Diese Präsentation wurde erfolgreich gemeldet.
Die SlideShare-Präsentation wird heruntergeladen. ×

Supplemental Information - November 25

Anzeige
Anzeige
Anzeige
Anzeige
Anzeige
Anzeige
Anzeige
Anzeige
Anzeige
Anzeige
Anzeige
Anzeige
Wird geladen in …3
×

Hier ansehen

1 von 90 Anzeige
Anzeige

Weitere Verwandte Inhalte

Weitere von TeckResourcesLtd (20)

Aktuellste (20)

Anzeige

Supplemental Information - November 25

  1. 1. Supplemental Information November 25, 2022
  2. 2. Global Metals and Mining Conference 2 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 to future events or our future performance. All statements other than statements of historical fact are forward-looking statements. The use of any of the words “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “predict”, “potential”, “should”, “believe” and similar expressions is intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. These statements speak only as of the date of this presentation. These forward-looking statements include, but are not limited to, statements concerning: forecast production; forecast operating costs, unit costs, capital costs and other costs; sales forecasts; all guidance included in this presentation, including production guidance, sale and unit cost guidance, capital expenditure guidance, water treatment guidance, and the sensitivities thereto; our strategies, objectives and goals; future accounting treatment for QB2; our portfolio of copper growth options and expectations for our copper projects, including expectations related to the submission and receipt of regulatory approvals, timing for completion of prefeasibility and feasibility studies, costs and timing related to construction and commissioning and expectations relating to production levels, capital and operating costs, mine life, strip ratios and C1 cash costs; expectations relating to our San Nicolás project, including with respect to the announced transaction with Agnico Eagle; expectations relating to our Mesaba project, including with respect to the announced transaction with PolyMet to create the NewRange Copper Nickel joint venture; expectations and planned activities relating to our zinc satellite initiative; water treatment in the Elk Valley, including the statement that we are expecting to stabilize and reduce the selenium trend across the Elk Valley and all other future oriented statements on the slide titled “Water Treatment Improving Water Quality”; and our expectations regarding our QB2 project, including expectations regarding timing of first production, capital costs, capacity, mine life, strip ratios, C1 cash cost and AISC and tax treatment; planned or forecast production at our operations and development projects; our expectations relating to the demand for and supply of copper, zinc, steelmaking coal and other products and commodities that we produce and sell; our expectations relating to future prices and price volatility for copper, zinc, steelmaking coal and other products and commodities that we produce and sell; our expectations relating to future operating costs for our operations and those of our competitors; and all other statements relating to the outlook of the markets for copper, zinc, steelmaking coal and other products and commodities that we produce and sell.. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this presentation. Such statements are based on a number of assumptions that may prove to be incorrect, including, but not limited to, assumptions regarding: general business and economic conditions; commodity and power prices; assumption that QB2 becomes fully producing within the periods set out in this presentation; the supply and demand for, deliveries of, and the level and volatility of prices of copper, zinc, steelmaking coal, and our other metals and minerals, as well as oil, natural gas and other petroleum products; the timing of the receipt of permits and other regulatory and governmental approvals for our development projects and other operations, including mine extensions; our costs of production and production and productivity levels, as well as those of our competitors; availability of water and power resources; credit market conditions and conditions in financial markets generally; our ability to procure equipment and operating supplies and services in sufficient quantities on a timely basis; availability of qualified employees and contractors for our operations, including our new developments and our ability to attract and retain skilled employees; the satisfactory negotiation of collective agreements with unionized employees; the impact of changes in Canadian-U.S. dollar exchange rates, Canadian dollar-Chilean Peso exchange rates and other foreign exchange rates on our costs and results; the accuracy of mineral and steelmaking coal reserve and resource estimates (including with respect to size, grade and recoverability) and the geological, operational and price assumptions on which these are based; tax benefits and tax rates; the impacts of the COVID-19 pandemic on our operations and projects and on global markets; our ongoing relations with employees and with our business and joint venture partners; the impact of climate change and climate change initiatives on markets and operations; and the impact of geopolitical events on mining operations and global markets. Assumptions regarding QB2 include current project assumptions and assumptions contained in the final feasibility study, as well as there being no further unexpected material and negative impact to the various contractors, suppliers and subcontractors for the QB2 project relating to COVID-19 or otherwise that would impair their ability to provide goods and services as anticipated. Expectations regarding our operations are based on numerous assumptions regarding the operations. Statements concerning future production costs or volumes are based on numerous assumptions of management regarding operating matters and on assumptions that demand for products develops as anticipated; that customers and other counterparties perform their contractual obligations; that operating and capital plans will not be disrupted by issues such as mechanical failure, unavailability of parts and supplies, labour disturbances, COVID-19, interruption in transportation or utilities, or adverse weather conditions; and that there are no material unanticipated variations in the cost of energy or supplies. Assumptions regarding water quality management in the Elk Valley include assumptions that additional treatment will be effective at scale, that the technology and facilities operate as expected and that required permits will be obtained. Risks related to our San Nicolás and NewRange Copper Nickel joint venture including customary risks relating to closing of the transactions, including the receipt of regulatory consents and the satisfaction of other closing conditions, as well as risks related to the operation of a project as a joint venture, including those set out in our Annual Information Form. The foregoing list of important factors and assumptions is not exhaustive. Other events or circumstances could cause our actual results to differ materially from those estimated or projected and expressed in, or implied by, our forward-looking statements. See also the risks and assumptions discussed under “Risk Factors” in our 2021 Annual Information Form and in subsequent filings, which can be found under our profile on SEDAR (www.sedar.com) and on EDGAR (www.sec.gov). Except as required by law, we undertake no obligation to update publicly or otherwise revise any forward-looking statements or the foregoing list of factors, whether as a result of new information or future events or otherwise. Inherent in forward-looking statements are risks and uncertainties beyond our ability to predict or control, including risks that may affect our operating or capital plans; that are generally encountered in the permitting and development of mineral and oil and gas properties such as unusual or unexpected geological formations; associated with the COVID-19 pandemic; associated with unanticipated metallurgical difficulties; relating to delays associated with permit appeals or other regulatory processes, ground control problems, adverse weather conditions or process upsets and equipment malfunctions; associated with any damage to our reputation; associated with labour disturbances and availability of skilled labour; associated with fluctuations in the market prices of our principal commodities; associated with changes to the tax and royalty regimes in which we operate; created through competition for mining and oil and gas properties; associated with lack of access to capital or to markets; associated with mineral and oil and gas reserve estimates; posed by fluctuations in exchange rates and interest rates, as well as general economic conditions; associated with changes to our credit ratings; associated with our material financing arrangements and our covenants thereunder; associated with climate change, environmental compliance, changes in environmental legislation and regulation, and changes to our reclamation obligations; associated with procurement of goods and services for our business, projects and operations; associated with non-performance by contractual counterparties; associated with potential disputes with partners and co-owners; associated with operations in foreign countries; associated with information technology; and risks associated with tax reassessments and legal proceedings. Scientific and technical information in this presentation and related appendices was reviewed and approved by Rodrigo Alves Marinho, P.Geo., an employee of Teck and a Qualified Person under National Instrument 43-101. QB2 Project Disclosure All economic analysis with respect to the QB2 project based on a development case which includes inferred resources within the life of mine plan, referred to as the Sanction Case, which is the case on which Teck based its development decision for the QB2 project. Inferred resources are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Inferred resources are subject to greater uncertainty than measured or indicated resources and it cannot be assumed that they will be successfully upgraded to measured and indicated through further drilling. Nonetheless, based on the nature of the mineralization, Teck has used a mine plan including inferred resources as the development mine plan for the QB2 project. The economic analysis of the Sanction Case, which includes inferred resources, may be compared to economic analysis regarding a hypothetical mine plan which does not include the use of inferred resources as mill feed, referred to as the Reserve Case, and which is set out in Appendix slides “QB2 Project Economics Comparison” and “QB2 Reserves and Resources Comparison”.
  3. 3. Global Metals and Mining Conference 3 Table of Contents Guidance Copper Growth Strategy Zinc Development Options Business Units Base Metals Steelmaking Coal Markets Copper Zinc Steelmaking Coal Non-GAAP Financial Measures and Ratios
  4. 4. Global Metals and Mining Conference 4 Guidance
  5. 5. Global Metals and Mining Conference Operations and Projects (22.5%) (60%) (80%) (50%) (75%) (50%) (95%) (80%) (60%) Assumes closing of an agreement with PolyMet to advance their NorthMet project and our Mesaba mineral deposit, and an agreement with Agnico Eagle to advance our San Nicolás project. Closing is subject to customary closing conditions, including receipt of regulatory approvals. See Teck’s press releases dated July 20, 2022 and September 16, 2022. Teck announced it has agreed to sell its 21.3% interest in Fort Hills to Suncor Energy Inc. Closing is subject to customary closing conditions, including receipt of regulatory approvals. See Teck’s press release dated October 26, 2022. (50%) | NorthMet (50%) (50%) 5 (90%)
  6. 6. Global Metals and Mining Conference Production Guidance 2021 Actual Previous 2022 Guidance Current 2022 Guidance1 Previous 3-Year Guidance (2023-2025) Current 3-Year Guidance1 (2023-2025) Copper2,3,4 Highland Valley 130.8 127-133 127-133 130-160 110-170 Antamina 100.2 91-96 91-96 90-95 90-95 Carmen de Andacollo 44.8 45-50 45-50 50-60 50-60 Quebrada Blanca6 11.5 10-11 10-11 245-300 170-300 Total copper6 287.3 273-290 273-290 515-615 420-625 Zinc2,3,5 Red Dog 503.4 540-570 540-570 510-550 510-550 Antamina 104.0 90-95 90-95 80-100 80-100 Total zinc 607.4 630-665 630-665 590-650 590-650 Refined zinc Trail 279.0 270-285 257-267 295-315 295-315 Steelmaking coal (Mt) 24.6 23.5-24.0 22.0-22.5 26.0-27.0 25.0-26.0 Lead2 Red Dog 97.4 80-90 80-90 85-95 85-95 Molybdenum2,3 (Mlbs) Highland Valley 1.1 0.8-1.3 0.8-1.3 3.0-5.0 1.0-5.0 Antamina 1.1 1.8-2.2 1.8-2.2 3.0-4.0 3.0-4.0 Quebrada Blanca6 - - - 4.0-13.0 4.0-13.0 Total molybdenum 2.2 2.6-3.5 2.6-3.5 10.0-22.0 8.0-22.0 Production (000’s tonnes except as noted) 6
  7. 7. Global Metals and Mining Conference Sales and Unit Cost Guidance Total cash unit costs per pound, net cash unit costs per pound, and adjusted site cash cost of sales per tonne are non-GAAP ratios. See “Non-GAAP Financial Measures and Ratios” slides. Q3 2022 Actual Q4 2022 Guidance1 Zinc in concentrate Red Dog (kt) 235 130-150 Steelmaking coal (Mt) 5.6 5.0-5.4 2021 Actual Previous 2022 Guidance Current 2022 Guidance1 Copper2 (US$/lb) Total cash unit costs 1.80 1.93-2.03 1.93-2.03 Net cash unit costs 1.39 1.48-1.58 1.48-1.58 Zinc3 (US$/lb) Total cash unit costs 0.56 0.54-0.59 0.54-0.59 Net cash unit costs 0.30 0.37-0.43 0.37-0.43 Steelmaking coal (C$/tonne) Adjusted site cash cost of sales 65 87-92 87-92 Transportation costs 44 43-46 46-49 Sales Unit Costs 7
  8. 8. Global Metals and Mining Conference 2021 Actual Previous 2022 Guidance Current 2022 Guidance1 Sustaining Copper $ 184 $ 340 $ 340 Zinc 154 190 190 Steelmaking coal2 475 650 650 Energy5 80 140 90 Corporate 10 5 5 $ 903 $ 1,325 $ 1,275 Growth3 Copper4 $ 103 $ 235 $ 235 Zinc 14 35 35 Steelmaking coal 440 35 35 Energy 3 – – Corporate 3 – – $ 563 $ 305 $ 305 Total Copper $ 287 $ 575 $ 575 Zinc 168 225 225 Steelmaking coal 915 685 685 Energy 83 140 90 Corporate 13 5 5 $ 1,466 $ 1,630 $ 1,580 Capital Expenditures Guidance Sustaining and Growth Capital Sustaining and Growth Capital (cont.) Capitalized Stripping 2021 Actual Previous 2022 Guidance Current 2022 Guidance1 Total sustaining and growth $ 1,466 $ 1,630 $ 1,580 QB2 capital expenditures 2,580 2,700 - 2,900 2,900–3,000 Total before SMM/SC contributions 4,046 4,330-4,530 4,480–4,580 Estimated SMM/SC contributions to capital expenditures (401) (800)-(860) (860)-(890) Estimated QB2 project financing draw to capital expenditures (1,376) (315) (315) Total, net of partner contributions and project financing $ 2,269 $ 3,215-3,355 $ 3,305-3,375 2021 Actual Previous 2022 Guidance Current 2022 Guidance1 Capitalized Stripping Copper $ 207 $ 250 $ 250 Zinc 91 90 90 Steelmaking coal 369 530 530 $ 667 $ 870 $ 870 Teck’s share in C$ millions, except as noted 8
  9. 9. Global Metals and Mining Conference (C$ millions, unless otherwise noted) 2021 Actual Previous 2022 Guidance Current 2022 Guidance1 3-Year Guidance1 (2022-2024) Long-Term Guidance1,3 (C$/tonne) Capital Expenditures Sustaining capital (water management and water treatment, including October 2020 direction issued by Environment and Climate Change Canada)2 $ 226 $ 200 $ 200 $ 650-750 $ 2.00 Operating Costs Operating costs associated with water treatment (C$/tonne) $ 0.75 – – $ 3.00 Steelmaking Coal Capital Expenditures and Operating Costs Related to Water Treatment Water Treatment Guidance 9
  10. 10. Global Metals and Mining Conference Sensitivities 2022 Mid-Range Production Estimates2 Changes Estimated Effect of Change on Profit Attributable to Shareholders3 ($ in millions) Estimated Effect on EBITDA3 ($ in millions) US$ exchange C$0.01 $ 67 $ 103 Copper (kt) 281.5 US$0.01/lb 4 7 Zinc (kt)4 909.5 US$0.01/lb 9 12 Steelmaking Coal (Mt) 22.25 US$1/t 17 27 WTI5 US$1/bbl 3 5 Sensitivity of our Annualized Profit Attributable to Shareholders and EBITDA1 EBITDA is a non-GAAP financial measure. See “Non-GAAP Financial Measures and Ratios” slides. 10
  11. 11. Global Metals and Mining Conference 11 Collective Agreements Operation Expiry Dates1 Carmen de Andacollo December 31, 2025 September 30, 2025 Line Creek May 31, 2024 Antamina July 31, 2024 Quebrada Blanca January 31, 2025 March 31, 2025 November 30, 2025 Highland Valley Copper September 30, 2026 Elkview October 31, 2026 Fording River April 30, 2027 Trail Operations May 31, 2027 Cardinal River June 30, 2027
  12. 12. Global Metals and Mining Conference 12 Share Structure & Principal Shareholders Teck Resources Limited as at September 30, 2022 Shares Held Percent Voting Rights Class A Shareholdings Temagami Mining Company Limited 4,300,000 55.4% SMM Resources Inc (Sumitomo) 1,469,000 18.9% Other 1,996,503 25.7% 7,765,503 100.0% Class B Shareholdings Temagami Mining Company Limited 525,000 0.1% SMM Resources Inc (Sumitomo) 393,474 0.1% China Investment Corporation (Fullbloom) 53,128,474 10.5% Other 450,410,671 89.3% 504,457,619 100.0% Total Shareholdings Temagami Mining Company Limited 4,825,000 0.9% 33.6% SMM Resources Inc (Sumitomo) 1,862,474 0.4% 11.5% China Investment Corporation (Fullbloom) 53,128,474 10.4% 4.1% Other 452,407,174 88.3% 50.7% 512,223,122 100.0% 100.0% Shares held by China Investment Corporation (Fullbloom) are based on most recent publicly reported shareholdings and may not be current.
  13. 13. Global Metals and Mining Conference Organizational Chart • The government of Chile owns a 10% non-funding interest in Compañía Minera Teck Quebrada Blanca S.A. (CMTQB) through its state-run minerals company, Empresa Nacional de Minería (ENAMI) • ENAMI has been a partner at QB since 1989 and is a 10% shareholder of Carmen de Andacollo • ENAMI is not required to fund QB2 development costs • Project equity funding in form of: ‒ 25% Series A Shares ‒ 75% Shareholder Loans • Until shareholder loans are fully repaid, ENAMI is entitled to a minimum dividend, based on net income, that approximates 2.0-2.5% of free cash flow ‒ Thereafter, ENAMI receives 10% of dividends/ free cash flow CMTQB TRCL ENAMI Teck 10% (Series B) 100% 90% (Series A) JVCo SMM 66.67% 100% 33.33% SC 83.33% 16.67% Chile HoldCo QB1 / QB2 / QBME ENAMI Interest in Quebrada Blanca 13
  14. 14. Global Metals and Mining Conference Quebrada Blanca Accounting Treatment and QB2 Project Finance Facility 14 Balance Sheet • 100% of project spending included in property, plant and equipment • Debt includes 100% of project financing • Total shareholder funding to be split between loans and equity approximately 75%/25% over the life of the project • Sumitomo (SMM/SC)1 contributions will be shown as advances as a non-current liability and non-controlling interest as part of equity • Teck contributions, whether debt or equity, eliminated on consolidation QB2 Project Finance Facility • Pre-completion, senior debt is guaranteed on a pro-rata basis (after consideration of ENAMI’s 10% carried interest) ‒ Teck 66.67% ‒ SMM 27.77% ‒ SC 5.56% • Senior debt becomes non- recourse after successfully achieving operational completion tests • Semi-annual amortization payments of US$147 million will begin no later than June 15, 2023; facility matures in 2031 • The facility requires partial debt repayment upon dividend distribution to equity partners Cash Flow • 100% of project spending included in capital expenditures • Sumitomo1 contribution recorded within financing activities and split approximately 75%/25% as: ‒ Loans recorded as “Advances from Sumitomo” ‒ Equity recorded as “Contributions from Non- Controlling Interests” • 100% of draws on project financing included in financing activities • After start-up of operations ‒ 100% of profit in cash flow from operations ‒ Sumitomo’s1 30% and ENAMI’s 10% share of distributions included in non-controlling interest Income Statement • Teck’s income statement will include 100% of QB’s revenues and expenses • Sumitomo’s1 30% and ENAMI’s 10% share of profit will show as profit attributable to non-controlling interests
  15. 15. Global Metals and Mining Conference Copper Growth Strategy
  16. 16. Global Metals and Mining Conference 16 2 5 3 1 7 8 9 Teck Greenfield Discovery Teck Greenfield Discovery Portfolio of Copper Growth Options 16 4 6 1 2 3 4 5 6 8 9 7 Near Term Options San Nicolás (Cu-Zn-Au-Ag), Mexico1,2 Teck 50% | Agnico Eagle 50% (San Nicolás Joint Venture) Prefeasibility Study complete Q1 2021; Feasibility Study completion targeted for Q1 2024 First five years (100% basis): 125 ktpa CuEq, C1 cash costs US$(0.16)/lb Cu; US$0.8B capex; NPV8 US$1,387M; IRR 32.7% QB Mill Expansion (Cu-Ag-Mo), Chile Teck 60% | SMM/SC 30% | ENAMI 10% Prefeasibility Study completion targeted for Q4 2022; Targeting 50% throughput increase in addition to QB2 Competitive C1 cash costs Zafranal (Cu-Au), Peru1,2 Teck 80% | MMC 20% Feasibility Study complete Q2 2019; SEIA submitted Q1 2022 with targeted approval in Q1 2023 First five years (100% basis): 133 ktpa CuEq, C1 cash costs US$1.16/lb Cu; US$1.2B capex; NPV8 US$1,047M; IRR 23.5% NorthMet (Cu-Ni-PGM), Minnesota, USA3,4 Teck 50% | PolyMet 50% (NewRange Copper Nickel LLC Joint Venture) Feasibility Study complete, Permits received, Updated Feasibility study starting Q3 2022 29ktpd mining/milling operation; 263.5 Mt Proven & Probable Reserves at 0.288% Cu, 0.083% Ni, 0.264 g/t Pd and 0.075 g/t Pt Medium Term Options Galore Creek (Cu-Au-Ag), BC, Canada1 Teck 50% | Newmont 50% Primary engineering contract for Prefeasibility awarded in Q1 2022; Prefeasibility Study targeted for completion in H1 2023 On a 100% basis, potential 230 ktpa CuEq; C1 cash costs of US$0.65-0.75/lb Cu QB Future Expansions (Cu-Ag-Mo), Chile Teck 60% | SMM/SC 30% | ENAMI 10% Conceptual study underway; options being evaluated to increase throughput beyond QB Mill Expansion Competitive C1 cash costs Future Potential NuevaUnión (Cu-Au-Ag-Mo), Chile1 Teck 50% | Newmont 50% Select technical and strategic work underway; On a 100% basis, potential 255 ktpa CuEq; C1 cash costs US$1.00-1.10/lb Cu Mesaba (Cu-Ni, PGM-Co), Minnesota, USA1 Teck 50% | PolyMet 50% (NewRange Copper Nickel LLC Joint Venture) Preparing for Prefeasibility Study; Ongoing environmental and social baseline studies; Potential 239 ktpa CuEq (100% basis) Schaft Creek (Cu-Mo-Au-Ag), BC, Canada1 Teck 75% | Copper Fox 25% Preparing for Prefeasibility Study; On a 100% basis, potential 161 ktpa CuEq; C1 cash costs US$0.60-0.70/lb Cu This slide discloses the results of economic analysis of mineral resources. Mineral resources that are not mineral reserves and do not have demonstrated economic viability. Assumes closing of an agreement with PolyMet to advance their NorthMet project and our Mesaba mineral deposit, and an agreement with Agnico Eagle to advance our San Nicolás project. Closing is subject to customary closing conditions, including receipt of regulatory approvals. See Teck’s press releases dated July 20, 2022 and September 16, 2022. Projections for Galore Creek, Mesaba and Schaft Creek include inferred resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Inferred resources are subject to greater uncertainty than measured or indicated resources and it cannot be assumed that they will be successfully upgraded to measured and indicated through further drilling. C1 cash unit costs per pound is a non-GAAP ratio. See “Non-GAAP Financial Measures and Ratios” slides.
  17. 17. Global Metals and Mining Conference ($2.00) ($1.00) $0.00 $1.00 $2.00 $3.00 $4.00 $5.00 $6.00 17 Unlocking the value of a world class undeveloped VHMS • Agnico Eagle will subscribe for US$580 million of shares in the Teck subsidiary that owns San Nicolás, giving Agnico Eagle a 50% effective interest • Combines extensive operating experience and development expertise in the Americas to de-risk and optimize this world class VHMS deposit • The asset is in an important mining jurisdiction with existing infrastructure and a skilled workforce; approximately 60 km SE of the city of Zacatecas • Extremely competitive capital intensity, and first quartile costs JV provides a path to permitting, development and production • The partners complementary skillsets, relationships, and funding capabilities will contribute to the timely and successful development • The proposed joint venture reduces Teck’s near-term funding and enhances equity returns Delivering on Copper Growth Strategy • The Feasibility Study is well underway scheduled for completion in Q1 2024; data collection phase nearing completion • EIA and ETJ permit applications ready for submission in Q1 2023 San Nicolás JV (Teck 50% | Agnico Eagle 50%) A long-term partnership between two international Canadian mining companies C1 Cash Cost (Net of by-product credits)1 C1 Cash Cost (NBPC) (US$/lb Cu Payable) 25% 50% 75% 100% Top Decile C1 Cash Cost Performance San Nicolás Life of Mine C1 Cash Cost $0.44/lb San Nicolás First Five Years average C1 Cash Cost $(0.16)/lb San Nicolás Field Operation Camp Assumes closing of an agreement with Agnico Eagle to advance our San Nicolás project. Closing is subject to customary closing conditions, including receipt of regulatory approvals. See Teck’s press release dated September 16, 2022.
  18. 18. Global Metals and Mining Conference 0% 25% 50% 75% 100% - 25 50 75 100 125 150 175 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 Cu Contained in CCTs (kt) CuEq Contained in CCTs (kt) EBITDA Margin (RHS) Prefeasibility Study Production Profile and Financial Summary Long Life Asset in Mexico • One of the world’s most significant undeveloped VHMS deposits • Updated Resources Statement Quality Investment • Expect LOM C1 cash costs in the 1st quartile • Competitive capital intensity • Co-product Zn and by-product Au & Ag credits After-Tax NPV8 US$1.4B After-Tax IRR 32.7% Initial Capex US$842M Payback Period 2.6 Years Avg 1st 5 year2 C1 Cash Costs US$(0.16)/lb Avg 1st 5 year2 Head Grade 1.07% Cu Avg 1st 5 year2 Production 63 kt Cu, 147 kt Zn, 31 koz Au Avg 1st 5 year2 EBITDA US$0.5B Illustrative Timeline EIA & ETJ Submission EIA & ETJ Approval Sanction Production Construction Start FS FS Complete Early Works Pre-sanction Eng. San Nicolás Cu-Zn (Ag-Au) VHMS (50%) Prefeasibility and Environmental Impact Assessment completed1 Assumes closing of an agreement with Agnico Eagle to advance our San Nicolás project. Closing is subject to customary closing conditions, including receipt of regulatory approvals. See Teck’s press release dated September 16, 2022. EBITDA is a forward-looking non-GAAP financial measure. San Nicolás is not an operating asset and there is no historical information with which to compare. C1 cash unit costs per pound is a non-GAAP ratio. See “Non-GAAP Financial Measures and Ratios” slides. 18 Q1 2022 2023 2024 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2026 Commissioning Path to Value Realization • Prefeasibility and draft EIA completed in Q1 and Q3 2021 respectively; EIA submission targeted in Q1 2023; Feasibility Study completion targeted for Q1 2024 • Established partnership with Agnico Eagle unlocks value Mining Jurisdiction • Well-established mining district in Mexico • Community engagement well underway Metal price assumptions: US$3.50/lb Cu, US$1.15/lb Zn, US$1,550/oz Au and US$20/oz Ag
  19. 19. Global Metals and Mining Conference After-Tax NPV8 US$1.0B After-Tax IRR 23.5% Initial Capex US$1.2B Payback Period 2.3 Years Avg 1st 5 year2 C1 Cash Costs US$1.16/lb Avg 1st 5 year2 Head Grade 0.57% Cu Avg 1st 5 year2 Production 125 kt Cu 42 koz Au Avg 1st 5 year2 EBITDA US$0.6B Long Life Asset In Peru • 19 year mine life with mine life extension opportunities though pit expansion and district resource development Quality Investment • Attractive front-end grade profile • Mid cost curve forecast LOM C1 cash costs • Competitive capital intensity Mining Jurisdiction • Strong support from Peruvian regulators including MINEM and SENACE • Engaged with all communities Metal price assumptions: US$3.50/lb Cu; US$1,550/oz Au Zafranal Cu-Au Porphyry (80%) Feasibility complete, SEIA submitted in Q1 20221 EBITDA is a forward-looking non-GAAP financial measure. Zafranal is not an operating asset and there is no historical information with which to compare. C1 cash unit costs per pound is a non-GAAP ratio. See “Non-GAAP Financial Measures and Ratios” slides. Illustrative Timeline 19 Evaluation Process SEIA Submitted SEIA Approval Sanction Production Construction Pre-sanction Eng. Q1 2022 2023 2024 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2027 Early Works Commissioning 0% 25% 50% 75% 100% - 25 50 75 100 125 150 175 200 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 Cu Contained in CCT (kt) CuEq Contained in CCT (kt) EBITDA Margin (RHS) Path to Value Realization • Continue prudent investments to de-risk the project including improving capital and operating cost estimates • SEIA submitted Q4 2021, SEIA approval expected in Q1 2023 Feasibility Study Production Profile
  20. 20. Global Metals and Mining Conference Contained Metal Copper Nickel Cobalt Palladium M&I Resource (Mt) (Mt) (kt) (Moz) NorthMet1 1.7 0.5 50 5.0 Mesaba2,3 6.8 1.6 119 4.9 Total 8.5 2.1 169 9.9 Use Case Electrification Sufficient to produce ~1.4TW of wind capacity4 EV Batteries Sufficient supply for ~20M electric vehicles5 EV Batteries Supply for ~12M electric vehicles6 Clean Air Supply for ~38M catalytic converters7 NewRange Copper Nickel JV (Teck 50% | PolyMet 50%) Responsible delivery of critical metals to support the transition to a low-carbon economy JV provides enhanced asset development path • The Teck / PolyMet 50:50 JV combines the NorthMet and neighboring Mesaba projects in the established Iron Range region of Minnesota under one management team and approach • Glencore owns 71% of PolyMet Two large well-defined copper-nickel-PGM projects • At NorthMet, the JV plans to build and operate a 29,000 tonnes-per-day mine and processing facility • Mesaba is one of the world’s largest undeveloped copper-nickel-PGM deposits with potential for multi-generational production Clear path to production • JV is committing up to US$170M to position NorthMet for project sanction in H1 2024 and advance Mesaba development options • Potential development optimization with existing infrastructure in the area and region Major source of critical metals in North America Use existing infrastructure for processing facilities 20 Assumes closing of an agreement with PolyMet to advance their NorthMet project and our Mesaba mineral deposit. Closing is subject to customary closing conditions, including receipt of regulatory approvals. See Teck’s press release dated July 20, 2022.
  21. 21. Global Metals and Mining Conference Defining the next expansion at QB • Multiple expansion options considered in scoping work • Options evaluated ranged from +50% to +200% throughput increase • Staged expansion with focus on earliest copper production Quebrada Blanca Mill Expansion Fast-tracking additional near-term copper growth Mill expansion project highlights • Minimal additional footprint, simplifies scope of regulatory and permitting activities • Leverages existing tailings management facility and other infrastructure • Competitive C1 cost for incremental production QB Mill Expansion Cu-Mo-Ag QB Mill Expansion (QBME) in Chile, as envisioned First Production 2026 Throughput Increase +50% Cu% Long section looking north Resource Pit QB2 Sanction Case Pit Surface 500m 0.15 0.8 0.5 0.3 0.05 QB Hypogene Reserves and Resources, Teck AIF 2021 Avg First 5-Years Incremental Production 136 or 151 Ktpa Cu Ktpa CuEq 21
  22. 22. Global Metals and Mining Conference Mining • Increased mining rates and fleet size Quebrada Blanca Mill Expansion Planning on leveraging QB2 project infrastructure Milling • Second primary crusher • Third grinding and floatation circuit • Additional tailings thickener, stockpile Limited changes to other facilities • Pipelines: no new water and concentrate pipelines, debottlenecking only • Port: no new port berth, one additional concentrate filter, concentrate storage expansion contemplated 22
  23. 23. Global Metals and Mining Conference Zinc Development Options
  24. 24. Global Metals and Mining Conference 24 Red Dog District Anarraaq (Zn-Pb), USA Teck 100% ~11 km from Red Dog operation; scoping study complete in 2014; existing study being optimized Inferred Resources released in 2017 of 19.4 Mt @ 14.4% Zn, 4.2% Pb1 Aktigiruq (Zn-Pb), USA Teck 100% ~14 km from Red Dog operation; scoping study in progress Significant mineralized system with exploration target* of 80-150 Mt @ 16-18% Zn + Pb2 Su-Lik (Zn-Pb), USA Su: Teck 100%, Lik: Teck 50% | Solitario Zinc Corporation 50% ~17 km from Red Dog operation; field work in progress and leveraging historical work Lik: Indicated Resources of 18.1 Mt @ 8.1% Zn, 2.7% Pb3 and Inferred Resources of 5.34 Mt @ 8.7% Zn, 2.7% Pb3. Su: Resource work is underway to confirm historical data Cirque District Cirque (Zn-Pb), Canada Teck 50% | Korea Zinc 50% In west-central British Columbia and proximal to existing infrastructure Resource work is underway to confirm historical data McArthur River – Teena District Teena (Zn-Pb), Australia Teck 100% ~7 km from Glencore’s McArthur River operation; conceptual study in progress Inferred Resource of 58 Mt @ 11.1% Zn, 1.6% Pb4 Portfolio of Zinc Development Options Australia North America 1 2 1 2 3 Sullivan Mine McArthur River Mine 3 Trail Zinc belt * Potential quantity and grade of this exploration target is conceptual in nature. There has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.
  25. 25. Global Metals and Mining Conference Zinc Development Options Adding value to our high-quality portfolio of zinc development assets Bar height = Size of the deposit. Aktigiruq bar heights = 12.8 to 25.4 Mt2 contained Zn + Pb = Estimated grade, Teck | Other projects = >10% Zn+Pb Teck has several undeveloped high-grade zinc assets1 (>10% Pb + Zn) located in favourable low-risk jurisdictions Largest Undeveloped Zinc Deposits * MacMillan Pass is owned by Fireweed Zinc Ltd. and includes the Tom and Jason deposits. Teck currently has a 9% equity interest in Fireweed Zinc Ltd. Zinc outperforms market expectations • Declining production from existing primary zinc mines • Underinvestment in global exploration for primary zinc deposits • Long term demand outlook for zinc is strong, driven by decarbonization which is galvanized steel intensive Teck’s world class zinc business • Teck is the largest net zinc miner in the world • Large scale, low-cost, integrated business • Attractive portfolio of development opportunities • A long and sustained history of exploration in premier zinc districts Path to value • Leveraging copper growth experience and a Project Satellite analog to surface value from high quality portfolio of zinc opportunities, asset by asset, over the next 4 – 6 years • Prudent investment to further expand our understanding of each assets' potential and associated development options • Define commercial path to value for each project, either as a standalone investment, partnership or through monetization 0% 5% 10% 15% 20% 25% 30% 35% 0 5 10 15 20 25 30 35 Contained Zn + Pb (Mt) Grade Zn + Pb (%) 25
  26. 26. Global Metals and Mining Conference High Quality Zinc Projects Well-known, attractive jurisdictions Red Dog Anarraaq Aktigiruq Su-Lik Delong Mountain Port Cirque Akie Sullivan Mine Brooks Range Vancouver Teena McArthur River Mine Carpentaria Gulf Bing Bong Port Chukchi Sea Kechika Trough Belt Purcell McArthur Basin 100 km 100 km 200 km Zinc belt USA – Alaska Red Dog (Zn-Pb): outstanding high-grade potential mine life extension in a premier district • District know-how with extensive operational experience • Opportunity to extend mine life by leveraging existing infrastructure • Multiple high-quality opportunities Canada – BC Cirque (Zn-Pb): attractive deposit in an emerging district • Proximity to road and rail linked to port and Trail smelting/refining operation • Leveraging local know-how and district synergies to assess development options • Advance through partnership Anarraaq and Aktigiruq: Teck 100% Su-Lik: Su: Teck 100%, Lik: Teck 50% | Solitario Zinc Corp. 50% Teena: Teck 100% Cirque: Teck 50% | Korea Zinc 50% Pacific Ocean Trail Australia – Northern Territory Teena (Zn-Pb): significant discovery in an established district • 2013 discovery in a world-class zinc district with excellent infrastructure • Build upon existing Australian team to create path to value for this high-grade asset • Standalone or partnership opportunity 26
  27. 27. Global Metals and Mining Conference 27 Base Metals Business Units – Copper and Zinc
  28. 28. Global Metals and Mining Conference 28 424 1,686 151 116 383 385 2020 2021 2020 2021 2022E 2023E - 2025E HVC Antamina Andacollo QB QB2 Based on Sanction Case (Including 199 Mt Inferred Resources). Refer to “QB2 Project Economics Comparison” and “QB2 Reserves and Resources Comparison” slides for Reserve Case (Excluding Inferred Resources). The description of the QB2 project Sanction Case includes inferred resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Inferred resources are subject to greater uncertainty than measured or indicated resources and it cannot be assumed that they will be successfully upgraded to measured and indicated through further drilling. EBITDA is non-GAAP financial measure. Net cash unit costs, C1 cash unit cost per pound, and all-in sustaining costs (AISC) per pound are non-GAAP ratios. See “Non-GAAP Financial Measures and Ratios” slides. Copper Business Unit Cost Curve Costs 1.28 1.39 1.53 2020 2021 2022E Key Metrics Production1 (kt) Net Cash Unit Costs2 (US$/lb) 276 287 282 523 Operating Costs Breakdown in 2021 Labour 31% Contractors and Consultants 12% Operating Supplies 15% Repairs and Maintenance Parts 16% Energy 19% Other 7% Total 100% Royalty Costs 3% Depreciation and Amortization 20% Transportation Costs 6% Operating Costs 71% Profitability ($M) EBITDA 958 EBITDA 2,187 D&A Finance Expense Profit before Tax C1 Cash Cost3 & AISC4 Curve5 (US$/lb, 2023E) Cost of Sales in 2021 (C$) AISC Cash Cost 25% 50% 75% 100% Cumulative Paid Metal (%) $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50
  29. 29. Global Metals and Mining Conference 29 EBITDA is non-GAAP financial measure. Net cash unit costs per pound is a non-GAAP ratio. See “Non-GAAP Financial Measures and Ratios” slides. Zinc Business Unit 2020 2021 2022E 2023E - 2025E Red Dog (conc.) Antamina (conc.) Trail (refined) Key Metrics -50 0 50 100 150 200 0% 25% 50% 75% 100% Red Dog Antamina Royalty Costs 14% Depreciation and Amortization 9% Transportation Costs 10% 377 604 44 47 292 230 2020 2021 D&A Finance Expense Profit before Tax EBITDA 713 EBITDA 881 587 305 607 279 648 262 620 305 Production1 (kt) Net Cash Unit Costs2 (US$/lb) Profitability ($M) 0.36 0.30 0.40 2020 2021 2022E Cost Curve Costs Total Cash + Capex Cost Curve 20213 (US¢/lb) Cost of Sales in 2021 (C$) Operating Costs Breakdown in 2021 Labour 36% Contractors and Consultants 11% Operating Supplies 13% Repairs and Maintenance Parts 9% Energy 18% Other 13% Total 100% Raw Material Purchases 30% Operating Costs 37% 2021 Costs Based on Current Prices Current Spot LME Price
  30. 30. Global Metals and Mining Conference 30 45% 50% 55% 60% 2017 2018 2019 2020 2021 YTD Q3 2022 Quality assets with strong margins • Red Dog is a first quartile cash cost operation and is the highest producing zinc mine globally • Trail produces refined zinc, lead and various critical metals, and has expertise in battery recycling and materials Largest net zinc miner in the world • Significant exposure to higher prices A long history of successful exploration in premier zinc districts • Canada, USA, Mexico, Peru, Ireland, Turkey and Australia • Active exploration programs in greenfield and brownfield environments Attractive development opportunities • Large, high-grade system supports significant mine life extension potential in Red Dog district • Portfolio of other attractive early-stage projects World Class Zinc Business Zinc Mining Operations Gross Profit Margins Before Depreciation and Amortization (%)1 Large scale and low-cost business Largest Global Net Zinc Mining Companies (kt)2 Gross profit margins before depreciation and amortization is a non-GAAP ratio. See “Non-GAAP Financial Measures and Ratios” slides. 0 50 100 150 200 250 300 350 Private Company Public Company Teck is the Largest Net Zinc Miner
  31. 31. Global Metals and Mining Conference Red Dog Seasonality 0.51 0.46 0.07 0.30 Q1 Q2 Q3 Q4 0% 1% 69% 30% Q1 Q2 Q3 Q4 22% 15% 32% 31% Q1 Q2 Q3 Q4 • Seasonality of Red Dog net cash unit costs largely due to lead sales during the shipping season • Operates 12 months • Ships ~ 4 months • Shipments to inventory in Canada and Europe; Direct sales to Asia • ~63% of zinc sales in second half of year • ~100% of lead sales in second half of year • Sales seasonality causes net cash unit cost seasonality Zinc Sales1 (%) Five-Year Average Red Dog Net Cash Unit Costs2 (US$/lb) Lead Sales1 (%) 31 Net cash unit cost per pound is a non-GAAP ratio. See “Non-GAAP Financial Measures and Ratios” slides.
  32. 32. Global Metals and Mining Conference 32 Steelmaking Coal Business Unit
  33. 33. Global Metals and Mining Conference 33 41 2,847 56 91 732 872 64 65 90 41 44 48 2020 2021 2022E Adjusted Site Cash Cost of Sales Transportation Other 21.1 24.6 22.3 25.5 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 2020 2021 2022E 2023E - 2025E Key Metrics Steelmaking Coal Business Unit 108 111 137 Production1 (Mt) Unit Costs1 (C$/t) Profitability ($M) EBITDA is non-GAAP financial measure. Unit costs per tonne and adjusted site cash cost of sales per tonne are non-GAAP ratios. See “Non-GAAP Financial Measures and Ratios” slides. D&A Finance Expense Profit before Tax EBITDA 829 EBITDA 3,810 2021 2020 Operating Costs Breakdown in 2021 Labour (Internal & External) 45% Operating Supplies and Parts 33% Energy 16% SG&A & Other Costs 6% Total 100% Margin Curve Costs Seaborne Steelmaking Coal Delivered Operating Margin (Wood Mackenzie, August 2022) (US$/t) Cost of Sales in 20213 (C$) Depreciation and Amortization 25% Transportation Costs 30% Operating Costs 45% $- $50 $100 $150 $200 $250 $300 Teck $189
  34. 34. Global Metals and Mining Conference 2020 to 2022 Transitioning from AWTF to SRF 2023 to 2027 Additional SRF treatment capacity to meet future requirements Up to 2020: Initial facilities completed; successful SRF at Elkview Fording River North 2 (Phase 1) Water Treatment Improving Water Quality Expecting to stabilize and reduce the selenium trend across the Elk Valley 2020 2022 2027 West Line Creek (Phase 1&2) Elkview (Phase 1) Elkview (Phase 2) Fording River South Fording River North 1 (Phase 1&2) North Line Creek Fording River North 1 (Phase 3) Elkview (Phase 3) Greenhills Creek Active Water Treatment Facility Saturated Rock Fill Water Treatment Facilities to 2027 (millions of litres per day) Four-fold increase in water treatment capacity from 2020 to 2022 Elkview Saturated Rock Fill Intake ( 20M Litres/day) +4x +8x 7.5 10 17.5 10 20 20.5 9.5 77.5 10 20 15 7.5 12.5 142.5 34 Complete Under Construction Future Facility
  35. 35. Global Metals and Mining Conference 35 Steelmaking Coal Supply Chain Overview Contracted port capacity of >31.5Mtpa to support production Neptune Terminal >18.5 Mtpa • All coal capacity reserved for Teck, as an owner • Teck’s primary terminal for market access, with competitive cost of service structure Westshore Terminals contract for 5-7 Mtpa • Expires Q4 2027, unless volumes consumed earlier • Agreement provides volume flexibility Trigon Terminals (Ridley) contract up to 6 Mtpa • Expires Q4 2027 • Provides alternative for sprint and recovery volume Rail • Commercial arrangements in place with CP Rail and CN Rail to support fluid movement of trains to all three terminals and small volumes eastbound 35
  36. 36. Global Metals and Mining Conference 36 CHINA 2017: ~15% 2019: ~10% 2021: ~30% INDIA 2017: ~10% 2019: ~15% 2021: ~10% AMERICAS ~5% EUROPE 2017: ~20% 2019: ~15% 2021: ~10% ASIA EXCL. CHINA & INDIA 2017: ~45% 2019: ~55% 2021: ~45% 2nd Largest Seaborne Steelmaking Coal Supplier Competitively positioned to supply steel producers worldwide 36 Sales Distribution Targeted increased sales to China in 2021 to capture CFR China price premium
  37. 37. Global Metals and Mining Conference 37 Sales Mix • ~40% quarterly contract price • ~60% shorter than quarterly pricing mechanisms (including “spot”) Product Mix • ~75% of production is high-quality HCC • ~25% is a combination of SHCC, SSCC, PCI • Varies quarter-to-quarter based on the mine plans Key Factors Impacting Teck’s Average Realized Prices • Variations in our product mix • Timing of sales • Direction and underlying volatility of the daily price assessments • Spreads between various qualities of steelmaking coal • Arbitrage between FOB Australia and CFR China pricing Teck’s Steelmaking Coal Pricing Mechanisms Sales book generally moves with the market 37
  38. 38. Global Metals and Mining Conference 38 Copper Market
  39. 39. Global Metals and Mining Conference 39 Copper Outlook • Smelter capacity increases set for China, India, Indonesia and Africa over next 5 years • Refined copper production restricted in H2 2022 on lower prices, as scrap availability slows • Global cathode inventories drop to historic lows • Physical cathode premiums rise on increased costs • Decarbonization growth accelerating • Government support and corporate initiatives fuel growth • Renewable energy demand just starting to roll out • Electric vehicle production growth constrained by raw materials Consumer demand pauses; decarbonization pushes ahead Raw material supply constrained • European consumer market headed for potential recession • Lockdowns starting to ease in China • Inflation and high interest rates weighing on consumer demand • Mine production expected to peak in 2024, later and lower than previously forecast • Operating costs, capex rising • Production disruptions reached all time high in 2022 • Investment in new projects slow to materialize • Concentrate imports by China up 8.5%, highest on record
  40. 40. Global Metals and Mining Conference 40 Copper Mine Outlook Copper Mine Production and Demand1 (kt) • Significant demand growth expected due to energy transition to renewables • Supply expected to peak in 2024, given declining grades, protracted permitting timelines, and underinvestment • Long-term projected deficit will require significant investment • Mine production grew 7 Mt in the last 20 years, market needs double that in less than 17 years • Increasing costs will likely push price floor higher ‒ 90th percentile costs is historical support level • Consensus forecasts suggest that at the low end for 2023 – 2024 forecasts, prices could trend into the 90th percentile, capping investment 0 100 200 300 400 500 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 90th 75th 50th 25th 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 2014 2019 2024 2029 2034 2039 13.2 Mt mine supply gap by 2040 projected Copper Prices and Costs2 (US$/lb)
  41. 41. Global Metals and Mining Conference 41 Copper Mine Production Remains Challenged Mine Disruptions1 (kt) • Guidance misses could hit record highs in 2022 • Chilean mine production off 7.2% or 350kt YTD September, lowest since 2011 • South American mine production still below 2019 • Growth in 2023/2024 centered on small number of large mines potentially facing start up issues • Mine growth beyond 2023/2024 limited in scope, but higher in risk • >80% of current committed mine projects sanctioned prior to pandemic • Uncommitted nearby projects remain limited, challenged and face increased capex South American Mine Production2 (kt) 0 100 200 300 400 500 600 700 800 Average Monthly Operating Rate Chile Peru -1,800 -1,300 -800 -300 200 2005 2007 2009 2011 2013 2015 2017 2019 2021 3.6% 2.7% 4.0% 6.6% 4.5% 7.7% YTD 7.7% Annualized
  42. 42. Global Metals and Mining Conference 42 Copper Mine Supply Expected to Peak in 2024 Global Copper Mine Production1 (kt contained) • Long permitting timelines and lack of investment impacting long term supply • Mine production expected to increase only 2.5 Mt by 2027 • Chinese mine production expected to be flat to 2027 on lack of resources • Six mines expected to account for 75% of the increase to 2027 • Mine reductions and closures expected to reduce supply post 2024 • CRU estimates $105G required to fill the 2032 supply gap Significant mine increases to 20272 (kt contained) 17,000 19,000 21,000 23,000 25,000 2021 2022 2023 2024 2025 2026 2027 2021-2023 +2,090kt 2023-2025 +850 kt 2025-2027 (410) kt 0 50 100 150 200 250 300 350 400 450 Rajo Inca Grasberg Manto Verde Timok OK Tedi Salobo II Glogow Gleboki Almalyk Kansanshi - S3 Quebrada Blanca 2 Quellaveco Oyu Tolgoi Kamoa-Kakula Expansion Greenfield
  43. 43. Global Metals and Mining Conference 43 Annual TC/RCs Rise on Higher Smelter Costs Spot TC/RCs rise on new mine supply and smelter delays TC/RCs1 (US$/lb) • Spot TC/RCs have moved above annual TC/RCs • Projection of increased mine production in 2023 pushing up spot fees paid to smelters • Chinese smelters faced COVID ramp up delays and power shortages in 2022, now resolved • Low acid prices, increased logistics costs impacting smelter profitability • Despite this, Chinese concentrate imports reach record high in 2022 up 8.5% YTD • Construction started on next wave of ex-China smelters (India/Indonesia/Africa) New Smelter Capacity2 (kt/yr) $0 $20 $40 $60 $80 $100 $120 $140 Annual/Mid Year Spot 0 100 200 300 400 500 600 Ex-China China 2022 2023 2025 2024
  44. 44. Global Metals and Mining Conference 44 Copper Concentrate Market Outlook Untenable deficits post 2025 will require new supply Concentrate Balances, excl. Uncommitted Projects1 (kt) • Smelter capacity expected to grow strongly from 2023 • Unlikely to absorb all concentrate from new and existing mines • Surpluses in 2023/2024 still relatively small, recent events show an increase of 1.2% in mine disruptions would eliminate surplus • Uncommitted projects are needed to fill shortfall • Without adjustments that either delay smelter ramp ups or increase committed mine production, concentrate stocks will be depleted by 2026 -1000 -800 -600 -400 -200 0 200 400 2022 2023 2024 2025 2026 2027 Teck CRU (Adj) WoodMac (Adj) S&P
  45. 45. Global Metals and Mining Conference 45 Long Term Copper Metal Demand Growth Driven by Energy Transition Total Copper Demand1 (Mt) • Metals enable decarbonization, facilitating the reduction of GHG emissions through renewable power and electrification • Under an International Energy Agency (IEA) 1.5˚C scenario: ‒ Growth of >20 Mt expected by 2035 years ‒ Copper use in the energy transition will account for 45% of copper demand by 2050 • CRU estimates that global energy transition could account for 60% of copper demand growth over the next 5 years Copper First Use and End Use Demand2 67% 55% 28.8 68.5 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 2020 2025 2030 2035 2040 2045 2050 Non-Energy Transition Specific Electric Vehicles Solar Wind Storage Chargers Grid Related Consumer & General 22% Transport 11% Industrial Machinery 11% Construction 28% Electrical Network 28% Non-Energy Transition Specific 52% Grid Related 24% Electric Vehicles 16% Copper End Uses (2035) Copper First Use (2020) Energy Storage 1% Charging Stations 1% Solar 3% Wind 3% 28.8 Mt Total 48.8 Mt Total
  46. 46. Global Metals and Mining Conference 46 Copper Short Term Outlook Copper Metal Premiums1 (US$ per pound) • Physical demand in Europe remains tight ‒ LME stocks at historic lows globally ‒ 70% of LME stocks - Russian origin ‒ Self sanctioning creating discount to LME • Operating costs, logistics costs, financing costs all rising, decarbonization costs – pushing contract premiums higher ‒ 2023 European premium up 230% ‒ New green cathode premium in Europe • Restocking required to bring market back to balance could add >750kt to apparent consumption • Potential for positive Chinese consumer demand in 2023 on top of restock Global Copper Stocks2 (Mt & Days of Consumption) 0 5 10 15 20 0 500 1,000 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 LME Stocks Comex Stocks SHFE Stocks Bonded Estimate Days of Consumption Total Stocks LTA Total 785kt needed to restock 25-Year Average Stock Days of Consumption: 15 days or 1.1Mt 0 100 200 300 USA Mid-West Delivered Shanghai Grade A CIF Germany Grade A - Delivered Codelco Benchmark Europe
  47. 47. Global Metals and Mining Conference 47 Scrap is Part of the Long Term Solution Lower prices are restricting short term scrap supply Copper Scrap1 (kt) • Scrap availability tends to fluctuate with copper prices in the short term • Copper scrap is 33%1 of total copper demand and could rise to 40% by 2035 • However, scrap availability remains tight, as shipments continue to be restricted by logistics issues and trade barriers • Over the next decade scrap availability may increase, but trade flows are likely to change as new secondary processing facilities are built outside of China China Copper Scrap Imports vs. New Capacity2 0 5,000 10,000 15,000 20,000 2020 2022 2024 2026 2028 2030 2032 2034 33% 40% ROW 19% Taiwan 4% Korea 4% Hong Kong 5% Thailand 6% USA 14% Japan 14% Malaysia 17% Europe 17% China Imports China 43% India 7% Japan 5% Korea 3% Germany 7% Italy 7% USA 10% Mexico 3% Others 15% New Secondary Capacity Clean Scrap Refinery Scrap Obsolete Scrap 1.4 Mt Total 1.7 Mt Total
  48. 48. Global Metals and Mining Conference 48 Transportation • EV demand drove 1Mt of copper foil investments for batteries in 2021 • Projected roll out rates for EVs have increased 37% in the last year • Requirements for charging stations expected to more than double by 2035 Significant Demand Growth Expected Due To Energy Transition To Renewables Wind • Copper demand from wind power expected to more than double by 2035 • Offshore wind could grow 7x (base case) and >13x Electrification • Requirements for new electric grid infrastructure to support higher electricity output could add an additional 4Mt to copper demand to meet IEA 1.5˚C scenarios Solar • Copper solar growth from several components including inverters, wire and cable, transformers, solar trackers and more • By 2035: Solar demand could increase by 235kt under base case assumptions and by 1.1 Mt under an IEA 1.5˚C scenario
  49. 49. Global Metals and Mining Conference 49 Copper Metal Outlook Global Visible Refined Copper Stocks (kt) and LME Price1 (US$/lb) • Global exchange stocks well below historic levels • Stocks declining since 2013 peak, down 1.3Mt • Stocks have fallen 300kt since end Q2 2022 • Total global stock days 3.4 days, down from long term average of 15 days • Market deficits on supply disruptions continue through COVID lockdowns • New mine supply coming in 2023 will only partially offset lower demand growth • Risks to supply increasing at same time as concerns grow over demand growth CRU Historic Global Cathode Balance2 (kt) 0¢ 100¢ 200¢ 300¢ 400¢ 500¢ 0 400 800 1,200 1,600 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 LME Stocks Comex Stocks SHFE Stocks Bonded Estimate LME Price (400) (300) (200) (100) - 100 200 300 400 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (est) 5-year average US$3.23/lb; 10-year average US$3.10/lb
  50. 50. Global Metals and Mining Conference 50 Structural Deficits Grow Post 2025 Committed projects push market into temporary surplus Refined Global Cathode Balance Quarterly Change, excl. Uncommitted1 (kt) -1600 -1400 -1200 -1000 -800 -600 -400 -200 0 200 400 2021 2022 2023 2024 2025 2026 2027 CRU (Adjust) S&P Global WM (Adjust) Teck Still projecting deficits on weaker short term demand • Physical demand still strong despite revising down short term growth • New energy demand strong; regional energy security priority over GHG emissions • Chinese auto production/sales bright spot in Chinese economy New energy vehicle sales of ~4.5-5.0 million units • Auto sales in Europe/N.A. remain weak on raw material shortages; strong pent-up demand remains • Scrap market remains tight; logistics issues remain • Pent up demand on lifting of lockdown restrictions • Last time China eased monetary policy in a rising copper price environment, copper prices doubled
  51. 51. Global Metals and Mining Conference 51 Zinc Market
  52. 52. Global Metals and Mining Conference 52 Zinc Outlook • Smelters suspended in Europe on high energy prices • Close to 30% of European annual capacity idled • North American smelters struggle in 2022 • Global metal inventories drawn down to historic lows • Physical premiums rise in US and EU to record highs • Decarbonization growth accelerating, benefits zinc • Government and corporate initiatives fuel support for renewable infrastructure • Wind energy, solar energy, all supported by galv. steel • IZA suggests additional 375kt of demand from renewables by 2030 Consumer demand pauses; decarbonization pushes ahead Raw material supply increasing; smelters constrained • European consumer market headed for potential recession • Auto sales/production in EU weak • China destocked through the zinc value chain • Lockdowns starting to ease in China • Mine production expected to peak in 2025 • Operating costs, capex rising • South American zinc production still below pre-COVID levels • Investment in new projects slow to materialize • Concentrate imports by China start to turn up in Q2 2022
  53. 53. Global Metals and Mining Conference 53 Zinc Concentrate Outlook Zinc Mine Production and Demand1 (kt) • Long term supply lags demand, with declining production at higher costs/lower grades from existing mines and exploration under investment • 60% of demand tied to protection of steel; decarbonization is steel intensive • Continued demand growth with reduced inventories and strong physical premiums • Mine costs are on the rise as TC rise and consumable increase. • Incremental production came from higher cost or lower grade extensions, increasing C1 and sustaining capital costs by 22% since 2014 • 75th percentile is historical support level Zinc Prices and Costs2 (US$/lb) 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 2014 2019 2024 2029 2034 2039 0 25 50 75 100 125 150 175 200 225 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 90th 75th 50th 25th 7.2 Mt mine supply gap by 2040 projected
  54. 54. Global Metals and Mining Conference 54 Zinc Mine Supply Expected to Peak in 2025 Global Zinc Mine Production1 (kt contained) • Mine production projected to fall by 1.1 Mt by 2030 ‒ Represents a potential 2.0 Mt shortfall to expected smelter production ‒ Production from established zinc mines only increased by 1.1% since 20141 • No shortage of zinc supply, in the short term, as smelter cuts and mine growth will allow mine supply to exceed smelter demand to 2024 • Beyond 2024 additional production will be required • However, recent record prices failed to move significant production forward ‒ Only <0.5 Mt from <10 new projects committed Significant mine increases to 20272 (kt contained) 0 5,000 10,000 15,000 20,000 2021 2022 2023 2024 2025 2026 2027 2021-2023 +1,370kt 2023-2025 +698 kt 2025-2027 (688) kt 0 50 100 150 200 250 300 350 400 Raura Asmara Neves Corvo Taifeng Aripuana Zhugongtang Korbalikhinsky Buenavista Zhairem Gamsberg Kipushi Ozernoye Expansion Greenfield China ROW Others
  55. 55. Global Metals and Mining Conference 55 Annual and Spot TC/RCs Rising in 2022 TC/RCs1 (US$/lb) • Annual TC/RCs declined in 2021 and rose in 2022 • Spot TC/RCs remained stable in 2021 and are rising 2022 YoY • Higher zinc prices, higher TCs and higher physical premiums are providing strong revenues for smelters • Imported concentrates becoming more profitable • Chinese smelters destocked over the summer, smelter revenues for imports now on par with annual terms; Smelters back in the market; Imports up 24% in August, 53% in September and 24% in October YoY Chinese Concentrate Import Profitability2 (RMB) 2022 Spot TCs up 260% vs. Feb 2021 Annual TCs up 44% YoY 0 100 200 300 400 Spot TC Benchmark TC (4,000) (2,000) 0 2,000 4,000 Imported Concs P&L Domestic Concs P&L
  56. 56. Global Metals and Mining Conference 56 Chinese Zinc Mine Growth Continues to be Limited Chinese Zinc Mine Growth Estimates1 (kmt contained) • Delayed projects and decreasing ore grades continue to impact Chinese mines • Chinese mine production flat since 2018 • Chinese mine production growth continues to be limited and has historically not delivered as analysts projected • New mine production growth offset by: ‒ Environmental/safety restrictions ‒ Falling grades ‒ COVID related disruptions ‒ Power restrictions Zinc Ore Grades at Chinese Mines2 (Ore grade, zinc %) 100 350 270 180 300 250 237 100 100 100 50 80 100 360 200 -630 83 -38 -153 40 -50 50 0 -800 -600 -400 -200 0 200 400 600 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023E 2024E 2025E Early-year estimate Adjusted estimate 2.5 2.8 3.0 3.3 3.5 3.8 4.0
  57. 57. Global Metals and Mining Conference 57 Zinc Concentrate Market Outlook Deficits post 2025 will require new mine supply Concentrate Balances, excl. Uncommitted Projects1 (kt) • Smelters idled in 2022 on high energy costs will likely return by H2 2023 • Short term concentrate surpluses will create a two-tiered market, based on quality • Lack of investment and low metals stocks will require additional zinc units post 2025 • Zinc-focused exploration investment has only been 26% of copper-focused exploration investment over the past 5 years1 • Few quality greenfield or advanced exploration opportunities surfaced in the last 10 years ‒ Except Teck’s Teena discovery in Australia and the Hermosa Pb-Zn project in Arizona -1000 -800 -600 -400 -200 0 200 400 600 2022 2023 2024 2025 2026 2027 Teck CRU (Adj) WM (Adj)
  58. 58. Global Metals and Mining Conference 58 Zinc Metal Short Term Outlook US Net Short Position in Zinc1 (kt) • US produces less than 25% of its demand for zinc • North America meets only ~80% of US demand • Over the past decade, a shortfall of 150-275 kt/yr existed beyond N.A. output and imports • In 2012, there was >1.2 Mt of zinc metal in the US in LME warehouses • Today, US LME inventories are <10 kt and Europe is no longer in a position to support US deficits, driving physical premiums higher Zinc Metal Premiums3 (US$ per tonne) 0 200 400 600 800 1,000 1,200 1,400 2012 2014 2016 2018 2020 2022 2024 U.S. Production Zinc from Canada Zinc from Mexico Zinc from Others U.S. Zinc Demand $0 $200 $400 $600 $800 $1,000 $1,200 European US Midwest Global stocks have been filling the void2 (kt) 0 500 1,000 1,500 LME Comex SHFE Bonded Estimate US market remains strong Since 2012 Shortfall filled from LME Inventories, now depleted
  59. 59. Global Metals and Mining Conference 59 U.S. Bipartisan Infrastructure Bill $1 Trillion investment to further galvanize U.S. demand • Largest investment in public transportation ‒ 24,000 buses, 5,000 rail cars, 200 station, thousands of miles of track, power systems • Investment in passenger rail: ‒ Modernize Northeastern Corridor ‒ Expand coverage, complete maintenance • 45,000 bridges nationwide to be overhauled or replaced • Expanding and diversifying energy grid ‒ Thousands of new solar and wind projects planned and under development
  60. 60. Global Metals and Mining Conference 60 China Short Term De-stocking Zinc China Domestic Zinc Stocks1 (kt) • Demand severely impacted by COVID lockdowns in H1 2022 and negative arbitrage between London and Shanghai zinc prices • Market confidence still not back; demand subdued • Fabricators built semi products stocks in H1 2022, needed to de-stock before additional buying • Demand has accelerated since September with increased infrastructure spending, home renovations and auto production ‒ YTD auto production was up 4.8% YoY to October, from being down 3.7% YoY to June ‒ August A/C production was up 8.7% YoY, highest summer production in 5 years • Zinc stocks are down ~160kt since Q1 2022, with commercial stocks falling to record lows Galvanizing Stocks (warehouses + steel mills, kt)2 0 500 1,000 1,500 2,000 2,500 0 250 500 750 1,000 Fabricators reducing semi stocks before buying metals Smelter + consumer stocks Domestic commercial stocks Bonded stocks De-stocking accelerating; Sep stocks down ~70kt MoM (kt)
  61. 61. Global Metals and Mining Conference 61 Global Zinc Metal Outlook Global Visible Refined Zinc Stocks (kt) and LME Price1 (US$/lb) • Metal inventories have fed demand for almost ten years, and are now at historically low levels ‒ The majority has moved from warehouses in New Orleans to Asia • Premiums in Europe and North America remain at record highs ‒ US relies heavily on imports, as North American supply meets only 80% of its demand ‒ European energy crisis curtailing zinc metal production, now pulling metal inventories from Asia to meet demand • Smelter growth limited, with few projects ex-China and only <2 Mtpa of capacity in China that could come online within 5 years Additional Zinc Metal Required to Fill China Gap2 (kt) $0.00 $0.30 $0.60 $0.90 $1.20 $1.50 $1.80 $2.10 0 200 400 600 800 1,000 1,200 1,400 2014 2015 2016 2017 2018 2019 2020 2021 2022 LME Comex SHFE Bonded Estimate LME Price 787 1,287 1,680 1,426 1,382 1,278 1,163 1,215 1,232 0 400 800 1,200 1,600 2016 2017 2018 2019 2020 2021 2022 2023 2024 5-year average US$1.29/lb; 10-year average US$1.12/lb
  62. 62. Global Metals and Mining Conference 62 Long Term Zinc Demand Growth Tied to Protection of Steel Zinc Demand1 (Mt) • 60% of zinc concentrate demand from galvanizing steel, which extends service life and makes infrastructure more sustainable • Decarbonization will be steel intensive • Under an accelerated IEA 1.5˚C scenario renewables will need to account for close to 10% of end use demand, rising to 25% by 2050 • Demand for zinc in the energy transition could go from 1.0Mt today to 4.7 Mt by 2050 • The IZA estimates that zinc use in wind applications could rise to 66kt by 2030 and in solar to 166kt • The use of zinc in energy storage batteries could rise to 150kt by 2030 Zinc First Use and End Use Demand2 92% 75% 0.0 5.0 10.0 15.0 20.0 25.0 2020 2025 2030 2035 2040 2045 2050 Non-Energy Transition Specific Electric Vehicles Solar Wind Storage Zinc First Use (2022) Zinc End Use (2022) Consumer Products 6% Construction 51% Transport 20% Industrial Machinery 7% Infrastructure 16% Galvanizing 52% Oxides & Chemical 7% Brass & Semi Cast 16% Semi-Manufactured 6% Die Cast Alloys 15% Other 4% 13.1 Mt Total 13.1 Mt Total
  63. 63. Global Metals and Mining Conference 63 Steelmaking Coal Market
  64. 64. Global Metals and Mining Conference 64 Steelmaking Coal Outlook • Decarbonization growth accelerating • Government and corporate initiatives fuel support for renewable infrastructure • Wind energy, solar energy, all supported by steel • New BOF steel mills under construction in India and S.E. Asia Steel mill production cuts on energy and lower demand Raw material supply constrained by logistics • European consumer market headed for potential recession • Auto sales/production in EU weak • European steel mills idle 15% of blast furnace (BOF) capacity on higher energy costs, lower projected demand • China crude steel production is down 30 Mt YTD October, still up 30 Mt over YTD October 2019 • EAF (electric arc furnaces) impacted more than BOF • Lockdowns starting to ease in China • Met coal production from major producers is down 5.8% or 8 Mt Q3 YTD and down 11% or 15 Mt over 2019 • Wet weather, labour shortages, logistical challenges and challenging geological conditions all contribute • Seaborne supply: ‒ Higher thermal coal prices pushing HCC into the thermal market; further tightening HCC market ‒ Wood Mackenzie estimates 20-22 Mt1 well suited to moving, and additional 15-20 Mt1 possible ‒ Investment in new mine projects slow as Australian companies focus on divestitures ‒ Permitting and approvals face increased scrutiny
  65. 65. Global Metals and Mining Conference 65 Steelmaking Coal Market Facts Global Metallurgical Coal Seaborne Exports 20212 (Mt) • ~0.7 tonnes of steelmaking coal is required for each tonne of steel2 • Blast furnace (BOF) share of crude steel production globally is about 59% • Majority of the growth in BOF capacity is being built in S.E. Asia and India Seaborne Metallurgical Coal Market Geographic Breakdown3 (Mt) Seaborne Metallurgical Coal Market Size1 (Mt) Teck is the #2 global exporter of hard coking coal 25 Mt (8.1%) Hard Coking Coal (HCC) & Semi-Hard Coking Coal (SHCC) 199 Mt (66%) Semi-Soft Coking Coal (SSCC) 41 Mt (14%) Pulverized Coal Injection (PCI) 61 Mt (20%) 301 Mt Total BMA 26 Mt (8.3%) Top 10 (26.5%) (shaded) Remaining Supply (57.1%) 301 Mt Total Japan 18% Korea 11% Taiwan 4% China 16% India 23% S.E. Asia 6% Europe 17% South America 5% 315 Mt Total
  66. 66. Global Metals and Mining Conference 66 Steelmaking Coal Outlook Fundamentals remain tight Steelmaking Coal Mine Production and Demand1 (kt) • Potentially small surplus / balanced market until 2024 • Supply growth constrained and expected to peak in 2026 • Permitting for new projects and miners divesting creating uncertainty in supply • Demand expected to increase by 37 Mt by 2030, driven by growth from India and Southeast Asia • In the past 10 years: ‒ 5-year rolling average >US$170/t for 50.0% of the time ‒ Average quarterly spot price >US$170/t for 42.5% of the time Cost of Production2 (US$/mt) Significant mine supply gap expected between 2025 and 2030 without additional projects 100 150 200 250 -20 -10 0 10 20 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 +/- 2% Balance Supply (RS) Demand (RS) 0 100 200 300 400 500 600 700 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024
  67. 67. Global Metals and Mining Conference 67 Steelmaking Coal Prices Steelmaking Coal Prices1 (US$ per tonne) FOB Price 5-year average US$213/t 10-year average US$178/t CFR China Price 5-year average US$238/t 10-year average US$196/t $0 $100 $200 $300 $400 $500 $600 $700 3-Jan-12 3-Jan-13 3-Jan-14 3-Jan-15 3-Jan-16 3-Jan-17 3-Jan-18 3-Jan-19 3-Jan-20 3-Jan-21 3-Jan-22 AVG Platts PLV, Argus, TSI Prem Avg Platts, Argus, TSI PLV CFR
  68. 68. Global Metals and Mining Conference 68 Australia and US Steelmaking Coal Exports 2021 Australia and US coal exports down vs. 2019 US Exports1 (Mt) Australian Exports1 (Mt) 0 20 40 60 80 100 120 140 160 180 200 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 0 10 20 30 40 50 60 70 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
  69. 69. Global Metals and Mining Conference 69 Canadian and Mozambique Steelmaking Coal Exports 2021 Canadian exports impacted by weather-related disruptions Mozambique Exports1 (Mt) Canadian Exports1 (Mt) 0 5 10 15 20 25 30 35 40 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 0 1 2 3 4 5 6 7 8 9 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
  70. 70. Global Metals and Mining Conference 70 Steelmaking Coal vs. Thermal Coal Coal Prices1 (Mt) • High-quality seaborne hard coking coal is used in blast furnace steel production for infrastructure development including electrification • Supply changes from major exporters following a Russian thermal coal ban, with ~60 Mtpa1 of alternative seaborne supply required ‒ China is the main market for redirected coal ‒ Europe particularly reliant on Russian coal (>2/3 of 2021 imports); Columbia to replace most of it ‒ Higher exports from Australia to Japan • Significant steelmaking coal can divert into the thermal coal market, helping to tighten the steelmaking coal market ‒ Wood Mackenzie estimates 20-22 Mt2 well suited to moving, and additional 15-20 Mt2 possible How much met coal could be shifted to thermal coal market? • Short Term: Limited by contractual obligations (~70% contract volumes) • Long Term: A gradual shift as contractual obligations are renegotiated and technical constraints are overcome $0 $200 $400 $600 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Thermal Coal Premium HCC HCC CFR Teck produces high-quality hard coking coal (HCC), which has premium pricing and low carbon intensity
  71. 71. Global Metals and Mining Conference 71 Chinese Domestic Supply Limited Chinese Monthly Coking Coal Production1 (Mt) • Government continues boosting coking coal production but increases limited • Tighter safety inspections and recent accidents continue to limit production. • Mongolian imports recovering but may be capped by COVID restrictions remaining at the border • Expect Mongolian imports could be similar to 2020 levels at ~25 Mt Chinese Monthly Mongolian Imports2 (Mt) 20 25 30 35 40 45 50 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2020 2021 2022 0.0 1.0 2.0 3.0 4.0 5.0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2019 (pre-covid) 2020 2021 2022 Historical High 3.9 Mt in Sep/20 Coking coal production increase limited Mongolian imports returning to pre-COVID levels
  72. 72. Global Metals and Mining Conference 72 Chinese Steel Margins Fall, EAF Production Impacted Chinese China Spot Steel Margins1 (US$/t) • HRC margins have been down since end Q3 2022 with BF capacity utilization dropping to 83.4% down from mid-Oct’s 90% • Chinese margins calculated on spot CFR price. Mills purchase ~90% at lower annual terms from domestic mines • Heavily discounted Russian coal accounts for >50% of China 2022 imports (17Mt of 32Mt) • EAF production has continued to fall amid persisting poor margins to below 40% • Steel consumption has slowed as winter is coming and will seasonally soften which could make any steel price rally hard to sustain 0 100 200 300 400 500 600 700 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 China HRC Gross Margins Argus PHCC CFR China TSI Iron Ore 62% Fe
  73. 73. Global Metals and Mining Conference 73 Steelmaking Coal Short Term Outlook for China Blast Furnace Utilization Rates in China1 (%) • China’s Q3 2022 crude steel output declined - 30Mt due to weak demand from the property sector and poor margins full year production will likely be ~1Bt (2021: 1.035Bt) • YTD October 2022 steel production is still 30 Mt higher than Pre-Covid 2019 levels • Power constraints within China impacted scrap/EAF production the most • Coking coal stocks at historically low levels; steel mills reduced production and also destocked • Coking coal inventories declined to 17.4Mt in November, despite higher imports of Russian coal China Steel Mills Coking Coal Stocks2 (Mt) 10 15 20 25 30 35 40 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2019 2020 2021 2022 0% 20% 40% 60% 80% 100% Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 BF EAF
  74. 74. Global Metals and Mining Conference 74 Chinese Imports from Russia are Increasing Russian Coal Prices vs China CFR2 (US$/t) Russian Coal Imports1 (Monthly, Mt) -400 -200 0 200 400 600 800 Gap Russian price Platts PLV CFR China Ukraine War Australia Ban Doubling imports from Russia (Jan-Oct +103%) • Jan-Oct @ 17.2Mt, up +8.7Mt YoY • Jul-Oct at record levels of 2~2.5Mt/month • Now >50% of ex-Australia seaborne imports • Heavily discounted Russian coal accounts for >50% of China 2022 imports (17 Mt of 32 Mt) Russian imports increasing due to: • Chinese steel mills have limited options • Russian exporters have limited options • Not as good as PLV but very low sulfur (average 0.2%) • Replace semi-soft that crossed over to thermal 0 2 4 6 8 Coking coal Thermal coal
  75. 75. Global Metals and Mining Conference 75 Seaborne HCC Demand Expected to Increase Global Seaborne HCC Demand1 (Mt) • Demand expected to increase by 46 Mt by 2030, driven by growth from India and Southeast Asia ‒ India ~60% of the growth, or +28 Mt ‒ Southeast Asia ~50% of growth, or +22 Mt ‒ China expected to fall ~24% or -11 Mt • Material impact on blast furnace operations resulting from green steel technology not expected until after 2050 • Strong high quality coking coals will grow in rarity with new projects focused on weaker coals. • Prime hard coking coal will be important to blast furnace decarbonization efforts Incremental Seaborne HCC Demand Growth to 2030 by Region2 (Mt) 60 80 100 120 140 160 180 200 220 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 -20 -10 0 10 20 30 S.E. Asia South America China Europe India Japan/Korea/Taiwan
  76. 76. Global Metals and Mining Conference 76 Low Coal Stocks in China Supporting Prices Combined inventories close to historical low levels Port Inventories being drawn down and at historical lows1 (Mt) Steel mill inventories at historical lows2 (Mt) 0 5 10 15 10 15 20 25 30 35 40 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2019 2020 2021 2022 Historical High (13.8 Mt) Historical Low (1 Mt) • Combined coal imports (steelmaking coal and thermal) down 11% in Jan-Oct 2022 • Remaining stranded Australian coal cleared • Ex-Australia imports up 13% in Jan-Oct 2022 • Domestic coal production up 10% in Jan-Oct 2022, but mostly thermal (coking coal just up 1.7%) Coking coal imports up Lower China crude steel production • Crude steel production down on lockdowns and weaker demand
  77. 77. Global Metals and Mining Conference 77 Chinese HCC Imports Expected to Remain Resilient 2021 ex-Australia seaborne imports up to new record high of 34 Mt Chinese HCC Imports1 (Mt) • China committed to decarbonizing steel, with a peak by 2025 and carbon neutrality by 2060 • Domestic Chinese coal production restricted by reserve, quality, and limited supply • Coastal steel mills are users of high-quality HCC and are more competitive than inland steel mills • Crude steel production: ‒ Europe impacted by the energy crisis, with steel mills idling some blast furnaces and stopping some EAF operations ‒ China’s down ~30 Mt YTD October ‒ JKT market in a downtrend with continued domestic car output cuts Chinese Crude Steel Production (CSP), Hot Metal Production (HMP) and Coal Production2 (Mt) 21 30 16 10 9 13 9 10 13 34 34 14 30 31 26 27 31 28 31 35 6 2 19 15 15 13 24 26 28 34 24 14 17 0 20 40 60 80 Ex-Australian Australian Imports Mongolian Imports 0 100 200 300 400 500 600 0 200 400 600 800 1,000 1,200 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022E CSP (LHS) HMP (LHS) Coking Coal Production (RHS)
  78. 78. Global Metals and Mining Conference 78 Chinese Scrap Use Remains Low Scrap supply and elevated power prices limit EAF share in steel output China Steel Use By Sector3 (2000-2020) China’s scrap ratio lower than global average of 31%1 (2020) 84% 69% 56% 41% 38% 35% 22% 0% 20% 40% 60% 80% 100% Turkey USA EU Russia Korea Japan China 0 200 400 600 800 1000 1200 2010 2012 2014 2016 2018 2020 2022 2024 EAF share forecast to rise to 17% by 20252 Crude Steel Electric Arc Furnace (EAF) Hot Metal Average EAF utilization 36% YTD October 2022 vs 64% in 2021 Construction 50-60% Machinery 15-20% Auto 5-10% Others 15-25%
  79. 79. Global Metals and Mining Conference 79 Planned Blast Furnace Capacity Set to Grow Blast Furnace Capacity2 (Mt) Asian blast furnace capacity continues to grow Steel capacity expansion plan by major steelmakers (Mtpa) Current Capacity 2030 Updated date SAIL 21.4 50 Sep-21 Tata 20 40 Jul-21 JSW 23 45 Mar-21 JSPL 8.6 50 Jul-21 AMNS India 7.3 30 Sep-21 Subtotal 80 215 Crude Steel Target 144 300 May-17 India1 South-East Asia1 • HMC expansions @30Mtpa • HMC Greenfield projects @30Mtpa • >20Mtpa of new coke capacity in the next 3 years Name Coke Capacity Start-up Year Dexin Phase I 1.3 Running Dexin Phase II 1.5 Early 2023 Detian Coke 4.7 2023 Kinrui 2.6 End 2022 Kinxiang 3.9 2023 Risun Weishan 4.8 2023 • Asia committing to 20+ years of traditional steelmaking • European steel mills seek alternatives to coal feed • Hydrogen pilot plants only, commercial technology still decades away and currently prohibitively expensive • Seek alternative carbon abatement in CCS/CCUS 0 50 100 150 200 2022 2025 2030 Myanmar Vietnam Malaysia Indonesia Cambodia Philippines India Exp. India Greenfield Financial commitments being made for multi-decade traditional steelmaking
  80. 80. Global Metals and Mining Conference 80 Indian Steelmaking Coal Imports Mid- & long-term imports supported by strong demand and government targets Indian Seaborne Coking Coal Imports2 (Mt) Indian Crude Steel and Hot Metal Production1 (Mt) 27 29 35 41 37 35 38 35 34 44 33 3 3 2 1 1 3 4 4 4 3 8 1 1 2 1 2 3 4 5 3 3 3 4 4 3 3 2 4 5 8 7 10 14 0 10 20 30 40 50 60 70 Australia USA Canada Other 0 20 40 60 80 100 120 140 CSP (LHS) HMP (LHS) India 2021 crude steel production and seaborne coking coal imports surpassing 2019 levels
  81. 81. Global Metals and Mining Conference 81 Seaborne HCC: Summary Global Seaborne Coking Coal Outlook1 (Mt) • Small deficit market in 2022 from a large deficit in 2021 • Potentially small surplus/balanced market until 2024 • The continued La Nina weather and potential thermal/met switch could drive the market to deficit in 2023 • Steelmaking coal demand is supported by high utilization rate of coke plants though global steel demand currently undermined by high energy prices 0 50 100 150 200 250 300 124.5 Mt Supply Gap3 Australia Supply Canada Supply ROW Supply India Demand Total World Demand Short Term Outlook Medium-to-Long-Term Outlook • Future demand growth mainly from India & SE Asia • Material impact on blast furnace operations resulting from green steel technology are only expected after 2050 • Future supply growth mainly from existing mines, but could be delayed by labour shortages, logistic issues and permitting • There are limited committed projects, however, all the projects are feasible under current price levels • Forecasting a market shortage by 2025, unless additional production comes on from 2024
  82. 82. Global Metals and Mining Conference Appendix
  83. 83. Global Metals and Mining Conference 83 QB2 Project Economics Comparison The description of the QB2 project Sanction Case includes inferred resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Inferred resources are subject to greater uncertainty than measured or indicated resources and it cannot be assumed that they will be successfully upgraded to measured and indicated through further drilling. C1 cash costs per pound and all-in sustaining costs (AISC) per pound are non-GAAP ratios. See “Non-GAAP Financial Measures and Ratios” slides. Reserve Case1 Sanction Case2 Mine Life Years 28 28 Strip Ratio First 5 Full Years 0.16 0.44 LOM3 0.41 0.70 C1 Cash Cost4 First 5 Full Years US$/lb $1.29 $1.28 LOM3 US$/lb $1.47 $1.37 AISC5 First 5 Full Years US$/lb $1.40 $1.38 LOM3 US$/lb $1.53 $1.42
  84. 84. Global Metals and Mining Conference 84 QB2 Reserves and Resources Comparison Reserves Mt Cu Grade % Mo Grade % Silver Grade ppm Proven 476 0.51 0.018 1.40 Probable 924 0.47 0.019 1.25 Reserves 1,400 0.48 0.018 1.30 Reserve Case (as at Nov 30, 2018)1,2 Reserves Mt Cu Grade % Mo Grade % Silver Grade ppm Proven 409 0.54 0.019 1.47 Probable 793 0.51 0.021 1.34 Reserves 1,202 0.52 0.020 1.38 Sanction Case (as at Nov 30, 2018)2,4 Resources (Exclusive of Reserves)5 Mt Cu Grade % Mo Grade % Silver Grade ppm Measured 36 0.42 0.014 1.23 Indicated 1,436 0.40 0.016 1.13 M&I (Exclusive) 1,472 0.40 0.016 1.14 Inferred 3,194 0.37 0.017 1.13 + Inferred in SC pit 199 0.53 0.022 1.21 Resources (Exclusive of Reserves)3 Mt Cu Grade % Mo Grade % Silver Grade ppm Measured 36 0.42 0.014 1.23 Indicated 1,558 0.40 0.016 1.14 M&I (Exclusive) 1,594 0.40 0.016 1.14 Inferred 3,125 0.38 0.018 1.15
  85. 85. Global Metals and Mining Conference 85 Endnotes Slide 6: Production Guidance 1. As at October 26, 2022. See Teck’s Q3 2022 press release for further details. 2. Metal contained in concentrate. 3. We include 100% of production and sales from our Quebrada Blanca and Carmen de Andacollo mines in our production and sales volumes, even though we do not own 100% of these operations, because we fully consolidate their results in our financial statements. We include 22.5% of production and sales from Antamina, representing our proportionate ownership interest. 4. Copper production includes cathode production at Quebrada Blanca and Carmen de Andacollo. 5. Total zinc includes co-product zinc production from our 22.5% proportionate interest in Antamina. 6. 2022 guidance excludes production from Quebrada Blanca concentrate production. Three-year guidance 2023—2025 includes Quebrada Blanca concentrate production. Slide 7: Sales and Unit Cost Guidance 1. As at October 26, 2022. See Teck’s Q3 2022 press release for further details. 2. Copper unit costs are reported in U.S. dollars per payable pound of metal contained in concentrate. Copper net cash unit costs include adjusted cash cost of sales and smelter processing charges, less cash margins for by-products including co-products. Guidance for 2022 assumes a zinc price of US$1.57 per pound, a molybdenum price of US$18.00 per pound, a silver price of US$22 per ounce, a gold price of US$1,800 per ounce and a Canadian/U.S. dollar exchange rate of $1.29. 3. Zinc unit costs are reported in U.S. dollars per payable pound of metal contained in concentrate. Zinc net cash unit costs are mine costs including adjusted cash cost of sales and smelter processing charges, less cash margins for by-products. Guidance for 2022 assumes a lead price of US$0.88 per pound, a silver price of US$22 per ounce and a Canadian/U.S. dollar exchange rate of $1.29. By-products include both by-products and co-products. Slide 8: Capital Expenditures Guidance 1. As at October 26, 2022. See Teck’s Q3 2022 press release for further details. 2. Steelmaking coal 2022 sustaining capital guidance includes $200 million of water treatment capital. 2021 includes $226 million of water treatment capital. 3. Growth capital expenditures include RACE capital expenditures for 2022 of $50 million, of which $10 million relates to copper, $5 million relates to zinc, and $35 million relates to steelmaking coal. 4. Copper growth capital guidance for 2022 includes studies for HVC 2040, Antamina, QBME, Zafranal, San Nicolás and Galore Creek. Copper sustaining capital guidance for 2022 includes Quebrada Blanca concentrate operations. 5. Energy capital guidance is to September 30, 2022. Slide 9: Water Treatment Guidance 1. As at October 26, 2022. See Teck’s Q3 2022 press release for further details. 2. The 2022 portion is included in 2022 guidance. See Teck’s Q3 2022 press release for further details on the October 2020 Direction issued by Environment and Climate Change Canada. 3. Assumes 21 million tonnes in 2020 and 27 million tonnes long term. Slide 10: Sensitivities 1. As at October 26, 2022. The sensitivity of our annualized profit(loss) attributable to shareholders and EBITDA to changes in the Canadian/U.S. dollar exchange rate and commodity prices, before pricing adjustments, based on our current balance sheet, our 2022 mid-range production estimates, current commodity prices and a Canadian/U.S. dollar exchange rate of $1.30. 2. All production estimates are subject to change based on market and operating conditions. 3. The effect on our profit(loss) attributable to shareholders and on EBITDA of commodity price and exchange rate movements will vary from quarter to quarter depending on sales volumes. Our estimate of the sensitivity of profit and EBITDA to changes in the U.S. dollar exchange rate is sensitive to commodity price assumptions. 4. Zinc includes 262,000 tonnes of refined zinc and 647,500 tonnes of zinc contained in concentrate. 5. Our WTI oil price sensitivity takes into account the change in operating costs across our business units, as our operations use a significant amount of diesel fuel. Slide 11: Collective Agreements 1. As at October 26, 2022. Slide 14: Quebrada Blanca Accounting Treatment and QB2 Project Finance Facility 1. Sumitomo Metal Mining Co. Ltd. and Sumitomo Corporation are collectively referred to as Sumitomo. Slide 16: Portfolio of Copper Growth Options 1. Financials and CuEq calculated with price assumptions: US$3.50/lb Cu; US$1.15/lb Zn; US$6.90/lb Ni; US$21.50/lb Co; US$10/lb Mo; US$1,550/oz Au; US$20/oz Ag; US$1,450/oz Pd; US$1,100/oz Pt. C1 cash costs (first five full years of production) are shown net of by-product credits. All averages exclude first and last partial years of production. 2. Financial summary based on At-Sanction Economic Assessment. Go-forward costs of development studies, Detailed Engineering, Permitting and Project Set-up costs not included. 3. NewRange Copper Nickel LLC is a proposed Joint Venture awaiting market and regulatory approval expected in Q4 2022 4. Proven & Probable Reserves based on PolyMet Mining Corporation 2021 AIF The QP for the estimate is Zachary J. Black, RM- SME, of Hard Rock Consulting, LLC. Slide 17: San Nicolás JV (Teck 50% | Agnico Eagle 50%) 1. Source: WoodMackenzie 2027 Composite Cost Curve as at November 4, 2022. San Nicolás C1 Cash Cost calculations uses US$3.50/lb Cu, US$1,550/oz Au, US$20/oz Ag, US$1.15 Zn. Slide 18: San Nicolás Cu-Zn (Ag-Au) VHMS (50%) 1. Financial summary based on At-Sanction Economic Assessment using: US$3.50/lb Cu, US$1.15/lb Zn, US$1,550/oz Au and US$20/oz Ag. Go-forward costs of Prefeasibility, Detailed Engineering, Permitting and Project Set-up costs not included. All calendar dates and timeline are preliminary potential estimates. 2. First five full years of production. Slide 19: Zafranal Cu-Au Porphyry (80%) 1. Financial summary based on At-Sanction Economic Assessment using: US$3.50/lb Cu and US$1,400/oz Au. Detailed Engineering, Permitting and Project Set-up costs not included. All calendar dates and timeline are preliminary potential estimates. 2. First five full years of production.
  86. 86. Global Metals and Mining Conference 86 Endnotes Slide 20: NewRange Copper Nickel JV (Teck 50% | PolyMet 50%) 1. Contained Metal calculations based on PolyMet Mining Corporation 2021 AIF reported Measured & Indicated Resources (inclusive of reserves).The 2019 Mineral Resources estimate is effective as of July 2019. The QP for the estimate is Zachary J. Black, RM-SME, of Hard Rock Consulting, LLC. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. 2. Contained Metal calculations based on Teck 2021 AIF reported Measured & Indicated Resources.​ Mineral Resources are reported at a cut-off of 0.2% copper, equivalent to a Net Smelter Return cut-off of US$5.24/t using metal price assumptions of US$ 3.00/lb copper, US$ 7.60/lb nickel, US$1,250/oz gold, US$20.00/oz silver, $23.00/lb cobalt, $900/oz palladium, and $1,100/oz platinum. 3. Mineral Resources are reported within a constraining pit shell developed using Whittle™ software. Inputs to the pit optimization include the following assumptions: metal prices; inter-ramp pit slope angles of 37º, 40º, and 49º for overburden, sedimentary, and intrusive lithologies respectively. Scientific and technical information in this Annual Information Form regarding Teck’s other base metal properties was reviewed and approved by Rodrigo Alves Marinho, P.Geo., an employee of Teck and Qualified Person under National Instrument 43-101. 4. Assumes 4,660t Cu / GW of on-shore wind capacity, calculations are based on contained metal. 5. Assumes 80kg of nickel per electric vehicle, calculations are based on contained metal. 6. Assumes 10kg of cobalt per electric vehicle, calculations are based on contained metal. 7. Assumes 4g Pd per catalytic converter, calculations are based on contained metal. Slide 24: Portfolio of Zinc Development Options 1. Teck 2021 AIF Report and NI 43-101 Technical Report for the Red Dog Mine, February 21, 2017 2. Aktigiruq is reported as an exploration target of 80-150 Mt @ 16-18% Zn + Pb. Refer to press release of September 18, 2017, available on SEDAR. Potential quantity and grade of this exploration target is conceptual in nature. There has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource. 3. NI43-101 Technical Report and Mineral Resource Estimate on the Lik Deposit, Northern Alaska, USA, May 13, 2009, prepared by Scott Wilson Mining for Zazu Metals Corporation. 4. Inferred resource of 58 Mt @ 11.1% Zn and 1.5% Pb, at a 6% Zn + Pb cut off, estimated in compliance with the Joint Ore Reserves Committee (JORC) Code. Excludes Myrtle. Slide 25: Zinc Development options 1. Sources: S&P Global Market Intelligence, SNL Metals & Mining database. For the Aktigiruq, Anarraaq and Teena deposits the sources are as follows: • Aktigiruq: reported as an exploration target of 80-150 Mt @ 16-18% Zn + Pb, refer to press release of September 18, 2017, available on SEDAR. Potential quantity and grade of this exploration target is conceptual in nature. There has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource. • Anarraaq: Teck 2021 AIF Report and NI 43-101 Technical Report for the Red Dog Mine, February 21, 2017 • Teena: Inferred resource of 58 Mt @ 11.1% Zn and 1.6% Pb, at a 6% Zn + Pb cut off, estimated in compliance with the Joint Ore Reserves Committee (JORC) Code. Excludes Myrtle. 2. Aktigiruq: bar heights reflect the low and high end of the exploration target range mentioned above corresponding to 12.8 and 25.4 Mt contained Zn +Pb. Slide 28: Copper Business Unit 1. Metal contained in concentrate. We include 100% of production and sales from our Quebrada Blanca and Carmen de Andacollo mines in our production and sales volumes, even though we do not own 100% of these operations, because we fully consolidate their results in our financial statements. We include 22.5% of production and sales from Antamina, representing our proportionate ownership interest. Copper production includes cathode production at Quebrada Blanca and Carmen de Andacollo. 2022 guidance excludes production from Quebrada Blanca concentrate production. Three-year guidance 2023— 2025 includes Quebrada Blanca concentrate production. 2022 and 2023E-2025 are the mid-point of our guidance ranges as at October 26, 2022. 2. Copper unit costs are reported in U.S. dollars per payable pound of metal contained in concentrate. Copper net cash unit costs include adjusted cash cost of sales and smelter processing charges, less cash margins for by-products including co-products. Guidance for 2022 assumes a zinc price of US$1.57 per pound, a molybdenum price of US$18.00 per pound, a silver price of US$22 per ounce, a gold price of US$1,800 per ounce and a Canadian/U.S. dollar exchange rate of $1.29. 2022 is the mid-point of our guidance range as at October 26, 2022. 3. C1 cash costs (also known as net cash unit costs) are presented after by-product credits assuming US$10.00/lb molybdenum and US$18.00/oz silver. C1 cash costs for QB2 include stripping costs during operations. 4. All-in sustaining costs (AISC) are net cash unit costs (also known as C1 cash costs) plus sustaining capital expenditures. Net cash unit costs are calculated after cash margin by-product for by-products assuming US$10.00/lb molybdenum and US$18.00/oz silver. Net cash unit costs for QB2 include stripping costs during operations. Cash margins for by-products is a non-GAAP financial measure. See “Non-GAAP Financial Measures” slides. 5. Source: Wood Mackenzie. Average 2021-2040. Slide 29: Zinc Business Unit 1. Metal contained in concentrate. We include 22.5% of production from Antamina, representing our proportionate ownership interest in this operation. Total zinc includes co-product zinc production from our 22.5% proportionate interest in Antamina. 2022 and 2023E-2025 are the mid-point of our guidance ranges as at October 26, 2022. 2. Zinc unit costs are reported in U.S. dollars per payable pound of metal contained in concentrate. Zinc net cash unit costs are mine costs including adjusted cash cost of sales and smelter processing charges, less cash margins for by-products. Guidance for 2022 assumes a lead price of US$0.88 per pound, a silver price of US$22 per ounce and a Canadian/U.S. dollar exchange rate of $1.29. By-products include both by-products and co-products. 2022 is the mid-point of our guidance range as at October 26, 2022. 3. Source: Data compiled by Teck from information from Wood Mackenzie, LME – Based on WM Forecast information and estimates for 2021 based on current short term average prices. Slide 30: World Class Zinc Business 1. Mining operations only, and therefore excludes Trail. Calculated as gross profit before depreciation and amortization divided by reported revenue, sourced from Teck’s public disclosures. Margin data from 2017-2021 are for the full year, while margin data for Q3 2022 reflects the results available through the first nine months of 2022 only. Data compiled by Teck from information from Wood Mackenzie. Company smelter production netted against company mine production on an equity basis.

×