorities
OUR KEY NEAR-TERM PRIORITIES Strong foundation for Anglo Teck Outstanding value creation through merger of equals with Anglo American Focusing on safe, stable operational performance Realizing the full value of QB Progressing the Highland Valley Mine Life Extension Project 21
Slide 22: Reference
Teck REFERENCE
Slide 23: Merger of Equals to Create a Leading Critical Minerals Champion
MERGER OF EQUALS TO CREATE A LEADING CRITICAL MINERALS CHAMPION A truly compelling combination – furthering complementary strategies and enhancing value creation Top 5 Significant Premier copper copper producer value creation growth portfolio • Unlocking US$800 million • High quality, low-cost asset
Slide 24: Copper Guidance
COPPER GUIDANCE Lowered copper cash unit cost guidance ranges for 2026 Copper Production1,2 (kt) Net Cash Unit Costs*,1,3 (US$/lb) Quebrada Blanca Highland Valley Antamina (22.5%) Carmen de Andacollo 505-580 2.20 1.80-2.00 455-530 2.03 was 1.85-2.20 454 45-55 435-510 446 45-55 40 51 85-95 35-45 95-1
Slide 25: Zinc Guidance
ZINC GUIDANCE Lowered zinc cash unit cost guidance ranges for 2026 Zinc Production1,2 (kt) Net Cash Unit Costs*,1,3 (US$/lb) Red Dog Sales1 (kt) Red Dog Antamina (22.5%) 616 60 565 102 410-460 365-415 35-45 0.30-0.40 247 35-45 275-325 was 0.65-0.75 556 375-415 45-55 463 330-370 0.39 65-75 0.33 230-2
Slide 26: Settlement Pricing Adjustments
SETTLEMENT PRICING ADJUSTMENTS Positive pricing adjustment in Q3 2026 Simplified Settlement Pricing Adjustment Model Total Reported Settlement Pricing Adjustments (Pre-tax settlement pricing adjustment in C$M) (Pre-tax settlement pricing adjustment in C$M) 300 Outstanding at Outstanding at Quarterly
Slide 27: Sensitivities
SENSITIVITIES Commodity prices are a key driver of our profit and cash flow Estimated Effect of Changes on our Annualized Profitability1 ($M) 2026 Mid-Range Estimated Effect on Estimated Effect Production Profit Attributable on Adjusted Estimates2 to Shareholders3 EBITDA*, 3 (kt) Change ($M) ($M) US
Slide 28: Global Electrification Is Accelerating, Led by China
GLOBAL ELECTRIFICATION IS ACCELERATING, LED BY CHINA Global solar generation saw record growth in 2025, while coal declined Global Electricity Generation by Fuel1 Electricity Share of Energy Supply1 (Annual change, TWh) (%) An additional 7,150 TWh of electricity generation is 30 6 51 24 needed for t
Slide 29: Economic Growth Is Decoupling from Fossil Fuels
ECONOMIC GROWTH IS DECOUPLING FROM FOSSIL FUELS Emerging markets are following a less coal-intensive growth path India & China Wind & Solar Capacity1 India & China Coal Capacity1 India Electricity Generation by Fuel 20252 (% change Y/Y) kWh per capita kWh per capita 30 2,000 5,000 27 China 2025 Chin
Slide 30: Industrial Activity Is Driving China's Economic Growth
INDUSTRIAL ACTIVITY IS DRIVING CHINA’S ECONOMIC GROWTH Electrification and manufacturing are bright spots for metal demand Selected China Metrics1 (% change September YTD year-over-year) Integrated Industrial Property Fixed Asset Electricity Industrial Electricity New Energy Solar Power Exports Indu
Slide 31: Robust Long-Term Copper Market Drivers
ROBUST LONG-TERM COPPER MARKET DRIVERS Copper prices hit another record quarterly average in Q3 2026 Strong copper prices1 (US$/lb) Long-term Copper Market Fundamentals 7.00 Q3 2026 Average Global Economic Growth US$6.40/lb Ongoing urbanisation and population 6.00 growth, coupled with rising living
Slide 32: Copper Market Fundamentals
COPPER MARKET FUNDAMENTALS Copper prices set new records on favourable macro environment Short Term Long Term • Spot copper treatment and refining charges are at record • Copper is the linchpin of global electrification, as the most lows, with supply of concentrate to the custom market well effectiv
Slide 33: Zinc Market Fundamentals
ZINC MARKET FUNDAMENTALS Zinc prices supported on tight western supply Short Term Long Term • Spot zinc concentrate treatment charges have fallen sharply • With exploration still well below peak levels the future supply through 2026 as competition for feed ramped up pipeline is not being adequately
Slide 34: Endnotes
ENDNOTES SLIDE 4: STRONG FINANCIAL RESULTS AND CASH GENERATION IN Q3 2026 SLIDE 15: SIGNIFICANT PROFITS IN COPPER DESPITE SEVERE WEATHER 1. Comparisons are from Q3 2026 to Q3 2025. 1. As at October 28, 2026. See Teck’s Q3 2026 press release, Q3 2026 MD&A, and most recent Annual Information Form for
Slide 35: Endnotes
ENDNOTES SLIDE 19: STRONG BALANCE SHEET SLIDE 25: ZINC GUIDANCE 1. As at September 30, 2026. 1. As at October 28, 2026. See Teck’s Q3 2026 press release, Q3 2026 MD&A, and most recent Annual Information Form for further SLIDE 23: MERGER OF EQUALS TO CREATE A LEADING CRITICAL MINERALS CHAMPION detail
Slide 36: Non-GAAP Financial Measures and Ratios
NON-GAAP FINANCIAL Our financial results are prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International MEASURES Accounting Standards Board. This presentation includes reference to certain non-GAAP financial measures and non-GAAP ratios, which are n
Slide 37: Reconciliation of Non-GAAP Financial Measures & Ratios
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES & RATIOS RECONCILIATION OF ADJUSTED EBITDA MARGIN (%) Q3 2026 Q3 2025 Adjusted EBITDA ($M) (A) 2,305 1,171 Revenue ($M) (B) 4,517 3,385 Adjusted EBITDA Margin (%) (A)/(B) 51% 35% Copper Zinc RECONCILIATION OF SEGMENTED EBITDA ($M) Q3 2026 Q3 2025 Q3 2026
Slide 38: Third Quarter 2026 Conference Call
THIRD QUARTER 2026 CONFERENCE CALL October 29, 2026